Quiz+_3 - MGT 2250 —- Quiz #3 2 Sides Answers: Fill in...

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Unformatted text preview: MGT 2250 —- Quiz #3 2 Sides Answers: Fill in the blank: 1) PROBABILITY is the “numerical measure ofthe mlikelihood ' that an event will occur. 2) The set of all experimental outcomes is called the #sample _____space ' 3) A collection of experimental outcome (sample space outcomes) is called a(n) ____event Multiple choice: 4) Each time you toss a coin, you can get either “heads” or “tails”. In probability terminology, “heads” and “tails” are xperimental outcomes. a . experimental trials. c. experimental events (:1. experimental distributions. 5) T o assign probabilities to an experiment, Which of the following statements must be true? » V _ 1) The probability for each experimental outcome must be between ¢¢(_) 1» and “(+)»l”' 2) The sum of the probabilities for all experimental outcomes must sum to “l”. - 3) The probability for each experimental outcome mustbe between “0” and “139. - 4) The sum of the probabilities for all experimental outcomes must sum to “0”. a. 1 & 2 only b.l & 4 only & 3 only (1.3 & 4 only m 31.51.. on to themwa can t A .1: . The town council them must decide Whether to 11 final approval. From past experience, the probability of getting a positive recommendation from the planning commission has been 0.2. If an application is presented to the town council-with a positive recommendation, the prdbability of the council presenting the proposal to the voters has been 0.9. If presented with a negative recommendation the probability of the town council presenting the plan to v the voters has been 0.1. Finally, experience has indicated that the voters have traditionally voted “yes” 60% of the time on such proposals when presented to them by the town council. ' a) Construct a tree diagram for this “experiment”, listing all experimental outcomes and the probabilities of each outcome. Ogrroor’m P/outccme) Jr ‘/\/Y .10? W to” b) What is the probability that the application will be approved? ngam):,/0K+(o)+ .OWtKO)2 ,/3/Z D Wflf c) How can you know that your probabilities in this case are valid? Pit/p.7flfl/DE/«1/g/0W‘IM fiETwé/S») 50w 0F Pit/L. QMEoK/L/fléj ‘3 /' MGT ~4'Q-ui'iz #4 AnsWers: 1)‘ An alumni associatinn offered its members group rates on auto and/or. homeowner’s insurance. Records showed that 37% of its members had purchased auto insurance, 61% of its members had purchased homeowner’s insurance, and 28% of its members had purchased both auto and ' “°‘i‘°2¥§7337i§f35‘“law : p m Us) flaflfi/flcm“) a) What is the probability that a member had purchased either auto 9; 5 ' . r) r . homeowner s IBSIIEH/C‘CH ,4 L A (fr—O H ._ 1,11 DHEDWI‘UW b) What is the. probability that a member had n___0t purchased either auto or homeowner’s insurance? /~70(AUH) MC? ...
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This note was uploaded on 02/05/2012 for the course MGT 2250 taught by Professor Milne during the Summer '08 term at Georgia Institute of Technology.

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Quiz+_3 - MGT 2250 —- Quiz #3 2 Sides Answers: Fill in...

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