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BUS350 Practice Test 2

BUS350 Practice Test 2 - Seat Number Data and Decision...

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Seat Number Data and Decision Analytics Goizueta Business School BUS 350 — Spring 2011 Je ff Rummel/Steve Walton Practice Exam .1 Name: Previous Exam Problems - Probability Question 1 Your company’s union is negotiating a new contract and is threatening to strike. A simple majority of the three hundred workers in the union will authorize the strike. A polling company estimates that each employee will vote to strike (if the vote is taken) with a probability of 53%.The calculations for the binomial distribution are here: (a.) (5 pts) What is the probability that if a vote is taken, the strike will not be authorized? – 1 –
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BUS 350 Practice Exam .1 Name: (b.) (5 pts) What is the expected number of votes for the strike? What is the probability the election will have exactly that number of votes for the strike? (c.) (5 pts) If the strike vote is over 60%, then you will likely face significantly higher wage costs in the new contract. What is the probability of that happening? (d.) (5 pts) If the vote is within 10 votes of the amount required to authorize the strike (plus or minus), the contract states that a recount can be requested by either the union or management. What is the probability of a recount? (e.) (5 pts) There is a twenty percent chance that the number of votes for the strike will exceed what number? Question 2 A tire manufacturer has determined through an extensive study that its most popular brand has an actual tread life that is normally distributed with a mean of 81,500 miles and a standard deviation of 6,700 miles. A normal probability table is given here: – 2 –
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BUS 350 Practice Exam .1 Name: (a.) (5 pts) If the company were to set the warranty at 75,000 miles, how likely is it that a customer will have their tires wear out prior to the end of the warranty? (b.) (5 pts) How many customers will have their tires last between 80,000 miles and 90,000 miles? (c.) (5 pts) What is the range of the tire life that the middle ninety percent of all drivers will experience? (d.) (5 pts) Suppose that the company can invest in new tire design that will increase the average from 81,500 miles to 83,000 miles and reduce the standard deviation from 6,700 miles to 6,400 miles. Can you determine the probability that a customer will have the new tire wear out before the warranty expires? – 3 –
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BUS 350 Practice Exam .1 Name: Question 3 Suppose you have a friend who is getting ready for a multiple choice final exam. The exam will have 35 questions, and she figures that the chances of answering each question correctly is independent of the others. Suppose that your friend expects to get 31 of the questions correct. This table of cumulative probabilities may be useful: (a.) (5 pts) What is the probability for each question that your friend will answer it correctly? What is the probability her score will be less than she expects?
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