OPRE 3360, Probability Distributions
In-class review problems
r90; no {a n
1. Ten percent of the items produced by a machine are defective. Out of 15 items chosen at
random ,3
i F X :E): mom m?
a) what is the probability that exactly 3 items will be defe
2. The uniform distribution Aa Aa EL
You are the only bidder in an online auction of a Nintendo Wii system bundled with games and accessories. The seller
has set a secret reserve price (the minimum price she is willing to accept for the Wii).
Assume that
OPRE 3360 Fall 2014
Recommended problems Chapters 4 6; Solutions
1. Chapter 4, Problem 26
a. Let D = Domestic Equity Fund
P(D) = 16/25 = .64
b. Let A = 4- or 5-star rating
13 funds were rated 3-star of less; thus, 25 13 = 12 funds must be 4-star or 5-star
5. Rock-paper-scissors #3 Aa Aa El.
A common way for two people to settle a frivolous dispute is to
play a game of rock-paper-scissors. In this game, each person SCiSSOI'S
but; pap-r
simultaneously displays a hand signal to indicate a rock, a piece A
of p
1. Data set basics - Elements, variables, observations, measurements, and data types A; Aa EL
Students in a business statistics class developed a pricing model for diamond stones.
The top and bottom portions of the data set that the students collected are
1. Interval estimation of a population mean, population standard deviation known Aa Aa ‘5
The 2008 Workplace Productivity Survey, commissioned by LexisNexis and prepared by WorldOne Research, included
the question, “During the average workday, how many ho
7. Probability relationships Aa Aa EL
A mortgage is a loan that the borrower uses to ﬁnance the purchase of a home. There are two basic types of
mortgage loans: the ﬁxed-rate mortgage and the adjustable-rate mortgage (ARM). For the purposes of this proble
Name:
OPRE3360 FALL 2013
MIDTERM TEST 1
TOTAL OF 300 POINTS
Show your work in detail to earn partial credits!
Write your name (legibly)!
No laptop or phone!
Any calculators can be used (still need to show your work)!
QUESTION 1 (60 Points)
As a company ma
Modern Business Statistics
with Microsoft Office Excel
Chapter 2 Part A
Material covered in OPRE 3360
Prof. Brussolo
Chapter 2, Part A
Descriptive Statistics:
Tabular and Graphical Presentations
Summarizing Categorical Data
Summarizing Quantitative Data
OPRE 3360 MANAGERIAL DECISION MAKING UNDER
UNCERTAINTY FINAL TEST
Test submission is thru e-learning link and it is due by Dec 4th, 2013 at 10:00
PM No need for your detail work! Only multiple choice answers needed.
CASE PROBLEM 1 in CHAPTER 13
As part of
Introduction to Probability
o Experiments, Counting Rules, and Assigning Probabilities
o Events and Their Probability
o Some Basic Relationships of Probability
o Conditional Probability
Uncertainties
o Managers often base their decision on an analysis of
HOMEWORK 1 SOLUTIONS
(5 pts)
1. You are given the following data on the earnings per share for ten companies. Construct a stem-andleaf display. Specify the leaf unit for the display.
2.6
1.1
1.4
1.1
1.3
0.7
0.5
0.9
2.2
2.0
ANSWER:
Leaf Unit
0|5
1|1
2|0
0.
Continuous Probability Distributions
o Uniform Probability Distribution
o Normal Probability Distribution
o Exponential Probability Distribution
o A continuous random variable can assume any value in an interval on the real line or in a
collection of int
Chapter 1
Statistics
o The term statistics can refer to numerical facts such as averages, medians, percentages,
and index numbers that help us understand a variety of business and economic situations.
o Statistics can also refer to the art and science of
Descriptive Statistics: Tabular and Graphical Presentations
o Summarizing Categorical Data
Categorical data use labels or names to identify categories of like items.
o Summarizing Quantitative Data
Quantitative data are numerical values that indicate h
Descriptive Statistics: Numerical Measures
o Measures of Location
o Measures of Variability
Measures of Location
o Mean
o Median
o Mode
o Weighted Mean
o Geometric Mean
o Percentiles
o Quartiles
o If the measures are computed for data from a sample, they
Experimental Design and Analysis of Variance
o An Introduction to Experimental Design and Analysis of Variance
Statistical studies can be classified as being either experimental or observational.
In an experimental study, one or more factors are contro
Course
Professor
Term
Meetings
OPRE 3360.006
Managerial Methods in Decision Making Under
Uncertainty.
Dr. Monica Brussolo
Fall 2014
Tuesday/Thursday 10-11:15 am at JSOM 12.202
PROFESSORS CONTACT INFORMATION
Phone 972-883-4411
Office location JSOM 3.420
Em
Sampling and Sampling Distributions
o Selecting a Sample
o Point Estimation
o Introduction to Sampling Distributions
Select all possible samples of size n from a population of N
Theoretical framework
o Sampling Distribution of
o Sampling Distribution
Modern Business Statistics
with Microsoft Office Excel
Chapter 1
Material covered in OPRE 3360
Prof. Brussolo
Chapter 1
Data and Statistics
Statistics
Applications in Business and Economics
Data
Data Sources
Descriptive Statistics
Statistical Inference
Co
Modern Business Statistics
with Microsoft Office Excel
Chapter 8
Material covered in OPRE 3360
Prof. Brussolo
Chapter 8
Interval Estimation
Population Mean: s Known
Population Mean: s Unknown
Determining the Sample Size
Population Proportion
1
Margin of E
Modern Business Statistics
with Microsoft Office Excel
Chapter 13 - Part B
Material covered in OPRE 3360
Prof. Brussolo
Randomized Block Design
Experimental units are the objects of interest in the
experiment.
A completely randomized design is an experime
OPRE 3360 Fall 2014
Recommended problems Chapters 7 9; Solutions
1. Chapter 7, Problem 22
a. z =
x 16642
/ n
Within 200 means x - 16,642 must be between -200 and +200.
The z value for x - 16,642 = -200 is the negative of the z value for x - 16,642 = 200.
OPRE 3360. F14 Recommended practice problems
Chapters 1- 3
Chapter 1
4. a.
There are eight elements in this data set; each element corresponds to one of
the eight models of cordless telephones
b.
c.
6.
8.
Categorical variables:
Modern Business Statistics
with Microsoft Office Excel
Chapter 3 Part B
Material covered in OPRE 3360
Prof. Brussolo
Chapter 3, Part B
Descriptive Statistics: Numerical Measures
Measures of Distribution Shape, Relative Location,
and Detecting Outliers
Fiv