A consignment of 12 electronic components contains 1 component that is faulty. Two components are chosen randomly from this consignment for testing.
a. How many different combinations of 2 components could be chosen?
b. What is the probability that t..
A consultant has three sources of income—from teaching short courses, from selling computer software, and from advising on projects. His expected annual incomes from these sources are $20,000, $25,000, and $15,000, and the respective standard deviati..
A consultant is beginning work on three projects. The expected profits from these projects are $50,000, $72,000, and $40,000. The associated standard deviations are $10,000, $12,000, and $9,000.Assuming independence of outcomes, find the mean and sta..
A consultant is interested in the impact of the introduction of a total-quality management program on job satisfaction of employees. A random sample of 30 employees was asked to assess level of satisfaction on a scale from 1 (very dissatisfied) to 10..
A consultant knows that it will cost him $10,000 to fulfill a particular contract. The contract is to be put out for bids, and he believes that the lowest bid, excluding his own, can be represented by a distribution that is uniform between $8,000 and..
A consulting company has developed a short course on modern business forecasting methods for corporate executives. The first course was attended by 150 executives. From the information they supplied, it was concluded that the technical skills of 100 ..
A consulting group offers courses in financial management for executives. At the end of these courses, participants are asked to provide overall ratings of the value of the course. To assess the impact of various factors on ratings, the model
A consulting group offers courses in financial management for executives. At the end of these courses participants are asked to provide overall ratings of the value of the course. For a sample of 25 courses, the following regression was estimated by ..
A consulting organization predicts whether corporations’ earnings for the coming year will be unusually low, unusually high, or normal. Before deciding whether to continue purchasing these forecasts, a stockbroker compares past predictions with actua..
A consumer goods company has been studying the effect of advertising on total profits. As part of this study, data on advertising expenditures (in thousands of dollars) and total sales (in thousands of dollars) were collected for a 5-month period and..
A consumer goods company has been studying the effect of advertising on total profits. As part of this study, data on advertising expenditures (1,000s) and total sales (1,000s) were collected for a 5-month period and are as follows:
The first number ..
A consumer product that has flourished in the last few years is bottled natural spring water.
Jon Thorne is the CEO of a company that sells natural spring water. He has requested a report of the filling process of the 24-ounce (710-milliliter) bottle..
A contractor estimates the probabilities for the number of days required to complete a certain type of construction project as follows:
a. What is the probability that a randomly chosen project will take less than 3 days to complete?
b. Find the expe..
A contractor has concluded from his experience that the cost of building a luxury home is a normally distributed random variable with a mean of $500,000 and a standard deviation of $50,000.
a. What is the probability that the cost of building a home ..
A contractor submits a bid on a project for which more research and development work needs to be done. It is estimated that the total cost of satisfying the project specifications will be $20 million plus the cost of the further research and developm..