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Question 1Probability trees are used only to compute conditional probabilities.Question 2If two events are not mutually exclusive, then P(A or B) = P(A) + P(B)Question 3Seventy two percent of all observations fall within 1 standard deviation of the mean if the datais normally distributed.Question 4The Hurwicz criterion is a compromise between the maximax and maximin criteria.Question 5The maximin approach involves choosing the alternative with the highest or lowest payoff.Question 6The minimin criterion is optimistic.Question 7Both maximin and minimin criteria are optimistic.Question 8A professor would like to utilize the normal distribution to assign grades such that 5% ofstudents receive A's. If the exam average is 62 with a standard deviation of 13, what gradeshould be the cutoff for an A? (Round your answer.)Question 9The metropolitan airport commission is considering the establishment of limitations on noisepollution around a local airport. At the present time, the noise level per jet takeoff in oneneighborhood near the airport is approximately normally distributed with a mean of 100decibels and a standard deviation of 3 decibels. What is the probability that a randomlyselected jet will generate a noise level of more than 105 decibels?Question 10The chiÂ]square test is a statistical test to see if an observed data fit a _________.Question 11The maximin criterion results in theQuestion 12A group of friends are planning a recreational outing and have constructed the following payofftable to help them decide which activity to engage in. Assume that the payoffs represent theirlevel of enjoyment for each activity under the various weather conditions.WeatherCold Warm RainyS1 S2 S3Bike: A1 10 8 6Hike: A2 14 15 2Fish: A3 7 8 9What is the conservative decision for this situation?Question 13A business owner is trying to decide whether to buy, rent, or lease office space and hasconstructed the following payoff table based on whether business is brisk or slow.The maximax strategy is:Question 14A business owner is trying to decide whether to buy, rent, or lease office space and hasconstructed the following payoff table based on whether business is brisk or slow.The maximin strategy is:Question 15A brand of television has a lifetime that is normally distributed with a mean of 7 years and astandard deviation of 2.5 years. What is the probability that a randomly chosen TV will lastmore than 8 years? Note: Write your answers with two places after the decimal, rounding off asappropriate.Question 16A life insurance company wants to update its actuarial tables. Assume that the probabilitydistribution of the lifetimes of the participants is approximately a normal distribution with amean of 71 years and a standard deviation of 3.5 years. What proportion of the planparticipants are expected to see their 75th birthday? Note: Write your answers with two placesafter the decimal, rounding off as appropriate.Question 17A group of friends are planning a recreational outing and have constructed the following payofftable to help them decide which activity to engage in. Assume that the payoffs represent theirlevel of enjoyment for each activity under the various weather conditions.WeatherCold Warm RainyS1 S2 S3Bike: A1 10 8 6Hike: A2 14 15 2Fish: A3 7 8 9If the probabilities of cold weather (S1), warm weather (S2), and rainy weather (S3) are 0.2, 0.4,and 0.4, respectively what is the EVPI for this situation?Question 18A manager has developed a payoff table that indicates the profits associated with a set ofalternatives under 2 possible states of nature.Alt S1 S21 10 22 Â]2 83 8 5What is the highest expected value? Assume that the probability of S2 is equal to 0.4.Question 19Consider the following decision tree.What is the expected value for the best decision? Round your answer to the nearest wholenumber.Question 20The quality control manager for ENTA Inc. must decide whether to accept (a1), further analyze(a2) or reject (a3) a lot of incoming material. Assume the following payoff table is available.Historical data indicates that there is 30% chance that the lot is poor quality (s1), 50 % chancethat the lot is fair quality (s2) and 20% chance that the lot is good quality (s3).What is the numerical value of the minimax regret?
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