BUSI 1013 Final Exam Statistics for Business Questions and Correct Answers/Graded A+/ Yorkville University
0 view 0 purchase
Course
BUSI 1013
Institution
BUSI 1013
BUSI 1013 Final Exam Statistics for Business Questions and Correct Answers/Graded A+/ Yorkville University
Final Exam Statistics for Business BUSI 1013
BUSI 1013 Final Exam Statistics for
Business Questions and Correct
Answers/Graded A+/ Yorkville University
, 1. (12 points) A very large batch component has arrived at a distributor. 10% of the
components in the batch are defective but the distributor does not know the exact
percentage of the defective components. He decides to randomly select 10 components
and to accept the batch only if the number of defective components in the sample is at
most 2.
a. What is the probability that the batch will be accepted?
n=10
p=0.9
1-p=0.1
P(less than 2)=BINOM.DIST(2,10,0.1,TRUE)=0.928
The probability is 0.928
b. What is the probability that among 10 components, 5 of them are defective?
P(x=5)= BINOM.DIST(5,10,0.1,FALSE)=0.0015
c. What is the probability that among 10 components, 3 or 4 of them are defective?
P(x=4)+P(x=3)= BINOM.DIST(4,10,0.1,FALSE)+ BINOM.DIST(3,10,0.1,FALSE)=
0.011+0.057=0.068
2. (8 points) Time that is needed to fix a car engine problem follows a normal
distribution with mean of 48 and std of 5 minutes. A mechanics tells a customer that it
takes maximum of 1 hour to fix the engine.
a. What is the probability that the mechanic's estimation about the time does not
happen?
Mean=48min
Std=5min
=P(z> (60-48)/5))=0.0081975
The probability that the mechanic's estimation about the time does not happen is
0.008198
b. If the mechanic wants to give an estimation about time with 98% confidence, what
would be the time?
P(z<z1)=0.98
P(z) =2.054
t =(2.054*5) + 48
t=58.27min
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Wiseman. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.49. You're not tied to anything after your purchase.