Exam 4: Using Probability and Probability Distributions

When the salesperson makes a sale,there are three possible sales levels: large,medium,and small.The probability of a large sale is 0.20 and the chance of a medium sale is 0.60.If a salesperson makes two sales,the probability that at least one is large is 0.36.

The following probability distribution was subjectively assessed for the number of sales a salesperson would make if he or she made five sales calls in one day. When the salesperson makes a sale,there are three possible sales levels: large,medium,and small.The probability of a large sale is 0.20 and the chance of a medium sale is 0.60.The probability on a given day that the salesperson will make one sale and that it is medium is 0.09.

A car salesman states that the probability that the dealership sells a car on a Saturday morning is .30.The method of probability assessment that he has used is most likely classical assessment.

An event is:

The managers of a local golf course have recently conducted a study of the types of golf balls used by golfers based on handicap.A joint frequency table for the 100 golfers covered in the survey is shown below: If a player comes to the course using a Nike golf ball,the probability that he or she has a handicap of at least 10 is:

If a company has the opportunity to bid on three contracts,A,B,and C,then the number of these contracts that are awarded to the company would be considered an elementary event.

When customers come to a bank,there are three primary locations they may select to go to: teller,loan officer,or escrow department.Based on past experience,the following probability distribution applies: Seventy percent of customers are males.Thus,the probability that the next customer to enter the bank is a male who goes to the teller is 1.30.

The method of probability assessment that is least likely to be used by business decision makers is:

If a manager were interested in assessing the probability that a new product will be successful in a New Jersey market area,she would most likely use relative frequency of occurrence as the method for assessing the probability.

The accountant for a large U.S.company is interested in finding the probability that an account will have an incorrect balance due to being overstated or being understated.To find this probability,which probability rule is she likely to use?

The managers of a local golf course have recently conducted a study of the types of golf balls used by golfers based on handicap.A joint frequency table for the 100 golfers covered in the survey is shown below: Based on these data,the probability that a player will use a Strata golf ball is:

It is correct to say that subjective probability assessments are neither right nor wrong,but are merely reflections of the state of mind of the individual making the probability assessment.

When customers come to a bank,there are three primary locations they may select to go to: teller,loan officer,or escrow department.Based on past experience,the following probability distribution applies: Seventy percent of customers are males.The probability that the next two customers to enter the bank are males and go to the Loan Officer is 0.42.

Suppose a player is dealt 2 cards from a standard deck of 52 playing cards.To determine the probability of having a blackjack would involve classical probability.

Sometime it is necessary to assign probabilities based on a person's belief that an outcome will occur.

When a pair of dice are rolled,the outcome for each die can be said to be:

During the past week,of the 250 customers at the Dairy Queen who ordered a Blizzard,50 ordered strawberry.This means that of the next five Blizzard customers,exactly one will order strawberry.

If a six-sided die is tossed two times and "4" shows up both times,the probability of "4" on the third trial is much larger than any other outcome.

When customers come to a bank,there are three primary locations they may select to go to: teller,loan officer,or escrow department.Based on past experience,the following probability distribution applies: Seventy percent of customers are males.The probability that the next customer will be male and will go to either the teller or the escrow department is 0.49.

Suppose a coin in flipped twice.The event of getting heads on the first toss and the event of getting heads on the second toss could be said to be mutually exclusive.