Probabilities 0.1, 0.3, 0.4, 0.2. Valid distribution?

Dependent trials—binomial?

A manufacturing firm inspects 40 units… Which distribution?

Suppose you are given the following mathematical model and graphical solution: Maximize  15X1 + 23X2 5X1 + 2X2  ≤ 30 5X1 + 4X2   ≤ 32 2X1 + 4X2   ≤ 20 X1, X2 ≥ 0 What are the corner points (X1, X2) of the feasible region? 

Suppose you are evaluating four potential projects.  You are only able to select one project.   The following is the payoff table under three possible scenarios.   For example, the payoff for Project A under a strong / booming scenario is $2100.   Project Poor/Fair Moderate/Stable Strong/Booming A -500 1000 2100 B 300 600 1100 C 200 700 1400 D -1000 1500 2500   Suppose  the probability is 35% for the Poor/Fair scenario,  53% for the Moderate/Stable scenario, and 12% for the Strong/Booming scenario.    What is the expected value (EV) for Project C?

Suppose you are evaluating four potential projects.  You are only able to select one project.   The following is the payoff table under three possible scenarios.   For example, the payoff for Project A under a strong / booming scenario is $2100.   Project Poor/Fair Moderate/Stable Strong/Booming A -500 1000 2100 B 300 600 1100 C 200 700 1400 D -1000 1500 2500   Suppose the probability is 35% for the Poor/Fair scenario,  53% for the Moderate/Stable scenario, and 12% for the Strong/Booming scenario.    What is the expected value of perfect information?

An organization services 12 different areas.   It plans to setup tech centers to help its clients with various needs.  There are seven possible tech centers (A, B, C, D, E, F, and G) that the organization can use.     The organization needs to ensure that each area is covered by at least one tech center.    The organization wants to determine the minimum cost.   The following shows the proposed tech centers and areas that they would service.   The cost per tech center is also shown.    Tech Center Cost Covers the following locations: A  $         2,500 2, 10 B  $         2,700 3, 6, 9, 12 C  $         3,520 1, 4, 5 D  $         1,790 4, 7, 9 E  $         2,300 1, 6, 8 F  $         1,950 2, 5, 8, 11 G  $         2,820 6, 9, 11   You develop a binary linear optimization model in Excel and use Solver to find the following optimal solution:   Tech Center Binary Variable A 1 B 1 C 0 D 1 E 1 F 1 G 0   What is the constraint for Location 6?

Suppose you are evaluating four potential projects.  You are only able to select one project.   The following is the payoff table under three possible scenarios.   For example, the payoff for Project A under a strong / booming scenario is $2100.   Project Poor/Fair Moderate/Stable Strong/Booming A -500 1000 2100 B 300 600 1100 C 200 700 1400 D -1000 1500 2500   If you were constructing a regret table, what would be the value for project B under  the scenario Moderate / Stable?   Project Poor/Fair Moderate/Stable Strong/Booming A B            ? C D    

Suppose you are evaluating four potential projects.  You are only able to select one project.   The following is the payoff table under three possible scenarios.   For example, the payoff for Project A under a strong / booming scenario is $2100.   Project Poor/Fair Moderate/Stable Strong/Booming A -500 1000 2100 B 300 600 1100 C 200 700 1400 D -1000 1500 2500   Which project should you select under the Conservative Approach?

Based on your current knowledge, why do you think a solid understanding of statistics is essential for making informed business decisions? There is no right or wrong answer to this question. You will get credit for the question as long as you attempt to answer.