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"BUSINESS STATISTICS – Postgraduate Level Part 1 1) An electronics company is about to launch a new product. If the serial number for each piece produced has the following format: LLNNN where L stands for any letter in the English alphabet and N is a number from 0 to 9, please answer the following: a) What is the name of the counting rule used to find all the possible outcomes? b) How many different items can be uniquely numbered? 2) A company needs to select an expert group of consultants to provide advice for a given project. Document Preview: BUSINESS STATISTICS – Postgraduate Level Part 1 1) An electronics company is about to launch a new product. If the serial number for each piece produced has the following format: LLNNN where L stands for any letter in the English alphabet and N is a number from 0 to 9, please answer the following: a) What is the name of the counting rule used to find all the possible outcomes? b) How many different items can be uniquely numbered? 2) A company needs to select an expert group of consultants to provide advice for a given project. How many possible selections consisting of 2 project managers, 2 legal advisors, 4 computer scientists and 3 systems engineers can be selected if the company can pick from 4 project managers, 7 legal advisors, 5 computer scientists and 6 systems engineers? Think carefully about the counting rules involved before attempting to do any calculations. 3) Consider that you are a line manager in your current Corporation. There is a 0.50 probability that you will be promoted this year. There is a 0.65 probability that you will get a promotion or a raise. The probability of getting a promotion and a raise is 0.35. (Use letter P to denote promotion and letter R to denote raise.) a. If you get a promotion, what is the probability that you will also get a raise? b. What is the probability that you will get a raise? Please show all the steps in your calculations Part 2 Two of the cylinders in an eight-cylinder car are defective and need to be replaced. If two cylinders are selected at random, what is the probability that a. both defective cylinders are selected? b. no defective cylinder is selected? c. at least one defective cylinder is selected? You are requested to solve this problem using two different approaches: 1. Solve the problem using your knowledge from the theory of probability. If you wish to use letters in order to label the events: Let ""D1"" denote the event of the first cylinder selected, to be... Attachments: Business-Stat....doc Mar 05 2014 05:05 PM"

 

Solution ID:608928 | This paper was updated on 26-Nov-2015

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