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Term

VamshiKrishna Emmadi
2

Exercises Grade
21
43
61
66
73
Chapter Average

100.00%
100.00%
100.00%
100.00%
100.00%
100.00%

6
3
27
5
4

X
Job
Satisfaction
Score
1
2
3
4
5

Probability
IS Senior IS Middle
Executive Managers
s
Fx
0.05
0.09
0.03
0.42
0.41

Fx
0.04
0.1
0.12
0.46
0.28

(X-EV)
(X-EV)2
-3.05
9.3025
-2.05
4.2025
-1.05
1.1025
-0.05
0.0025
0.95
0.9025

a. What is the expected value of the job satisfaction score for senior
executives?
E(x)= x f (x)

b. What is the expected value of the job satisfaction score for middle
managers?
c. Compute the variance of job satisfaction scores for executives and middle
managers.

2 = (x - )2 f(x)

d. Compute the standard deviation of job satisfaction scores for both

probability distributions.

(X-EV)2*Fx
0.465125
0.378225
0.033075
0.00105
0.370025

(X-EV)
(X-EV)2 (X-EV)2*Fx
-2.84
8.0656
0.322624
-1.84
3.3856
0.33856
-0.84
0.7056
0.084672
0.16
0.0256
0.011776
1.16
1.3456
0.376768

core for senior

4.05

3.84

executives and middle Executives

1.2475

core for middle

scores for both

Middle Managers
1.1344

Executives
1.116915

Middle Managers
1.065082

Twenty-three percent of automobiles are not covered by

insurance (CNN, February 23, 2006). On a particular weekend,
35 automobiles are involved in traffic accidents.
a. What is the expected number of these automobiles that are
not covered by insurance?
b. What are the variance and standard deviation?
Standard deviation

8.05

Variance

6.1985

andard deviation

2.489679

The budgeting process for a midwestern college resulted in

expense forecasts for the coming year (in $ millions) of $9, $10,
$11, $12, and $13. Because the actual expenses are unknown,
the following respective probabilities are assigned: .3, .2, .25, .
05, and .2.
a. Show the probability distribution for the expense forecast.

b. What is the expected value of the expense forecast for the

coming year?
c. What is the variance of the expense forecast for the coming
year?
d. If income projections for the year are estimated at $12
million, comment on the financial position of the college.
If the income projections for the year are estimated at $12 Million then,
Expected Value is 0.6, Variance is $0.09 and the financial position of the
college is POSITIVE.

f(x)
$9

10.65

$2.13

12 Million then,
al position of the

(x-)

(x-)2

0.3

($2)

$2.72

10

0.2

($1)

$0.42

11

0.25

$0

$0.12

12

0.05

$1

$1.82

13

0.2

$2

$5.52

(x-)2f(x)
$0.82

$0.08

$0.03

$0.09

$1.10

A political action group is planning to interview home owners to assess the

impact caused by a recent slump in housing prices. According to a Wall
Street Journal/Harris Interactive Personal Finance poll, 26% of individuals
aged 1834, 50% of individuals aged 3544, and 88% of individuals aged
55 and over are home owners (All Business website, January 23, 2008).
a. How many people from the 1834 age group must be sampled to find an
expected number of at least 20 home owners?
b. How many people from the 3544 age group must be sampled to find an
expected number of at least 20 home owners?
c. How many people from the 55 and over age group must be sampled to
find an expected number of at least 20 home owners?
d. If the number of 1834-year-olds sampled is equal to the value identified
in part (a), what is the standard deviation of the number who will be home
owners?
e. If the number of 3544-year-olds sampled is equal to the value identified
in part (b), what is the standard deviation of the number who will be home
owners?

wners to assess the

ording to a Wall
6% of individuals
individuals aged
uary 23, 2008).

sampled to find an
76.92308

40

22.72727

3.847077

3.162278

sampled to find an

ust be sampled to

the value identified

who will be home

the value identified

who will be home

A deck of playing cards contains 52 cards, four of which are

aces. What is the probability that the deal of a five-card hand
provides:
a. A pair of aces?

0.03993

b. Exactly one ace?

0.299474

c. No aces?

0.658842

d. At least one ace?

0.341158