Ask Question, Ask an Expert


Ask Statistics and Probability Expert

The quality control manager for ENTA Inc. should decide whether to accept (a1), further analyze (a2), or reject (a3) a lot of incoming material. Suppose the following payoff table is available. Historical data points out that there is a 20% chance that the lot is poor quality (s1), a 50% chance that the lot is fair quality (s2), and 30% chance that the lot is good quality (s3)

  S1 s2          s3
  A1      20 30 90
  A2   60 70 10
     80 50 40

a. Compute the expected value for each of three actions and find out if the manager must accept, further examine, or reject the lot?

Expected values a1=________  a2=__________ a3=___________

b. Find out the expected value of perfect information (EVPI)? EVPI=_________

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M923125

Have any Question? 

Related Questions in Statistics and Probability

Letnbsp x be a gaussian random variable and letnbsp ynbsp

Let  X be a Gaussian random variable and let  Y  be a Bernoulli random variable with Pr(Y=1) = p and Pr (Y=-1)= 1-p. If X and Y are independent, find the PDF of Z=XY.  Under what conditions is Z  a Gaussian random variab ...

A random process is given bynbspnbspwhere and are

A random process is given by   where and are independent zero-mean random variables.  (a) Find the mean function (b) Find the autocorrelation function,  (c) Under what conditons (on the variances of and ) is   WSS?

Suppose a random variable x has a gaussian pdf with zero

Suppose a random variable, X , has a Gaussian PDF with zero mean and variance σ 2 x The random variable is transformed by the device whose input-output relationship is shown in the accompanying figure. Find and sketch th ...

Suppose the arrival of telephone calls at a switch can be

Suppose the arrival of telephone calls at a switch can be modeled with a Poisson PMF. That is, if is the number of calls that arrive in minutes, then Where λ is the average arrival rate in calls/minute. Suppose that the ...

Suppose that a certain college class contains 58 students

Suppose that a certain college class contains 58 students. Of these,34 are sophomores, 32 are chemistry majors, and8 are neither. A student is selected at random from the class. (a) What is the  probability  that the stu ...

Simple linear regression -problem definition midwest

Simple Linear Regression - Problem Definition: Midwest Insurance wants to develop a model able to predict sales according to time with the company. Evaluate the bivariate graph to determine whether a linear relationship ...

Question 1 decision analysisshow all calculations to

QUESTION 1 Decision Analysis Show all calculations to support your answers. You may follow the methods shown in the mp4 on Decision Analysis for a way to do part (b) of this question if you wish. a) People frequently use ...

A sample of n9 scores has a mean of m20 one of the scores

A sample of n=9 scores has a mean of M=20. One of the scores is changed and the new mean is found to be M=22. If the changed score was originally X=7, what is its new value?

We wish to generate a periodic sequence of numbers that

We wish to generate a periodic sequence of numbers that cycles through the integers from 1 to 100 in a pseudorandom fashion. Choose a pair of integers that can be used in the power residue method to produce a sequence of ...

Letnbspnbspwe desire to findnbspnbspwrite a matlab program

Let    We desire to find    Write a MATLAB program to estimate this probability through Monte Carlo simulation techniques. If we want to be 90% sure that our estimate is within 5% of the true value, about how many times ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate