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Lab Ex 4 - Probability Distributions

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26 views2 pages

Lab Ex 4 - Probability Distributions

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TBS6213 Business Statistical Analysis

Lab 4: Probability Distribution


For Lecturer
No. Question Reference

1. Consider the experiment of drawing two cards without replacement from a 5.2
deck consisting of only the ace through 10 of a single suit (e.g., only hearts).
a. Describe the outcomes of this experiment. List the elements of the sample
space.
b. Define the event Ai to be the set of outcomes for which the sum of the
values of the cards is i (with an ace = 1). List the outcomes associated with
Ai for i = 3 to 19.
c. What is the probability of obtaining a sum of the two cards equalling from
3 to 19?

2. A box contains marbles of three different colors: 5.9


8 black, 6 white, and 4 red. Three marbles are selected at random without
replacement. Find the probability that the selection contains each of the
outcomes listed.
a. Three black marbles
b. A red, a black and a white marble, in that order
c. A red marble and two white marbles, in any order

3. A survey of 200 college graduates who have been working for at least 3 years 5.10
found that 90 owned only mutual funds, 20 owned only stocks, and 70 owned
both.
a. What is the probability that an individual owns a stock? A mutual fund?
b. What is the probability that an individual owns neither stocks nor mutual
funds?
c. What is the probability that an individual owns either a stock or a mutual
fund?

4. If a cell phone company conducted a telemarketing campaign to generate new 5.27


clients and the probability of successfully gaining a new customer was 0.07,
use software built-in function for binomial distribution to find the probability
that contacting 50 potential customers would result in at least 5 new customers.

5. A popular resort hotel has 300 rooms and is usually fully booked. About 6% 5.29
of the time a reservation is cancelled before the 6:00 p.m. deadline with no
penalty. Use software built-in function for binomial distribution to find the
probability that at least 280 rooms will be occupied.

6. Ravi sells three life insurance policies on an average per week. Use Poisson’s 5.31
distribution to calculate the probability that in a given week he will sell
a. some policies.
b. two or more policies but less than 5 policies.
c. one policy, assuming that there are 5 working days per week.

7. In determining automobile-mileage ratings, it was found that the mpg (X) for 5.36
a certain model is normally distributed, with a mean of 33 mpg and a standard
deviation of 1.7 mpg. Use software built-in function to find the following:
a. P(X < 30)

TCK/TCP Updated 9/10/2023


b. P(28 < X < 32)
c. P(X > 35)
d. P(X > 31)

8. The distribution of the SAT scores in math for an incoming class of business 5.37
students has a mean of 590 and standard deviation of 22. Assume that the
scores are normally distributed. 9.Use software built-in function to find the
a. probability that an individual’s SAT score is less than 550.
b. probability that an individual’s SAT score is between 550 and 600.
c. probability that an individual’s SAT score is greater than 620.
d. percentage of students will have scored better than 700.
e. standardized values for students scoring 550, 600, 650, and 700 on the test.

9. Use the Random Number Generation tool to generate 100 samples of the 5.46
number of customers that the financial consultant will have on a daily basis.
Assume minimum number of customer is 5 and maximum is 12. What
percentage will meet his target of at least 8?
[Answer varies based on random number obtained]

TCK/TCP Updated 9/10/2023

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