9/30/2014 Chapter 2: Probability Concepts and Applications

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Site Title: Quantitative Analysis for Management,
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September 30, 2014 at 6:48 PM
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100% Correct of 10 Scored items:
10 Correct: 100%
0 Incorrect: 0%
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1.
If P(A) = 0.6, P(B) = 0.4, P(A and B) = 0.0 , what can be said about events A and B?
Your Answer: They are mutually exclusive.

CORRECT.
2.
The probability of event A occurring is 0.3, while the probability that event B occurs is
0.8. The probability that event A and event B occur simultaneously is 0.2. If it is
known that event A occurred, what is the probability that event B occurred also?
Your Answer: 0.67

CORRECT.
3.
At a university with 1,000 business majors, there are 200 business students who are
enrolled in an introductory statistics course. Of these 200, 50 are also enrolled in an
introductory accounting course. There are an additional 250 business students who
are enrolled in accounting but are not enrolled in statistics. If a business student is
selected at random, what is the probability that the student is not enrolled in
accounting?
Your Answer: none of the above

CORRECT. 300 of the 1000 students are enrolled in accounting, therefore 700 or 0.70
of the students are not enrolled in accounting.
4.
At a university with 1,000 business majors, there are 200 business students who are
enrolled in an introductory statistics course. Of these 200, 50 are also enrolled in an
introductory accounting course. There are an additional 250 business students who
are enrolled in accounting but are not enrolled in statistics. Are the events being
enrolled in accounting and being enrolled in statistics mutually exclusive?
9/30/2014 Chapter 2: Probability Concepts and Applications
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Your Answer: no

CORRECT.
5.
A production process is known to produce a particular item in such a way that 3% of
these are defective. If three items are randomly selected as they come off the
production line, what is the probability that all three are defective (assuming that
they are all independent)?
Your Answer: 0.000027

CORRECT.
6.
A company is considering producing some new products. Based on past records,
management believes that there is a 60% chance that the first product will be
successful, and a 40% chance that the second product will be successful. As these
products are completely different, it may be assumed that the success of one is
totally independent of the success of the other. If two products are introduced to the
market, what is the probability that both are successful?
Your Answer: 0.24

CORRECT.
7.
A company is considering producing some new products. Based on past records,
management believes that there is a 70% chance that each of these will be
successful, and a 30% chance of failure. Market research may be used to revise these
probabilities. In the past, the successful products were predicted to be successful
based on market research 90% of the time. However, for products that failed, the
market research predicted these would be successes 20% of the time. If market
research is performed for a new product, what is the probability that the results
indicate a successful market for the product and the product actually is successful?
Your Answer: 0.63

CORRECT.
8.
Given that one car has passed through an intersection, the time we will have to wait
until the next car passes through can be described by the
Your Answer: none of the above

CORRECT. The distribution describing the time between arrivals is the negative
9/30/2014 Chapter 2: Probability Concepts and Applications
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exponential.
9.
A normal random variable (X) has a mean of 70 and a standard deviation of 8. What
is the probability that X is greater than 94?
Your Answer: 0.0013

CORRECT.
10.
The time required to complete a project is normally distributed with a mean of 60
weeks and a standard deviation of 5 weeks. What is the probability that the project
will require from 55 to 65 weeks to complete?
Your Answer: 0.84134

CORRECT.
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