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3. An important part of the customer service responsibilities of a cable company relates to the speed with which trouble in service can be repaired. Historically, the data show that the likelihood is 0.85 that troubles in a residential service can be repaired on the same day.  Use the binomial formula to calculate.

  1. For the first five troubles reported on a given day, what is the probability that: All five will be repaired on the same day? 
  2. For the first five troubles reported on a given day, what is the probability that: Fewer than two troubles will be repaired on the same day? 
  3. For the first five troubles reported on a given day, what is the probability that: At least 3 troubles will be repaired on the same day. 
  4. Find the mean number of troubles repaired on the same day? 

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Related textbook solutions

Introductory Statistics
OER Edition, 2013
Openstax
ISBN: 9781938168208

Related questions

Happy Clown Carnival Company is scheduled to appear in a city on a particular Saturday. The profits that will be obtained depend heavily upon the weather. If the weather is rainy, the carnival loses $15,000; if it is not rainy, the carnival makes a profit of $5,000. Historically, the probability of rain on any given day is 10%.

The carnival has to set up equipment for its show, but it can cancel the show prior to setting up its equipment. Cancelling the show results in a loss of $1,000, regardless of the weather. However, for an additional $250 cost, the carnival can postpone its setup decision until the Friday before the scheduled performance. At that time, the carnival can obtain the local weather forecast for Saturday’s weather.

The Weather Bureau has compiled data on its past forecasts. When it was rainy, the Weather Bureau had predicted rain 74% of the time. When it was not rainy, the Weather Bureau had predicted no rain 86% of the time.

(a) Set up the decision tree and determine the decision (SETUP or CANCEL) that maximizes the expected profit without waiting for a weather forecast on the blank page provided. Leave enough space to add to this tree in part (d).(15 pts for correct tree, 12 pts for decision and backup calculations.)

(b) Determine the Expected Value of Perfect Information (EVPI) for the situation depicted in your decision tree from (a).(7 pts.)

(c) Append to your decision tree in (a) a decision tree diagram that includes waiting for the results of the weather forecast. Be sure to clearly label the branches and nodes. (15 pts.)

(d) Determine the two posterior probability distributions for Saturday’s actual weather given the weather forecasts on Friday and put your results in the appropriate places on your tree in (c). (Hint: Bayes. ). (15 pts.)

(e) . Calculate the Expected Values at each appropriate node for the part of the tree diagram you added in (c). (30 pts.)

(f) Based on your results in (e), what is your optimal decision strategy? (5 pts.)

(g) Calculate the Expected Value of Sample Information (EVSI) and the efficiency of sample information for this situation. Also calculate the Expected Net Gain of Sample Information. (ENGSI is the amount you expect to gain from the sample information after accounting for what it cost you to get that information.) (5 pts.) Use this page for your decision tree. Please write clearly enough so I can tell what your answers are.

Multiple Choice

1. You have a large dataset that will print on several pages. You want to ensure that related records print on the same page with column and row labels visible and that confidential information is not printed. You should apply all of the following page setup options except which one to accomplish this task?

(a) Set a print area.

(b) Print titles.

(c) Adjust page breaks.

(d) Change the print page order.

2. You are working with a large worksheet. Your row headings are in column A. Which command(s) should be used to see the row headings and the distant information in columns X, Y, and 2?

(a) Freeze Panes command

(b) Hide Rows command

(c) New Window command and cascade the windows

(d) Split Rows command

3. Which statement is not a recommended guideline for designing and creating an Excel table?

(a) Avoid naming two fields with the same name.

(b) Ensure that no blank columns separate data columns within the table.

(c)-Leave one blank row between records in the table.

(d) Include field names on the first row of the table.

4. Which of the following characters are wildcards in Excel? (Check all that apply.)

(a) *

(b) #

(e) ?

(d) $

5. What should you do to ensure that records in a table are unique?

(a) Do nothing; a logical reason probably exist to keep identical records.

(b) Use the remove duplicates command.

(c) Look at each row yourself and manually delete duplicate records.

(d) Find the duplicate records and change some of the data to be different

6. Which Conditional Formatting rule is best suited to apply formatting to the top five values in a range of values?

(a) Above Average

(b) Greater Than

(c). Top 10 Items

(d) Between

7. Which date filter option enables you to restrict the view to only dates that occur in March of 2018?

(a) Equals

(b) Before

(c) After

(d) Between

8. Which of the following is an unqualified structured reference?

(a) =[Purchase_Price]-[Down Payment]

(b) =Sales[Purchase_Price]-Sales[Down_Payment]

(c) =Purchase Price-Down_Payment

(d) =[Sales]Purchase_Price [Sales]Down_Payment

 

9. Which of the following is not an aggregate function that can be applied in a total row?

(a) MAX

(b) AVERAGE

(c) COUNT

(d) VLOOKUP

 

10. If you would like to set a conditional formatting rule based on the function=AND(G6"Finance". H7<7000), which formatting rule type is needed?

(a) Format all cells based on their values

(b) Format only cells that contain

(c) use formula to determine which cells to format

(d) Format only values that are above or below average

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