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BUS 210 Homework 10 Fall 2017

BUS 210, Homework #10, Fall 2017 Instructor: Betsy McCall

BUS 210 Homework 10 Fall 2017

**Instructions**: Complete each problem on a separate worksheet in a single Excel file. Rename the separate worksheets with the respective problem number. You may have to copy and paste the datasets into your homework file first. Name the file with your last name, first initial, and HW 10. Label each part of the question. When calculating statistics, label your outputs. **Submit your completed file(s) in Blackboard**.

- Consider a random variable with the following probability distribution: .
- Find
- Find
- Find
- Find
- Find the expected value of X.
- Find the standard deviation of X.

BUS 210 Homework 10 Fall 2017

- A construction company has to complete a project no later than three months from now or there will be significant cost overruns. The manager of the construction company believes that there are four possible values for the random variable X, the number of months from now it will take to complete this project: 2, 2.5, 3 and 3.5. The manager currently thinks that the probabilities of these four possibilities are in the ratio 1 to 2 to 4 to 2. This is is twice as likely as , is twice as likely as , and is half as likely as .
- Find the probability distribution of X.
- What is the probability that this project will be completed in less than three months from now?
- What is the probability that this project will not be completed on time.
- What is the expected completion time in months of this project from now.
- How much variability in months exists around the expected value your found in part d.

BUS 210 Homework 10 Fall 2017

Submit your Excel file (including your graphs and written answers) in a single file to Blackboard under Homework #10. Alternatively, you can copy and paste and graphs and explanations into a Word document, and attach that, along with the Excel sheet, to Blackboard.

BUS 210 Homework 10 Fall 2017