This
is the Statistics & Probability Example 2 Problem Set
for OMGT6123. Please peruse the video tutorial of the
solution posted to the course website.
OMGT6123
Expected Values & Standard Normal Distribution Examples
1.
Sammy's grades are distributed as follows:
|
Grade |
Proportion of Grade
Type |
Grade Points per Grade
Type |
|
A |
1/2 |
4 |
|
B |
1/3 |
3 |
|
C+ |
1/10 |
2.3 |
|
C |
1/10 |
2 |
All grade types are the same number of class
hours (e.g., all are 3-hour classes). Calculate
Sammy's current GPA & the current grade standard
deviation. Comment
on Sammy's current GPA.
2.
Sabrina knows her sales #'s could increase as
follows & believes that each growth # is equally weighted. However,
Josey her co-owner thinks the growth #'s are weighted as noted
below. Help
Sabrina & Josey calculate the expected growth based on
both their probability distributions & comment on how they
are similar or different.
|
Growth # |
Josey's Probability of
Growth # [i.e., P(growth)] |
|
5 |
47% |
|
3 |
23% |
|
2 |
15% |
|
0 |
15% |
3.
Bill knows the mean of his customer service
process is 40 minutes and the standard deviation is 5 minutes
and is normally distributed. He wishes to
know at what service process value does he take care of 95% of
his customers.
4.
Bill's colleague explains that if Bill could cut
his service process standard deviation in half he would reach
almost all (99+%) of his customers in under 47 minutes. Is this true?