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Quantitive Methods

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Course Quantitative Methods
Test Quiz 2
Started 10/20/13 6:35 PM
Submitted 10/20/13 7:45 PM
Status Completed
Attempt Score 34 out of 40 points
Time Elapsed 1 hour, 9 minutes out of 2 hours.
Instructions
• Question 1
2 out of 2 points Probability trees are used only to compute conditional probabilities. Answer Selected Answer: False
Correct Answer: False • Question 2
2 out of 2 points Seventy two percent of all observations fall within 1 standard deviation of the mean if the data is normally distributed. Answer Selected Answer: False
Correct Answer: False • Question 3
2 out of 2 points If two events are not mutually exclusive, then P(A or B) = P(A) + P(B) Answer …show more content…

Assume that the payoffs represent their level of enjoyment for each activity under the various weather conditions. Weather Cold Warm Rainy S1 S2 S3
Bike: A1 10 8 6
Hike: A2 14 15 2
Fish: A3 7 8 9 If the group chooses to minimize their maximum regret, what activity will they choose?
Answer
Selected Answer:
Any of the above
Correct Answer:
Any of the above • Question 15
2 out of 2 points A life insurance company wants to update its actuarial tables. Assume that the probability distribution of the lifetimes of the participants is approximately a normal distribution with a mean of 71 years and a standard deviation of 3.5 years. What proportion of the plan participants are expected to see their 75th birthday? Note: Write your answers with two places after the decimal, rounding off as appropriate. Answer Selected Answer: .13
Correct Answer:
Evaluation Method Correct Answer Case Sensitivity Exact Match 0.13 Exact Match .13

• Question 16
0 out of 2 points A brand of television has a lifetime that is normally distributed with a mean of 7 years and a standard deviation of 2.5 years. What is the probability that a randomly

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