Annual savings in labor costs due to an automation project have a most likely value of $35,000. The high estimate of $45,000 has a probability of .1, and the low estimate of $30,000 has a probability of .2. What is the probability distribution and the expected value for the annual savings? (Answer: $35K)
Annual savings in labor costs due to an automation project have a most likely value of $35,000. The high estimate of $45,000 has a probability of .1, and the low estimate of $30,000 has a probability of .2. What is the probability distribution and the expected value for the annual savings? (Answer: $35K)
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 50E: Flexible Work Hours In a recent survey, people were asked whether they would prefer to work flexible...
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Annual savings in labor costs due to an automation project have a most likely value of $35,000. The high estimate of $45,000 has a probability of .1, and the low estimate of $30,000 has a probability of .2. What is the probability distribution and the
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