There is a 60% chance of a loss of $100, a 30% chance of sales of $100, and a 10% chance of sales of $200. What is the expected value of sales?
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- A typical retail transaction consists of several smaller steps, which can be considered components subject to failure. A list of such components might include: Let the eight probabilities of success be .92, .94, .99, .99, .98, .97,.95, and .96. What is the reliability of the system; that is, the probabilitythat there will be a satisfied customer? If you were the storemanager, what do you think should be an acceptable value forthis probability? Which components would be good candidatesfor backup, which for redesign?When a choice is communicated in terms of potential losses, most people choose the option with less risk. -True -FalseA product engineer has developed the following equation for the cost of a system component: C = (10P)2, where C is the cost in dollars and P is the probability that the component will operate as expected. The system is composed of 3 identical components, all of which must operate for the system to operate. The engineer can spend $254 for the 3 components. What is the largest component probability that can be achieved? (Do not round your intermediate calculations. Round your final answer to 4 decimal places.) Probability 0.8466
- A product engineer has developed the following equation for the cost of a system component: C = (10P) 2, where C is the cost in dollars and P is the probability that the component will operate as expected. The system is composed of two identical components, both of which must operate forthe system to operate. The engineer can spend $173 for the two components. To the nearest two decimal places, what is the largest component probability that can be achieved?7. Assume that there is a 9% rate of disk drive failure in a year. a. If all your computer data is stored on a hard disk drive with a copy stored on a second hard disk drive, what is the probability that during a year, you can avoid catastrophe with at least one working drive? b. If copies of all your computer data are stored on three independent hard disk drives, what is the probability that during a year, you can avoid catastrophe with at least one working drive? a. With two hard disk drives, the probability that catastrophe can be avoided is nothing. (Round to four decimal places as needed.)Scenario: Imagine you are a physician who has been whose patient has the following matter up to you. The patient has an unusual infection, which lasts for a short time. The infection has a 15% chance of causing permanent brain damage. You may undertake a procedure that will prevent the brain damage from the infection (with 100% probability). However, the procedure itself has a 20% chance of causing brain damage itself. Should you undertake the procedure or not? Question: Identify whether the scenario poses a problem to solve or a decision to be made. Explain HOW and WHY you came to your answer?
- The risks that the consequences of them are acceptable and no extra costs should be incurred to reduce hazard probability are categorized as: Select one: a. Intolerable b. Intolerable, Acceptable, and As low as reasonably practical (ALARP) c. As low as reasonably practical(ALARP) d. AcceptableA product is composed of four parts. In order for the product to function properly in a given situation, each of the parts must function. Two of the parts have a .96 probability of functioning, and twohave a probability of .99. What is the overall probability that the product will function properly?Company A has successfully launched its product in the market and has reaped rich dividends for the same. S is a top executive of the firm who is planning to move out to start the same business supported by a few investors. 6 months later, despite the product launch S has not been able to replicate the same success as in company A. Which of the following is a possible reason?
- A product design engineer must decide if a redundant component is cost justified in a certain system. The system in question has a critical component with a probability of 0.96 of operating. System failure would involve a cost of GH¢20,000. What is the probability that the system will fail? Probability of the system failing is Blank 1. Fill in the blank, read surrounding text.A certain custom engraving shop has traditionally had orders for between 1 and 50 units of whatever a customer orders. A large company has contacted this shop about engraving “reward” plaques (which are essentially identical to each other). It wants the shop to place a bid for this order. The volume is expected to be 12,000 units per year and will most likely last four years. To successfully bid (low enough price) for such an order, what will the shop likely have to do?Tesla engineering center is trying to decide whether to make or buy a part (#T-63NFT) in its transmission module. Purchasing the part would cost $1.50 each. If they design and produce it themselves, it will result in a per-unit cost of $0.75. However, the design investment would be $50,000. Further, they realize that for this type of part, there is a 30% chance that the part will need to be redesigned at an additional cost of $50,000. Regardless of whether they make or buy the part, Tesla will need 100,000 of these parts. Use decision trees analysis to calculate the expected monetary value (EMV) and make decision. Please draw a decision tree for analysis. What is the cost if Tesla decide to make the part but the part needs to be redesigned? What is the cost if Tesla decide to make the part and the part does not need to be redesigned? What is the EMV if Tesla decide to make the part? What is the EMV if Tesla decide to buy the part? How would the “30% chance for redesign” come from?…