ZuoTi.Pro
Question

A regional director responsible for business development in the state of Pennsylvania is concerned about the...

A regional director responsible for business development in the state of Pennsylvania is concerned about the number of small business failures. If the mean number of small business failures per month is 12, what is the probability that 8 or more small businesses will fail during a given month? Assume that the probability of a failure is the same for any two months and that the occurrence or nonoccurrence of a failure in any month is independent of failures in any other month (Poisson distribution).

business   Operations-Management   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

0 0
Add a comment
Know the answer?
Add Answer to:
A regional director responsible for business development in the state of Pennsylvania is concerned about the...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • A regional director responsible for business development in the state of Pennsylvania is concerned about the...

    A regional director responsible for business development in the state of Pennsylvania is concerned about the number of small business failures. If the mean number of small business failures per month is 9.8, what is the probability that exactly 4 small businesses will fail during a given month (to 4 decimals)? Assume that the probability of a failure is the same for any two months and that the occurrence or nonoccurrence of a failure in any month is independent of...

  • Romeo and Juliet decide to start a new business venture: JR Insurance Ltd. to insure people...

    Romeo and Juliet decide to start a new business venture: JR Insurance Ltd. to insure people against damages from car accidents. They assume that car accidents resulting in claims occur according to a nonhomogeneous Poisson process at rate ? ? = 2? per month. As almost any other insurance policy; there is a stochastic delay between the time each accident occurs and the payment is made. These claims not yet paid are said to be “outstanding claims.” Suppose that these...

  • 1. A study aims to understand the year-to-year changes in small business sales during the winter...

    1. A study aims to understand the year-to-year changes in small business sales during the winter holiday period in the US. Researchers randomly sampled 100 small businesses in December 2014 and found that 66 of them had an increase in sales relative to December 2013. a. Find a 95% confidence interval for the proportion of businesses that had an increase in sales Find the sample size needed for the 68% confidence interval to be of the same width as the...

  • A study aims to understand the year-to-year changes in small business sales during the winter holiday...

    A study aims to understand the year-to-year changes in small business sales during the winter holiday period in the US. Researchers randomly sampled 100 small businesses in December 2014 and found that 66 of them had an increase in sales relative to December 2013. a. Find a 95% confidence interval for the proportion of businesses that had an increase in sales. Find the sample size needed for the 68% confidence interval to be of the same width as the 95%...

  • A study aims to understand the year-to-year changes in small business sales during the winter holiday...

    A study aims to understand the year-to-year changes in small business sales during the winter holiday period in the US. Researchers randomly sampled 100 small businesses in December 2014 and found that 66 of them had an increase in sales relative to December 2013. a. Find a 95% confidence interval for the proportion of businesses that had an increase in sales. Find the sample size needed for the 68% confidence interval to be of the same width as the 95%...

  • Excel.. Sav. Insert Design Layout References. Mailings Review View Help Tell me File Home Calibri (Body) Paste Cli...

    Excel.. Sav. Insert Design Layout References. Mailings Review View Help Tell me File Home Calibri (Body) Paste Clipboard Font Paragraph Styles R klomework #2 Due Tuesday May 28th, 2019 at 9:15AM This assignment deals with constructing contingency tables and calculating the probabilities of different events. Use the information in the Home Price dataset for the following questions. Use Excel to calculate your answers and format your spreadsheet so it is easily readable. Round all your answers to three decimal places....

  • The Binomial and Poisson Distributions Both the Binomial and Poisson Distributions deal with discrete data where...

    The Binomial and Poisson Distributions Both the Binomial and Poisson Distributions deal with discrete data where we are counting the number of occurrences of an event. However, they are very different distributions.  This problem will help you be able to recognize a random variable that belongs to the Binomial Distribution, the Poisson Distribution or neither. Characteristics of a Binomial Distribution Characteristics of a Poisson Distribution The Binomial random variable is the count of the number of success in n trials:   number of...

  • 28. In many problems about modeling count data, it is found that values of zero in the data are f...

    28. In many problems about modeling count data, it is found that values of zero in the data are far more common than can be explained well using a Poisson model (we can make P(X 0) large for X ~ Pois(A) by making λ small, but that also constrains the mean and variance of X to be small since both are X). The Zero-Inflated Poisson distribution is a modification of the Poisson to address this issue, making it easier to...

  • Attempts: Keep the Highest: 75 6. The exponential distribution An economist studied a large data set...

    Attempts: Keep the Highest: 75 6. The exponential distribution An economist studied a large data set of Mexican consumer prices covering episodes of both high and low inflation. One of the goods in the study was toothpaste. When the inflation rate was low, an average of 1.9 changes in the price of toothpaste occurred each year. When the inflation rate was high, the price of toothpaste changed more frequently-an average of 8.4 times each year. (Source: E. Etienne Gagnon, Price...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT