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60% of the employees in a specialized department of a large software firm are computer science...

Question:

60% of the employees in a specialized department of a large software firm are computer science graduates. A project team is made up of 10 employees.

a. What is the probability to 3 decimal digits that all the project team members are computer science graduates?

b. What is the probability to 3 decimal digits that exactly 3 of the project team members are computer science graduates?

c. What is the most likely number of computer science graduates among the 10 project team members?

Your answer should be an integer. If there are two possible answers, please select the smaller of the two integers.

There are 56 such projects running at the same time and each project team consists of 10 employees as described. On how many of the 56 project teams do you expect there to be exactly 3 computer science graduates? Give your answer to 1 decimal place.

I meet 40 employees at random. What is the probability that the second employee I meet is the first one who is a computer science graduate? Give your answer to 3 decimal places.

I meet 70 employees at random on a daily basis. What is the mean number of computer science graduates among the 70 that I meet? Give your answer to one decimal place.

Expected Value:

Expected value can be calculated by taking the weighted average of the possible outcomes of a probabilistic events. It does not need to match exactly one of the outputs of the event. For example, expected value of a die is 3.5.

Answer and Explanation:

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a. We need to multiply the probability 0.6 10 times.

{eq}0.6^{10} = 0.006 {/eq}

b. We need to use binomial formula.

{eq}{10 \choose 3} 0.6^3 0.4^7...

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Evaluating the Expected Value of Sample Information

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Chapter 5 / Lesson 10
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Many companies consider doing surveys and market research but are not sure whether the expense is worth the data that will be collected. This lesson helps explain how to calculate the expected value of sample information.


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