Hey guys i need some help with these questions. i appreciate all the help.
6) There are three research and development projects focusing on the development of
three new products A, B and C. The markets into which the new products are to be
launched are identical. However, consumer preference is at present, unknown. A
probability assessment has been undertaken by the Sales Director based upon a
recent consumer survey. This has revealed that there is a probability that
consumers will prefer Product A, a probability that consumers will prefer Product
B and a probability that consumers will prefer Product C. If the company were to
launch all three products simultaneously what is the probability that:
(a) product A and product B will both be successful?
(b) product A, B and C will all be successful?
(c) no product will be successful?
7) You and some of your friends from your course are putting on a charity event. Last
year student groups raised a mean of £600 with a standard deviation of £120. You
want to be in the top 10% of groups this year. Based on last year’s outcome, how
much do you need to raise? Assume that the money raised followed a normal
distribution, use a diagram, and show your working.
probability and statistics help Watch
- Thread Starter
- 06-12-2010 22:50