Finding the Expected Value and Variance using Probability Distribution

Nonfiction, Social & Cultural Studies, Social Science, Statistics
Cover of the book Finding the Expected Value and Variance using Probability Distribution by Homework Help Classof1, Classof1
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Author: Homework Help Classof1 ISBN: 1230000135311
Publisher: Classof1 Publication: May 23, 2013
Imprint: Language: English
Author: Homework Help Classof1
ISBN: 1230000135311
Publisher: Classof1
Publication: May 23, 2013
Imprint:
Language: English

"The budgeting process for a Midwestern college resulted in expense forecasts for the coming year (in $ millions) of $9, $10, $11, $12, and $13. Because the actual expenses are unknown, the following respective probabilities are assigned: .3, .2, .25, .05, and .2.
a.    Show the probability distribution for the expense forecast.
b.    What is the expected value of the expense forecast for the coming year?
c.     What is the variance of the expense forecast for the coming year?
d. If income projections for the year are estimated at $12 million, comment on the financial position of the college.
"

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"The budgeting process for a Midwestern college resulted in expense forecasts for the coming year (in $ millions) of $9, $10, $11, $12, and $13. Because the actual expenses are unknown, the following respective probabilities are assigned: .3, .2, .25, .05, and .2.
a.    Show the probability distribution for the expense forecast.
b.    What is the expected value of the expense forecast for the coming year?
c.     What is the variance of the expense forecast for the coming year?
d. If income projections for the year are estimated at $12 million, comment on the financial position of the college.
"

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