This competency will allow you to demonstrate your ability to analyze discrete probability distributions and expected value.
You have recently applied for a risk analyst position at G & B Consulting and been invited in for an interview. A part of the requirements of the job is a thorough knowledge of probability and statistics. Some of your potential future coworkers are given the opportunity to interview you and wish to test your knowledge.
Part 1: The first of these potential coworkers is explaining to you the importance of knowing the regional business landscape in order to be best prepared when new potential clients and how many specialists in different areas should be on hand. She shows you a spreadsheet predicting potential client types with the following information:
Is there any reason to believe this information is not accurate? Explain to your potential coworker in detail any observations you may have in regards to the information on the spreadsheet.
Part 2: The next potential coworker you meet is excited to show you a dice game he developed that he is hoping to sell to a local casino. This game involves using two 10-sided dice with faces numbered 1 through 10. He asks you to confirm some of the probabilities of different outcomes of the game and show how you arrived at your answers.
What is the probability of rolling a sum of 11 on the two dice?
What is the probability of rolling the two dice and getting at least one seven?
What is the probability of rolling the two dice and getting either an odd sum or a sum greater than 19?
What is the probability of rolling doubles twice in a row?
Part 3: After confirming those probabilities, he tells you that the game costs $1 to play and has the following payouts:
Sum of 11
Sum of 3, 4, 18, or 19
From these payouts, he tells you that the game should be incredibly popular since it has an expected value of 55 cents for every dollar spent. Your potential coworker wants to know if you agree with this expected value, and asks that you explain your reasoning, including any calculations you made.
Compile your responses from all parts into a single Word document for submission. Be sure to include all relevant work, and fully typed explanations where they are asked for.
We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.
At homeworkcheg.com, You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.Read more
The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.Read more
The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.Read more
By placing an order with at HomeworkCheg, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.Read more