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Museum management. Refer to the Museum Management and Curatorship (June 2010) study of the criteria used to evaluate museum performance, Exercise 2.14 (p. 74). Recall that the managers of 30 leading museums of contemporary art were asked to provide the performance measure used most often. A summary of the results is reproduced in the table. Performance Measure Number of Museums Total visitors 8 Paying visitors 5 Big shows 6 Funds raised 7 Members 4


Performance Measure

Number of Museums

Total visitors

8

Paying visitors

5

Big shows

6

Funds raised

7

Members

4

a. If one of the 30 museums is selected at random, what is the probability that the museum uses total visitors or funds raised most often as a performance measure?

b. Consider two museums of contemporary art randomly selected from all such museums. Of interest is whether or not the museums use total visitors or funds raised most often as a performance measure. Use a tree diagram to aid in listing the sample points for this problem.

c. Assign reasonable probabilities to the sample points of part b.

d. Refer to parts b and c. Find the probability that both museums use total visitors or funds raised most often as a performance measure.

Short Answer

Expert verified
  1. P(AB)=0
  2. Total visitors, paying visitors, big shows, Fund raised & members.
  3. 16/225, 28/450, 14/225, 49/900.
  4. 1/4

Step by step solution

01

Step-by-Step SolutionStep 1: Assess the probability that the museum will utilize total visitors or Fund raised as a performance measure the rest of the time

Let 'A' be the event in which a randomly selected museum utilizes total visitors as a performance measure the most often, and 'B' be the event in which funds raised are used as a performance measure. The probability that the museum utilizes total visitors or funds raised as a performance measure is:

P(AB)=P(A)+P(B)-P(AB)

As the Number of museums using total visitors as a performance measure = 8, So:

P(A)=830=415

As some museums use funds raised as performance measure = 7, So:

P(B)=730

Therefore,

P(AB)=415+7300=8+730=1530=12

P(AB)is the probability that the museum utilizes both total visitors and funds raised as performance measures cannot be done continuously.

Hence, P(AB)=0.

02

Use a tree diagram to aid in listing the sample points for this problem

As the tree diagram demonstrates, the probability is as follows:

03

Allocate the sample points.

Because the two museums can utilize any performance measure, they are completely independent. Therefore, the chances of either museum selecting any of the five measures remain the same.

Hence, the sample points' probabilities are as follows:

Museum1.Totalvisitors=830x830=64900=16225

Fundvisitors=830x730=56900=28450

Museum2.Totalvisitors=930x830=72900=14225

Fundvisitors=730x730=64900=49900

Hence, the probabilities of museums 1 & 2 are 16/225, 28/450, 14/225, and 49/900.

04

Find the probabilities of both the museum.

P=16225+28450+14225+49900=64+56+56+49900=225900=14

Hence, the probability of both the museum is 1/4.

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Most popular questions from this chapter

World Cup soccer match draws. Every 4 years the world’s 32 best national soccer teams compete for the World Cup. Run by FIFA (Fédération Internationale de Football Association), national teams are placed into eight groups of four teams, with the group winners advancing to play for the World Cup. Chance(Spring 2007) investigated the fairness of the 2006 World Cup draw. Each of the top 8 seeded teams (teams ranked 1–8, called pot 1) were placed into one of the eight groups (named Group A, B, C, D, E, F, G, and H). The remaining 24 teams were assigned to 3 pots of 8 teams each to achieve the best possible geographic distribution between the groups. The teams in pot 2 were assigned to groups as follows: the first team drawn was placed into Group A, the second team drawn was placed in to Group B, etc. Teams in pots 3 and 4 were assigned to the groups in similar fashion. Because teams in pots 2–4 are not necessarily placed there based on their world ranking, this typically leads to a “group of death,” i.e., a group involving at least two highly seeded teams where only one can advance.

  1. In 2006, Germany (as the host country) was assigned as the top seed in Group A. What is the probability that Paraguay (with the highest ranking in pot 2) was assigned to Group A?
  2. Many soccer experts viewed the South American teams (Ecuador and Paraguay) as the most dangerous teams in pot 2. What is the probability one of the South American teams was assigned to Group A?
  3. In 2006, Group B was considered the “group of death,” with England (world rank 2), Paraguay (highest rank in pot 2), Sweden (2nd highest rank in pot 3), and Trinidad and Tobago. What is the probability that Group B included the team with the highest rank in pot 2 and the team with one of the top two ranks in pot 3?
  4. In drawing teams from pot 2, there was a notable exception in 2006. If a South American team (either Ecuador or Paraguay) was drawn into a group with another South American team, it was automatically moved to the next group. This rule impacted Group C (Argentina as the top seed) and Group F (Brazil as the top seed), because they already had South American teams, and groups that followed these groups in the draw. Now Group D included the eventual champion Italy as its top seed. What is the probability that Group D was not assigned one of the dangerous South American teams in pot 2?

Guilt in decision making.Refer to the Journal of Behavioral Decision Making(January 2007) study of theeffect of guilt emotion on how a decision maker focuseson a problem, Exercise 3.48 (p. 183). The results (numberresponding in each category) for the 171 study participantsare reproduced in the table below. Suppose one of the 171participants is selected at random.

Emotional

State

Choose

Stated Option

Do Not Choose

Stated Option

Totals

Guilt

Anger

Neutral

45

8

7

12

50

49

57

58

56

Totals

60

111

171

a.Given that the respondent is assigned to the guilty state, what is the probability that the respondent chooses the stated option?

b.If the respondent does not choose to repair the car, what is the probability that the respondent is in the anger state?

c.Are the events {repair the car} and {guilty state }
independent?

In a random sample of 106 social (or service) robots designed to entertain, educate, and care for human users, 63 were built with legs only, 20 with wheels only, 8 with both legs and wheels, and 15 with neither legs nor wheels. One of the 106 social robots is randomly selected and the design (e.g., wheels only) is noted.

  1. List the sample points for this study.
  2. Assign reasonable probabilities to the sample points.
  3. What is the probability that the selected robot is designed with wheels?
  4. What is the probability that the selected robot is designed with legs?

Stock market participation and IQ.Refer to The Journal of Finance(December 2011) study of whether the decisionto invest in the stock market is dependent on IQ, Exercise3.46 (p. 182). The summary table giving the number ofthe 158,044 Finnish citizens in each IQ score/investment category is reproduced below. Again, suppose one of the citizens is selected at random.

IQ Score

Invest in Market

No Investment

Totals

1

2

3

4

5

6

7

8

9

893

1,340

2,009

5,358

8,484

10,270

6,698

5,135

4,464

4,659

9,409

9,993

19,682

24,640

21,673

11,260

7,010

5,067

5,552

10,749

12,002

25,040

33,124

31,943

17,958

12,145

9,531

Totals

44,651

113,393

158,044

Source:Based on M. Grinblatt, M. Keloharju, and J. Linnainaa, “IQ and Stock Market Participation,” The Journal of Finance, Vol. 66, No. 6, December 2011 (data from Table 1 and Figure 1).

a.Given that the Finnish citizen has an IQ score of 6 or higher, what is the probability that he/she invests in the stock market?

b.Given that the Finnish citizen has an IQ score of 5 or lower, what is the probability that he/she invests in the stock market?

c.Based on the results, parts a and b, does it appear that investing in the stock market is dependent on IQ? Explain.

Performance-based logistics. Refer to the Journal of Business Logistics (Vol. 36, 2015) study of performance-based logistics (PBL) strategies, Exercise 1.15 (p. 49). Recall that the study was based on the opinions of a sample of 17 upper-level employees of the U.S. Department of Defense and its suppliers. The current position (e.g., vice president, manager), type of organization (commercial or government), and years of experience for each team member interviewed are listed below. Suppose we randomly select one of these interviewees for more in-depth questioning on PBL strategies.

a. What is the probability that the interviewee works for a government organization?

b. What is the probability that the interviewee has at least 20 years of experience?

Interviewee

Position

Organization

Experience (years)

1

Vice president

Commercial

30

2

Postproduction

Government

15

3

Analyst

Commercial

10

4

Senior manager (mgr.)

Government

30

5

Support chief

Government

30

6

Specialist

Government

25

7

Senior analyst

Commercial

9

8

Division chief

Government

6

9

Item mgr.

Government

3

10

Senior mgr.

Government

20

11

MRO mgr.

Government

25

12

Logistics mgr.

Government

30

13

MRO mgr.

Commercial

10

14

MRO mgr.

Commercial

5

15

MRO mgr.

Commercial

10

16

Specialist

Government

20

17

Chief

Government

25

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