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Chapter 4: Q.4 (page 282)

On average, how long would you expect a new hire to stay with the company?

Short Answer

Expert verified

The new worker should anticipate to stay with the organization for at least2.43 year.

Step by step solution

01

Given Information

A business needs to know how long new hires stay with the organization. They've developed the following probability distribution throughout the years.

02

Concept Used:

Let's define X the number of years a new recruit will stay with the company P(X) and the likelihood that a new hire will stay with the companyX years.

Using the expectation of discrete distribution formula, we can determine the average value as:

E(X)=鈭�X脳P(X)

03

Calculation

Using the expectation of discrete distribution formula, we can determine the average value as:

04

Conclusion:

As a result, the new worker should anticipate to stay with the organization for at least2.43 year.

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Most popular questions from this chapter

A venture capitalist, willing to invest \(1,000,000, has three investments to choose from. The first investment, a software company, has a 10%chance of returning \)5,000,000profit, a 30%chance of returning \(1,000,000profit, and a 60%chance of losing the million dollars. The second company, a hardware company, has a 20%chance of returning \)3,000,000profit, a 40%chance of returning \(1,000,000profit, and a 40%chance of losing the million dollars. The third company, a biotech firm, has a 10%chance of returning \)6,000,000profit, a 70%of no profit or loss, and a 20%chance of losing the million dollars.

a. Construct a PDF for each investment.

b. Find the expected value for each investment.

c. Which is the safest investment? Why do you think so?

d. Which is the riskiest investment? Why do you think so?

e. Which investment has the highest expected return, on average?

Define the random variable X.

Use the following information to answer the next eight exercises: The Higher Education Research Institute at UCLA collected data from 203,967 incoming first-time, full-time freshmen from 270 four-year colleges and universities in theU.S. 71.3% of those students replied that, yes, they believe that same-sex couples should have the right to legal marital status. Suppose that you randomly pick eight first-time, full-time freshmen from the survey. You are interested in the number that believes that same sex-couples should have the right to legal marital status.

What is the probability that at least two of the freshmen reply鈥测别蝉鈥�?

Use the following information to answer the next five exercises: Suppose that a group of statistics students is divided into two groups: business majors and non-business majors. There are 16business majors in the group and seven non-business majors in the group. A random sample of nine students is taken. We are interested in the number of business majors in the sample.

X~_____(_____,_____)

Suppose that a technology task force is being formed to study technology awareness among instructors. Assume that ten people will be randomly chosen to be on the committee from a group of 28 volunteers, 20 who are technically proficient and eight who are not. We are interested in the number on the committee who are not technically proficient.

a. In words, define the random variable X.

b. List the values that X may take on.

c. Give the distribution of X. X ~ _____(_____,_____)

d. How many instructors do you expect on the committee who are not technically proficient?

e. Find the probability that at least five on the committee are not technically proficient.

f. Find the probability that at most three on the committee are not technically proficient.
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