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6.3 Assignment of Probabilities

6.3 Assignment of Probabilities. Example. Pr (short on A) = Pr (short on B) = Pr (short on both) =.

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6.3 Assignment of Probabilities

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  1. 6.3 Assignment of Probabilities Example Pr(short on A) = Pr(short on B) = Pr(short on both) = • A factory needs two raw materials. The probability of not having an adequate supply of Material A is 0.05, whereas the probability of not having enough supply of Material B is 0.03. A study determines that the probability of a shortage od both is 0.01. What is the proportion of the time that the factory can operate?

  2. 6.3 Assignment of Probabilities Example • The following table was derived from a survey of college freshmen attending 4-year colleges. Each probability is the likelihood that a randomly selected freshman applied to the specific number of college. • Convert these data into a probability distribution. # of Colleges Applied to Probability

  3. 6.3 Assignment of Probabilities Odds Example Suppose that the odds of rain tomorrow are 5 to 3. What is the probability it will rain? • If the odds in favor of an event, E, occurring are: a to bthen • If: Pr(E) = pthen the odds in favor of E are:

  4. 6.3 Assignment of Probabilities Example Example The odds of Americans living in the state where they were born is 17 to 8. What is the probability that an American selected at random lives in his or her birth state? In poker, the probability of being dealt a hand containing a pair of jacks or better is about 1/6. What are the corresponding odds?

  5. 6.3 Assignment of Probabilities Example Homework Problems to complete from section 6.3: Pg. 281#11 – 15 odd, 21, 22, 27, 28 The probability of obtaining a sum of 8 or more when rolling two dice is 5/36. • What are the odds of obtaining a sum of 8 or more?

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