Question

It is January 1, 2016 and Hi-Plains Design is bidding on a project that will earn the company at least S650 million. The competitive bidding process will involve presenting the company's proposal to three successive review panels at the client company, all of which must approve the proposal for Hi-Plains' bid to be successful. The first review panel will meet on March 3, 2016 in Southern California and is comprised of engineers and regulators The second panel will meet in Chicago on March 15, 2016 and the first cousin of the owner of Hi-Plains Design works in the same building and on the same floor where the meeting is to be held. It is unclear when the third panel meeting will be held but it will be in the same location as the second meeting. If the proposal is approved by the first panel, Hi-Plains will present the proposal to the next panel. If it is approved there, Hi-Plains will present the proposal to the third panel. Hi-Plains estimates that its proposal has a 40% chance of approval at each of the stages. The owner wants to call his cousin. 054 946 x) 044 956 069 064 931 936 If you define "number of panels that fail to approve" as the random variable x, which distribution below shows the proper probability distribution for this random variable? Distribution 1 Distribution 2 Distribution 3 Distribution 4 None of the above listed distributions Questions 2 and 3 are based on these facts. Bobby Mae Hasbrook Huffelpuffer is one top sales people at "You Want It We Got It, Inc." Ms. Hufflepufer intends to visit three prospects today. She will visit Prospects 1, 2 and 3 in order, but does not know what time of the day. Visiting during lunch-time can be problematic because she Ms. Huffelpuffer knows that many people leave the office to get their food. She would also prefer not to visit right after lunch because she knows some people may be sleepy and unable to pay close attention to what she has to say. Visiting at the end of the day can also be an issue because people are always in a rush to leave and she has to pick up her twins from daycare at 5:30 PM across town. Ms. Huffelpuffer estimates that the chance of making a sale on the visit with Prospect 1 is about 30%. The visit with Prospect 2 has about a 40% chance of resulting in a sale and she hopes the prospect is not eating lunch. The visit with Prospect 3 has about 50% more of a chance of making a sale than the chance with Prospect 1 because Ms. Hufflepuffer knows the receptionist very well. The visits are independent and the company's new MBA just told Ms. Huffelpuffer that based on her records of prior prospect visits there is a correlation between the length of the visit and likelihood of a sale

Answer 1

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