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.
Why Work with CheggAnswers
At CheggAnswers.com, we boast of our quick turnaround that is facilitated by our experienced team of writers. We can handle both short and long deadlines, as per our clients’ requests. Quality work is the cornerstone of our service.
Our writers are qualified professionals who are well-versed with more than 80 subjects. We have achieved this milestone overtime because of our rigorous hiring process that filters professionals from average writers. We believe that exposing our customers to qualified writers is the starting point of delivering quality work.
Our writers submit papers that are written from scratch to uphold the much-needed originality when submitting your papers. Our references are mainly sourced from reputable databases such as Emerald Insight, Ebsco, and ProQuest. All papers follow the conventional styles of referencing that include APA, MLA, Chicago, Harvard, and Vancouver.
24/7 Customer Support
The customer is king and as such, CheggAnswers.com has a committed support department that handles all concerns and clarifications from our clients. We encourage customers to contact us at any given time through our listed telephone, email, and text platforms.
Prompt Delivery & 100% Money Back Guarantee
Your work starts immediately after placing an order. Our writers are aware of our company policy that guarantees quality work to all our customers. For this reason, CheggAnswers strives to deliver assignments on time to avoid any delays that might compromise our relationship with clients.
Although we are confident in our writers, you are entitled to free revisions whenever need arises. However, we highly disregard customers who misuse this privilege.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
We offer a wide range of services that are aligned with the customers’ needs and expectations. We have positioned ourselves strategically to become a one-stop-shop where customers can access all academic services under one roof.
Our main service is academic paper writing, which is handled by a pool of experienced writers who uphold the expected standards of writing. Over the years, we have delivered quality work to our clients because of our commitment to promote quality over quantity.
Whether you are about to Join College or you are a continuing student, CheggAnswers is there to help. Our competent professionals will solve all your writing problems. Personalization is key to scoring highly and satisfying the admission board’s expectations. We will help you achieve your academic goals.
Editing & Proofreading
Some of our clients prefer to write their essays and have a third-party like CheggAnswers proofread their work. We have a skilled team of editors who comb through your paper and make any amends to increase its overall appeal. For all your editing and proofreading needs, CheggAnswers is there to help.
At CheggAnswers, we offer an extensive revision support that works tirelessly to ensure that customer needs and expectations are met. We work closely with writers upon a customer’s revision request to ensure that we keep our promise of delivering quality work to all our clients.