Probability Analysis – NBC Institute

QTB – Nov 2015 – L1 – SA – Q10 – Statistics

This question explains the concept of random experiments in probability analysis.

Question

Random experiments in probability analysis are experiments whose outcomes:

A. Cannot be predicted
B. Cannot be predetermined
C. Cannot be easily determined
D. Cannot be biased
E. Can be determined from records

Answer

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Tags: Probability Analysis, Random Experiments
Level: Level 1

Topic: Statistics
Series: NOV 2015

MA – Aug 2022 – L2 – Q5b – Decision making techniques

This question calculates the monthly expected profit of running a canteen service using demand and variable cost probabilities

Question

Aunty Dede Caterers runs a canteen service at a University and the following estimated information is available for the sale of lunch packs:

Monthly Demand	Probability	Variable Cost per Pack (GH¢)	Probability
2,000 packs	0.3	GH¢30	0.5
2,500 packs	0.5	GH¢15	0.4
3,000 packs	0.2	GH¢20	0.1

The probabilities of demand and the probabilities of variable cost are mutually exclusive. The selling price of a lunch pack is GH¢50, and the University charges a monthly fee of GH¢1,200 for the usage of the cafeteria.

Required:
Calculate the monthly expected profit of running the canteen.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Costing Techniques, Decision Making, Expected Profit, Probability Analysis
Level: Level 2

Topic: Decision making techniques
Series: AUG 2022

QTB – Nov 2015 – L1 – SA – Q10 – Statistics

This question explains the concept of random experiments in probability analysis.

Question

Random experiments in probability analysis are experiments whose outcomes:

A. Cannot be predicted
B. Cannot be predetermined
C. Cannot be easily determined
D. Cannot be biased
E. Can be determined from records

Answer

Find Related Questions by Tags, levels, etc.

Tags: Probability Analysis, Random Experiments
Level: Level 1

Topic: Statistics
Series: NOV 2015

MA – Aug 2022 – L2 – Q5b – Decision making techniques

This question calculates the monthly expected profit of running a canteen service using demand and variable cost probabilities

Question

Aunty Dede Caterers runs a canteen service at a University and the following estimated information is available for the sale of lunch packs:

Monthly Demand	Probability	Variable Cost per Pack (GH¢)	Probability
2,000 packs	0.3	GH¢30	0.5
2,500 packs	0.5	GH¢15	0.4
3,000 packs	0.2	GH¢20	0.1

Required:
Calculate the monthly expected profit of running the canteen.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Costing Techniques, Decision Making, Expected Profit, Probability Analysis
Level: Level 2

Topic: Decision making techniques
Series: AUG 2022

Question Tag: Probability Analysis

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QTB – Nov 2015 – L1 – SA – Q10 – Statistics

This question explains the concept of random experiments in probability analysis.

MA – Aug 2022 – L2 – Q5b – Decision making techniques

This question calculates the monthly expected profit of running a canteen service using demand and variable cost probabilities

QTB – Nov 2015 – L1 – SA – Q10 – Statistics

This question explains the concept of random experiments in probability analysis.

MA – Aug 2022 – L2 – Q5b – Decision making techniques

This question calculates the monthly expected profit of running a canteen service using demand and variable cost probabilities

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QTB – Nov 2015 – L1 – SA – Q10 – Statistics

This question explains the concept of random experiments in probability analysis.

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MA – Aug 2022 – L2 – Q5b – Decision making techniques

This question calculates the monthly expected profit of running a canteen service using demand and variable cost probabilities

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QTB – Nov 2015 – L1 – SA – Q10 – Statistics

This question explains the concept of random experiments in probability analysis.

You're reporting an error for "QTB – Nov 2015 – L1 – SA – Q10 – Statistics"

MA – Aug 2022 – L2 – Q5b – Decision making techniques

This question calculates the monthly expected profit of running a canteen service using demand and variable cost probabilities

You're reporting an error for "MA – Aug 2022 – L2 – Q5b – Decision making techniques"

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