Probability

QMB2TakeawayHomeExam

Instructions to candidates: 1. This assessment is Take home exam which is a substitute of your Final exam. It is to be completed Individually.2. Kindly include your Name and Student Number in the heading page above.3. This Assessment accounts for 50% of the total marks available for this Module.4. Answer All the Questions.5. You are expected to Show all your workings clearly wherever needed.6. Please start each answer on Fresh page. Plagiarism is a form of cheating in which students use the work of others and present it as their own. Do not Allow another student to copy your work and then submit it under their own name. The college considers this form of cheating as a serious offence.7. Please limit your discussions around the theoretical question to around 1100 – 1200 words.This assessment  is mostly based on calculations, computations, and the correct application of management accounting concepts. All of your calculations should be shown in full into the main body of your answer.8. Please be aware that your work will be submitted through Turnitin. You must only submit your own work including correct citations and references for any external materials used in your work.There are TWO Sections Section A – All questions are compulsory                            (15×4)= 60 marks Use  the data given below to obtain the regression line to predict the value of (y) by (x):-  X : 5  7  3
16
12
9  Y : 8  9  11  27  15  13a.Obtain the regression and predict the value of y for x=60b. Interpret your findings based on the regression model obtained. Probability of a sales person’s success in making a sale is 0.25. Sales person made 4attempts. Assuming that each attempt is independent and by using Binomial Distribution. (a)Construct the probability distribution(b) Find E(X) (c) Var(x). A CCTV system is used to monitor accidents on a construction site. The accidents are normally distributed with a mean of 15 and a standard deviation of 3. What is the probability that a site picked at random is meeting (a) More than 10 accidents.(b)Less than 8 accidents. (Hint : Area(0 to-1.66)=0.3555 ; Area(0 to -2.33)=0.4901)  A survey of graduate students across Oman found that average salary for a graduate student is 1500 R.O. Further the survey was done after some years taking a sample of 100 graduates to check whether the net salary figure changed or not . Assume the standard deviation to be 800 and average salary of the graduate to be 1200.Conduct the hypothesis test to know whether the income of graduates changed or remain the same at 5% level of significance.            Section B- All questions are  compulsory                                 (10 ×4)= 40 marks Explain Judgmental Sampling Define and Explain Response rates What do you mean by Sample Size ?4. Differentiate between Probability Sampling and Non- Probability SamplingEnd of Paper       

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