Suppose That the Probability That a Person Between the Ages

question 13

Multiple Choice

Suppose that the probability that a person between the ages of 19 and 24 checks their daily horoscope is 0.12. If 400 randomly selected people between the ages of 19 and 24 were asked "Do you check your daily horoscope?", would you be surprised if 63 or more said yes to this question? Why?

• A)Cannot be determined with the given information.
• B)No, 63 is within the expected range of people.
• C)Yes, 63 would be an unusually large number of people given the known probability of 0.12.
• D)Yes, 63 would be an unusually small number of people given the known probability of 0.12.

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Definitions:

Supply Chain

The supply chain is a system of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer.

Buffer Inventory

Inventory kept in reserve to protect against unforeseen supply or demand fluctuations.

Supply Chain Inventory

This is the total of all the goods and raw materials held by different companies participating in the supply chain from production to the sale of the final product.

Physical Flow

The movement of physical goods and materials through a supply chain from suppliers to consumers.