A Dice Game Involves Rolling Three Dice and Betting on One

question 22

Multiple Choice

A dice game involves rolling three dice and betting on one of the six numbers that are on the dice. The game costs $7 to play, and you win if the number you bet appears on any of the dice. The distribution for the outcomes of the game (including the profit) is shown below: $\begin{array}{ccc}\hline \text { Number of dice with your number } & \text { Profit } & \text { Probability } \\\hline 0 & -\$ 7 & 125 / 216 \\1 & \$ 7 & 75 / 216 \\2 & \$ 9 & 15 / 216 \\3 & \$ 21 & 1 / 216 \\\hline\end{array}$
Find your expected profit from playing this game.

• A) \(- \$ 0.92\)
• B) \(\$ 3.90\)
• C) \(\$ 7.18\)
• D) \(\$ 0.50\)

Understand the concept of self-supporting growth rate and factors influencing it.

Explain the term "spontaneously generated funds" and its significance in operations.

Analyze the relationship between business operations' capacity utilization and financial planning.

Understand the criticality of sales forecasting in constructing pro forma financial statements.

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Definitions:

Variety of Tasks

A range of different duties or activities that a person performs or is responsible for.

Task Specialisation

The division of labor where individuals or groups focus on a narrow set of tasks, improving efficiency and expertise.

Job Scope

The extent of the range of responsibilities, duties, and tasks that a particular job entails.

Job Depth

The degree of control, decision-making power, and responsibility granted to an employee within their role, often related to the complexity and scope of the tasks they perform.