A Certain Type of New Business Succeeds 60% of the Time.Suppose

question 63

Multiple Choice

A certain type of new business succeeds 60% of the time.Suppose that 3 such businesses open
(where they do not compete with each other, so it is reasonable to believe that their relative
Successes would be independent) .Which of the following distributions would you use to
Determine the probability that all of them will fail?

• A) Binomial distribution.
• B) Poisson distribution.
• C) Normal distribution.
• D) Hypergeometric distribution.

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Definitions:

Organizational Effectiveness

A measure of how successfully an organization achieves its goals and objectives, often evaluated through performance, adaptability, and sustainability.

External Environment

The external environment of an organization includes all outside factors and forces that affect its operations, ranging from economic, socio-cultural, legal, technological, to political conditions.

Environmental Uncertainty

The extent to which an organization lacks information or control over the elements of its environment, affecting decision-making and strategy.

Opportunities

Chances or situations that can lead to the advancement or progress in a person's career, business, or other aspects of life.