The Following Table Presents the Probability Distribution of the Number $\begin{array} { c | c c c c c } x & 0 & 1 & 2 & 3 & 4 \\\hline P ( x ) & 0.08 & 0.66 & 0.15 & 0.09 & 0.02\end{array}$

question 16

Multiple Choice

The following table presents the probability distribution of the number of vacations X taken last year for a randomly chosen family. Find the probability that a family took at least 3 vacations last year.

$\begin{array} { c | c c c c c } x & 0 & 1 & 2 & 3 & 4 \\\hline P ( x ) & 0.08 & 0.66 & 0.15 & 0.09 & 0.02\end{array}$

• A) 0.11
• B) 0.09
• C) 0.26
• D) 0.89

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Definitions:

Management by Objectives

Management by objectives is a strategic management model where goals are defined for each employee and performance is assessed based on these goals.

Economic Order Quantity

A formula used to determine the optimal order size that minimizes the total costs of holding inventory and placing orders.

Fixed Quantity Inventory

An inventory management system where stock levels are replenished to a set quantity at regular intervals or when reaching a minimum level.

Inventory Control Number

A unique identifier assigned to each item in inventory for the purpose of tracking and management.