Given the Possible Outcomes to a Lottery Being Only the Values

question 45

Multiple Choice

Given the possible outcomes to a lottery being only the values 2, 6 with equal probabilities, calculate the expected value, variance and standard deviation?

• A)EV = 4, variance = 16, standard deviation = 4
• B)EV = 4, variance = 4, standard deviation = 2
• C)EV = 4, variance = 4, standard deviation = 4
• D)EV = 3.5, variance = 4, standard deviation = 2

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Definitions:

Labour Demand

The total quantity of workers that employers are willing and able to hire at a given wage rate in a certain period.

Simulation

A method for modeling a real phenomenon with a set of mathematical formulas and algorithms to study its behavior under various scenarios.

Forecasting HR Demand

The process of estimating the future human resource requirement of an organization, based on its business strategy, objectives, and level of operational activity.

Delphi Technique

A method of gathering expert opinions to achieve consensus on a specific issue through a series of questionnaires interspersed with feedback.