A Lottery Game Pays $500 with

question 2

Multiple Choice

A lottery game pays $500 with .001 probability and $0 otherwise.The variance of the payout is

• A) 15.8.
• B) 249.50.
• C) 249.75.
• D) 499.

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Definitions:

Quality System

A structured framework for managing and improving all aspects of an organization's operations, ensuring consistency, efficiency, and satisfaction.

Customer Expectations

The set of assumptions, desires, and needs that a customer has regarding a product or service.

Deming's 14 Points

A set of management practices proposed by W. Edwards Deming to improve quality, productivity, and competitive position by fostering a culture of continuous improvement.

Numeric Quotas

Fixed quantities or targets often set for production, sales, or other operational activities, used to measure performance or compliance.