Exhibit 5-10 The Probability That Pete Will Catch Fish on a Particular

question 127

Multiple Choice

Exhibit 5-10
The probability that Pete will catch fish on a particular day when he goes fishing is 0.8. Pete is going fishing 3 days next week.
-Refer to Exhibit 5-10. The variance of the number of days Pete will catch fish is

• A).16
• B).48
• C).8
• D)2.4

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Definitions:

Choosing Alternatives

The process of evaluating and deciding between two or more options in decision-making.

Rational Choice Decision Making

A decision-making framework based on the assumption that individuals choose the most rational and logical option that maximizes benefits while minimizing costs.

Implement

Implement refers to the process of putting plans, strategies, or tools into effect to achieve desired outcomes.

Evaluate Decision Outcomes

The process of assessing the results of decision-making by analyzing the extent to which intended goals were achieved and understanding the impact of the decisions.