The following table shows the number of students in three different degree programs and whether they are graduate or undergraduate students:
a.What is the probability that a randomly selected student is an undergraduate?
b.What percentage of students is engineering majors?
c.If we know that a selected student is an undergraduate, what is the probability that he or she is a business major?
d.A student is enrolled in the Arts and Sciences school. What is the probability that the student is an undergraduate student?
e.What is the probability that a randomly selected student is a graduate Business major?
Definitions:
Tornado Chart
A graphical method used to display the sensitivity of a result to changes in variables or inputs, resembling a tornado when variables are ranked by importance.
Market Size
The total volume of sales of a specific product or service or the total number of potential customers within a given market.
R&D
Research and Development; activities in businesses or organizations aimed at gaining new knowledge or finding innovative applications of existing knowledge.
Forecast Cells
In modeling and simulation, parts of a spreadsheet or model designated for predicting future values based on historical data and regression analysis.
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