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A small software company will bid on a major contract. It anticipates a profit of ​$15,000 if it gets​ it, but thinks

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Asked: Jul 05,2019 In: Distributions
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Asked: Jul 05,2019 In: Distributions

A small software company will bid on a major contract. It anticipates a profit of ​$15,000 if it gets​ it, but thinks

A small software company will bid on a major contract. It anticipates a profit of ​$15,000 if it gets​ it, but thinks there is only a 10​% chance of that happening.
​a) What's the expected​ profit?
​b) Find the standard deviation for the profit.


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tutor Added an answer on Jul 05,2019

As usual Expected values are obtained by multiplying x by the probability value. 

Expected value  = $15,000 * 0.10 = 1500

Standard deviation =square root (15000^2 * 0.10 - 1500^2)  =  $4500

 

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