A former White House aide, who is now the owner of a Washing…

A former White House aide, who is now the owner of a Washington lobbying firm, is trying to decide whether to hire one, two, or three assistant lobbyists. He estimates that profits next year (in thousands of dollars) will vary with demand for his lobbying services as follows:                                                                DemandDemandDemand # of Assistants Low Medium High One 620 100 620 Two -300 250 555 Three 0 0 615If he uses the Laplace criterion, how many assistants will he decide to hire?

A former White House aide, who is now the owner of a Washing…

A former White House aide, who is now the owner of a Washington lobbying firm, is trying to decide whether to hire one, two, or three assistant lobbyists. He estimates that profits next year (in thousands of dollars) will vary with demand for his lobbying services as follows:                                                                DemandDemandDemand # of Assistants Low Medium High One 620 100 620 Two -300 250 555 Three 0 0 615If he feels the chances of low, medium, and high demand are 50%, 20%, and 30% respectively, what is the expected value of perfect information? 

A Quality Analyst wants to construct a control chart for det…

A Quality Analyst wants to construct a control chart for determining whether errors in bank transactions are under control. She looked at samples of 1000 transactions each week, for four weeks in a row. A transaction was considered defective, if the analyst detected any error in the transaction. Week Total Defectives 1 15 2 50 3 65 4 25 What is the average sample proportion of defective transactions for all four weeks?