What is the probability of generating sale between Rs. 17 and Rs. 27 million
16
Aug
2017
BUSINESS STATISTICS
What is the probability of generating sale between Rs. 17 and Rs. 27 million
The above chart shows the sales of toys over a period of one year. Identify the diagrammatic representation used and derive meaningful conclusions about the sales of toys.
The following table shows the results of a survey conducted across the country, on 200 working professionals. The professionals were asked to identify the location of their company and the type of industry of their company. The professionals were allowed only to select one location and one industry.
Industry
Location
Total
North
South
East
West
Banking
24
10
8
14
56
Logistics
30
6
22
12
70
Telecom
28
18
12
16
74
Total
82
34
42
42
200
Suppose a professional is selected at random
a) Calculate the probability that the professional is from West
b) Calculate the probability that the professional is from Banking
c) Calculate the probability that the professional is from Logistics or from North?
d) Calculate the probability that the professional is from Telecom and South?
Titan industries Ltd., India’s leading watch manufacturer was established in 1984, as a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation. The company brought about a paradigm shift in the Indian watch market, offering quartz technology with international styling. Leveraging its understanding of different segments in the watch market, it launched a second brand, Sonata, as a value brand to those seeking to buy functionally-styled watches at affordable prices. The company diversified into jewellery in 1995 under the brand name Tanishq after taking stock of the huge opportunities and the large size of the jewellery business in India. Suppose, Titan has launched new jewellery designs under the Tanishq brand for working Indian women. Past record indicates that the mean sale of this brand, from various showrooms located across various towns is Rs. 20 million. If the distribution of the sales is normal with standard deviation of Rs. 50,000
a) What is the probability of obtaining sale greater than Rs. 45 million this year?
b) What is the probability of generating sale between Rs. 17 and Rs. 27 million?
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