Question

Customers are used to evaluate preliminary product designs. In the past, 95% of successful products received...

Customers are used to evaluate preliminary product designs. In the past, 95% of successful products received good reviews, 10% of unsuccessful products received good reviews. In addition, 40% of products have been successful, 60% of products have been unsuccessful. a. What is the probability that a product gets a good review? b. If a new design gets a good review, what is the probability that it will be a successful product?

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Customers are used to evaluate preliminary product designs. In the past, 90% of successful products received...
Customers are used to evaluate preliminary product designs. In the past, 90% of successful products received good reviews, 5% of unsuccessful products received good reviews. In addition, 40% of products have been successful, 60% of products have been unsuccessful. a. What is the probability that a product gets a good review? b. If a new design gets a good review, what is the probability that it will be a successful product?
Customers are used to evaluate preliminary product designs. In the past, 95% of highly successful products...
Customers are used to evaluate preliminary product designs. In the past, 95% of highly successful products received good reviews, 60% of moderately successful products received good reviews, and 10% of poor products received good reviews. In addition, 40% of products have been highly successful, 35% have been moderately successful, and 25% have been poor products. Calculate the probability that a product attains a good review. If a new design attains a good review, determine the probability that it will be...
A soft drink company has recently received customer complaints about its one-liter-sized soft drink products. Customers...
A soft drink company has recently received customer complaints about its one-liter-sized soft drink products. Customers have been claiming that the one-liter-sized products contain less than one liter of soft drink. The company has decided to investigate the problem. According to the company records, when there is no malfunctioning in the beverage dispensing unit, the bottles contain 1.02 liters of beverage on average, with a standard deviation of 0.16 liters. A sample of 60 bottles has been taken to be...
Research suggests that it takes about 3,000 raw, unwritten ideas to produce a single, commercially-successful new...
Research suggests that it takes about 3,000 raw, unwritten ideas to produce a single, commercially-successful new product. To learn marketing lessons and convert potential failures to successes, we can analyze why new products fail and then study several failures in detail. Both marketing and nonmarketing factors contribute to new-product failures. Using the research results from several studies on new-product success and failure, we can identify critical marketing factors—which sometimes overlap—that often separate new-product winners and losers: 1. Insignificant point of...
A well-known European stereo system manufacturer, EuroFi, sells many stereo systems in European countries. Its products...
A well-known European stereo system manufacturer, EuroFi, sells many stereo systems in European countries. Its products are floundering in the United States, however, because its designs stress cool style rather than powerful functionality and innovative features. Conversely, Asian competitors meanwhile stress function and innovation over style and design; their sales have been consistently grown over the past several quarters. At this point, after a weekend retreat assessing their situation, EuroFi’s senior executive company realization, tough as it is to admit...
Pecunious Products, Inc.’s financial results for the past three years are summarized below: Year 3 Year...
Pecunious Products, Inc.’s financial results for the past three years are summarized below: Year 3 Year 2 Year 1 Sales trend 128.0 115.0 100.0 Current ratio 2.5 2.3 2.2 Acid-test ratio 0.8 0.9 1.1 Accounts receivable turnover 9.4 10.6 12.5 Inventory turnover 6.5 7.2 8.0 Dividend yield 7.1 % 6.5 % 5.8 % Dividend payout ratio 40 % 50 % 60 % Dividends paid per share* $ 1.50 $ 1.50 $ 1.50 *There have been no changes in common stock...
CASE STUDY RENDEZWOLF Entrepreneurs create minimal viable products to allow them to test their product with...
CASE STUDY RENDEZWOLF Entrepreneurs create minimal viable products to allow them to test their product with real customers as quickly as possible. Testing the product this way helps to determine whether consumers really want the product, provides feedback from these customers to help improve the product, and gathers hard data that demonstrates the proof of concept many investors want before they fund an emerging business. Judson Aikens wanted to start a business but had a good paying job and was...
Sample Personal Mission Statement Development 1. Past success: ◦ developed new product features for stagnant product...
Sample Personal Mission Statement Development 1. Past success: ◦ developed new product features for stagnant product ◦ part of team that developed new positioning statement for product ◦ helped child’s school with fundraiser that was wildly successful ◦ increased turnout for the opening of a new local theater company Themes: Successes all relate to creative problem solving and execution of a solution. 2. Core values: ◦ Hard working ◦ Industrious ◦ Creativity ◦ Problem solving ◦ Decision maker ◦ Friendly...
Make sure to show the excel calculations and formula What to do: Evaluate using the Real...
Make sure to show the excel calculations and formula What to do: Evaluate using the Real Options Approach (all cash flows are after tax). A company must decide whether to invest $100 million in developing and implementing a new enterprise system in the face of considerable technological and market (demand for product and market share) uncertainty. The firm's cost of capital is 10%. The probability of a successful project (or pilot) is now 70% and the probability of an unsuccessful...
Data Mning is a company that produces and designs data analysis softwares for various large business...
Data Mning is a company that produces and designs data analysis softwares for various large business corporations. Due to strong growth in Data Science and Big Data ​company’s staffs are overloaded with design and development of new softwares. A new project is due in 99 months. The penalty for completing the project late is ​$13 comma 00013,000 per​ month, since any delay will cause the customers​ (client corporations) significant revenue loss. If Data Mining uses its own software engineers it...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT