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A market research agency found that 30% of manufacturing companies use best practices in their daily...

A market research agency found that 30% of manufacturing companies use best practices in their daily operations. For a more detailed study, the agency randomly selected 10 companies. What is the probability that 5 or more of the selected companies will use best practices in their daily operations?

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Answer #1

Answer:

Probability of success: P= 30% = 0.30

Number of trials: n=10,

Number of successes: x = 5

we want to find P(x 5 )

formula for binomial probability is

P(x 5 ) = P(x = 5)+ P(x = 6)+P(x = 7)+P(x = 8)+P(x = 9)+P(x = 10)

+ + + + +

P(x 5 ) = 0.1029 + 0.0368 + 0.009 + 0.0014 + 0.0001 + 0

Probability = 0.1503

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