1)The following table lists the number alumni have and have not gotten job offers around graduation by major     Accounting Finance Management  Supply Chain   Yes 15 25 35  25 100 No 35 10 20  15 80    50 35  55 40 180  (a)

1)The following table lists the number alumni have and have not gotten job offers around graduation by major

 (a). What is the probability of selecting a graduate whose major is management and does have job offer?

(P) Management major with job offer = 35/180=

(b). If a graduate selected is supply chain major, what is the probability that the graduate has no offer?

(P) Supply chain majors with no job offer = 15/40 =

(c). What is the probability of selecting a finance major graduate?

(P) Selecting finance major = 35/180 =

(d). What is the probability that you select a graduate who either majors in accounting or has job offer?

(P) Accounting majors or job offers = (50/180)+(100/180) – (15/180)=

2. The following table lists the total number of alumni by the number of job offers they have gotten around graduation (10 points, 5 points each, Review PPT page 10).

1. What is the probability that a graduate has 1 or fewer job offer?

(P) Graduates with 1 or less job offers = 90/200 =

2. What is the probability that a graduate has 3 or more job offers?

(P) Graduates with 3 or more job offers = 60/200 =

3. The alumni responded that it took about 5 to 65 days to get the first offer. Supposed the time needed to get the first offer is a uniform probability distribution. Please calculate (20 points, 10 points each, Review PPT page 13-15). 

1. The probability of taking the alumni to get their first offer for fewer than 25 days.

P (5<x<25) = (1/65-5)(25-5)=

2. The probability of taking the alumni to get their first offer between 15-50 days.

P (15 < x <50) = (1/65-5)(50-15) = 0.0167(35)=

4. The dean has observed for several years and found that the probability distribution of the salary of the alumni’s first job after graduation is normal, with a mean of $56k per year and a standard deviation of $4k (30 points, 10 points each, Review PPT page 16-25):

1. What’s the probability that the alumni get a salary of $52k or more in their first jobs?

Z= x-mean/st dev= 52-56/ 4 = -4/4 = -1

Z value 1 = P(x) 0.3413

P(annual salary > $52k) = .500 +0.3413=

2. What’s the chance that the alumni get a salary between $40k and $60k?

Z = 60-56/4 = 1

Z= 1 = P(x) = 0.3413

P ($40k < annual salary < $60k) =

3. What is the salary range that 95% of the alumni should be belonged to?

Empirical rule formula +/-2 deviations (4k) from mean (56k)

Salary range should be from

5. Suppose the distribution of alumni salary has a mean of $56k per year and a standard deviation of $4k. The research office collected salary information from 100 business alumni. Its collected data show that the mean salary of their first job is $58k per year (20 points, 10 points each, Review PPT page 27-29.

1. What is the sample size and standard error of the data collected?

2. What is the probability that the sampled alumni have a mean salary of $58k or more?