The budgeting process for the UCONN School of Business resulted in expense toretasted for the coming year in millions) of \$9,\$10,\$11,\$12,\$13 Because the actual expenses are unknown, the following respective probabilities are assigned: 3, .2, .25, .05 and 2 a. What is the expected value of the expense forecast for the coming year? b. What is the variance of the expense forecast for the coming year ? c. If income projections for the coming year are estimated at 12 , comment on the financial position of the School of Business

A dean in the business school claims that GMAT scores of applicants to the school's MBA program have increased during the past 5 years. Five years ago, the mean and standard deviation of GMAT scores of MBA applicants were 550 and 60, respectively. 30 applications for this year's program were randomly selected and the GMAT scores recorded. If we assume that the distribution of GMAT scores of this year's applicants is the same as that of 5 years ago, find the probability of erroneously concluding that there is not enough evidence to supports the claim when, in fact, the true mean GMAT score is 590. Assume αα is 0.02.

Suppose that home prices (in thousands of dollars) in a certain region have a mean of 360 and a standard deviation of 180. A realtor randomly selects a sample of 90 homes in the region. Estimate the probability that the sample mean home price from the realtor's data is greater than 400 (thousand dollars). You must justify your solution, and note any assumptions you are making.

If the distribution of the population has a nonzero standard deviation and mean 12 then the probability that an individual data value will be greater than 14 is always less than the probability that the mean of 45 randomly selected data values will be greater than 14.   True or False

Suppose that an individual stock’s return is normally distributed with a mean of 9% and a standard deviation of 4%. What is the probability that the stock’s return will be less than 12%? (please round your answer to 4 decimal places)

13. What is the Relative Risk for these data?