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Sufia is preparing a report for next week's planning meeting and, based on the research, she assigns the following probabilities to next year's sales: Scenario
Sufia is preparing a report for next week's planning meeting and, based on the research, she assigns the following probabilities to next year's sales:
Scenario | Probability | Sales ($ Millions) | |||
1 | 0.10 | $16 | |||
2 | 0.25 | $15 | |||
3 | 0.30 | $14 | |||
4 | 0.35 | $13 | |||
a. Find Sufia's expected value for next year's sales. b. Find the variance and standard deviation.
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