(a) Probability of winning project A = 0.4
Probability of winning project B = 0.3
i) Probability of company securing project A or B = P(A) + P(B) – P(A and B) = 0.4 + 0.3 -0.4*0.3 = 0.58
P(A and B) = P(A)*P(B) since these two are independent events.
(ii) Probability of not winning A = 1-P(A) = 1-0.4= 0.6
Probability of not winning B = 1-P(B) = 1-0.3 = 0.7
Probability of not securing project A or project B = P(not securing A) + P(not securing B) –P(not securing both) = 0.6 + 0.7 –(0.6*0.7) = 0.88
b) I do not agree with the statement that mutually exclusive events will be independent events. This is primarily because in case of mutually exclusive events the probability of both the events happening together is zero.
However, for independent events , probability of both the events happening together is equal to the product of the two individual probabilities.
Hence, in independent events, P(A and B) = P(A)*P(B)
The product of two probabilities would be zero only if one of the numbers is zero which is not always the case.
Hence, mutually exclusive events will not be independent in every case and would be true for selected few cases where the probability of one of the events is zero.
Mutually Exclusive Event
Consider a situation where, the company has $ 10 million funds and is considering investment in two project A and B which both demand an outlay of $ 10 million. This is an example of a mutually exclusive event since if the company decides to invest in project A, then project B is automatically ruled out and vice versa. Also, the company cannot invest in both projects simultaneously.
Consider a situation where, the company has invested in two unrelated businesses which are under completely different management. The success of these businesses would be independent since they would not rely on the success or failure of each other.
MyAssignmenthelp.com is aimed at providing top-notch quality thesis help online to students in USA. We focus all our efforts to meet students requirements and answerer their queries such as can someone do my thesis paper within given time limit. With required knowledge and years of experience in academic writing, we are ready to offer reliable thesis writing assistance that can prove to be the best answer to can expert write my thesis paper. We guarantee that students, who suffer from the dilemma whether they can buy thesis paper online, will find our services satisfactory.
Just share requirement and get customized Solution.
Our writers make sure that all orders are submitted, prior to the deadline.
Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.
Feel free to contact our assignment writing services any time via phone, email or live chat. If you are unable to calculate word count online, ask our customer executives.
Our writers can provide you professional writing assistance on any subject at any level.
Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.
Get all your documents checked for plagiarism or duplicacy with us.
Get different kinds of essays typed in minutes with clicks.
Calculate your semester grades and cumulative GPa with our GPA Calculator.
Balance any chemical equation in minutes just by entering the formula.
Calculate the number of words and number of pages of all your academic documents.
Our Mission Client Satisfaction
Excellent work from this expert, thank you, it was very well written looking forward for the next one
Good evening Thank you very much for your GREAT WORK I really appreciate your effort I like it
Can i come back and share my grade as i\'m about to submit but im very pleased with your work thank you very much
it was really helpful. i got my asssignment on time even before the deadline.it was written really well i am glad that I came to Myassignmenthelp.