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17 August, 23:36

Suppose there is a 20% chance that revenue will exceed expectations, a 10% chance that costs will be lower than expected, and a 25% chance that the number of defective parts will be lower than expected. Assume that all variables are statistically independent. What is the chance that all 3 favorable outcomes occur together?

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  1. 18 August, 02:31
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    The chance that all 3 favorable outcomes occur together is 0.005

    Step-by-step explanation:

    When two events are independent, the probability of both occurring is the product of the probabilities of the individual events. More formally, if events A and B are independent, then the probability of both A and B occurring is:

    P (A and B) = P (A) x P (B)

    In this case,

    P (A) = P (revenue will exceed expectations) = 20%

    P (B) = P (costs will be lower than expected) = 10%

    P (C) = P (number of defective parts will be lower than expected) = 25%

    P (A and B and C) = P (A) x P (B) x P (C)

    P (A and B and C) = 0.20x0.10x0.25=0.005
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