Introduction to Management Science 12th Edition Chapter 11, Problem 18 ***NEED H

Question

Introduction to Management Science 12th Edition

Chapter 11, Problem 18

***NEED HELP WITH SOLVING THIS USING EXCEL'S SOLVER TOOL - PLEASE PROVIDE SCREEN SHOTS ON HOW TO SETUP AND WHAT TO ENTER IN APPROPRIATE CELLS****

THE FOLLOWING PROBABILITIES FOR GRADES IN MANAGEMENT SCIENCE HAVE BEEN DETERMINED BASED ON PAST RECORDS

GRADE

PROBABILITY

A

.10

B

.30

C

.40

D

.10

F

.10

1.00

THE GRADES ARE ASSIGNED ON A 4.0 SCALE, WHERE THE A IS A 4.0, B = 3.0, AND SO ON. DETERMINE THE EXPECTED GRADE AND VARIANCE FOR THE COURSE.

GRADE

PROBABILITY

A

.10

B

.30

C

.40

D

.10

F

.10

1.00

Explanation / Answer

GRADE SCALE PROBABILITY EXPECTED GRADE A 4 0.1 0.4 B 3 0.3 0.9 C 2 0.4 0.8 D 1 0.1 0.1 F 0 0.1 0 2.2 HENCE EXPECTED GRADE IS C. MEAN = 2.2 N P NP N-MEAN (N-MEAN)^2 4 0.1 0.4 1.8 3.24 3 0.3 0.9 0.8 0.64 2 0.4 0.8 -0.2 0.04 1 0.1 0.1 -1.2 1.44 0 0.1 0 -2.2 4.84 2.2 10.2 HENCE VARIANCE =10.2

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