A survey of 36 students at the Wall College of Business showed the following majors: Accounting 10 Finance 6 Economics 4 Management 6 Marketing 10 Click here for the Excel Data FileFrom the 36 students, suppose you randomly select a student.a. What is the probability he or she is a management major? (Round your answer to 3 decimal places.)b. Which concept of probability did you use to make this estimate?
Question
A survey of 36 students at the Wall College of Business showed the following majors: Accounting 10 Finance 6 Economics 4 Management 6 Marketing 10 Click here for the Excel Data FileFrom the 36 students, suppose you randomly select a student.a. What is the probability he or she is a management major? (Round your answer to 3 decimal places.)b. Which concept of probability did you use to make this estimate?
Solution
a. To calculate the probability that a randomly selected student is a management major, you need to divide the number of management majors by the total number of students.
In this case, there are 6 management majors and 36 students in total.
So, the calculation would be: 6 (management majors) ÷ 36 (total students) = 0.1666666667
Rounding this to three decimal places gives a probability of 0.167.
b. The concept of probability used to make this estimate is called empirical probability. This type of probability is based on observations or experiments and not on a theoretical model. In this case, the empirical probability is calculated from the data collected in the survey.
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