Question: Quantitative methods in risk management William is part of the engineering testing team investigating the number of functioning and nonfunctioning microchips produced from the new

Quantitative methods in risk management

William is part of the engineering testing team investigating the number of functioning and nonfunctioning microchips produced from the new manufacturing process.The probability of getting a functioning microchip is 0.75.

a) What is the probability of getting 7 functioning microchips from 10 tests? (5 Marks)

b) What is the mean, variance and standard deviation of functioning microchips from 15 independent tests? (8 Marks)

Remember to show ALL your workings; marks are allocated based on the details provided.

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