A general contracting firm experiences cost overruns on 20% of its contracts. In a company audit, 20 contracts are sampled at random.
a. What is the probability that exactly four of them experience cost overruns?
b. What is the probability that fewer than three of them experience cost overruns?
c. What is the probability that none of them experience cost overruns?
d. Find the mean number that experience cost overruns.
e. Find the standard deviation of the number that experience cost overruns.
Let X be the number of contracts, out of the 20 chosen, that have a cost overrun. Then X ~ Bin(20, 0.2).
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