Top Executive Reading Habits Survey
What is the probability that a particular top executive reads either Time or U.S. News & World Report regularly?
Based on the survey conducted by NTD Consulting Partners, how likely is it that a top executive reads either Time or U.S. News & World Report regularly?
Answer:
Explanation:
To solve this question, we will use the Addition rule, which calculates the probability of two events occurring separately or at the same time. In this scenario, we have three events (magazines) with their respective probabilities:
P(Time) = 35% = 0.35
P(Newsweek) = 20% = 0.20
P(U.S. News & World Report) = 40% = 0.40
The survey also indicates the probability of executives reading both Time and U.S. News & World Report:
P(Time ∩ U.S. News & World Report) = 10% = 0.10
To calculate the probability of a top executive reading either Time or U.S. News & World Report regularly, we need to sum the probabilities of Time and U.S. News & World Report and then subtract the probability of executives reading both:
P(Time ∪ U.S. News & World Report) =
P(Time) + P(U.S. News & World Report) - P(Time ∩ U.S. News & World Report)
P(Time ∪ U.S. News & World Report) = 35% + 40% - 10%
P(Time ∪ U.S. News & World Report) = 65%
The survey conducted by NTD Consulting Partners provides insights into the reading habits of top executives. According to the data, 35% of top executives regularly read Time magazine, while 20% read Newsweek, and 40% read U.S. News & World Report.
Furthermore, the survey reveals that 10% of top executives read both Time and U.S. News & World Report. This information is crucial in determining the probability of a particular top executive reading either Time or U.S. News & World Report regularly.
By applying the Addition rule and utilizing the probabilities of individual magazine readership along with the overlap between Time and U.S. News & World Report readership, we can calculate that the probability of a top executive reading either Time or U.S. News & World Report regularly is 65%.
This probability is obtained by adding the probabilities of Time and U.S. News & World Report readership and then subtracting the probability of executives reading both magazines. Therefore, based on the survey data, there is a 65% chance that a particular top executive reads either Time or U.S. News & World Report regularly.