Success Rate of College Grads: Probability of 1+ Job in 1 Year

So the probability of "at least one" is 1 minus (0.45)^7.In summary, the probability of at least one graduate finding a job in their chosen field within a year of graduating is 1 - (0.45)^7, based on the study showing a 55% success rate and assuming independence between the events of finding a job or not. It is recommended to find the probability of none of the seven graduates finding a job, which is (0.45)^7.
  • #1
rainbow1
13
0
A study conducted at a certain college shows that 55% of the school's graduates find a job in their chosen field within a year after graduation. Find the probability that among 7 randomly selected graduates, at least one finds a job in his or her chosen field within a year of graduating
 
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  • #2
The probability that a graduate finds a job is $0.55$. The events that two different randomly chosen graduates find or don't find jobs are independent. This means that $P(A\cap B)=P(A)\cdot P(B)$ where $A$ and $B$ are events that the two graduates find or don't find jobs, respectively; $A\cap B$ is the event that both $A$ and $B$ hold, and $P$ is probability. I recommend finding the probability that none of the seven graduates finds a job.

Also, next time please write what you have done, what you understand and what the difficulty in solving the problem is. See forum rule #11.
 
  • #3
The probability of "at least one" is 1 minus the probability of "none". And, since the probability of success for each is 0.55, the probability of failure is 0.45. The probability of "none" out of 7 is [tex](0.45)^7[/tex].
 

FAQ: Success Rate of College Grads: Probability of 1+ Job in 1 Year

What is the definition of "success rate" in this context?

The success rate refers to the percentage of college graduates who have secured at least one job within one year of graduation.

What factors contribute to the success rate of college grads?

There are many factors that can influence the success rate of college graduates, including the state of the economy, the job market for their specific field of study, their level of education and experience, and their networking and job searching skills.

Is there a significant difference in success rates between different majors?

Yes, there can be a significant difference in success rates between different majors. Some majors, such as engineering and computer science, tend to have higher demand in the job market and therefore may have a higher success rate compared to majors with less demand.

How accurate is the success rate of college grads as a predictor of future career success?

The success rate of college grads is not always an accurate predictor of future career success. While securing a job within one year of graduation is a positive indicator, it is not a guarantee of long-term success. Other factors, such as job satisfaction, salary, and career advancement, should also be considered.

Are there any limitations or biases in measuring the success rate of college grads?

Yes, there can be limitations and biases in measuring the success rate of college grads. For example, the data may not account for graduates who choose to pursue further education instead of entering the job market, or those who take on part-time or temporary jobs instead of full-time positions. Additionally, there may be biases based on race, gender, or socioeconomic status that can impact job opportunities and ultimately the success rate of college grads.

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