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One main goal of statistics is to use non-complete information to draw a conclusion. Often (especially in economics) the conclusion from statistical analysis can trigger some specific policy response. In your response to this thread, think about an example in every day life when you use--or someone you observe uses--imperfect information/evidence to draw a conclusion and then act accordingly. Structure your example as follows (Question, Evidence, Response, Possible Mistakes): Like the below example...
Question: Will it rain later today?
Evidence: Look outside the window, listen to radio/tv weather reports.
Response: If I conclude it will rain, I will take an umbrella to work. If I conclude it won't rain, I will not take an umbrella.
Possible Mistakes: If I take an umbrella and it does not rain, my purse will be unnecessarily heavy. If I do not take an umbrella and it does rain, then I will get soaked.
Country A and Country C spends about the same amount on average per person per year. Which has the greater spread?
A maker of energy drinks is considering abandoning can containers and going exclusively to bottles because the sales manager believes customers prefer drinking from bottles. However, the vice president in charge of marketing is not convinced the s..
How large a sample should be taken if the desired margin of error is as shown below (0 decimals)?
twenty of the 100 dvd players an inventory are defective. what is the probability you randomly select one that is
A flour mill produces flour in small bags before distributing them to wholesalers. The average weight of each bags is 8 kg with a standard deviation of 0.5 kg.
The superintendent of a unified school district of a small town wants to make sure that no more than 5% of the students skip more than 10 days of school in a year.
Suppose that the number of babies born during an hour at a hospital's maternity wing follows a Poisson distribution with a mean of 4 per hour.
a researcher wishes to estimate the percentage of adults who support abolishing the penny. what size sample should be
question a study is conducted in patients with hiv. the primary outcome is cd4 cell count which is a measure of the
a study of 35 apple trees showed that the average number of apples per tree was 525. the standard deviation of the
find the range and the standard deviation correct to two decimal places. 83 96 99 99
Illustrate what does weighting add to usefulness of moving averages and explain how is it done. The yield on a thirty year treasury note at the end of every year since 1990 is recorded below.
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