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Give an example of a good decision that you made in the face of some uncertainty. Was the outcome lucky or unlucky? Can you give an example of a poorly made decision whose outcome was lucky?
1. Explain how modeling is used in decision analysis. What is meant by the term "requisite decision model"?
2. What role do subjective judgments play in decision analysis?
3. At a dinner party, an acquaintance asks whether you have read anything interesting lately, and you mention that you have begun to read a text on decision analysis. Your friend asks what decision analysis is and why anyone would want to read a book about it, let alone write one! How would you answer?
1. (Computer Experiment.) Compare the risk of the mle and the James- Stein estimator (12.12) by simulation. Try various values of n and various vectors θ. Summarize your results.
Suppose you want to determine whether students' expected grades at the beginning of an introduction to statistics course are positively related to their final course grade. Write the null and alternative hypotheses in words.
Which of the following preference orderings, if any, could characterize his preferences? Tell me any/all that apply, and explain how you know this.
What are the mean and the standard deviation of the number of firms that purchase a Unix machine from Sun Microsystems?
Provide an example of a situation in which factor analysis, cluster analysis, and multidimensional analysis might be used.
below you are given a payoff table involving two states of nature and three decision alternatives.decision alternative
A relative risk is a risk of matrimony an outcome statistic
in a bumper test three types of autos were deliberately crashed into a barrier at 5 mph and the resulting damage in
The use of linear regression is a critical tool for a manager's decision-making ability. Please carefully read the example below and try to answer the questions in terms of the problem context.
Suppose we want to design a new placebo-controlled trial to evaluate an experimental medication to increase lung capacity. The primary outcome is peak expiratory flow rate, a continuous variable measured in liters per minute. The primary outcome will..
Explain the decisions you made in the third cycle of the simulation. State the reasons for your decision and include an explanation of why you did not follow the recommendations of the stakeholders.
Assume that items produced are supposed to be normally distributed with mean 35 and standard deviation 3. To monitor this process, subgroups of size 5 are sampled.
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