Compare the discrete-approximation methods

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Question: Compare the discrete-approximation methods by doing the following:

a. Use the extended Pearson-Tukey method to create three-point discrete approximations for the continuous distributions assessed in Problem. Use the approximations to estimate the expected values of the uncertain quantities.

b. Repeat part a, but construct the extended Swanson-Megill approximations. Compare your estimated expected values from the two methods

Problem: Assess these fractiles for the following uncertain quantities: 0.05 fractile, 0.25 fractile (first quartile), 0.50 (median), 0.75 fractile (third quartile), and 0.95 fractile. Plot your assessments to create graphs of your subjective CDFs.

a. The closing Dow Jones industrial average (DJIA) on the last Friday of the current month.

b. The closing DJIA on the last Friday of next year.

c. The exchange rate, in Japanese yen per dollar, at the end of next Monday.

d. The official high temperature at O'Hare International Airport tomorrow.

e. The number of fatalities from airline accidents in the United States next year.

f. The number of casualties from nuclear power plant accidents in the United States over the next 10 years.

g. The value of the next jackpot won in the California state lottery.

Reference no: EM131524158

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