Compare the discrete-approximation methods

Assignment Help Engineering Mathematics

Reference no: EM131524158

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

Questions Cloud

Percentage values of the average costs of the merged firms : Calculate the difference between the percentage values of the average costs of the merged firms and the combined average costs of two nearby competitors.

Estimate your expected exam score : Choose a course that you are currently taking in which the final exam is worth 100 points. Treating your score on the exam as if it were a continuous uncertain.

Discuss strengths and weaknesses within the data : Discuss strengths and weaknesses within the data. Identify the resources you would need to collect the data, including the people you would need to work with.

How will government regulation impact decision making : How will government regulation impact decision making? Will the community's makeup be a consideration for decision makers?

Compare the discrete-approximation methods : Use the extended Pearson-Tukey method to create three-point discrete approximations for the continuous distributions assessed in Problem.

Consider expansion and new technology : Discuss how you can influence the chief executive officer (CEO) to consider expansion and new technology.

Explain how it sets the selling price : Discuss the items and/or services that the companies sell and explain how it sets the selling price.

Would you adjust your assessments to make p equals to q : Assess the probability that the New York Mets will win the World Series (WS) next year. Call this probability p. Now assess the following probabilities.

Whether the banking industry needs more or less regulation : Take position on whether the banking industry needs more or less government regulation. Support your position with two examples of the impact of regulation.

User Account

All Pages