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Looking for 1-2 paragraphs per question with explanations and an example to help illustrate them. I get the basic idea of each question, but I would like something more illustrative to nail down the topics
1. Describe the types of decisions that do not involve uncertainty and risk and common approaches used for analyzing them.
2. Describe how to model decisions involving uncertainty.
3. Explain the components of a decision tree and how optimal decisions are computed.
4. Explain the following terms:
a) calling population
b) reneging
c) jockeying
d) balking
e) queue discipline
5. List and define the major types of performance measures used in queuing analysis.
A random sample of n = 16 scores is selected from a normal distribution with a mean of μ = 50 and standard deviation of σ = 10. a) What is the probability that the sample mean will have a value between 45 and 55?
Using What's Best! (Or solver) find the least-cost matrix.
Find the probability between the given values for normal distribution.
A random sample of 400 college students was selected and 120 of them had at least one motor vehicle accident in the previous two years.
At the Statsville County Fair, the probability of winning a prize in the ring-toss game is 0.1. Show the probability distribution for the number of prizes won in 8 games.
Discuss the subject matter in the article, and interpret the results and what the confidence interval and margin of error mean as they apply to the specific subject matter.
A sample of 40 decaffeinated-coffee drinkers showed a mean of 5.84 cups per day, with a standard deviation of 1.36 cups per day. Use the .01 significance level. Compute the p-value.
A study of cardiovascular risk factors compared heavy smokers, light smokers, and nonsmokers. Both men and women were included in the study and gender differences were also to be investigated. One of the variables measured was the heart rate after..
The quality-control inspector of a production plant will reject a batch of syringes if two or more defective syringes are found in a random sample of eight syringes taken from the batch. Assume the batch contains 1% defective syringes.
A student team examined parked cars in four different suburban shopping malls. One hundred vehicles were examined in each location.
If the estimate is to be within 8 mpg of the true mean with 98% confidence and the estimated standard deviation is 22 mph, how large a sample size must be taken?
The largest value in a set of data is 160, and the smallest value is 70. If the resulting frequency distribution is to have six classes of equal width, what will be the class interval?
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