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Why is statistical significance not necessarily of practical important difference to a business decision? Give an example and explain. Why do statisticians play only a limited role in deciding whether statistical significance requires a business action?
Compute test statistic and p -value for each sample. (Negative amount must be pointed out by minus sign.)
Determine a 95% confidence interval for the population mean.
Finding the probability value for the given data using normal approximation
In a completely randomized experimental design, 18 experimental units were used for the first treatment, 10 experimental units were used for the second treatent, and 15 experimental unites were used for the first treatment.
Using the original data, estimate the population standard deviation with 90% probability.
What is the probability that at least one of the new books is a commercial success?
Which of the following best explains how the F ratio examines differences among groups? A. The critical F is compared to the critical t.
Find the lowest possible score a candidate can score and still qualify. Assume the scores are normally distributed.
We recalculated our comparison of ideal number of children, this time only for women, separating them into two groups, those who indicated that they were "very happy" or "not at all happy" with life.
The hypothesis is to be tested at the 5% level of significance. The critical value from the table equals:
In an analysis of variance problem involving 3 treatments and 10 observations per treatment, SSE = 399.6. The MSE for this situation is:
How could the Central Limit Theorem apply in making a business decision? Try to provide an example from your current or future career.
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