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1. Explain why Bayes' theorem is necessary for handling additional information in a decision problem.
2. Explain the meaning of the term predictive probability.
3. For Example 15-4, suppose that hiring the economic consultants costs only $100,000 (in 10-years-after dollars). Redo the analysis. What is the optimal decision? Explain.
4. For problem, suppose that before deciding whether to advertise on television, the company can test the commercial. The test costs $300,000 and has the following reliability. If sales volume would go up by $20 million, the test would indi- cate this with probability 0.96. It would wrongly indicate that sales would be $10 mil- lion more with probability 0.03, and wrongly indicate that sales would be $1 million more with probability 0.01. If sales would increase by $10 million, the test would indi- cate this with probability 0.90, and the other two (wrong) possibilities with probability 0.05 each. The test would indicate that sales would rise by $1 million with probability 0.80 if that was really to happen, and wrongly indicate the other two possibilities with probability 0.1 each. Redo the decision problem.
Absenteeism is distributed evenly throughout the week. The 0.01 level is to be used. The sample results are:
An unprepared student takes a three-question, true/false quiz in which he guesses the answers to all three questions, so each answer is equally likely to be correct or wrong.
The manufacturer of a computer terminal reports in its advertising that the mean life of the terminal, under normal use, is 6 years, with a standard deviation of 1.4 years.
the mean and the standard deviation of the sample of 100 bank customer waiting times in table 1.8 are xbar5.49 and
Another location if it meant a substantial promotion. Based on these findings, write a brief note to management regarding all executives in the firm.
a machine makes a product with 5 of units having faults. in a sample of 20 units what is the probability that at least
The purpose of this assignment is to develop models that can be used to predict the specific variable:frequency of going to a fast food restaurant (FFR), q2
aj auction sells art drawings of little known artists at auction. the dealer is interested in the relationship between
A random sample of 85 group leaders, supervisors, and similar personnel at General Motors revealed that, on the average, they spent 6.5 years on the job before being promoted.
Explain the difference of your outlook on statistics after having studied it for whatever period of time you have done so as oppose to the time before taking up the study.
question according to reuters a survey undertaken by the national center for health statistics revealed that about 25
slot machines are a very popular video game at casinos across the us. in a random sample of 400 men 260 rated slot
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