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In the opinion of the instructor, Logistic Regression models will be the most widely used type of analytics that you will encounter. Think of an application of logistic regression, discuss the benefits of the model, and discuss the difficulties of implementing such a model.EXAMPLE (and you can't use this one because I just took it!):https://www.easternwinelabs.com/In the wine industry, there is interest in knowing ahead of time if a particular vintage will result in good bottles of wine or bad bottles. There is no way to know if the wine is good until it is finished aging. This might take several years. So researchers in the wine industry collected environmental data about the climate, soil, and fertilizers that were available during the grapes growing season. This data is used as inputs into a model. The output is whether the wine is considered good or bad. Thus this is a boolean model. The model can be used to predict which wine should be purchased in bulk, based upon the information.Although the benefits of this are obvious, there are three obvious difficulties. First, it is difficult to collect the data. Climate, soil, and fertilizer information are from different sources and must be collected and merged into a data set. Second, the target data is highly subjective. Who gets to decide if a wine is "good" or "bad". Two wine experts might disagree. Lastly, the target is not necessarily truly a binary target. People tend to grade a wine on a scale from 1 to 100. So a boolean model, although simple, might have issues with consistency because different people might like the wine or dislike the wine. Also, the intensity of their opinion might be different.
From her district, consisting of several hundred stores, she selects a random sample of 30 stores. For each store she gathered the following information.
Suppose we have a set of body temperatures with a mean of 98.6 degrees, and a sample standard deviation of 0.5 degrees. Assuming a normal distribution of body temperatures in the larger population, between what two values should 95% of all tempera..
If you assume returns follow a normal distribution, which investment would give a better chance of getting at least a $40 million return? Explain how your answer could change if you knew returns followed a skewed distribution instead of a normal d..
Suppose you roll a standard die 2000 times and let X be the sum of the values you get. Using the Central Limit Theorem, for what value of a is P[X >= a] approximately equal to P[N(0,1) >= 2] ?
(a) Consider a normal distribution with mean μ = 88. If 2% of the values lie below x = 50, find the standard deviation σ. (b) Consider a normal distribution with standard deviation σ = 15.6. If 10% of the values lie above x = 17.2, find the mean μ.
In a bag there are 20 marbles. The colors of the marbles are as follows: red - 5; blue - 8; green - 3; yellow - 4.
Give the expected value and standard deviation of defective shoes in the ShoeFit store order.
Find the expected value when you pick 4 and when you pick 5, betting $1 each time. Based on your results from parts a and b, are you better off picking 4 numbers or picking 5? Explain your reasoning.
What are the assumptions of a correlated-groups t-test? What measure of effect size is used for a correlated groups t-test?
The experiment indicates a sample average diameter x BAR = 5.027 millimeters. Does this sample information appear to support or refute the engineer's conjecture?
Determine the mean number of times the machine was used per day.
Determine the probability that the sample mean is 20 or higher? What is the probability that the sample mean falls within 2 points of the population mean?
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