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A manufacturer of light bulbs says that its light bulbs have a mean life of 800 hours and a standard deviation of 120 hours. You purchased 169 of these bulbs with the idea that you would purchase more if the mean life of your sample were more than 780 hours. What is the probability that you will not buy again from this manufacturer?
Two tools that are often used in this process are the contingency table and the decision tree. What are these tools and how to they help us to make decisions under uncertainty when we are dealing with probabilities?
Lead-time demand is 600 pounds. The standard deviation of lead time demand is 52 pounds. Supposing the lead time demand is normally distributed and that an acceptable risk of stocking out is 4%:
If the rods' lengths produced by your line are normally distributed, with a mean equal to the target of 0.2 meters, and a standard deviation of 0.015m, what percentage of rods will be scrapped?
Walleye is a common game fish. Adult walleye have a length with a mean of 44 cm and a standard deviation of 4 cm and the distribution of lengths is approximately Normal. What fraction of walleye are between 40 and 48 cm in length?
The manufacturer of the ColorSmart-5000 television set claims that 95 percent of its sets last at least five years without needing a single repair.
For a standard normal distribution, findout the percentage of data that are among 3 standard deviation below the mean also1 standard deviation above the mean.
Test the null hypothesis that the telephone survey technique has a probability of selecting a household with no children that is equal to the value obtained by the census.
John runs a computer software store. He counted 130 people who walked by his store in a day, 59 of whom came into the store. Of the 59, only 24 bought something in the store.
To find out the prior probability, conditional probability and posterior probability. Calculate the posterior probability that the bid will be successful given a request for additional information.
State the decision rule for .05 significance level. (Round your answer to 3 decimal places.)
Find the probability value of H0:u 2.8 distribution with 10 banks giving stats of 5.7, 4.8, 6.0, 4.9, 4.0, 3.4, 6.5, 7.1, 5.3, 6.1 which gives us H1:u 5.38.
What is the purpose of statistical estimation? What statistics do you find most useful in regression analysis? Why?
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