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Quantitative Analysis for Decision Making class
Please write for each summarizing with highlights of the review items and your own comments.
1- Decision Trees are graphic displays of the decision process. When do you feel it is appropriate to use decision trees? Is it more suitable for simple decisions? Complex decisions? Please describe your answers
2- Decision Theory helps executives with identifying values and uncertainties in a decision-making process, which leads to relevant decision-making process, resulting in most optimal decision for the business or process. what is the importance of the decision theory in modern business processes?
3- Search the Internet and the articles database in the library for a real-life example of decision theory. For hint, type the words "Decision Theory" followed by a topic of interest to you. Carefully review the search item.
Management wishes to schedule workers with specific projects that minimizes total cost and gets all projects done, what would that minimized cost be and Part 1b Which project should be assigned to which worker for minimizing the total cost?
Determine the correlation coefficient. Find the predicted value of Y given X = 75. Give an interpretation of the predicted value in the context of the problem.
Describe how to assess the capability of any process to meet its requirements and stay within predefined specification limits and state the different choices of control chart available and the preferred system used by the process industries.
The initial research proposal will consist of the following SIX (6) items:What are the implications of my findings for the theory base, for the background assumptions, or relevant literature?
Obtain a time-series plot and correlogram of the residuals from (9) and comment on them with regard to the violation of classical assumptions. Test for fourth-order autocorrelation using the Breusch-Godfrey procedure
Compute the single-sample z-test to see if caffeine reduces dreamtime. Test the null hypothesis at the .05 level of significance.
In a certain region of the country, average radar echo duration of lightning flashes is .61 sec and a standard deviation of .24 sec. Note, that these are population values. Calculate a 95% (two sided) confidence interval for the true average ..
Find the probability that - exactly two of the workers have been exposed to asbestos - Find the probability that exactly 15 babies are female.
Let variable X represents the improvement in time for each assembly line worker. Let μ represents the average improvement in time for the population. Has the training improved the time required on the job? Please test the hypothesis use α=0.05 ..
How many free premium channels should the research director recommend for inclusion in the 3-For-All service ?
This variable represents the number of machine breakdowns during a day, based on this simulation run, what is the average number of breakdowns per day?
Compute the mean and SD of the probability of the mean and determine the test statistic
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