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What is the difference between statistical significance and practical significance? Why is statistical significance not necessarily of practical important difference to a business decision? Provide an example of this.
On the same chart, produce a graph showing the original probability mass function, and a line graph showing your selected continuous probability density function.
By using this data and incorporating seasonal effects, predict quarterly turnover for 2010.
Suppose that the National Labor Relations Board (NLRB) wishes to estimate the average hourly wage rate for a certain classification of skilled workers. It wishes to be 95% certain to get an estimate of sample mean within 0.05 of the truth.
The data are number of trials to learn to go left at the first turn in a maze for each of their 20 rats. Answer each of the four questions and don't forget to include a verbal statement of your interpretation of the outcomes.
Illustrate what can we say about the probability distribution. Is it approximately normal, elucidate the mean and standard deviation.
Test the claim that the actual percentage is 53%. Use a 0.10 significance level.
The following frequency distribution reports electricity cost for sample of 50 two-bedroom apartments in Albuquerque, New Mexico during the month of May last year.
Find the critical value Zc necessary to form a confidence interval at the given level of confidence.
The quality control department of Widgets Manufacturing needs your help. They can't decide which significance level is appropriate for testing the claim that fewer than 50% of widgets from a production run are defective.
Listed below are the commissions earned ($000) last year by the sales representatives at the Furniture Patch, Inc.
Below is a normal plot of residuals from a regression. Does the plot indicate any problems with the assumption that the residuals are Normally distributed
In a binomial distribution n = 8 and π = 0.2. Determine the probabilities of the following events.
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