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The theory underlying inferential statistics and other theoretical aspects are subjects we do not often consciously think about in our daily activities. Why is it so important we understand the theory even in the practical world of business decision making?
Using this information, calculate Beta risk (probability of Type II error) if the true population mean really is 77.
Describe a business situation that you have had or might face that will benefit from the use of confidence intervals?
What sample size and acceptable level would result in a probability of .05 that a good batch will be rejected and a probability of .10 that a bad batch will be accepted?
Find out how to minimize cost of meeting demands in Houston and Tampa.
Heights of men on a baseball team has a bell-shape distribution with a means of 173 cm and a standard deviation of 9 cm. Using the empirical, rule what is the approximate percentage of the men between the following values?
The use of linear regression is a critical tool for a manager's decision-making ability. Please carefully read the example below and try to answer the questions in terms of the problem context.
How does the MHMR compare to the state's figures on providing services to first-time admissions - Hypothesis test for one sample mean
Construct a 99% confidence interval on the population mean height of all 1-year-old pine seedlings. What are the confidence limits? What statement can be made about the population mean height using the confidence interval?
Interpret this data using regression and interpret all the findings, R 2 , F, IV coefficient, and the intercept.
The firm has already decided that any sample mean below 78 or above 82 will signal the workers that the process is not working properly.
Scores on a scholastic aptitude test are normally distributed with standard deviation σ=100 points. A group of 25 inner city high school students takes the test; their mean scores is x-bar = 440 points.
Comment on your statistical findings? Do you agree with your initial statement regarding the preference of an ANOVA over a t-test when examining more than two groups?
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