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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? Please offer an example of how you may use these tools to help make a business decision.
What is the probability that the mean life-span of a sample of 64 randomly selected bulbs will exceed 727 hours?
According to a recent survey, 275 of 400 middle-aged Americans said they used the Internet regularly. 140 of 400 senior citizens said they used the Internet regularly.
Suppose n progeny are to be examined, and let P^ be the sample proportion of purple-owered plants. It might happen, by chance, P^ that would be closer to 1/2 than to 9/16. Find the probability that this misleading event would occur if:
Fix-It Copiers advertises mean time of 100 minutes for office calls with standard deviation of 25 minutes. What percentages of calls are completed?
Calculate the value of chi-square. What is your decision regarding H 0 ?
Compute the sample variance and sample standard deviation as a measure of volatility of monthly total return for Chevron (to 2 decimals): Sample variance and Sample standard deviation.
Analysis of variance- One way classification - Are there differences among these 3 drugs with respect to how long they are retained in the body?
A study was recently done in which 500 people were asked to point out their choices for one of three products. Following table illustrates the breakdown of responses by gender of the respondents.
A pie chart shows the market shares of cola products. The "slice" for Pepsi-Cola has a central angle of 90 degrees. What is its market share?
Recent studies have shown that the super-cooling temperature of terrestrial frogs frozen at -6°C has a relative frequency distribution with a mean of - 2°C and a standard deviation of 0.3°C (The first of these studies was reported in Science, May ..
Create a hypothesis and perform a series of tests to determine if there is any fundamental difference in the findings.
Find the probability of a type I error α if the true proportion is p=0.6.
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