Decision Models., Advanced Statistics, Advanced Statistics

Assignment Help:
An oil company thinks that there is a 60% chance that there is oil in the land they own. Before drilling they run a soil test. When there is oil in the ground, the soil test comes back positive(indicating oil) 90% of the time. When there is NO oil in teh ground, the soil test is positive(indicating oil) 20% of the time.
What is the probability that a test comes back positive-indicating oil. What is the probability that there is oil in the ground, if the test comes back positive?

Related Discussions:- Decision Models., Advanced Statistics

Hosmer-lemeshow test, Hosmer-Lemeshow test is a goodness-of-fit test taken...

Hosmer-Lemeshow test is a goodness-of-fit test taken in use in logistic regression, particularly when there are regular covariates. Units are spitted into deciles based on predict

Paired availability design, Paired availability design  is a design which c...

Paired availability design  is a design which can lessen selection bias in the situations where it is not possible to use random allocation of the subjects to treatments. The desig

Attitude scaling, Attitude scaling : The process of analysing the positions...

Attitude scaling : The process of analysing the positions of the individuals on scales purporting to measure attitudes, for instance a liberal-conservative scale, ora risk-willingn

Data screening, The initial evaluation of the set of observations to see wh...

The initial evaluation of the set of observations to see whether or not they appear to satisfy the hypotheses or assumptions of the methods to be used in their analysis. Techniques

Explain multicentre study, Multicentre study : The clinical trial conducte...

Multicentre study : The clinical trial conducted simultaneously in the number of participating hospitals, with all centres following an agreed-upon study of the protocol and with

Collector''s problem, Collector's problem : A problem which derives from th...

Collector's problem : A problem which derives from the schemes in which packets of a particular brand of coffe, cereal etc., are sold with coupons, cards, or other tokens. There ar

Math, A statewide survey of 1,706 California adults’ residents include the ...

A statewide survey of 1,706 California adults’ residents include the following question: would you favor or oppose providing a path to citizenship for illegal immigrants in the U.S

Excel, Software which started out as the spreadsheet targeting at manipulat...

Software which started out as the spreadsheet targeting at manipulating the tables of number for financial analysis, which has now developed into a more flexible package for workin

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd