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

Game theory, This is the branch of mathematics which deals with the theory ...

This is the branch of mathematics which deals with the theory of contests between two or more players under the specified sets of rules. The subject supposes a statistical aspect w

Option-3 scheme, Option-3 scheme is a scheme of measurement used in the si...

Option-3 scheme is a scheme of measurement used in the situations investigating possible changes over the time in longitudinal data. The scheme is planned to prevent measurement o

Explain maternal mortality, Maternal mortality : The maternal death is the ...

Maternal mortality : The maternal death is the death of a woman while pregnant, delivering a baby or within 42 days of the termination of pregnancy, from any reason related to or a

Balanced incomplete repeated measures design (birmd), Balanced incomplete r...

Balanced incomplete repeated measures design (BIRMD): An arrangement of the N randomly selected experimental units and k treatments in which each and every unit receives k1 treatm

Codominance, Codominance : The relationship between genotype at the locus a...

Codominance : The relationship between genotype at the locus and a phenotype to which it in?uences. If an individuals with heterozygote (such as, AB) genotype is phenotypically dif

Hazard plotting, Hazard plotting is based on the hazard function of a dist...

Hazard plotting is based on the hazard function of a distribution, this procedure gives estimates of distribution parameters, the proportion of units failing by the given time per

Bootstrap, Bootstrap : The data-based simulation method/technique for the s...

Bootstrap : The data-based simulation method/technique for the statistical inference which can be used to study the variability of the estimated characteristics of the probability

Incidental parameter problem, Incidental parameter problem is a problem wh...

Incidental parameter problem is a problem which sometimes occurs when the number of parameters increases in the tandem with the number of observations. For instance, models for pa

Business forcastin.., elements , importance, limitation, and theories

elements , importance, limitation, and theories

Best subsets regression, In the time series plot and scatter graphs there w...

In the time series plot and scatter graphs there were many outliers that were clearly visible. These have been removed to identify if they were influential or had high leverage and

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages