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

Binomial distribution with continuity correction, Records on the computer m...

Records on the computer manufacturing process at Pratt-Zungia Limited show that the percentage of defective computers sent to  customers has been 5% over the last few years. Shipme

Resentful demoralization, Resentful demoralization is the possible phenome...

Resentful demoralization is the possible phenomenon in the clinical trials and intervention studies in which comparison groups not attaining a perceived desirable treatment become

Describe multiple imputation, Multiple imputation : The Monte Carlo techniq...

Multiple imputation : The Monte Carlo technique in which missing values in the data set are replaced by m> 1 simulated versions, where m is usually small (say 3-10). Each of simula

Describe respondent-driven sampling (rds), Respondent-driven sampling (RDS ...

Respondent-driven sampling (RDS ): The form of snowball sampling which starts with the recruitment of the small number of people in the target population to serve as the seeds. Aft

Cure models, Models for the analysis of the survival times, or the time to ...

Models for the analysis of the survival times, or the time to event, data in which it is expected that a fraction of the subjects will not experience the event of interest. In a cl

Mobile Marketing statistics., 1) Has smartphones affected the consumer beh...

1) Has smartphones affected the consumer behavior? If so How ? And how is it going to change in future? 2) Forecasting of Mobile market (Time series analysis) 3) Comparison of fou

Orthogonal, Orthogonal is a term which occurs in several regions of the st...

Orthogonal is a term which occurs in several regions of the statistics with different meanings in each case. Most commonly the encountered in the relation to two variables or t

Expectaton, sales per day for a product are as follows: x= 10, 11, 12, 13 (...

sales per day for a product are as follows: x= 10, 11, 12, 13 (p)= 0.2, 0.4, 0.3, 0.1 obtain mean and variance of daily sale. if the profit is described by the following equation p

Hypergeometric distribution, Hypergeometric distribution is t he probabili...

Hypergeometric distribution is t he probability distribution related with the sampling without replacement from the population of finite size. If the population comprises of r ele

Define quantalassay, Quantalassay:  The experiment in which the groups of s...

Quantalassay:  The experiment in which the groups of subjects are exposed to the different doses of, generally, a drug, to which the particular number respond. Data from such type

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