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Alternatives 1 (Favors A) 2 (Favors B) 3 (Favors Neither A nor B)A $88 ($5) ($5)B ($8) $156 ($8)A and B $80 $151 ($13)Neither A nor B $0 $0 $0
Regret Matrix
States of NatureAlternatives 1 (Favors A) 2 (Favors B) 3 (Favors Neither A nor B)A $0.0 $160.5 $5.0B $95.0 $0.0 $7.5A and B $7.5 $5.0 $12.5Neither A nor B $87.5 $155.5 $0.0
A consulting firm has contacted your company claiming that their analysis conclusively indicates that the probability of the airport being built at location A is 0.50, the probability of the airport being built at location B is 0.30, and the probability of the airport being built at neither location A nor location B is 0.20 (i.e., they have perfect information regarding the probability of the airport being built at location A, location B or neither location A nor location B). The consultant has offered to share their analysis with your company for a fee of $25.0 million. What is the Expected Value of Perfect Information in this scenario?
Consider a Poisson probability distribution with 2 as the average number of occurrences per time period. Write the appropriate Poisson probability function.
When is a regression equation used? What terms describe the fit of a regression equation to the data? What is the importance of the coefficient of determination (r2)?
Find the sample proportions and test statistic for equal proportions. Is the decision close? Find the p-value.
The only possible, mutually exclusive outcomes of the surgery are death, relief of symptoms, (angina, dyspnea), or continuation of symptoms. The probability of death is 0.02 and the relief of symptoms is 0.80. What is the probability that the pati..
"Use the data in the following payoff matrix and regret matrix to answer the following questions. What is the optimal decision regarding at which location(s) to purchase property using the MAXIMIN decision rule?
Suppose 94 percent of the items have lives exceeding 2000 h and 3.51 percent have lives exceeding 16,240 h. Find the mean and standard deviation of the service life.
A small company that manufactures computers computer received 10 shipments of the chips in lots of 20 chips from the manufacturer. what is the probability that there will be 2 shipments with at least one defective chip?
Each party's position must be statistically sound. Include as suitable graphs, computations, and statistical tests.
What is the variance and standard deviation (of profit, NOT of tire life) for producing an all weather tire? Of producing a high performance tire?
Assume that female students' heights are normally distributed with a mean given by µ = 67.2 in. and a standard deviation given by σ = 3.6 in.
What's the probability that among three randomly selected high school students
This table gives three measurements of 10 samples made in a production run. Use statistical process control method to solve problem.
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