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1) Does correlation equal causation? Does the strength of correlation depend on the direction of the relationship? What is the meaning of a zero correlation? Explain your answers.
2) Three possible correlation distributions are positive, negative and zero. Explain each of these and provide an example of each.
3) Define: correlation coefficient, coefficient of determination, non-linear,and reliability.
4) Explain what ‘least square - a line of best fit' means.
5) What is the regression equation? What are the components and define or explain each component.
How is it possible to utilize a regression analysis in the real world? What are some of its value Responses should be about 150 words
In a two-sided hypothesis test to see if the average accounts receivable has changed, the best formulation of the null hypothesis is?
What is the optimal solution if the annual return for U.S. Oil changes from $3 to $8 per share (everything else stays the same)? What is the value of the total return?
Repeating this experiment many times with different samples, what values for the sample means would be possible? What values would repeat more often?
Indicate which would be the independent variable and which would be the dependent variable in each of the following:
If the pilot plant fails, Rob feels the chance of the full-scale facility succeeding is only 20%. The probability that the pilot plant will succeed is estimated at 0.6. Structure this problem with a decision tree and advise Rob what to do.
The population mean of a company's racing bicycles is 9.07 kg (20.0 lb) with a population standard deviation of 0.40 kg. If the distribution is approximately normal
Given this, compute the following probabilities for demand during lead time(DDLT).
According to the U.S. Census Bureau, the mean household income in the United States in 2000 was $57,045 and the median household income was $42,148.
Harrington Health Food stocks 5 loaves of Neutro-Bread. The probability distribution for sales of Neutro-Bread is listed in following table. How many loaves will Harrington sell on average?
A researcher had the idea that background music might enhance performance on a math test and that the effect of music might depend on whether an individual is a music lover or not.
The number of breakdowns is dependent on the shift, because the test value 11.649 is less than the critical value of 12.592.
Test the claim that the mean age of people in the United States who would say yes to the survey question shown in the table is 60 years or older.
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