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Assume you are working in the marketing department of Walmart. The company wants to supply a new brand of clothing. To make an informative decision, your manager asked you to estimate the percentage of customers who would be interested in the new brand. How do you approach this task? What assumptions do you need to make and what data do you need to collect? If your manager does not know anything about statistics, how would you interpret your results for him/her?
Anderson, Huston, Wright, and Collins (1998) report that high school students who had regularly watched Sesame Street as children had better grades
Fuel Consumption and Cars Disc brake pads are critical safety features on an automobile and should be replaced when the thickness has worn
Compare and contrast chain sampling and sequential sampling plans. When are they used?- Discuss the assumptions made in Deming's kp rule. When would you use this rule?
It is said that a higher proportion of drivers of red cars are given tickets for traffic violations than the drivers of any other color car.
Give an example representing a discrete probability distribution and another example representing a continuous probability distribution. Explain why your choices are discrete and continuous.
A grocery store sells X hundred kilograms of rice every day, where the distribution of the random variable X is of the following form:
What is the total cost in today's dollars of your college degree, assuming that all of the aforementioned cash flows are ordinary annuities?
Describe the general concept of economic analysis. Is this type of analysis necessary, and can it really help the individual investor make a decision about
What would be the mean and the standard deviation of the number of customers who buy specialty clothes for their pet each day?
Use the data from the preceding question for the share of total shipment of music that falls in the category of rock music from 1990-2008.
Use Excel's NORMDIST function to find the EMV for each alternative. Which is the best decision now? Why can't this be represented in a decision tree?
Determine a simple algebraic relationship between the negative binomial probability P(x) and the binomial probability for the probability of n successes in x trials.
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