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Give an example of a good decision that you made in the face of some uncertainty. Was the outcome lucky or unlucky? Can you give an example of a poorly made decision whose outcome was lucky?
1. Explain how modeling is used in decision analysis. What is meant by the term "requi site decision model"?
2. What role do subjective judgments play in decision analysis?
3. At a dinner party, an acquaintance asks whether you have read anything interesting lately, and you mention that you have begun to read a text on decision analysis. Your friend asks what decision analysis is and why anyone would want to read a book about it, let alone write one! How would you answer?
For a random sample of 10 fifth generation iPod music players, the mean battery life was 9.47 hours with a standard deviation of 2.14 hours.
Let x be a random variable that represents a test score. What is the lowest score that would still place a student in the top 40% of the scores?
an english teacher has been teaching a sixth grade composition class for many years. he has the feeling that over the
you are head of risk management for the norne corporation. due to the size of your company you feel comfortable
The time it takes to process phone orders in a small florist/gift shop is normallydistributed with a mean of 6 minutes and a standard deviation of 1.24 minutes.a. What cutoff value would separate the 2.5% of orders that take the most time topr..
in study hall 3 of the 16 girls have red hair and 2 of the 15 boys have red hair. what is the probability of selecting
Supposing that the entire $10,000 can be spent on tires (ignoring other costs), and that the true fraction that will fail is approximately .05, can NHTSA attain its goal while staying within the budget? Describe.
The Survey of Study Habits and Attitudes (SSHA) is a psychological test that measures the motivation, attitude, and study habits of college students.
For a constant matrix A and a Random vector z, E(Az)=AE(z), var (Az)=A var(z) AT under the Gauss-Markov conditions, determine the mean vector and the variance-co-variance matrix for the vector y-bar?( in terms of X, β, σ2)
Consider the following linear programming problem: A workshop of Peter's Potters makes vases and pitchers. Profit on a vase is $3.00; profit on a pitcher is $4.00. Each vase requires ½ hour of labor, each pitcher requires 1 hour of labor.
State the null and the alternative hypotheses. Using the p-value approach, test to determine whether or not the mean age of all employees is significantly more than 40 years.
in may of 2002 the gallup organization asked a random sample of 537 american adults this questionif you could choose
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