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a. If nothing is known about the probabilities of the chance outcomes, determine the recommended decision using the optimistic, conservative, and minimax regret approaches.
b. Suppose that management of Myrtle Air Express believes that the probability of strong demand is 0.7 and the probability of weak demand is 0.3. Use the expected value approach to determine an optimal decision.
c. Suppose that the probability of strong demand is 0.8 and the probability of weak demand is 0.2. What is the optimal decision using the expected value approach?
d. Use sensitivity analysis to determine the range of demand probabilities for which each of the decision alternatives has the largest expected value.
If you are using the method of least squares for fitting trends in an annual time series containing 25 consecutive yearly values.
Vehicles heading west on Front Street may turn right, left or go straight ahead at elm street. The city traffic engineer believes that half to the vehicles will continue straight through the intersection.
What internal and external threats are and could you provide some examples of what would be considered a threat to internal and/or external validity of a study design.
The state wanted to see how three different math classes compared, so they gave a standardized test to all the students. Given the following results
Calculate the value of chi-square. What is your decision regarding H 0 ?
Determine the largest village in terms of the population?
The heights were measured for nine supermodels. They have a mean of 67.1 and a standard deviation of 2.3 in. Use the traditional method and a 0.01 significance level to test the claim that supermodels have heights with a mean that is greater than ..
Some of the factors affect statistical power for a one sample t test. How does statistical power change (increase or decrease) for each of the following changes?
What is the likelihood all four of the selected flights arrived within 15 minutes of the scheduled time?
What is a probability notation? What are the advantages and disadvantages of using a probability notation? How does probability notation aid in decision making?
(a) Consider a normal distribution with mean μ = 88. If 2% of the values lie below x = 50, find the standard deviation σ. (b) Consider a normal distribution with standard deviation σ = 15.6. If 10% of the values lie above x = 17.2, find the mean μ.
Draw the suitable 2x2 table, compute and interpret suitable measure of association.
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