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he mayor of a small town would like to know whether a local bond issue is likely to pass or not. He mails a survey to 500 randomly selected voters. How many returns must he get in order to know the proportion that will support the bond issue within a standard error of 5% and a confidence level of 95%?
Your objective is to maximize the expected utility of your final fortune (after 4 bets). If you are a log-utility investor, determine the optimal policy and find the maximal expected utility.
What is the difference between statistical significance and practical significance? Why is statistical significance not necessarily of practical important difference to a business decision?
The budgeting process for a Midwestern college resulted in expense forecasts for the coming year (in $ millions) of $9, $10, $11, $12, and $13. Since the actual expenses are unknown, the following respective probabilities are assigned: .3, .2, .25..
Give an example of a null and alternative hypotheses. This can be a personal item or something at work. Additionally, identify the Type I and Type II Errors that could occur with your decision-making process.
With a single-sample t ratio, the null hypothesis states that:
Assume company uses (100, 5) sampling plan to find out whether batch of 100,000 chips is acceptable. a) Compute the probability of rejecting a batch which has 3% defectives?
If we have a random sample of 6 patients who press call buttons. What is the probability that under 4 of them will have to wait five minutes to more for staff to respond?
Estimating the sample standard deviation using normal score - Find the sample standard deviation?
Re item 4, assume the critical value for this test is 4.92, and you obtain a computed statistical value of 7.45. Is there evidence to refuse null hypothesis? Describe why or why not?
Construct a 90 percent confidence interval for the proportion of all kernels that would not pop.
Find a 95% confidence interval for the true proportion of patients who experienced cotton mouth. Show your calculations and/or explain the process used to obtain the interval.
Use value you found in part a to find out degree of confidence for interval 65.65
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