How would you account for the prior knowledge

Assignment Help Management Theories
Reference no: EM131710523

Question: In the situation of problem, how would you account for the prior knowledge that 8% of the population of those who receive a brochure actually buy?

Problem: A mail-order firm wants to be able to classify people as prospective buyers versus nonbuyers based on some of the people's demographics provided on mailing lists. Prior experience indicates that only 8% of those who receive a brochure end up buying from the company. Use two criteria to determine the minimum overall prediction success rate you would expect from a discriminant function in this case.

Reference no: EM131710523

Questions Cloud

Annual interest rate must they earn to reach their goal : What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places.
Difference between formativeand summative evaluation : Why is it important to include evaluation as part of a community change initiative? What is the difference between formative evaluation & summative evaluation?
How do values affect the cohesiveness of the workplace : Do you have different values than your parents or siblings do. How do values affect the cohesiveness of the workplace
What is the present value of a security : What is the present value of a security that will pay $36,000 in 20 years if securities of equal risk pay 4% annually? Round your answer to the nearest cent.
How would you account for the prior knowledge : In the situation of problem, how would you account for the prior knowledge that 8% of the population of those who receive a brochure actually buy?
Describe regional manager for a retail organization : Discuss the different methods by which you can analyze data in your spreadsheet. Assume the role of a Regional Manager for a retail organization
Replacement chain approach versus eaa approach : In capital budgeting - differentiate between replacement chain approach versus EAA approach and projects physical life versus its economic life.
How can a swot analysis be used to inform community : How can a SWOT analysis be used to inform community development and social change initiatives?
Foreign reserve holdings and a major currency devaluation : Recently, Mexico experienced large-scale trade deficits, depletion of foreign reserve holdings and a major currency devaluation in December 1994

Reviews

Write a Review

Management Theories Questions & Answers

  Managing energy sources

Managing Energy Sources

  Discuss on the call center simulation

Search the web for "Applications of discrete simulation" and prepare a report based on the findings.

  Describe the security that your organization

Describe the security that your organization uses to protect information. How many resources are dedicated to information security? Who is responsible for the overall security strategy? Has the strategy been successful.

  Define the purpose of creating an artisan lien

Executive Aviation claimed that it had a lien on the plane and filed a suit in a New Mexico state court to foreclose.

  What impact does the jury system have on the rest

What impact does the jury system have on the rest of the criminal justice system? How would criminal justice function differently if defendants had no right.

  Which of the following is not advantage of level scheduling

Which of the following is not an advantage of level scheduling? Which of the following attempts to manipulate product or service demand

  Define the expectancy theory

Most of us have to work for a living, and a job is a central part of our lives. Why then do managers have to worry about employee motivation issues?

  A company that deserves a union gets one

It has been said that "a company that deserves a union gets one," suggesting that if proper leadership and motivation techniques are employed and desirable policies devised, the workers will not want to unionize. Either agree or disagree with t..

  Contrast pushing and pulling strategies

Contrast pushing and pulling strategies. In a pulling strategy, marketers attempt to stimulate final-user demand, which then exerts pressure.

  Justify the employment policies

Patricia Meleen, a chemical dependency counselor, brought charges alleging wrongful discharge, defamation, and emotional distress against the Hazelden.

  Opportunity to apply career management theory

The purpose of the Career Management paper is to provide you the opportunity to apply career management theory to enhance an organization's effectiveness

  Discuss the legal significance of each of the communications

Letter posted on November 1, and received by Vestley Co on November 5, from Eddo Products Co: "Please quote us price per tonne of canned mango fruit Grade B".

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd