Reference no: EM131098050
A.) The Law of Large Numbers is a statistical theory that you read about in this chapter. In your own words, what does this law say about the probability of an event? Perhaps you have also heard of something called the Law of Averages (also called the Gambler's Fallacy).
Are these the same laws? If not, how are they related and how are they different?
What general misconceptions do people have regarding these ideas?
B.) Consider the following scenarios, commenting on the validity of the reasoning that is being used:
After an unusually dry autumn, a radio announcer is heard to say, "Watch out! We'll pay for these sunny days later on this winter."
A batter who had failed to get a hit in seven consecutive times at bat then hits a game-winning home run. When talking to reporters afterward, he says he was very confident that last time at bat because he knew he was "due for a hit."
Commercial airplanes have an excellent safety record. However, in the weeks following a crash, airlines often report a drop in the number if passengers, probably because people are afraid to risk flying. A travel agent suggests that, since the law of averages makes it highly unlikely to have two plane crashes within a few weeks of each other, flying soon after a crash is the safest time.
In a Monte Carlo casino in 1913, the color black came up a record twenty-six times in succession in roulette. There was a near-panicky rush to bet on red, beginning about the time that black came up the fifteenth time. Why?
|
Some businesses leverage opportunities
: Some businesses leverage opportunities to expand their services by partnering. Discussion what partnering is and the challenges and benefits. Provide an example of a partnering.
|
|
How to analyze the value of the resources that you identify
: Review the information in the course texton quantitative research designs. Focus on the information in Box 9.1, "Guidelines for Critiquing Research Designs in Quantitative Studies" located on page 210 of the course text.
|
|
What is the probability that the average distance
: A certain amateur golfer hits his tee shot on average a distance of 230 yards with a standard deviation of 52.6 yards. He practices on the driving range, hitting 49 tee shots.
|
|
College students read newspapers on a regular basis
: A survey showed that 23 % of college students read newspapers on a regular basis and that 83 % of college students regularly watch the news on TV. The survey also showed that 20 % of college students both follow TV news regularly and read newspape..
|
|
Law of averages
: A.) The Law of Large Numbers is a statistical theory that you read about in this chapter. In your own words, what does this law say about the probability of an event? Perhaps you have also heard of something called the Law of Averages (also called..
|
|
Female and major in civil engineering
: At a certain college, 45% of the students are female, and 17 % of the students major in civil engineering. Furthermore, 12% of the students both are female and major in civil engineering.
|
|
Discuss the health issues common to your family
: Each student will survey his/her parents, siblings and grandparents for their health history. After completing the health history table (attached), you will summarize the results in a discussion paper (minimum 2 pages including plan for disease pr..
|
|
Model with a standard deviation
: The mean weight of a breed of yearling cattle is 1104 pounds. Suppose that weights of all such animals can be described by a Normal model with a standard deviation of 58 pounds. What weight would be considered unusually low for such an animal?
|
|
What happens during the three steps in pcr
: What happens during the three steps in PCR? Do we need much starting DNA to get PCR going? How is this useful in forensics? Explain how gel electrophoresis separates DNA or proteins by size.
|