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As a manager, what are some benefits of applying probability concepts to solve business-related problems? Would business decisions suffer without probability concepts? Explain.
Suppose three unfair coins are tossed, a nickel, a dime, and a quarter. The probability of tossing a head on the nickel is 0.35; the probability of tossing a head on the dime is 0.20
What are the pros and cons of selecting an established theoretical or conceptual model or framework? What are the pros and cons of creating/developing your own?
Suppose you are given a grant to run a controlled experiment. Explain how you would structure the experiment in order to estimate the casual effect of hours on sat.
Comment on their success or failure to meet this goal.
Calculate expected value for each decision and choose the best one. Find out how much firm would be eager to pay to a market research firm to gain better information about future market conditions.
How could the Central Limit Theorem apply in making a business decision? Try to provide an example from your current or future career.
A random sample of 15 customers is selected, and the results are as follows: 8.02 4.08 5.79 8.73 5.47 5.64 8.01 10.49 8.35 5.9 9.66 9.91 3.82 6.68 6.17 a) calculate arithmetic mean, median, mode, first quartile and third quartile.
Polls showed the two main candidates in 2004 presidential election were nearly tied on the day before the election. To predict the winner a newspaper would like to have a poll that has a margin of error of less than 1%.
A sample of 19 albino Hungarian banded aardvarks was examined for nose length. Since this is a small sample, how various degrees of freedom will be used to find the t-score.
Graphical method to solveout the linear programming problem. Describe where the following TEO constraints intersect.
Find the margin of error for the estimator in this survey for a 95% level of confidence . In part c, what does the 95% level of confidence imply in relation to the margin of error?
Why is the F distribution important? How do you determine if a significant difference exists among the groups in ANOVA? How do you determine differences between the groups in ANOVA?
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