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Many people do not "like" or "trust" single point estimates for things they need measured. Looking back at the data examples you have provided in the previous discussion questions on this issue, how might adding confidence intervals help managers accept the results better? Why?Ask a manger in your organization if they would prefer a single point estimate or a range for important measures, and why? Please share what they say.
Suppose that a car rental agency offers insurance for a week that will cost $10 per day. A minor fender bender will cost $1,200 while a major accident might cost 10,000.
Generate a testable null statistical hypothesis and an alternative statistical hypothesis. Select an alpha level of .05, .01, or .001 and justify your choice.
In the Distance problems, the kids are given a Rate (speed) that a vehicle is going, as well as a Time that the vehicle travels, and asked to calculate the Distance travelled. In the Rate problems they are asked to compute Rate from the other two ..
An experimental study is designed to test the potency of a drug on 16 calves. Previous studies have shown that a 10-mg dose of the drug is lethal 7% of the time within the first 7 hours.
If zero can be the first digit and the numbers can be repeated, what is the probability Mr. Jones and Mrs. Smith select the same PIN? (Round your answer to 3 decimal places.)
The scores of college-bound senior men on the math part of the SAT followed a normal distribution with mean 527 and standard deviation 116.
Calculate the test statistic (z-score) for the sample. What deccision should be made about the null hypothesis, and what decision should be made about the effect of the program.
By using significance level a = .05, and suppose a normal distribution what does evidence conclude?
Spinning a coin, unlike tossing it, may not give heads and tails equal probabilities. I spun a penny 200 times and got 83 heads. How significant is this evidence against equal probabilities?
By contrast, the large retail grocery chains (Kroger, Safeway, etc.) that sell cereal make much smaller margins. What would explain this divergence in margins?
If the mean times for both George and Julia are actually the same, what is the probability that George will be let go?
Four young children were monitored closely over a period of several weeks to measure how much they watched violent television programs and their amount of violent behavior toward their playmates.
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