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How might variance and standard deviation be applied to a real-world business-related problem? Provide a specific application in which these measures are useful.
Do any of the selected samples seem to be out of the control limits? Describe.
Assuming the sigma of 200 was actually the standard deviation for the sample, recalculate the interval estimate. Discuss how this changed your result from that in part b.
Find out point estimate and 95% confidence interval for mean family dental expenses of all employees of company.
What is the probability of selecting a female or an accounting major? Which rule of addition did you apply?
The travel time for a college student traveling between her home and her college is uniformly distributed between 40 and 90 minutes.
Suppose the horses in a large stable have a mean weight of 1464 lbs, and a standard deviation of 111. What is the probability that the mean weight of the sample horses would differ from the population mean by less than 11 lbs if 34 horses are samp..
Addition Thermo on Probability - If a man is randomly selected for an interview, what is the chance he will Play football or basketball?
How many degrees of freedom should the researcher use in her t-test critical value assuming that the variances are equal?
Construct a 95% confidence interval estimate for the population proportion of adults who report that e-mails are easy to misinterpret.
Develop a p chart with 3-sigma control limits and evaluate whether the process is in statistical control
At α = 0.01, is the degree of certainty independent of credits earned?
Two tools that are often used in this process are the contingency table and the decision tree. What are these tools and how to they help us to make decisions under uncertainty when we are dealing with probabilities?
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