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It seems that simulation could handle any situation or study. But is that always true? Discuss instances in which a simulation would be important and useful, and then a situation in which a simulation would not be appropriate. Finally, include a set of rules you would use to determine if a simulation is appropriate for a given situation (write them out in a list: 1) 2) 3) etc.).
The following is the number of minutes to commute from home to work for a group of automobile executives.
Compute expected value for each of three actions and find out if manager must accept, further analyze, or reject the lot? Determine expected value of perfect information (EVPI)?
Calculate p value? What is the critical value?
The travel time for a college student traveling between her home and her college is uniformly distributed between 40 and 90 minutes.
Do these scores suggest that the different foods are differentially preferred by people in general? (Use the .05 significance level.)
Mention the critical value of test statistic (Or give the p-value of the test.)
Estimate with 90% confidence the difference in the level of satisfaction with service between the two branches.
Make a decision using the Decision Rule approach at given α = 0.05.
One use of the Chi-square goodness of fit test is to determine if specified multinominal probabilities in the null hypothesis is correct.
Sample of 36 packages reveals mean weight to be 3.01 pounds, with standard deviation of 0.03 pounds. What is the estimated population mean?
If the rods' lengths produced by your line are normally distributed, with a mean equal to the target of 0.2 meters, and a standard deviation of 0.015m, what percentage of rods will be scrapped?
Operations manager thinks that only 10% of room service orders must take longer than 25 minutes if hotel has good customer service. Does hotel room service fulfil this goal?
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