Decision Models., Advanced Statistics, Advanced Statistics

Assignment Help:
An oil company thinks that there is a 60% chance that there is oil in the land they own. Before drilling they run a soil test. When there is oil in the ground, the soil test comes back positive(indicating oil) 90% of the time. When there is NO oil in teh ground, the soil test is positive(indicating oil) 20% of the time.
What is the probability that a test comes back positive-indicating oil. What is the probability that there is oil in the ground, if the test comes back positive?

Related Discussions:- Decision Models., Advanced Statistics

Explain kendall''s tau statistics, Kendall's tau statistics : The measures ...

Kendall's tau statistics : The measures of the correlation between the two sets of rankings. Kendall's tau itself (τ) is the rank correlation coefficient based on number of inversi

Residual calculation, Regression line drawn as y= c+ 1075x ,when x was2, an...

Regression line drawn as y= c+ 1075x ,when x was2, and y was 239,given that y intercept was 11. Calculate the residual ?

Tests for heteroscedasticity, Lagrange Multiplier (LM) test The Null Hy...

Lagrange Multiplier (LM) test The Null Hypothesis - H0: There is no heteroscedasticity i.e. β 1 = 0 The Alternative Hypothesis - H1:  There is heteroscedasticity i.e. β 1

SCATTER DIAGRAM, MEANING ,IMPORTANCE AND RELEAVANCE OF SCATTER DIAGRAM

MEANING ,IMPORTANCE AND RELEAVANCE OF SCATTER DIAGRAM

Multivariate data, Multivariate data is the data for which each observatio...

Multivariate data is the data for which each observation consists of the values for more than one random variable. For instance, measurements on the blood pressure, temperature an

Tree, Tree is the term from the branch of the mathematics which known as t...

Tree is the term from the branch of the mathematics which known as the graph theory, used to describe any set of the straight-line segments joining the pairs of points in some pro

Battery reduction, Battery reduction : A common term for reducing the numbe...

Battery reduction : A common term for reducing the number of variables of the interest in a study for the purposes of study and perhaps later data collection. For instance, an over

Game theory, This is the branch of mathematics which deals with the theory ...

This is the branch of mathematics which deals with the theory of contests between two or more players under the specified sets of rules. The subject supposes a statistical aspect w

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd