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

Explanatory variables, The variables appearing on the right-hand side of eq...

The variables appearing on the right-hand side of equations defining, for instance, multiple regressions or the logistic regression, and which seek to predict or 'explain' response

Nearest-neighbour methods, Nearest-neighbour methods are the methods of di...

Nearest-neighbour methods are the methods of discriminant analysis are based on studying the training set subjects much similar to the subject to be classified. Classification mig

Rejection Region (graded), How is the rejection region defined and how is t...

How is the rejection region defined and how is that related to the z-score and the p value? When do you reject or fail to reject the null hypothesis? Why do you think statisticians

Multimodal distribution, what is pdf,mean & variance for multimodal distrib...

what is pdf,mean & variance for multimodal distribution?

Bayesian network, Bayesian network : It is essentially an expert system in ...

Bayesian network : It is essentially an expert system in which the uncertainty is dealt with using the conditional probabilities and Bayes' Theorem. Formally such type of network c

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 ?

January 2015 Take-Home Assignment, 3. a. A researcher in Hong Kong computes...

3. a. A researcher in Hong Kong computes the correlation between the percentage of employee turnover and the local unemployment rate (also expressed as a percentage) over a 20-mont

Gambling, It is the art of attempting to exchange something quite small and...

It is the art of attempting to exchange something quite small and certain, for something which are large and uncertain. Gambling is big business; in the US, for instance, it is at

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