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Monty Hall problem: A apparently counter-intuitive problem in the probability which gets its name from the TV game show, 'Let's Make a Deal' hosted by the Monty Hall. On show a participant is shown three doors behind one of which is the valuable prize and behind the other two are the booby prizes. The participant selects the door and then, before the opted door is opened, the host opens one the two left behind doors to reveal one of the booby prizes. The participant is asked if he/she would like to stay with originally selected door or switch to the other, as yet, unopened door. Number of people think that the switching doors makes no difference to the probability of winning the valuable prize but several people are wrong because switching doubles this probability from a third to two thirds.
This term sometimes used to describe the extra factor in variance of the sample mean when n sample values are drawn without the replacement from the finite population of size N. Th
Prospective study : The studies in which individuals are followed-up over the period of time. A general example of this type of investigation is where the samples of individuals ar
Modern hotels and certain establishments make use of an electronic door lock system. To open a door an electronic card is inserted into a slot. A green light indicates that the doo
It is the technique used in the clinical trials when it is possible to make an acceptable place before an active treatment but not to make the two active treatments identical. In t
The scatter plots of SRES1, RESI1 versus totexp demonstrates that there is non-linear relationship that exists as most of the points are below and above zero. The scatter plots sho
An oil company is considering whether or not to bid for an offshore drilling contract. If they bid, the value would be $600m with a 65% chance of gaining the contract. The company
Your first task is to realize two additional data generation functions. Firstly, extend the system to generate random integral numbers based on normal distribution. You need to stu
regression line drawn as Y=C+1075x, when x was 2, and y was 239, given that y intercept was 11. calculate the residual
Collective risk models : The models applied to insurance portfolios which do not create direct reference to the risk characteristics of individual members of the portfolio when des
Outlier is an observation which seems to deviate markedly from the other members of the sample in which it happens. In the set of systolic blood pressures, {125, 128, 130, 131, 19
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