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Introduction to Probability A student is considering whether she should enroll in an MBA educational program offered by a well-known college. Among othe
PROPERTIES 1. The value of standard deviation remains the same if, in a series each of the observation is increased or decreased by a constant quantity. In statistical lan
Consider the following new business venture. An agent is considering investment in one of three real estate parcels: • Option 1: multiunit rentals • Option 2: commercial building
Question: (a) Shale Oil, located in the island of Aruba, has a capacity of 600,000 barrels of crude oil per day. The final products from the refinery include two types of unle
Sampling Error It is the difference between the value of the actual population parameter and the sample statistic. Samples are used to arrive at conclusions regarding the p
Suppose that in the actual survey of 50 prospective customers, 6 subscribe to the 3 for all offer, what does this tell you about the previous estimate of the proportion of customer
Purposive or Judgement Sampling Under this method of sampling, the choice of selection of sample items from the universe depends exclusively on the judgement of the investi
The median, as the name suggests, is the middle value of a series arranged in any of the orders of magnitude i.e. ascending or descending order. As distinct from the arithmetic
Universe or Population The word universe as used in statistics denotes the aggregate from which a sample is to be taken. According to Simpson and Kafka, a universe or populatio
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