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Prediction Interval
We would like to construct a prediction interval around which would contain the actual Y.
If n ≥ 30, ± Zse would be the interval, where Z is the appropriate Standard Normal Value.
If n < 30, ± tse would be the interval, where t is the appropriate t value (with n - 2 degrees of freedom).
In the case of the pharmaceutical firm, at X = Rs.1 crore the 90% prediction interval is 22 ± 2.132 x 3.24.
Simulation When decisions are to be taken under conditions of uncertainty, simulation can be used. Simulation as a quantitative method requires the setting up of a mathematical
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1. Definition of decision tree, 2. Feature of decision theory problem
need help finding the n1 and s1 in the problem
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