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Your organization purchases bottles of a popular commercial solvent for resale. Each bottle is labeled as containing 32 fluid ounces of the solvent. Your contract specifies that each bottle must contain 32 ± .125 ounces of the specified solvent. Recently, you have noticed that some bottles appear to be out of specification. Obviously, the most significant problem is bottles do not contain at least 31.875 ounces of solvent. The results of a study of the bottle-filling process indicate an average of 31.995 ounces of solvent in each bottle with a standard deviation of approximately .075 ounces. Based on this information, what proportion of filled bottles are out of specification?
Statistics Can Lead to Errors The use of statistics can often lead to wrong conclusions or wrong estimates. For example, we may want to find out the average savings by i
1. Recognize and explain the opportunities for statistical learning. 2. Describe how the use of statistics supports student learning. 3. Recognize appropriate data displays a
Differentiate between prediction, projection and forecasting.
For the following questions we are interested in a comparison of the 16 years education vs. > 16 years. (Recall we did the analysis on the log scale, so these are actual means on t
Assumptions in Regression To understand the properties underlying the regression line, let us go back to the example of model exam and main exam. Now we can find an estimate o
Betting on sporting events is big business both in the US and abroad. Consider, for instance, next winter’s American football tournament known as the Superbowl. Billions of dollars
Theories of Business forecasting
Confirmatory factor analysis (CFA) seeks to determine whether the number of factors and the loadings of measured (indicator) variables on them conform to what is expected on the ba
Make a decision about the given claim. Use only the rare event rule, and make subjective estimates to determine whether events are likely. For example, if the claim is that a coi
Importance of official statistic
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