The Collier Encyclopedia’s definition for probability is the concern for events that are not certain and the reasonableness of one expectation over another. These expectations are usually based on some facts about past events or what is known as statistics. Collier describes statistics to be the science of the classification and manipulation of data in order to draw inferences. Inferences here can be read to mean expectations‚ leading to the conclusion that the two go hand in hand in accomplishing
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Probability Distribution Memo To: Howard Gray‚ CEO; Jean Dubois‚ VP Mechanical Watch Division; Uma Gardner‚ VP Production; Amanda Hamilton‚ VP Marketing After identifying the business problem of falling sales and an increase in rejections by the Swiss Official Chronometer Control‚ conducting a study for research will prove to identify a solution. Researchers performed a study of a sample population of 500 people. The study reveals 60% of the watches purchased are certified and the average
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new Household appliance to potential customers. She has found from her years of experience that after demonstration‚ the probability of purchase (long run average) is 0.30. To perform satisfactory on the job‚ the salesperson needs at least four orders this week. If she performs 15 demonstrations this week‚ what is the probability of her being satisfactory? What is the probability of between 4 and 8 (inclusive) orders? Solution p=0.30 q=0.70 n=15 k=4 [pic] Using Megastat we get
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Overview | | | |The Process of Quantitative Modeling | | | |Review of Probability Concepts
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Famous Indian yogi Paramahansa Yogananda once said “There are always two forces warring against each other within us.” The forces that were mentioned are namely the “good” and the “bad.” What makes something good or bad? Can we stick to one mere definition of “good” and “bad”? Like in many situations‚ addictions to certain things can be perceived as having two sides. Most likely‚ these addictions are seen as being bad. One of the most popular examples for this is the way Internet usage has been categorized
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The Mean and Median: Measures of Central Tendency The Mean and the Median The difference between the mean and median can be illustrated with an example. Suppose we draw a sample of five women and measure their weights. They weigh 100 pounds‚ 100 pounds‚ 130 pounds‚ 140 pounds‚ and 150 pounds. To find the median‚ we arrange the observations in order from smallest to largest value. If there is an odd number of observations‚ the median is the middle value. If there is an even number of observations
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The government can help the economy in different ways. These methods include increasing or decreasing government spending or raising or cutting taxes. Increasing or decreasing government spending can have a flip-flop effect. On one hand‚ increasing government spending on programs like Social Security and Medicare are beneficial to Americans. However‚ if the government spends more on some programs and not on others‚ then things might become strenuous and make the economic impact more severe. For example
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frequencies to which the D input and the clock signal were set. The results of testing are all shown in the next chapter. 4.2 Implementation of D flip flop with clocked gate circuitry Then the schematic diagram with clocked gate circuitry was constructed and inputs comprising of different frequencies of D and clock inputs were given. The clocked gate D flip flop circuit looks as below: As explained in the previous
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A FICO score is the credit score mathematically developed by the company FICO. It shows potential lenders the risk that they are taking lending to you. The score is on a range starting at 300 and ending at 850; the higher your credit score‚ the probability that you will be lent to‚ increases. The score itself is determined from credit reports that disclose the individual’s history of financial activity. Their gender‚ race‚ religion‚ nor age play a role. From most influential to least‚ it is composed
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Coins in Rome were often used as a tool to show the Roman people and Roman Senate that there would be heirs to take over should the emperor die. It was used as a means of displaying that there would be a peaceful succession rather than a civil war. Also‚ coins were used because they spread fast and went everywhere information people of news almost like a newspaper. The three coins discussed in this paper all have the theme of the informing people of the Roman Empire of the future succession of powers
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