statistics namely: Descriptive Statistics and Inferential Statistics. Specifically‚ it covers the following: Steps in statistical investigation‚ the frequency distribution‚ measures of central location‚ measures of dispersion‚ concepts of probability‚ probability distribution‚ concept of hypothesis‚ hypothesis testing‚ simple linear regression and correlation analysis. The objective of this course is to provide an understanding of how statistics operate in Business and Commerce. Statistics are pervasive
Premium Normal distribution Statistics Probability theory
| Probabilistic techniques assume that no uncertainty exists in model parameters. Answer | | | | | Selected Answer: | False | Correct Answer: | False | | | | | Question 5 2 out of 2 points | | | P(A | B) is the probability of event A‚ if we already know that event B has occurred. Answer | | | | | Selected Answer: | True | Correct Answer: | True | | | | | Question 6 2 out of 2 points | | | A continuous random variable may assume only
Premium Normal distribution Costs Variable cost
points each) T F 1. The probability that X takes on a value that is between 3 and inclusive of 4 can be written as P(3 < X ( 4). T F 2. P(X > x ) + P(X < x) + P(X = x) = 1. T F 3. If P(X > x) = 0.34 and P(X = x) = 0.10‚ then P(X ( x) = 0.56. T F 4- Using the classical viewpoint‚ the probability of an event happening is defined as the number of favorable outcomes divided by the total number of possible outcomes. T F 5- The probability assigned to an event that
Premium Statistics Statistical hypothesis testing Null hypothesis
|P(X = x) |X(P(X = x) | |0 |0.3 | | |1 |0.2 | | |2 | | | |3 |0.4 | | a. Find the probability that X = 2. b. Find the expected value. Exercise 2 Suppose that you are offered the following “deal.” You roll a die. If you roll a 6‚ you win $10. If you roll a 4 or 5‚ you win $5. If you roll a 1‚ 2‚ or 3‚ you pay $6. a. What
Premium Random variable Probability theory
the honor code pledge printed on your bluebook. No books‚ notes or electronic devices of any kind are allowed. Show all work‚ justify your answers. 1. (25 pts) Suppose events A‚ B and C‚ all defined on the same sample space‚ have the following probabilities: P(A) = 0.22‚ P(B) = 0.25‚ P(C) = 0.28‚ P(A ∩ B) = 0.11‚ P(A ∩ C) = 0.05‚ P(B ∩ C) = 0.07 and P(A ∩ B ∩ C) = 0.01. For each of the following parts‚ your answer should be in the form of a complete mathematical statement. (a) Let D be the event that
Premium Random variable Probability theory Cumulative distribution function
Hai------------------------------------------------- 3. a) What is the probability that none of these vehicles requires warranty service? ------------------------------------------------- P(x=0) = 12 C0 (0.10)0 (1-0.10)12-0 ------------------------------------------------- = (1) (1) (0.28243) ------------------------------------------------- =0.28243 ------------------------------------------------- b) What is the probability that exactly nine of these vehicles require warranty service? -------------------------------------------------
Premium Probability theory Roman numerals
PROBABILITY P(A U B)= P(A) + P(B) – P(A∩B) If P(A∩B) = 0 then A and B are mutually exclusive and P(AUB) = P(A) + P(B) Joint Probability Marginal Probability PXY(x‚y) = P(X=x ∩ Y=y) PX(x) = ∑P(X=x ∩ Y=y) (For all values of y) Quotient Rule: Multiplication Rule P(A|B) = P(A∩B) / P(B) P(A∩B) = P(A|B) x P(B) = P(B|A) x P(A) Two events are statistically independent if: P(A|B) = P(A) P(B|A) = P(B) P(A∩B) = P(A) P(B) _ _ P(A) = P(A|B)P(B) + P(A|B)P(B) Bayes Rule:
Premium Probability theory
A goes to the first teller‚ B to the second teller‚ and C queues. To standardize the answers‚ let us assume that TA is the length of time in minutes starting from noon until Customer A departs‚ and similarly define TB and TC . (a) What is the probability that Customer A will still be in service at time 12:05? (b) What is the expected length of time that A is in the system? (c) What is the expected length of time that A is in the system if A is still in the system at 12:05? (d) How likely is
Premium Arithmetic mean Probability theory Random variable
questions. a. Use the multiplication rule to find the probability that the first two guesses are wrong and the third and fourth guesses are correct. That is‚ find P(WWCC)‚ where C denotes a correct answer and W denotes a wrong answer. b. Make a complete list of the different possible arrangements of 2 wrong answers and 2 correct answers‚ then find the probability for each entry in the list. c. Based on the preceding results‚ what is the probability of getting exactly 2 correct answers when 4 guesses
Premium Normal distribution Probability theory Standard deviation
As a storm approaches‚ Mr. Jaeger must evaluate the risk of harvesting his Riesling grapes immediately or holding off and taking the chance the grapes become thin or produce no mold and sell at a lower price. Mr. Jaeger must evaluate the risk and the expected revenues related to his different options. The recommendation is that Mr. Jaeger should not harvest the Riesling grapes right now but wait for a better profit given by the possibility of an upcoming rainstorm that may prove to produce a botrytis
Premium Wine Probability theory Tropical cyclone