Probability Theory and Game of Chance Jingjing Xu April 24‚ 2012 I. INTRODUCTION Probability theory is the mathematical foundation of statistics‚ and it can be applied to many areas requiring large data analysis. Curiously‚ that the study on probability theory has its root in parlor games and gambling. In 17th century‚ dice gambling was a very common entertainment among the upper class. An
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08 ETHE AUSTRALIAN NATIONAL UNIVERSITY SCHOOL OF FINANCE AND APPLIED STATISTICS First Semester Examination 2010 QUANTITATIVE RESEARCH METHODS (STAT1008) Writing Period: 3 hours duration Study Period: 15 minutes duration Permitted Material: Non-programmable calculator‚ dictionary and 1 A4 page with notes on both sides Instructions to Candidates: • Attempt ALL questions. • Each question is of equal mark value. • Start your solution to each question on a new page. • To ensure full marks
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Example: large standard deviations let us conclude distribution has lots of variability * Now‚ we will test relationships based on probability Probability – mathematical measure of the likelihood of an even occurring * Chance of the desired even occurring written in %‚ proportion‚ or ration. * 40% chance of rain * Batting average .313 * Probability of a royal flush is
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technician services mailing machines at companies in the Phoenix area. Depending on the type of malfunction‚ the service call can take one‚ two‚ three‚ or four hours. The different types of malfunctions occur at about the same frequency. a. Develop a probability distribution for the duration of a service call Answer:
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Official Statistics on crime are often likened to the ¡§tip of an Iceberg¡¨. Critically assess this assertion in light of the ¡§dark figure¡¨ of crime and any new forms of data that can provide a clearer picture of the true extent of crime. Crime is continuously changing in its definition in people¡¦s perceptions with no complex classification being universally accepted. This forms the basis of the problems faced when attempting to count crime‚ who determines what crime is; the government of
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population = Smaller percentage of people surveyed Smaller population = Larger percentage of people surveyed Probability Sampling A probability sampling method is any method of sampling that utilizes some form of random selection. In order to have a random selection method‚ you must set up some process or procedure that assures that the different units in your population have equal probabilities of being chosen. Some basic terms • • • • N - the number of cases in the sampling frame n - the
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and Uncertainty in Business (3 semester hours) Introduction to statistical and probabilistic methods and theory applicable to situations faced by managers. Topics include: data presentation and summarization‚ regression analysis‚ fundamental probability theory and random variables‚ introductory decision analysis‚ estimation‚ confidence intervals‚ hypothesis testing‚ and One Way ANOVA (Some sections of this class may require a laptop computer). Prerequisite: MATH 5304 or equivalent. ( 3- 0) S
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Bayes’ theorem describes the relationships that exist within an array of simple and conditional probabilities. For example: Suppose there is a certain disease randomly found in one-half of one percent (.005) of the general population. A certain clinical blood test is 99 percent (.99) effective in detecting the presence of this disease; that is‚ it will yield an accurate positive result in 99 percent of the cases where the disease is actually present. But it also yields false-positive results in 5
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Fatme Hassan Statistics in the workplace Statistical Methods Mrs. Barry Statistic in Nursing Working in the healthcare field requires critical thinking‚ analysis and observational studies on patient’s health in order to use the most appropriate treatment for the patient. Nursing involves protection‚ compassion‚ and abilities to reduce illnesses and injuries. Also‚ enhancing diagnosis and treatment of human response‚ and providing support in the care of individuals
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B6014 MANAGERIAL STATISTICS Course Description: This course introduces students to basic concepts in probability and statistics of relevance to managerial decision making. Topics include basic data analysis‚ random variables and probability distributions‚ sampling distributions‚ interval estimation‚ hypothesis testing and regression. Numerous examples are chosen from quality-control applications‚ finance‚ marketing and management. Type and Length of Exam: Open book‚ 3 hours‚ calculator such as HP-12C
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