Chapter 13: Chi-Square Applications SHORT ANSWER 1. When samples of size n are drawn from a normal population‚ the chi-square distribution is the sampling distribution of = ____________________‚ where s2 and are the sample and population variances‚ respectively. ANS: PTS: 1 OBJ: Section 13.2 2. Find the chi-square value for each of the right-tail areas below‚ given that the degrees of freedom are 7: A) 0.95 ____________________ B) 0.01 ____________________ C) 0.025 ____________________
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3 – Decision Analysis 1 Decision analysis is concerned with establishing systematic procedures for making decisions under uncertainty. Knowledge of decision analysis should help analyze a problem in a complicated and uncertain setting‚ to develop alternatives‚ and to identify possible outcomes. The decision maker then selects the alternative that best meets his or her objectives and psychological desires. Decision analysis is important because it provides decision makers with a rational way
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a. At the maximax rule the firm should operate plants in US‚ Mexico‚ Canada b. At the maximin rule the firm should operate plants in US only c. The potential regret matrix is: OINC Passes OINC Fails OINC Stalls US only 10 million 0 2 million US and Mexico 5 million 3 million 2.5 million US‚ Mexico‚ Canada 0 5 million 0 And the maximum potential regrets are: US only 10 million US and Mexico 5 million US‚ Mexico‚ Canada 5 million Thus the firms minimax regret rule should
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Gasoline Availability Investment Shortage Stable Supply Surplus Motel $8‚000 $15‚000 $20‚000 Restaurant 2‚000 8‚000 6‚000 Theater 6‚000 6‚000 5‚000 Determine the best investment‚ using the following decision criteria. a. Maximax 20‚000 motel b. Maximin 5‚000 theater c. Minimax regret 14‚000 motel or Restaurant d. Hurwicz(a=.4) theather 5‚400 e. Equal likelihood =Motel 9‚000 16. A concessions manager at the Tech versus A&M football game must decide whether to have the vendors sell sun visors or umbrellas
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As I have gotten older I have learned many lessons about life‚ but there is one in particular that I’ll never forget‚ that is to appreciate your loved ones as much as possible because you never know when you might loose them. My aunt Sylvia was the nicest lady who ever lived. She was a widow and never had children‚ but she had this French poodle that she loved as though it were her own daughter. She wasn’t my real aunt but I loved her so much that I called her that. Ever since I can remember‚ she
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strongly affect our behaviour in social situations from following fashions to committing immoral acts because we are commanded to by someone who appears to be in a position of authority. This essay looks at to what extent are conformity and obedience likely outcomes of human behaviour and can individuals avoid these social influences? Conformity is a change in belief or behaviour in response to real or imagined group pressure when there is no direct request to comply with the group nor any reason to
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Academic performance is one of the most important factors to determine the success or failure of students during their study. However‚ there are a lot of influences on the academic achievement to students in all parts of the world no matter whether they are in Asian or Western countries. This essay will compare and contrast the factors that impact on student achievement in Asia and the West and explain the similarities and differences amongst those factors. One obvious difference is class size.
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Decision Theory Models The Six Steps in Decision Theory * Clearly define the problem at hand. * List the possible alternatives. * Identify the possible outcomes or states of nature. * List the payoff or profit of each combination of alternatives and outcomes. * Select one of the mathematical decision theory models. * Apply the model and make your decision. Case Here we use the Thompson Lumber Company case as an example to illustrate these decision theory steps. John Thompson
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MD 021 - Management and Operations Capacity Planning and Decision Theory ▪ Measures of capacity ▪ Bottlenecks ▪ Capacity strategies ▪ A systematic approach to capacity decisions ▪ Make or Buy Problem ▪ Decision Making Under Uncertainty and Risk‚ Decision Trees Capacity Planning Capacity is the maximum rate of output for a facility. Capacity planning
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LARGE -60000 125000 220000 112000 c. Which alternative is best‚ according to each of the fol- lowing decision criterion? Maximin SMALL size. This is because the min of all 3 options is 18000‚ -25000‚ -60000. The maximum out of these is 18000 Maximax LARGE size. This is because the max of all 3 options is 75000‚ 150000‚ 220000. The maximum out of these is 220000 Minimax regret MEDIUM size.
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