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Write a research that needs a decision making with probabilities. Research statistical data in a business context that requires a decision
Eighty-eight shoppers were interviewed at random, and 59 said that they prefer to shop alone. What is the value of p-hat.
Explain how the decision maker make the decision. Accounting Information as well as Business Decisions
Denise is a professional swimmer who trains, in part, by running. She would like to approximation the average number of miles in each week. For a random sample of 18 weeks, the mean is 18.5 miles wi
A mechatronic assembly is subjected to the final functional test. Assume that defects take place at random in these assemblies and which defects take place according to Poisson distribution with the
How healthy are the employees at Direct Marketing Industry? A random example of 14 employees was taken, and the number of days each was absent for sickness was recorded during a 1-year period.
Explain which decision should he make using the expected utility approach. Chez Paul is anticipating either opening another restaurant or expanding its existing location.
Latasha is a waitress at Seventh Heaven Hamburgers. She wants to estimate the average quantity each group at a table leaves for a tip. A random sample of 52 groups gave a mean of $8.30 with a standa
As part of a real estate company study, selling prices of 45 homes in a particular neighbourhood were gathered. The sample mean price was $244,000. Presume that the population standard deviation is
Explain what would be the utility values for the amounts given based on the indifference probabilities?
A supplier quotes the Cp value of 1.7. After the discussion with representatives, you find out that they're computing standard deviation as you desire
A manufacturer of potato crisps adds prize at a rate of one prize for every 20 packets in a campaign to promote its product. A packet cannot have more than one prize. If the packets are sold in mult
Mauricio Cruz, a wine merchant for Cruz's Spirits Emporium, wants to determine if the average price of imported wine is less than the average price of domestic wine. The data obtained is shown in th
An organization needs Cp value of 2.00. Given the example size of 30 find out the minimum level for the sampled Cp value in order to be 97.5% confident that the Cp population value is the 2.00
A dietician investigated whether apples washed in hot water or in cold water turned brown at different rates when exposed to air. She took 13 random apples and cut each in half. She washed one half
Find the alternative would be selected according to expected value and utility. For the payoff table below the decision maker will use P (s1) = .15, P (s2) = .5, and P (s3) = .35.
A study of cats and dogs found that 11 of 50 cats and 21 of 50 dogs slept more than 10 hours per day. At the .05 level of significance, is there sufficient evidence to conclude that a difference exi
In comparing the two variances below, what is the test value and what are the degrees of freedom that must be used.
Find the utility as well as the ratio of utility. If the payoff from result A is twice the payoff from result B, formerly the ratio of these utilities will be
Find the test statistic value for two mean tests using equal variance formula.
To test whether the significant difference between two sample variance using F-tests. For the samples summarized below, test the hypothesis at α =.05 that the two variances are equal.
A sample of 10 was taken from the in-control process. A variance of 4.2 and mean of 23.2 were computed. Find out the 95% confidence interval on mean and standard deviation. Describe any poten
Construction of Mean also Range chart to study and control the process. Great Sounds Inc produces speakers all through North America.
Develop and R chart. Great Sounds Inc produces speakers all through North America.
A researcher wanted to determine if using an octane booster would enhance gasoline mileage. A random sample of seven cars was selected; the cars were driven for two weeks without the booster and two