Start Discovering Solved Questions and Your Course Assignments
TextBooks Included
Active Tutors
Asked Questions
Answered Questions
decision-making under conditions of certaintyconditions of certainty tend to be rare especially when significant decisions are involved under
decision theory people constantly make decisions in their private lives as well as in their work some decisions are qualitative in terms of their
the f distribution the f distribution is the distribution of the ratio of 2 random variables both random variables have yet another distribution
the lognormal distributionif lnx is a normally distributed random variable then x is said to be a lognormal variableif p1 p2 p3 are the prices of a
discrete uniform distributionacme limited is a car manufacturer the company can paint the car in 3 possible colors white black and blue until the
covariance the variance is a measure of the variability or dispersion in a variable or data seta measure of the variability of one variable or data
continuous random variablein the probability distribution the sum of all the probabilities was 1consider the variable x denoting volume poured into a
standardizing a random variable if x is a random variable with ex m and vx s2 then y x ndash m s is a random variable with mean 0
expected valuefor taking decisions under conditions of uncertainty the concept of expected value of a random variable is used the expected value
how is the probability distribution of a random variable constructedusually the past behavior of the variable is studied and the frequency
probability distributionssince the value of a random variable cannot be predicted accurately by convention probabilities are assigned to all the
random variable a variable which assumes different numerical values as a result of random experiments or random occurrences is known as a random
what is a computer a computer is an electronic device which senses or accepts input data performs operations or computations on the data in a
conditional probability independent events if the probability of an event is subject to a restriction on the sample space the probability is said to
independent and dependent events two events a and b are independent events if the occurrence of event a is in no way related to the occurrence or
two events a and b are independent events if the occurrence of event a is in no way related to the occurrence or non-occurrence
subjective probabilityprobability may be determined by a personal statement of how likely an outcome is in a single trial or repetition of the same
relative frequency this type of probability requires us to make some qualifications we define probability of event a occurring as the proportion
classical probabilityconsider the experiment of tossing a single coin two outcomes are possible viz obtaining a head or obtaining a tail the
sample space is the totality of all possible outcomes of an experimenthence if the experiment was inspecting a light bulb the only
difference between experiment and outcomeexperiment is an operation that produces outcomes which can be observedoutcomeevent is the result of an
applicationinterpolation and extrapolation are widely used by businessmen administrators sociologists economists and financial analysts
assumptionsthe figures known are assumed to be a normal series that is a series without any violent unexplained fluctuations in the
what is the basic requirement for both interpolation and extrapolation to work there must exist a functional relationship between an independent
interpolation is a method of statistical estimation and the word literally means making insertions let us consider a