Simulation results will always equal analytical results
Simulation results will always equal analytical results if 30 trials of the simulation have been conducted.
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Two hundred simulation runs were completed using the probability of a machine breakdown from the table below. The average number of breakdowns from the simulation trials was 1.93 with a standard deviation of 0.20.
What is the expected number of throws you need to win? You have $6 in your pocket and decide to play this game until you either win or you go broke. What is your chance of winning?
A joint probability is the probability that two or more events that are mutually exclusive can occur simultaneously. Is the above true or false and why?
What is the maximum amount a decision maker would pay for additional information?
The quartiles of any distribution are the values with cumulative proportions 0.25 and 0.75. They span the middle half of the distribution. What are the quartiles of the distribution of gas mileage?
Solve for the z value (or multiple z values) for the following conditions
Let us draw a card at random from an ordinary deck of cards. Define the random variable X in the following way: X=4 if an ace is drawn, X=3 if a king is drawn, X=2 if a queen is drawn, X=1 if a jack is drawn, and X=0 for any other card. Give the p
One item on a questionnaire asks, "How many siblings (brothers and sisters) did you have when you were a child?" A researcher computes the mean, the median, and the mode for a set of n = 50 responses to this question. Which of the following statem
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