Probability calculations Study guides, Class notes & Summaries

Benefit measurement methods Correct Answer-Decision model that compares the benefits obtained from new project requests by evaluating them using the same criteria and comparing the results. Constrained optimization models Correct Answer-Decision models that use statistics and other mathematical concepts to assess a proposed project. Cost-benefit analysis Correct Answer-benefit measurement. Calculates the cost of producing the result of the project and compares to the financial gain the pro...

Solution Manual for Design and Analysis of Experiments, 10th Edition Solutions from Montgomery, D. C. (2019) Design and Analysis of Experiments, Wiley, NY 1-1 Chapter 1 Introduction Solutions 1.1S. Suppose that you want to design an experiment to study the proportion of unpopped kernels of popcorn. Complete steps 1-3 of the guidelines for designing experiments in Section 1.4. Are there any major sources of variation that would be difficult to control? Step 1 – Recognition of and s...

Amanda is measuring the temperature. She looks at the thermometer and sees that it is somewhere between 65 and 66 degrees Fahrenheit. She is okay with the temperature in between two integers because she knows temperature is not ________ data, but temperature is _________ data.  a) Nominal, Ordinal  b) Nominal, Discrete  c) Continuous, Discrete  d) Discrete, Continuous Feedback: The correct answer is D. Temperature is not a measure that comes in increments (discrete) but is co...

A(n) _____________ is the set of all of the distinct possible outcomes of an experiment. sample space Events that have no sample space outcomes in common, and therefore cannot occur simultaneously, are ____________. Mutually exclusive A(n) __________ is the probability that one event will occur given that we know that another event has occurred. conditional probability The __________ of two events A and B is the event that consists of the sample space outcomes belonging to both event A a...

RSK 4802 EXAM PACK 2022 JANUARY /FEBRUARY 2016 QUESTION1.1 ai) Risk management is an important process because it empowers a business with the necessary tools so that it can adequately identify and deal with potential risks. Once a risk has been identified, it is then easy to mitigate it. In addition, risk management provides a business with a basis upon which it can undertake sound decision-making. -For a business, assessment and management of risks is the best way to prepare for even...

BANA 2372 Chapter 5 Exam Questions with Correct Answers Which of the following is NOT one of the three methods for finding binomial probabilities that is found in the chapter on discrete probability distributions? - Answer-using a simulation In the binomial probability formula, the variable x represents the - Answer-In the binomial probability formula, the variable x represents the number of successes. If calculations are time-consuming and if a sample size is no more than 5% of the siz...

Risk - Uncertainty that may be either positive or negative arising out of a given set of circumstances. For broad definition of risk used in risk management - A) Chance or probability of loss B) Uncertainty concerning loss C) Possibility of a variation of outcomes from a given set of circumstances D) difference between expect an actual losses Definition of risk management - The process of managing uncertainty of exposures that affect an organization's assets and financial statements usin...

WGU C224 Objective Assessment with Complete Solutions What is the purpose of evidence in research? Support Theories What is the primary objective of education research that studies a phenomenon of which little is known? To understand What is a variable in educational research? A measurable characteristic Which type of qualitative data analysis places a high priority on being true to, respecting, and capturing the details of individual situations? Unique Case Orientation On which principle do...

(note: summary is written in English) The summary of statistics 1 is applicable for almost every scientific study. The summary includes: * descriptive statistics * probability calculations * inferential statistics * examples with explanation * a brief cheat sheet * extensive definition list

WGU C207 Questions and Answers 2022/2023 What is the key focus on analysis? To predict trends using quantitative data. What are the four levels of measurement? 1. Nominal 2. Ordinal 3. Interval 4. Ratio Nominal data is categorical. It has no numerical value. It's not a number. Examples: -the types of pizza you sell -meatball -veggie -cheese (these are labels, they can't be added or subtracted) Ordinal data is ranked, but doesn't have a specific value. Examp...