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Suppose a political party wants to estimate how favorable a certain candidate is to state voters. To do so, a sample of 400 registered voters were selected. Suppose 160 found the candidate "favorable". An estimate of the proportion of the population of registered voters is 160/400=40%. This is an example of what? Example of finite sample Suppose a new tire is being developed and the manufacturer wants to know the useful life of the new type of tire. A sample of 120 tires were tested an...

Addition law A probability law used to compute the probability of the union of two events. It is P(A ∩ B) = P(A) + P(B) − P(A ∪ B). For mutually exclusive events, P(A ∩ B) = 0; in this case the addition law reduces to P(A ∪ B) = P(A) + P(B). Basic requirements for assigning probabilities Bayes’ theorem A method used to compute posterior probabilities. Classical method A method of assigning probabilities that is appropriate when all the experimental o...

Complement of Event A all the sample points not in the event Union of Two Events -event containing all sample points belonging to Event A, Event B or both -denoted by

Mean average value for a variable Sample Mean denoted as

The difference between the actual time series value and the forecast is called: forecast error. In the linear trend equation, Tt = b0 + b1t, b0 represents the: y- intercept of the trend line. The time series model that is appropriate in situations where the seasonal fluctuations do not depend upon the level of the time series is: an additive model. A time series from which the effect of season has been removed by dividing each original time series observation by the corre...

The difference between the actual time series value and the forecast is called: forecast error. In the linear trend equation, Tt = b0 + b1t, b0 represents the: y- intercept of the trend line. The time series model that is appropriate in situations where the seasonal fluctuations do not depend upon the level of the time series is: an additive model. A time series from which the effect of season has been removed by dividing each original time series observation by the corre...

A survey of 800 college seniors resulted in the following crosstabulation regarding their undergraduate major and their plan of going to graduate school. According to the crosstabulation above, what percent of undergraduate majors plan to go to graduate school? 65.0% 19.3% 27.8% 35.0% 35.0% The scatter diagram below displays the amount of money (in millions) spent on advertising and the amount of sales (in millions) for 8 years. Which of the following statements is correct? Ther...

What is a sample space the set of all possible outcomes outcome is the result of the experiment What is a trial Repetitionfrom a random experiment Random experiment Has outcomesthat we cannot predict Experiments involvechanceor random results Probability Refers to a numberthat indicates the degree of likelihood ... ◦that some future event will have a particular outcome Larger number -more likely Smaller number -less likely sample point Each elementof...

Analytics is the scientific process of transforming data for decision making. There are three broad areas of data analytics. Descriptive Analytics which describes what has happened in the past. Predictive Analytics uses statistical models from past data to predict the future [forecasting] or assess the impact of one variable on another [inference]. Prescriptive Analytics uses models seeking to find a best (optimal) solution. Often these are some type of optimization mode...