Of course‚ if you recognized the fact that our standard Z-transformation accomplishes precisely this‚ you could write the transformation as . 1b. Find the probability that . Convert X into a standard normal via Z= . For X=18‚ Z=-1. For X=36‚ Z=.5. The probability that X is between 18 and 36 is thus equivalent to the probability of Z between -1 and .5. The latter term is F(.5)-F(-1)=.6915-.1587=.5328 1c. Supposing 5X‚ find the mean of . This is actually easier than 1a or 1b. μY =a+b
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take place in one or several locations. It is computed from the probability of the event becoming an issue and the impact it would have (See Risk = Probability X Impact). Various factors should be identified in order to analyze risk‚ including: * Event: What could happen? * Probability: How likely is it to happen? * Impact: How bad will it be if it happens? * Mitigation: How can you reduce the Probability (and by how much)? * Contingency: How can you reduce the
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CHAPTER 1 Individuals are the objects described by a set of data. Individuals may be people‚ but they may also be animals or things. A variable is any change of an individual. A variable can take different values for different individuals. A categorical variable places an individual into one of several groups or categories. A quantitative variable takes numerical values for which arithmetic operations such as adding and averaging make sense. The distribution of a variable tells us what values
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COLLEGE OF EDUCATION AND EXTERNAL STUDIES SCHOOL OF CONTINUING AND DISTANCE EDUCATION DEPARTMENT OF EXTRA-MURAL STUDIES. LDP603: RESEARCH METHODS GROUP ASSIGNMENT GROUP 5 QUESTION: DISCUSS THE VARIOUS PROBABILITY AND NON-PROBABILITY SAMPLING TECHNIQUES USED IN RESEARCH. GROUP 5 (A) MEMBERS |S/NO |SURNAME |OTHER NAMES |REG. NO |SIGNATURE | | |GICHOHI
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3 – Decision Analysis 1 Decision analysis is concerned with establishing systematic procedures for making decisions under uncertainty. Knowledge of decision analysis should help analyze a problem in a complicated and uncertain setting‚ to develop alternatives‚ and to identify possible outcomes. The decision maker then selects the alternative that best meets his or her objectives and psychological desires. Decision analysis is important because it provides decision makers with a rational way
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Lean Six Sigma - Tools and Techniques Method | Description | Benefits | Tools | Balanced Scorecard | Balanced Scorecard is a management system — not a measurement system. It has 4 parameters (legs). a. Customer Scorecard b. Financial Scorecard c. Internal Business Process Scorecard d. Knowledge‚ Education‚ and Growth Scorecard | | | 5S Assessment | * Sort >> Set-order / Stabilize >> Shine >> Standardize >> Sustain * 5S is a process and method for creating
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discrepancies. During the discovery phase of the lawsuit‚ when both side submit all of the information they have to each other‚ the insurance company hired an independent CPA firm to calculate the GPF. To determine fraud‚ our group had to find the probability that a standard normal random variable exceeded the GPF samples given to us. We used the entire data set of 3‚005 invoices as the population‚
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Research and Conference Grants of the University of Hong Kong. De Vany received support from the Private Enterprise Research Center of Texas A&M University. 1 expectations‚ but in¯nite variance. Only 19 stars have a positive correlation with the probability that a movie will be a hit. No star is \bankable" if bankers want sure things; they all carry signi¯cant risk. The highest grossing movies enjoy long runs and their total revenue is only weakly associated with their opening revenue. Contrary
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One: Descriptive Statistics and Probability Distributions Objective: Compute descriptive statistics for given data sets. 1. In 1995‚ the cost of unleaded gasoline was $0.95 per gallon. In 2010‚ the same type of gasoline costs $3.00 per gallon. To determine the amount of change‚ we have to use the a. moving average technique b. geometric mean of 2 years c. geometric mean rate of increase d. weighted mean of the 2 years Objective: Apply probability concepts related to discrete and
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data • Calculate and interpret the correlation coefficient and equation of the least-squares regression line for bivariate data and use the results to make predictions. • Solve probabilities • Compute binomial distributions • Use the normal distribution to interpret z scores and compute probabilities • Estimate a population mean or proportion using a point estimate and confidence intervals and interpret the confidence level • Determine the appropriate sample size for
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