discrete random variable and that of a continuous random variable? Explain. A continuous random variable is achieved from information that can be measured instead of counted. A continuous random variable is a variable that can assume an infinite amount of possible values. The probability distribution of a discrete random variable included values that a random variable can assume and the corresponding probabilities of the values. The probability distribution of a continuous random variable
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1 Mathematics for Management Concept Summary Algebra Solving Linear Equations in One Variable Manipulate the equation using Rule 1 so that all the terms involving the variable (call it x) are on one side of the equation and all constants are on the other side. Then use Rule 2 to solve for x. Rule 1: Adding the same quantity to both sides of an equation does not change the set of solutions to that equation. Rule 2: Multiplying or dividing both sides of an equation by the same nonzero number
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best decisions considering all the possibilities through sampling and probability. While it would be more accuracy to follow the physical process to make the decision based on true, random occurrences, JET Copies wants to know the number of breakdowns and repair time for a year which calls for this simulation of random numbers. To begin this simulation the repair time table had to be computed because it would give an introduction overview of the probability of the repair time needed to fix any breakdowns;
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Assignment 1 1. Prove that : P (E ∪ F ∪ G) = P (E) + P (F ) + P (G) − P (E c ∩ F ∩ G) − P (E ∩ F c ∩ G) − P (E ∩ F ∩ Gc ) − 2P (E ∩ F ∩ G). 2. Prove the followings: (a) (∪∞ An )c = ∩∞ Ac . (cf) In order to prove A = B for two sets A and B, you i=1 n n=1 should show that ∀x ∈ A, x ∈ B, and vice versa.) (b) Let F be a σ-field on Ω. If An ∈ F for all n ∈ N, then ∩∞ An ∈ F. n=1 3. An elementary school is offering 3 language classes: one in Chinese, one in Japanese, and one in English. These are open
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distributions. In this excercise we deal with Bernoulli, binomial, Poisson and normal random variables (RVs). A Bernoulli RV X models experiments, such as a coin toss, where success happens with probability p and failure with probability 1 − p. Success is indicated by X = 1 and failure by X = 0. Therefore, the probability mass function (pmf) of X is P {X = 0} = 1 − p, P {X = 1} = p (1) A binomial random variable (RV) with parameters (n, p) counts the number of successes in n independent Bernoulli
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Case Study: Warren Agency Inc. I. Introduction The Warren Case Study is about the analysis of the problem of Mr. Thaddeus Warren on whether to accept or reject the offer to sell of a prospective client. The client approached him with an offer to sell three properties under certain strict conditions. In making the analysis for this case, a diagram was made, the cumulative profit for each possible outcomes were estimated, and the expected value analysis based on the selling probability estimated
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James W. Taylor February 2012 Imperial College EMBA 2012 Quantitative Methods Individual Assignment This assignment consists of two parts. Part A is worth 50% of the marks, and Part B is worth the remaining 50%. Your report for the two parts should consist of no more than 1,500 words. Part A – Blanket Systems Blanket Systems is developing and testing a new computer workstation, OB1, which it will introduce to the market in the next 6 months. OB1 will be sold under a three-year warranty covering
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Jamie Banks, Ernie Moore and Terri Jones were students in State University. They always have to go far to make copies in Klecko’s copy center as there was no copying service nearby where they live by the south gate. One day while James was standing in line at Klecko’s copy center waiting for his turn, he realizes how much time they are wasting just by waiting as most students use the same machine to get copies. James got an idea from other student who was waiting for his turn as James, if he
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Elizabeth Vo HADM 564 April 16, 2012 Case 13: Southeastern Specialty, Inc. Financial Risk (1, 2, 3, 4, & 6) 1. Is the return on the one-year T-bill risk free? No, the return on the one-year T-bill is not risk free. Financial risk is related to the probability of earning a return less than expected and the larger the chance of earning a return far below that expected, the greater the amount of financial risk. Risk free assumes 100% probability that the investment will earn the total
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revenue lost/year was greater than $12,000 then the purchase of a second copier would be warranted. A simulation model using MicroSoft Excel was run to determine lost revenue due to copier breakdowns. To compute the simulation analysis we will run 1000 random numbers (trials) in a MicroSoft Excel spreadsheet and determine: interval between successive copier breakdowns, the number of days needed to repair the copier using the probabilities in Table 1, and the lost revenue for each day the copier is out
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