Essay #2 (1-3 pages) Due Sunday, October 4, 2020 at 11:59 pm: Determine something that you have access to that can be measured BY YOU (even if it requires some estimation). For instance, you might wish to measure the number of calories your brother’s wife’s former roommate consumes in a year. While you might not be able to measure the calories in every single meal she consumes, you can find calorie counts for common meals and fast food items online, so you can get a reasonable estimate of the number of calories she consumes. Or, you might wish to measure the volume of an irregular shaped vase or statue that you have in your home. Explain why you have chosen this object and what methods you might employ to measure this item. If your essay isn’t at least 1.5 pages long, it is too short. Related to page 13 of this book, don’t have same topic with my first essay
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100. What is meant by the term “90% confident” when constructing a confidence interval for a mean?a. If we took repeated samples, approximately 90% of the samples would produce the same confidence interval.b. If we took repeated samples, approximately 90% of the confidence intervals calculated from those samples wouldcontain the sample mean.c. If we took repeated samples, approximately 90% of the confidence intervals calculated from those samples wouldcontain the true value of the population mean.d. If we took repeated samples, the sample mean would equal the population mean in approximately 90% of thesamples.106. Suppose that a committee is studying whether or not there is waste of time in our judicial system. It is interested in the mean amount of time individuals waste at the courthouse waiting to be called for jury duty. The committee randomly surveyed 81 people who recently served as jurors. The sample mean wait time was eight hours with a sample standard deviation of four hours.a.i. x ¯ = __________ii. sx = __________iii. n = __________iv. n – 1 = __________b. Define the random variables X and X ¯ in words.c. Which distribution should you use for this problem? Explain your choice.d. Construct a 95% confidence interval for the population mean time wasted.i. State the confidence interval.iii. Calculate the error bound.e. Explain in a complete sentence what the confidence interval means.110. Forbes magazine published data on the best small firms in 2012. These were firms that had been publicly traded for at least a year, have a stock price of at least $5 per share, and have reported annual revenue between $5 million and $1 billion.The Table 8.13 shows the ages of the corporate CEOs for a random sample of these firms.48 58 51 61 5659 74 63 53 5059 60 60 57 4655 63 57 47 5557 43 61 62 4967 67 55 55 49114. A survey of the mean number of cents off that coupons give was conducted by randomly surveying one coupon per page from the coupon sections of a recent San Jose Mercury News. The following data were collected: 20¢; 75¢; 50¢; 65¢; 30¢; 55¢; 40¢; 40¢; 30¢; 55¢; $1.50; 40¢; 65¢; 40¢. Assume the underlying distribution is approximately normal.a.i. x ¯ = __________ii. sx = __________iii. n = __________iv. n-1 = __________b. Define the random variables X and X ¯ in words.c. Which distribution should you use for this problem? Explain your choice.d. Construct a 95% confidence interval for the population mean worth of coupons.i. State the confidence interval.ii. Sketch the graph.iii. Calculate the error bound.e. If many random samples were taken of size 14, what percent of the confidence intervals constructed should contain the population mean worth of coupons? Explain why.124. Another question in the poll was “[How much are] you worried about the quality of education in our schools?” Sixty-three percent responded “a lot”. We are interested in the population proportion of adult Americans who are worried a lot about the quality of education in our schools.a. Define the random variables X and P′ in words.b. Which distribution should you use for this problem? Explain your choice.c. Construct a 95% confidence interval for the population proportion of adult Americans who are worried a lot aboutthe quality of education in our schools.i. State the confidence interval.ii. Sketch the graph.iii. Calculate the error bound.d. The sampling error given by Yankelovich Partners, Inc. (which conducted the poll) is ±3%. In one to threecomplete sentences, explain what the ±3% represents.130. On May 23, 2013, Gallup reported that of the 1,005 people surveyed, 76% of U.S. workers believe that they will continue working past retirement age. The confidence level for this study was reported at 95% with a ±3% margin of error.a. Determine the estimated proportion from the sample.b. Determine the sample size.c. Identify CL and α.d. Calculate the error bound based on the information provided.e. Compare the error bound in part d to the margin of error reported by Gallup. Explain any differences between thevalues.f. Create a confidence interval for the results of this study.g. A reporter is covering the release of this study for a local news station. How should she explain the confidenceinterval to her audience?
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MAT540 Homework Week 2 Page 1 of 4 MAT540 Week 2 Homework Chapter 12 1. A local real estate investor in Orlando is considering three alternative investments; a motel, a restaurant, or a theater. Profits from the motel or restaurant will be affected by the availability of gasoline and the number of tourists; profits from the theater will be relatively stable under any conditions. The following payoff table shows the profit or loss that could result from each investment: Investment Weather Conditions Shortage Stable Supply Surplus Motel $-7,500 $12,000 $23,000 Restaurant 3000 7,000 6,500 Theater 5000 6,000 4,000 Determine the best investment, using the following decision criteria. a. Maximax b. Maximin c. Minimax regret d. Hurwicz (α = 0.4) e. Equal likelihood 2. A concessions manager at the Tech versus A&M football game must decide whether to have the vendors sell sun visors or umbrellas. There is a 35% chance of rain, a 25% chance of overcast skies, and a 40% chance of sunshine, according to the weather forecast in college junction, where the game is to be held. The manager estimates that the following profits will result from each decision, given each set of weather conditions: MAT540 Homework Week 2 Page 2 of 4 Decision Weather Conditions Rain 0.35 Overcast 0.25 Sunshine 0.40 Sun visors $-400 $-200 $1,500 Umbrellas 2,100 0 -800 a. Compute the expected value for each decision and select the best one. b. Develop the opportunity loss table and compute the expected opportunity loss for each decision. 3. Place-Plus, a real estate development firm, is considering several alternative development projects. These include building and leasing an office park, purchasing a parcel of land and building an office building to rent, buying and leasing a warehouse, building a strip mall, and selling condominiums. The financial success of these projects depends on interest rate movement in the next 5 years. The various development projects and their 5- year financial return (in $1,000,000s) given that interest rates will decline, remain stable, or increase, are in the following payoff table. Place-Plus real estate development firm has hired an economist to assign a probability to each direction interest rates may take over the next 5 years. The economist has determined that there is a 0.45 probability that interest rates will decline, a 0.35 probability that rates will remain stable, and a 0.2 probability that rates will increase. a. Using expected value, determine the best project. b. Determine the expected value of perfect information. Project Interest Rate Decline Stable Increase Office park $0.4 $1.55 $3.5 Office building 2.5 1.8 2.75 Warehouse 1.7 1.45 1.5 Mall 0.8 2.3 3.5 Condominiums 3.2 1.5 0.5 MAT540 Homework Week 2 Page 3 of 4 4. The director of career advising at Orange Community College wants to use decision analysis to provide information to help students decide which 2-year degree program they should pursue. The director has set up the following payoff table for six of the most popular and successful degree programs at OCC that shows the estimated 5-Year gross income ($) from each degree for four future economic conditions: Degree Program Economic Conditions Recession Average Good Robust Graphic design 150,000 175,000 220,000 200,000 Nursing 160,000 180,000 205,000 215,000 Real estate 125,000 165,000 220,000 210,000 Medical technology 135,000 180,000 210,000 270,000 Culinary technology 110,000 145,000 235,000 205,000 Computer information technology 130,000 150,000 190,000 245,000 Determine the best degree program in terms of projected income, using the following decision criteria: a. Maximax b. Maximin c. Equal likelihood d. Hurwicz (α=0.4) 5. Construct a decision tree for the following decision situation and indicate the best decision. Fenton and Farrah Friendly, husband-and-wife car dealers, are soon going to open a new dealership. They have three offers: from a foreign compact car company, from a U.S. producer of full-sized cars, and from a truck company. The success of each type of dealership will depend on how much gasoline is going to be available during the next few years. The profit from each type of dealership, given the availability of gas, is shown in the following payoff table: MAT540 Homework Week 2 Page 4 of 4 Dealership Gasoline Availability Shortage 0.7 Surplus 0.3 Compact cars $25,000 $150,000 Full-sized cars -90,000 650,000 Trucks 125,000 170,000 Decision Tree diagram to complete: 1 2 3 4 Compact cars Full-sized cars Trucks Shortage 0.7 Surplus 0
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Module 04 ContentThis week you will be creating the body of the paper. Your paper should include the following items:5-7 pages that explain how technology has been used to improve healthcare delivery and information management within the focus area you selected in Module 01.Incorporate at least 3-5 resources to add to and back up your statements.Follows APA formatting and standard mechanics in grammar, punctuation, and spelling.Include in-text citations and your reference list.
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The file links below have Problem Set 1 – part 1, part 2, and part 3.In each part you do the one problem that corresponds to your assigned number. See topic Assigned Numbers.To post your response, click on start a new thread and then title your response with your assigned number.Place all problem solutions in the same responseEach answer must have all the steps that you used to arrive at that answer.Here are the files:
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