Chat with us, powered by LiveChat Utilizing statistical probability models, you will be able to evaluate and analyze business data under uncertainty conditions. You will also be able to create and test hypotheses and draw con | Wridemy

Utilizing statistical probability models, you will be able to evaluate and analyze business data under uncertainty conditions. You will also be able to create and test hypotheses and draw con

Competency 2 Statement

Utilizing statistical probability models, you will be able to evaluate and analyze business data under uncertainty conditions. You will also be able to create and test hypotheses and draw conclusions based on samples of data.

Reflection

Consider the following:

Many business activities generate data that can be thought of as random. An example described in the textbook is the servicing of cars at an oil change shop. Each car entering the shop can be considered an experiment with random outcomes. A variable of interest in this experiment could be the amount of time necessary to service the car. Service time will vary randomly with each car. Often, we can capture the most relevant characteristics of a stochastic process with a simple probability distribution model. We can then analyze the model to make predictions and drive decisions. For instance, we could estimate the number of technicians the oil change shop needs to service demand on a Saturday afternoon.

Respond to the following questions:

  • What is a random variable? 
  • How would you differentiate a discrete from a continuous random variable?

A laptop manufacturing company has implemented a 2-step process to test the quality of each production batch. In the first step, a technician randomly selects 15 laptops from the batch and determines whether they meet specifications. The batch is considered acceptable provided no more than 1 laptop fails to meet specifications. Otherwise, the entire batch has to be tested in the second step. Historical data shows that 95% of the laptops produced adhere to specifications.

Reflect on the following in a minimum of 500 words:

  • What are the 4 characteristics of a binomial experiment?
  • Can we use a binomial distribution to model this process?
  • What is the probability that the entire batch unnecessarily has to be tested if in fact 95% of its laptops conform to specifications? (Hint: Use Excels =BINOMDIST() function to find the probability)
  • What is the probability that the batch is incorrectly accepted if only 75% of its laptops actually conform to specifications?
  • What situations in your organization might this type of analysis apply to? Explain.

Submit your reflection.

    Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

    Fill in all the assignment paper details that are required in the order form with the standard information being the page count, deadline, academic level and type of paper. It is advisable to have this information at hand so that you can quickly fill in the necessary information needed in the form for the essay writer to be immediately assigned to your writing project. Make payment for the custom essay order to enable us to assign a suitable writer to your order. Payments are made through Paypal on a secured billing page. Finally, sit back and relax.

    Do you need an answer to this or any other questions?

    About Wridemy

    We are a professional paper writing website. If you have searched a question and bumped into our website just know you are in the right place to get help in your coursework. We offer HIGH QUALITY & PLAGIARISM FREE Papers.

    How It Works

    To make an Order you only need to click on “Order Now” and we will direct you to our Order Page. Fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.

    Are there Discounts?

    All new clients are eligible for 20% off in their first Order. Our payment method is safe and secure.

    Hire a tutor today CLICK HERE to make your first order

    Related Tags

    Academic APA Writing College Course Discussion Management English Finance General Graduate History Information Justify Literature MLA