Outline of Chapter 5 text - Elementary Statistics: A Brief Version(A. Bluman 3rd Ed., 2003)
Date Submitted: 09/10/2006 03:22:06
Category: / Science & Technology / Mathematics
Length: 2 pages (613 words)
Category: / Science & Technology / Mathematics
Length: 2 pages (613 words)
Chapter 5 Outline
Objectives
Construct a probability distribution for a random variable.
Find the mean, variance, and expected value for a discrete random variable.
Find the exact probability for X successes in n trials of a binomial experiment.
Objectives (cont'd.)
Find the mean, variance, and standard deviation for the variable of a binomial distribution.
Find probabilities for outcomes of variables using the Poisson, hypergeometric, and multinomial distributions.
Introduction
Many decisions in business, insurance, and other real-life …
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…distribution.
Expectation is used in insurance and games of chance.
Summary (cont'd.)
The binomial distribution is used when there are only two outcomes for an experiment, a fixed number of trials, the probability is the same for each trial, and the outcomes are independent of each other.
Conclusion
Many decisions in business, insurance, and other real-life situations are made by assigning probabilities to all possible outcomes pertaining to the situation and then evaluating the results.
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