Business Analytics Principles, Concepts, and Applications: What, Why, and How by Marc J. Schniederjans & Dara Schniederjans & Christopher M. Starkey

Author:Marc J. Schniederjans & Dara Schniederjans & Christopher M. Starkey
Language: eng
Format: epub
Publisher: Pearson
Published: 2014-06-14T16:00:00+00:00

* * *

Question: What is the probability of three members of Party A being selected, without replacement, in the sample of ten members mentioned earlier?

Answer:

P(A1 and A2 and A3) = P(A1) × P(A2|A1) × P(A3|A2)

= (5 / 10) × (4 / 9) × (3 / 8)

= 0.09

* * *

A.4. Probability Distributions

There are several basic terms that are used to describe probabilistic situations and distributions: experiments, trials, outcomes, and events. An experiment is defined as a test or a trial, or a set of tests or trials, in which an operation is conducted to discover unknown behavior. A consumer survey is an experiment that can be used to determine unknown consumer behavior. Each time a meal is prepared in a restaurant for a customer, it represents an experiment of the chef trying to satisfy the customer’s tastes. An outcome is defined as the result of the experiment. The results of a consumer survey or the preparation of a meal can have a successful or unsuccessful outcome. An event is also defined as the outcome of an experiment. If an experiment consists of only one trial, the results of the experiment can be called an outcome or an event of the experiment. Events usually represent the different types of outcomes that are possible in an experiment when the experiment consists of multiple tests or trials. For example, in a product failure study, products are tested to determine the probabilities of a product working or failing. In this two-outcome situation, the probability of a product working is one event, whereas the probability of a product failure is another event.

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.