Introduction to Statistics for Business Decisions |
Contents
The Meaning of Probability | 1 |
Tables | 9 |
Expected Value and Utility | 24 |
Copyright | |
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Common terms and phrases
acceptance actually assess ball basic random variable batch Bernoulli process binomial distribution break-even value businessman Chapter choose column compound event compute the expected conditional expected terminal conditional losses conditional probability Conditional profit confidence interval consequences cost of sampling cumulative curve decision maker decision problem decision rule demand dotted drawn elementary events equal error characteristics exactly example expected loss expected monetary value expected profit expected terminal loss expected total loss expected value formula fractile frequency distribution given histogram less manufacturer mutually exclusive events Normal approximation Normal distribution null hypothesis observed opportunity loss package parameters payoff table population possible acts possible values posterior distribution posterior probability prior distribution prob probability distribution profit or cost reasonable reference lottery rejection number relative frequencies result sampling cost Section shown in Table simply standard deviation statistician store test striped student terminal act ticket unconditional utility variance weight wrong decision