19. Classify the following statement as an example of classical
probability, empirical probability, or subjective probability.
Explain your reasoning.
The probability that a randomly selected number from 1 to 400 is
divisible by 6 is 0.165.
This is an example of ___ probability since ____.
18.Classify the following statement as an example of classical
probability, empirical probability, or subjective probability.
Explain your reasoning.
According to a survey, the probability that an adult chosen at
random is in favor of a...
What is probability? Describe classical, empirical, and
subjective probability, and provide "real-world" examples of each.
How can each of these types of probability apply to the business
world? Do you think any one type is more useful in business than
the others? Why or why not?
1. State whether the following is a classical or Bayesian
(subjective) probability, and explain why (1 pt for correct id and
1 pt for explanation):
a. The chance of getting a 5 on a fair 6-sided die is 1/6.
b. The chance that the replacement bill for the ACA will be
passed by Congress before the end of the year is 5%.
c. There is a 95% chance of a major correction (drop of 20% or
more) in the stock...
Define empirical and theoretical probability.
Describe a situation where empirical probability would be
used.
Explain why your situation represents empirical
probability.
2. Comment critically: “Data are the most important component of
an empirical analysis. It should be complete. Even if complete data
do not exist from the source, and if necessary, data issues may
derive the choice model even lead to the alteration of the
theoretical model.”
Management: Comment why you believe that cross-functional teams
are primary components for most of the organizations? Defend your
answer with suitable examples.
b) Self-actualization, at the top of his pyramid of needs, is
the state that has most fascinated followers of Maslow. What is it?
According to Maslow’s research who has achieved it defend your
answer with the help of suitable examples.
Which couple of assertions relates to classical
statistics? and why
(a) Probability density function is a function of coordinates and
momenta of all particles; infinite time is needed to measure
positions of all energy levels.
(b) Initial conditions cannot be determined simultaneously for all
particles; system’s state is described by coordinates and momenta
(in phase space).
(c) It is impossible to determine the quantum states with certain
energy (stationary levels); system’s state is set by the value of
system’s energy,...