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In: Operations Management
What is inference concerning Multinomial Experiments? How is the end result of the Chi-square analysis process...
What is inference concerning Multinomial Experiments? How is the end result of the Chi-square analysis process related to stewardship?
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Expert Solution
Inferences about multinomial experiments are:
1. The trials are independent which means that the results does not affect each other.
2. The trials are fixed - ‘n’ number of repeated trials.
3. Each trial that is the result of the outcome should be classified into one of the different categories.
4. However, the probabilities of the different categories that has been assigned to the outcomes remains constant in each trial.
Chi-square test is also known as ‘goodness of fit’ with the main aim to test the likeliness that an observed distribution is due to chance. In other words, it measures how well the observed distribution of data best fits the expected distribution considering the variables are independent. It helps to test the independence level and the significant relationship between two categorical variables.
Chi-square is related to stewardship as it enables responsible planning and management of the resources. The optimum allocation of resources is possible through Chi-square test which meets the objective of stewardship.
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