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Construct a decision tree to help the television network identify the strategy that maximizes its expected profit in responding to a newly proposed television program.Make sure to label all decision and chance nodes and include appropriate costs,payoffs and probabilities.
Null Hypothesis
A hypothesis that suggests there is no statistical significance in a set of given observations, implying no effect or relationship.
Linear Relationship
A relationship between two variables where the change in one variable is directly proportional to the change in another variable.
Pearson Correlation
A statistical measure that calculates the strength and direction of a linear relationship between two quantitative variables.
Covariance
A measure that indicates the extent to which two variables change together; if the greater values of one variable mainly correspond with the greater values of the other variable, and the same holds for the lesser values.
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