SCENARIO 19-6
a Student Wanted to Find Out the Optimal

question 103

Short Answer

SCENARIO 19-6
A student wanted to find out the optimal strategy to study for a Business Statistics exam. He
constructed the following payoff table based on the mean amount of time he needed to study every
week for the course and the degree of difficulty of the exam. From the information that he gathered
from students who had taken the course, he concluded that there was a 40% probability that the exam
would be easy. $$\begin{array} { | l | l | l | l | } \hline & 16 \text { hours } & 8 \text { hours } & 4 \text { hours } \\\hline \text { Easy Exam } & 40 & 60 & 80 \\\hline \text { Difficult Exam } & 100 & 50 & 0 \\\hline\end{array}$$
-Referring to Scenario 19-6, how many possible events are there?

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Definitions:

Treatment Options

Various medical or surgical methods available to manage or cure a health condition.

Survival Odds

A statistical estimate of the likelihood of continuing to live or survive, often used in medical contexts.

Social Networking

The use of internet-based platforms and applications to build, engage, and share with a community or network of personal or professional contacts.

Confidentiality

The ethical principle ensuring private information is not disclosed without consent.