SCENARIO 20-6 a Student Wanted to Find Out the Optimal Strategy to Strategy

question 21

Short Answer

SCENARIO 20-6
A student wanted to find out the optimal strategy to study for a Business Statistics exam with scores out of 100 possible points.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.

-Referring to Scenario 20-6,what is the expected profit under certainty?

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Definitions:

Confidence Interval

A ladder of values, extracted from samples’ statistical evaluations, that could likely contain the value of an obscure population parameter.

Weight Loss Centre

A weight loss centre is a facility that offers services and programs to assist individuals in losing weight through diet, exercise, counseling, and sometimes medical interventions.

P-value

A statistical metric that measures the probability of obtaining test results at least as extreme as the ones observed, assuming the null hypothesis is true.

Weight Loss

The act of reducing one's body mass, generally through modifications in diet, exercise, or lifestyle.