TABLE 5-8 Two Different Designs on a New Line of Winter Jackets

question 11

Short Answer

TABLE 5-8
Two different designs on a new line of winter jackets for the coming winter are available for your manufacturing plants. Your profit (in thousands of dollars) will depend on the taste of the consumers when winter arrives. The probability of the three possible different tastes of the consumers and the corresponding profits are presented in the following table.

-Referring to Table 5-8, what is the variance of your profit when Design A is chosen?

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Definitions:

Statistically Significant

A term used to indicate that the result of a study is unlikely to have occurred by chance alone, according to a pre-determined threshold probability.

Botany Class

A course of study focused on plants, their physiology, structure, genetics, ecology, distribution, classification, and economic importance.

Representative Sample

A segment of a population that correctly represents the characteristics of the whole population.

Registered

A formal process of enlisting or recording names or items in a list, database, or system for official purposes.