The Application Which Provides a Way of Revising Conditional Probabilities

question 268

Multiple Choice

The application which provides a way of revising conditional probabilities by using available information and provisions for revising conditional probabilities with other information that is useful for management decision making is called:

• A)overinvolvement ratios.
• B)Bayes' theorem.
• C)empirical formula.
• D)probability rules.

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Definitions:

Random sample

A subset of individuals chosen from a larger set where each member has an equal chance of being selected.

Population proportion

The proportion of a specific group or characteristic within a defined population.

Margin of error

An indicator of the precision of an estimate, representing the range within which the true population parameter is expected to lie with a certain confidence level.

Confidence interval

A reach of numerical outputs, from sampling statistics, with the potential to cover the hidden value of a population parameter.