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Electra wants to purchase a laptop for use in her MBA program so she can work on assignments and surf the web while the professor drones on endlessly.After consulting with her colleagues,she chooses the dimensions of cost,weight,processor speed,and touchscreen capability as critical to her long term success and amusement.She evaluates four different laptops and rates their performance on each criterion on a scale from 1 (poor) to 5 (excellent) .She is struggling with her assessment of the importance of the Cost criterion.As an avid lottery player,she is pretty sure that tonight's drawing will mean at least two numbers match on the ticket she bought on the way to class and it could possibly mean a three-number match.Given her uncertainty,she would like to choose the laptop that performs the best overall across the entire spectrum of possibilities of the outcome of tonight's lottery.Which would you recommend?
Statistical Inference
The process of using data analysis to deduce properties of an underlying probability distribution.
Estimate
An approximation or educated guess of a certain quantity based on available data.
Population
The entire group or set of items or individuals from which samples may be drawn for statistical analysis.
Statistical Inference
The process of making predictions or decisions about a population based on sample data.
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