Question

Probability: Think of an instance in your life in the past week where you used probability...

Probability: Think of an instance in your life in the past week where you used probability to make a risky decision. How did you eventually come to make that decision, and what role did the chance of one particular thing happening have on making that decision?

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Assume that 355 Ford car owners (n = 355) were randomly selected and asked the
following question: ‘When you buy your next car, will you buy another Ford product?’
(event A).
The outcomes are either ‘Yes’ or ‘No’. Assume that 76 respondents answered ‘Yes’ (r =
76). Then P(A) = 76/355 = 0.214.
There is a 21.4% chance that a current Ford owner will remain loyal to the Ford brand
name and purchase another Ford on his or her next car purchase. Alternatively stated,
one in five Ford car owners is brand loyal.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Probability: Think of an instance in your life in the past week where you used probability...
Probability: Think of an instance in your life in the past week where you used probability to make a risky decision. How did you eventually come to make that decision, and what role did the chance of one particular thing happening have on making that decision?
What is one instance where you think linear regression would be useful to you in your...
What is one instance where you think linear regression would be useful to you in your workplace or chosen major? Please describe including why and how it would be used
Think about decisions you have had to make in your personal or professional life. In making...
Think about decisions you have had to make in your personal or professional life. In making your decision, did you follow ethical or moral principles? Explain.
Probability tells us the chance or likelihood that a particular event will occur. Whether or not...
Probability tells us the chance or likelihood that a particular event will occur. Whether or not we realize it, every day we use probability to make decisions. For instance, when deciding whether to take an umbrella, we check the weather forecast to see the probability that it will rain. In this instance, probability tells us the likelihood that it will rain; however, the decision about taking an umbrella is based on an individual’s willingness to risk getting rained on. Some...
Can you think of a person or leader in your life, wether past or present that...
Can you think of a person or leader in your life, wether past or present that demonstrated these roles? What differences did you notice within the company or in your life?
What is one instance where you think linear regression would be useful to you while working...
What is one instance where you think linear regression would be useful to you while working in healthcare? Please describe including why and how it would be used.
Give one example of how you have used probability in your life. Were you able to...
Give one example of how you have used probability in your life. Were you able to determine the probability based on the classical method, the relative frequency method, or the subjective method? Explain. Think about all the times you do use probability each day and explain which of the three methods you utilize the most throughout the day, and why
Think of an incident in your life where you or someone you knew did something they...
Think of an incident in your life where you or someone you knew did something they should not have done where someone was hurt financially, or an incident where you were hurt financially. Write a short history of what happened and then take the position of a fraud examiner who was put in place of investigating the incident and describe the important steps they would have had to do in relation to that examination.
Probability tells us the chance or likelihood that a particular event will occur. Whether or not...
Probability tells us the chance or likelihood that a particular event will occur. Whether or not we realize it, every day we use probability to make decisions. For instance, when deciding whether to take an umbrella, we check the weather forecast to see the probability that it will rain. In this instance, probability tells us the likelihood that it will rain; however, the decision about taking an umbrella is based on an individual’s willingness to risk getting rained on. Some...
Have you ever been involved in a lease-or-buy decision at work? In your personal life? Please...
Have you ever been involved in a lease-or-buy decision at work? In your personal life? Please describe this situation and be sure to include the following information: How did you approach making this decision? Did you use a formal process or an informal process? What factors went into making the decision to lease or to buy? In hindsight, do you think that you made the right decision? Do you think that you made the cost effective decision? minimum of 200...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT