Probability Essay Examples

Blake Electronics

Statement of the problem: a. Should Steve contract the services of an outside research agency? b. If survey is warranted, should he employ MAI or I&K? c. Should the new product line be introduced? Analysis of the problem: MAI’s proposal directly provides Steve the conditional probabilities he needs such as the probability of a successful… View Article

Anchoring Effect

Introduction In real life, decisions made by individual are easily deviated from the judging criteria, showing the behaviors of bounded rationality. Simon indicated that “the bounded rationality is a property of an agent or a person who makes decisions that behaves in a manner that is nearly optimal with respect to its goals and resources…. View Article

Normal Distribution

Normal distribution is a statistics, which have been widely applied of all mathematical concepts, among large number of statisticians. Abraham de Moivre, an 18th century statistician and consultant to gamblers, noticed that as the number of events (N) increased, the distribution approached, forming a very smooth curve. He insisted that a new discovery of a… View Article

Technology Changing The Face of Education Group Discussion

This summary will be organized into four parts: (1) a synopsis of the comments made by participants during the entire group discussions after the paper presentations; (2) a synopsis of a small group discussion on technology and post-secondary education issues; (3) a list of recommendations regarding technology and teaching/learning at the post-secondary education issues that… View Article

Statistical Thinking and Model Building

STATISTICAl ANALYSIS In the evolution of any scientific discipline there is a period in which attempts are made to develop mathematical theories in order to account for and explain the observations generated by the phenomena with which the discipline is concerned. During this period, the qualitative and verbal theories are replaced, or supplemented, by quantitative… View Article