List three methods of assessing probabilities and indicate which ...

[Haya94]

List three methods of assessing probabilities and indicate which is least likely to be used in business decision making.
 
  What will be an ideal response?

Question 2

Recently, a company tested three different machine types to see if there was a difference in the mean thickness of products produced by the three. A random sample of ten products was selected from the output from each machine.
 
  Given this information, the proper design to test whether the means are equal is a one-way ANOVA balanced design. Indicate whether the statement is true or false

[tuate]

Answer to Question 1

The three methods of probability assessment are classical assessment, relative frequency of occurrence, and subjective assessment. The classical method has very little application for business decision making since rarely are the elementary events equally likely.

Answer to Question 2

TRUE

[Haya94]

Excellent

[meow1234]

TYSM