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ISO nerds: any statistics whizzes out there?
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ISO nerds: any statistics whizzes out there? - June 11, 2008, 11:31 AM

I know I'll probably catch a bunch of sh1t for posting this (as it does not pertain to fun), but any chance there are some math/statistics whizzes out there who wanna help me pass summer school? Taking an engineering stat class that's pretty tough and could certainly use help with the homework.


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June 11, 2008, 12:14 PM

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June 11, 2008, 12:14 PM

stats was fun. post up the questions


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June 11, 2008, 12:18 PM

Quote:
Originally Posted by pauliodotnet
stats was fun. post up the questions
+1
I've been planning to self-study through a couple of stats books I have lying around. This would be an excellent motivator.


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June 11, 2008, 12:32 PM

I'm taking STAT250 at GMU this semester. Not that I'll be that big of a help, but I've got the concepts down pretty good thus far. If it's basic and we've covered it already, I'll be happy to give my .02, wouldn't hurt for me either to be interactive with it...
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June 11, 2008, 12:37 PM

I'm taking STAT 344 and it's tough. Not gonna post the questions just bc it's time consuming, PM or email me if you're interested.


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June 11, 2008, 12:39 PM

Then you should be helping me!!!!
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June 11, 2008, 12:51 PM

post questions


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June 11, 2008, 12:55 PM

I looked at your syllabus, some of it is cake, some of it I would have to look at more


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June 11, 2008, 01:44 PM

I know biostats, and some of it will be applicable. I guess I could serve as an alternate consultant.


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June 11, 2008, 01:53 PM

I'm an ME with a master's. I've had some standard stats classes. PM ur question and I'll see if i can help


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June 13, 2008, 08:52 AM

Here's the first:

A small market orders a magazine every week. Suppose the store owner pays $1 for each copy and sells it for $2. If magazines leftover have no salvage value, is it better to order 3 or 4 copies? (hint: for both 3 and 4 copies ordered, express net revenue as a function of demand X and then compute the expected revenue.)


Let X = demand for the magazine, and the pmf is

x p(x)
1 1/15
2 2/15
3 3/15
4 4/15
5 3/15
6 2/15


I have the answer, but not sure how to get to it. Expected value =
E[h3(X)] = 2.466 and E[h4(X)]=2.667, so it's better to order 4.


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June 13, 2008, 09:12 AM

And the next....

15 telephones have just been received at a service center. 5 are cellular, 5 are corded, and 5 are cordless. Suppose that these components are randomly allocated the numbers 1,2,3....15 to establish the order in which they will be serviced.

a.What is the probability that after servicing 10 of them, phones of only 2 of the 3 types remain to be serviced?

b. What is the probability that 2 phones of each type are among the first 6 to be serviced?


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June 13, 2008, 09:17 AM

Well, I am no statistics guru, but it seems that you should be able to take the profit/loss for each scenario and multiply it by the probability of that scenario and add them up. For example, under the Buy 3 scenario, you have a 1/15 chance of selling 1, a 2/15 chance of selling 2 and a 12/15 chance of selling 3. The loss on selling 1 would be (1), the profit on selling 2 would be 1. and the profit on selling 3 would be 3. Do the same for buying 4 and see what happens.
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June 13, 2008, 09:29 AM

Quote:
Originally Posted by rddy
Well, I am no statistics guru, but it seems that you should be able to take the profit/loss for each scenario and multiply it by the probability of that scenario and add them up. For example, under the Buy 3 scenario, you have a 1/15 chance of selling 1, a 2/15 chance of selling 2 and a 12/15 chance of selling 3. The loss on selling 1 would be (1), the profit on selling 2 would be 1. and the profit on selling 3 would be 3. Do the same for buying 4 and see what happens.
I get what you're saying....it's perfect common sense. But I have to come up with the 2 expected values that I have as the solution, and it just doesn't add up right. The exp. val. is nothing more than the probability times the X value. If I take the sum of the (prob. times X) for X=1, 2,and 3 I get .934


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