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Decision Support Tools - Question & Answers

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Charles Sturt University

   

Decision Support Tools (ACC544)

   

Added on  2020-03-04

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In this document, we cover the following question: probability, statistical decision-making, and quality control. Also, we include learning research skills in searching out data on the Internet, presenting in a well-constructed table, and calculating some probabilities showing calculation methods.

Decision Support Tools - Question & Answers

   

Charles Sturt University

   

Decision Support Tools (ACC544)

   Added on 2020-03-04

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Running Head: DECISION SUPPORT TOOLDecision Support ToolName of the StudentName of the UniversityAuthor Note
Decision Support Tools - Question & Answers_1
1DECISION SUPPORT TOOLTable of ContentsANSWER 1.....................................................................................................................................2ANSWER 2.....................................................................................................................................5ANSWER 3.....................................................................................................................................6REFERENCES................................................................................................................................8
Decision Support Tools - Question & Answers_2
2DECISION SUPPORT TOOLANSWER 1a)At times, real numbers can be attached with the elementary events of a samplespace. For example, in throwing a fair die, we can attach the numbers 1, 2, ...., 6 with theappearance of 1 point, 2 points, ...., 6 points on the uppermost face. This is how afunction is defined over a sample space. A real valued function defined over a sample space is known as a random variable. Definite set of values with definite probabilities are assumed by random variables.Random variables are of two types, discrete random variables and continuous random variables (Miller & Miller, 2015). A random variable is said to be discrete if it assumes a finite number of values or a countably infinite number of values. For example, the sum of points obtained in two throws of a fair die is a discrete random variable.A random variable is said to be continuous if it assumes uncountably infinite number of values. For example, the decay time of a radioactive particle is a continuous random variable. b)An Expectation of a random variable is a very important feature of the randomvariable. It is denoted by E(X) and serves as a measure of central tendency of the
Decision Support Tools - Question & Answers_3

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