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(PDF) Decision support systems and tools

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Added on  2021-04-21

(PDF) Decision support systems and tools

   Added on 2021-04-21

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Running Head: DECISION SUPPORT TOOLSDecision Support ToolsName of the StudentName of the UniversityAuthor Note
(PDF) Decision support systems and tools_1
DECISION SUPPORT TOOLS1Table of ContentsAnswer 1..........................................................................................................................................2Part A...........................................................................................................................................2Part B...........................................................................................................................................2Part C...........................................................................................................................................3Part D...........................................................................................................................................4Answer 2..........................................................................................................................................5Answer 3..........................................................................................................................................5Part A...........................................................................................................................................5Part B...........................................................................................................................................6References........................................................................................................................................8
(PDF) Decision support systems and tools_2
DECISION SUPPORT TOOLS2Answer 1Part AA statement of all possible values or sets of values of a random variable together with thecorresponding probabilities gives the probability distribution of the random variable. It may berepresented by a function, in a table or a graph (Rohatgi & Saleh, 2015). The probability distribution of a discrete random variable is known as a discreteprobability distribution. In a discrete probability distribution, the probabilities of the randomvariables at each of the discrete points must be greater than zero and sum of all the probabilitiesare equal to 1 (Rohatgi & Saleh, 2015). For example, if a die is rolled and a six is obtained, thenthe person gets a gift. If a six is not obtained, no gift is given. This is an example of a discreteprobability distribution where the probability of obtaining a six is 16 and not obtaining a six is 56.The probability distribution of a continuous random variable is known as continuousprobability distribution. In continuous probability distribution, there are no distinct points atwhich the probabilities can be checked and hence the probabilities at each point is considered aszero. The area under the curve of the probability distribution function over its whole range ofvalues is equal to 1 (Rohatgi & Saleh, 2015). For example, there is a guessing game where if aperson can guess the price of the product within $2 of the original price, the person gets a gift,otherwise not. This is an example of a continuous probability distribution. Part BThe daily sales of the top selling loaf of bread of a baker, over the last 100 days is givenin the following table:
(PDF) Decision support systems and tools_3

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