BUEC 232 Lecture Notes - Lecture 8: Collectively Exhaustive Events, Mutual Exclusivity, Probability Distribution

• School: Simon Fraser University
• Department: Business Administration and Economics
• Course: BUEC 232
• Professor: bisher

Document Summary

Mental challenge, a drilling company has estimated a 40% chance of striking oil at their new well site, a detailed test has been scheduled for more information. If we learn that this well has passed a detailed test, what is the updated probability that the well will actually be successful: buec 232, basic probability part 2, question 2 clarification. Use your own intelligent judgement to decide what to do with each of the problems with the numeric. (height and foot size) data. Recall from our discussion in class that extremely high values and extremely low values are a result of an error or it could just be an extreme measurement (an outlier). Once you have cleaned up the data, save your excel file and run the descriptive statistics summary table once again on the same 12 variables as question 1. The sum of the probabilities of all mutually exclusive and collectively exhaustive events is 1.