MAS 201- Midterm Exam Guide - Comprehensive Notes for the exam ( 13 pages long!)

• School: University of Miami
• Department: Management Science
• Course: MAS 201
• Professor: Mc Kenry Mary

Document Summary

Exponential probability distribution: often used for service times (such as time between arrivals of customers, density function: not really used, exponential cumulative probability function is what we will use for this class. Confidence interval for the mean (when standard deviation is known: 95% confidence interval for the mean a. i. An estimate of the mean, so that, if one selected 100 samples of size n from the population, 95 out of the 100 intervals constructed will contain the population mean, and 5 will not contain the population mean a. ii. There is no way to know whether the confidence interval one constructs contains the mean or not a. iii. If one would like to increase the level of confidence, say to 99%, then the value of z would change. Confidence interval for mean (when standard deviation unknown: the previous confidence interval for the mean was when standard deviation was known.