Chapter10 - Chapter 10 Using Data 1 Using Data We have...

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1 Chapter 10 Using Data
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2 Using Data We have discussed subjective judgments and theoretical distributions as sources for probabilities when modeling uncertainty in a decision problem In this chapter we consider an obvious source for information about probabilities- historical data
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3 Using Data Use data alone to develop probability distributions Use of data to understand and model relationships among variables Use data in conjunction with theoretical probability models
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4 Using data to construct Probability Distributions Using data when it is available is a straightforward idea Example: planning picnic at the Los Angeles zoo on an as-yet undetermined day during February The weather is a concern in this case, and you want to assess the probability of rain
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Using data to construct Probability Distributions National Weather Service report that the probability of rain on any given day in February is approximation 0.25 This estimate is based on analysis of
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Chapter10 - Chapter 10 Using Data 1 Using Data We have...

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