Dante Development Corporation is considering bidding on a contract for a new office building complex. Figure 4.17 shows the decision tree prepared by one of Dante’s analysts. At node 1,….
describe a concept covered in the course that you feel might be of assistance to you now or in the future.
Pick any two variables that you feel may be related and estimate what you think the strength of the correlation coefficient would be for those two variables. In your response, estimate the value of r. For example, specify a strong (.7 to .9), medium (.4 to .6), or low (0 to .3) value for r. The value of the coefficient can be positive or negative. For example, consider an increase in police patrols in a neighborhood and the number of burglaries that occur in that neighborhood. I would say that would be a strong inverse relationship with an r value of -0.8; as one (patrols) increases, the other (burglary rate) goes down. Describe the factors that you think would contribute to why the variables would have the relationship that you estimate it to be.
Question 8 B
Now that you have completed this course in Statistics, please describe a concept covered in the course that you feel might be of assistance to you now or in the future. For example, using charts and graphs to graphically describe data at your job, or using one of the sampling methods discussed at the beginning of the course to generate sample data. Please be specific in explaining how you would use what you have learned in class to your benefit.