Weather Conditions Rain Overcast Sunshine Decislon 30 .15 .55 $-500 $-200 $1,500 -900 Sun visors Umbrellas 2,000
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A concessions manager at the Tech versus A&M football game must decide whether to have the
vendors sell sun visors or umbrellas. There is a 30% chance of rain, a 15% chance of overcast
skies, and a 55% chance of sunshine, according to the weather forecast in College Junction,
where the game is to be held. The manager estimates that the following profits will result from
each decision, given each set of weather conditions: a. Compute the expected value for each decision and select the best one.
b. Develop the opportunity loss table and compute the expected opportunity loss for each decision.
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