Notes, abstracts, papers, exams and problems of Mathematics

Single-Factor ANOVA is used to determine whether three or more populations have equal means.

ANOVA Assumptions:

• The population values are normally distributed.
• The variances for each population are equal.
• The samples are independent.
• The data measurement is interval or ratio level.

ANOVA is an analysis of variance. It needs to have equal variance in order to test the means.

Single-Factor ANOVA: analysis of variance design in which independent samples are obtained from two or more levels of a single factor for the purpose of testing whether the levels have equal means.

Type of data used in ANOVA: ratio or interval data (numbers).

H₀: all means are equal.

H₁: there is a difference in means.

Theory: Practicality.

In Multifactor ANOVA:

• Groups: rows (router

Fixed Costs

Fixed costs are not a function of the output. They do not vary with the output. They cannot be avoided until the operation of the firm is closed. They are contractual (prime).

Recurring and Non-Recurring Costs

• Recurring: Predetermined expenses for running the business, e.g., salaries, repairs, maintenance.
• Non-Recurring: Not predetermined, regular budgeting, e.g., repair of a machine. Sometimes it is also planned.

Cost Estimation

Cost estimation is the process of finding an estimate, an approximation of a value, which will be used for some purpose, though it is completely uncertain and unstable. Estimation is typically a value from statistics used to estimate the value of a corresponding population parameter.

Learning Curve

The learning... Continue reading "Cost Estimation and Management Decision Areas in Business" »

Qualitative and Quantitative Variables

Qualitative: variables that are not numerical. They represent categories or groups that the data can fall into. Nominal: the categories do not have a natural order or ranking. The key characteristic of nominal variables is that the different categories are mutually exclusive and there is no inherent order to the categories. Ordinal: the categories have a logical or natural order. However, the distances between the categories are not necessarily meaningful.

Quantitative: variables that represent quantities and can be measured numerically. Discrete: a type of quantitative variable that can take on a countable number of distinct values. These are typically values that you can list or count. They often represent... Continue reading "Understanding Data Types and Sampling Methods" »

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The purse is one of our most popular products for women. Its made of leather and comes in a variety of colours: black, green , red. It has got three separate sections—one holds banknotes, another holds credit cards and the third which has got a zip, holds coins. IT’S A large purse, but it fits easily into a normal-sized handbag….The purse comes with a three-year... Continue reading "holea" »

Practicing material for Quiz #5 – Discrete Probability Distribution SOLUTIONS

1. The manager of a baseball team has determined that the number of walks, x, issued in a game by one of the pitchers is described by the probability distribution given below.

1. This pitcher issues as few as 0 walks and as many as 5 walks in a game.

1. Determine the following probabilities

i. P(x = 2) = 0.15

ii. P(x > 4) = 1 – 0.10 = 0.90

iii. P(x > 5) = 0

iv. P(2 < x < 4) = 0.15+0.45+0.15 = 0.75

1. Calculate the mean for this discrete probability distribution, µ = 2.85 walks

µ = Sxp(x) = 0(0.05) + 1(0.10) + 2(0.15) + 3(0.45) + 4(0.15) + 5(0.10) = 2.85

1. The average, over time, of walks issued in a game by one of the pitchers is 2.

Nanotechnology

is the study, design and creation of materials and devices by means of a control of matter on a nanometric scale.

Nanotechnology in Computing

The manufacture of nanochips, capable of storing a huge number of transistors, will enable the design of devices which are much smaller and more powerful.

Nanomedicine

There exists the possibility of building tiny devices, which in sufficient amounts will be able to circulate around the human body detecting, at an early stage, diseases such as cancer.

Nanoindustry

Machines can be designed that make use of waste to generate themselves or generate devices which make use of energy in a more efficient way.

Location, Production and Using Up of Materials

Globalization is the process by which the world... Continue reading "Nanotechnology and Globalization: Impacts and Opportunities" »

Financial Ratio Analysis

Usefulness of Ratio Analysis

1. Measure of Profitability

Ratio analysis provides context for evaluating a company's profit, such as comparing it to previous periods or industry averages. Ratios like Gross Profit Margin, Net Profit Margin, and Expense Ratio help assess profitability and identify areas for improvement.

2. Evaluation of Operational Efficiency

Ratios like Turnover Ratios and Efficiency Ratios can reveal how effectively a company manages its assets and resources, helping to identify areas of inefficiency and potential cost savings.

3. Ensure Suitable Liquidity

Ratios such as the Current Ratio and Quick Ratio measure a company's short-term liquidity, indicating its ability to meet immediate cash obligations and... Continue reading "Financial Ratio Analysis: Uses, Benefits, and Limitations" »

Vocabulary

Axiom

Statement that is considered to be self evident and assumed to be true without any proof or demonstration.

Theorem

Statement that has been proved on the basis of previously established statements, such as other theorems and generally accepted statements such axioms.

Corollary

Statement that follows with little or no proof required from an already proven statement.

Lemma

Mathematical result that is useful in establishing the truth values of some other results.

Trivial proof

The statement on the proof is trivial if we can prove that Q(x) is true for all x in S, then for all x in S, p(x) => q(X) is true regardless of the truth value of p(x).

Vacuous proof

The statement on the proof is vacuous if we can prove that P(x) is true for all x in S, then... Continue reading "Mathematical Proofs and Definitions" »

Selecting Samples

A simple random sample of size n from a finite population of size N is a sample selected such that each possible sample of size n has the same probability of being selected.

A random sample of size n from an infinite population is a sample selected such that the following conditions are satisfied.

Point Estimation

By making the preceding computations, we perform the statistical procedure called point estimation. We refer to the sample mean x as the point estimator of the population mean m, the sample standard deviation s as the point estimator of the population standard deviation s, and the sample proportion p as the point estimator of the population proportion p. The numerical value obtained for x, s, or p is called the point... Continue reading "Understanding Sampling, Estimation, and Hypothesis Testing in Statistics" »