Net Income Rain No Rain Lima Avenue 93,000 111,000 Morello Street 122,000 94,000 Nickel Boulevard 83,000 132,000 Otros Highway 67,000 142,000 1. If Naomi uses the minimax regret decision making method, she will find that the regret for the Nickel Boulevard location when it rains is ? 2. Naomi estimates that the probability of rain is 40% and the probability of no rain is 60%. If she uses the expected value decision making method, she will calculate the expected value of the Otros Highway to be $
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.
| Net Income | Rain | No Rain | |
| Lima Avenue | 93,000 | 111,000 | |
| Morello Street | 122,000 | 94,000 | |
| Nickel Boulevard | 83,000 | 132,000 | |
| Otros Highway | 67,000 | 142,000 |
1. If Naomi uses the minimax regret decision making method, she will find that the regret for the Nickel Boulevard location when it rains is ?
2. Naomi estimates that the probability of rain is 40% and the probability of no rain is 60%. If she uses the
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