Law of Numbers Essay Example | Topics and Well Written Essays - 500 words

Law of Numbers - Essay Example [2] If a coin is tossed many times, the more times it is tossed, the likelihood of the number of "heads" in the total population will be close to 1/2. This Law of Large Numbers can be further explained with the help of a Randomly Generated Coin Toss online applet (available from http://hspm.sph.sc.edu/COURSES/J716/a01/stat.html). The coin is unbiased and it has two sides that are equally likely to come up. When the random generator is run, the applet shows the proportion of heads in the total population. In the first 10 tosses the proportion of heads is 0.272 (3 heads and 7 tails). When it is run for a longer time up to 100 tosses the proportion of heads approaches one-half and becomes 0.48 (43 heads and 47 tails). For a 1000 tosses the proportion of heads become 0.499 (502 heads and 498 tails). This figure will fluctuate around 0.5, with the fluctuations slowly getting smaller and almost reaching 0.5. [1] 1) Let's say you flipped the coin once and it landed on heads. You will expect that on alternative tosses you will get a head. In 10 coins are tossed you expect 5 to be heads since the expected percentage of successes is 50%. But in reality only three are heads. The difference between the actual and expected number of successes is 2. The actual percentage of number of heads is 20% meaning a difference between actual and expected percentage of 30%.

WEEK 8 Problem Statement Essay Example | Topics and Well Written Essays - 500 words

WEEK 8 Problem Statement - Essay Example ogy in the world of business has continued to engage the concern of experts who explore the various ways that could be relied upon to provide solutions to the business world. Essentially, the provision of these solutions requires the adoption of information technology tools in specific areas that pose challenges of efficiency and productivity (Gottschalk, 2007). A comprehensive appreciation of the value of information technology in the world of business might begin with some focus on the communication factor in business. Efficient communication saves time and money and helps the organization to meet set goals in an orderly and harmonious manner. Traditional forms of communication involved lengthy periods of time which adversely affected the fiscal targets of business. Generally, the performance of any business is measured within specific time frames. It is therefore important for businesses to develop systems that would ensure efficiency and production within the set time frame. Information technology has supplied tools through the internet technology which lessen the logistical challenges that were usually incurred in the course of running a business (Elliott, 2004). Another factor cited by experts who embrace the adoption of information technology in business is the reduction of stress and burnout at the work place. Naturally, the incorporation of technology in the world of business has the effect of reducing the strain and stress that accompanies manual processes. Related to this is the fact that human error often occurs due to the manual systems that are more susceptible to inaccuracies as compared to systems that utilize information technology. Many studies have shown that the comparative advantage between the two systems favours the adoption of information technology in business processes. The introduction of internet-based computer technology has had the effect of increasing the efficiency of businesses processes. Although the adoption of information