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Microsoft® Excel Data Analysis and Business Modeling by Wayne L. Winston

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Chapter 62. Using Resampling to Analyze Data

  • I’ve produced nine batches of a product using a high temperature and seven batches of a product using a low temperature. What is the probability that the process yield is better at the high temperature?

In our work and personal lives, we often use data to make inferences. In addition to the example described above, we use data to answer questions such as these:

  • What is the probability that a new teaching technique improves student learning?

  • What is the probability that aspirin reduces the incidence of heart attacks?

  • What is the probability that machine 1 is the most productive of our three machines?

You can use a simple yet powerful technique known as resampling to make inferences from data. To make statistical ...

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