Questions for Thought
A bank audited 100 randomly selected transactions of a newly hired cashier and found that all 100 were done correctly. What is the 95% confidence interval for the cashier’s probability of an error?
In order to be 95% confident that the incidence of fraud among tax returns is less than 1 in 10,000, how many tax returns would the IRS need to audit at a minimum?
An exam has 50 multiple-choice questions. A student got the first 10 right and so claimed by the Rule of Three that his chance of getting a question wrong on the exam was less than 30%, and so he should be passed without having to do the rest. Is this a proper use of the Rule of Three?
A manufacturer of delicate electronic systems requires a very low defect rate. To ...
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