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A survey of 34 students at the Wall College of Business showed the following majors: $$ \begin{array}{lr} \text { Accounting } & 10 \\ \text { Finance } & 5 \\ \text { Economics } & 3 \\ \text { Management } & 6 \\ \text { Marketing } & 10 \end{array} $$ From the 34 students, suppose you randomly select a student. a. What is the probability he or she is a management major? b. Which concept of probability did you use to make this estimate?

Short Answer

Expert verified
a. \( \frac{3}{17} \). b. Classical probability.

Step by step solution

01

Identify the Number of Management Students

From the survey data, there are 6 students who are management majors.
02

Determine the Total Number of Students

According to the survey, there are a total of 34 students who participated in the survey.
03

Calculate the Probability

The probability (P) that a randomly selected student is a management major is given by the formula \( P = \frac{\text{Number of favorable outcomes}}{\text{Total number of possible outcomes}} \). Thus, \( P = \frac{6}{34} \).
04

Simplify the Fraction

Simplify \( \frac{6}{34} \) by dividing both the numerator and the denominator by their greatest common divisor, which is 2. This simplifies to \( \frac{3}{17} \).
05

Determine the Probability Concept

The concept of probability used is the classical probability, as it is based on the assumption that all outcomes are equally likely.

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Key Concepts

These are the key concepts you need to understand to accurately answer the question.

Classical Probability
Classical probability is a fundamental concept in the field of probability theory. It refers to the method of calculating the likelihood of an event occurring based on all outcomes being equally likely. In other words, it's the ratio of the number of favorable outcomes to the total number of equally likely outcomes.

For example, when you roll a fair die, each of the six faces has an equal chance of landing face up. With classical probability, you would calculate the probability of rolling a specific number, say a four, by dividing the number of favorable outcomes (1, since there's only one four on the die) by the total number of possible outcomes (6, representing the six faces of the die). Hence, the probability is:

\[ P( ext{rolling a 4}) = \frac{1}{6} \]

This simple yet powerful framework is essential for understanding more complex probabilistic scenarios. In the given exercise, we apply classical probability to determine the chance of selecting a specific major from a group of students, as all outcomes (students) are considered equally likely to be chosen.
Probability Calculation
Calculating probability can be straightforward when you understand the basic formula, which involves the ratio of the number of favorable outcomes to the total number of possible outcomes. Let's break it down step by step:

**1. Identify Favorable Outcomes**
Recognize the specific outcome you are interested in. In our exercise, it's the number of students who major in Management, which is 6.

**2. Determine Total Possible Outcomes**
This involves counting all the outcomes that could potentially occur. Here, we have 34 students in total.

**3. Use the Probability Formula**
The classical probability formula is:
\[ P( ext{event}) = \frac{ ext{Number of favorable outcomes}}{ ext{Total number of possible outcomes}} \]
For the Management major, this is calculated as:
\[ P( ext{Management}) = \frac{6}{34} \]
Simplifying the fraction by dividing both the numerator and denominator by their greatest common divisor (2), we get:
\[ \frac{3}{17} \]
This calculation provides a simplified probability, making it more comprehensible and easier to work with in further analyses.
Survey Data Analysis
Survey data analysis involves extracting useful insights and understanding probabilities from collected data sets. It usually requires you to:
  • Collect and organize data effectively
  • Identify the relevant categories within the data
  • Calculate probabilities based on the observed frequencies

In our example, the data from a survey of 34 students is categorized into different majors. By organizing this data, you are able to compute the probability of a student being in a particular major using simple statistical methods like those in classical probability. For instance, you only need the number of Management majors and the total number of students to calculate the probability as demonstrated.

Survey data analysis is critical in research as it allows decision-makers to ascertain trends, behaviors, and likelihoods from sample data. Moreover, it provides insights that can guide further research or organizational strategies.

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