Statistics Assignment #9 (additional pages+payment) Speech or Presentation

Statistics Assignment #9 (additional pages+payment) - Speech or Presentation Example Often, the experiment is carried out as a double blind test where both the doctors and patients do not know whether the given drug is actually a placebo or not. A simplified approach to this type of experiment may result in the table seen below. From this table, the problem can actually be handled as a chi square problem. Specifically, the Test of Homogeneity may be used in such a case. In such a case, the null hypothesis is that the ratio of effective against non-effective cases for both the new drug and the placebo must be equal. If the drug is to be considered for use, there must be a high probability of rejecting the null hypothesis hence indicating a significant difference between the control group (placebo group) and the trial group. In contrast, the lack of a control group would simply result to a measure of whether the new drug was effective or not. Since the testers are bound to think that the new drug would cure their complaints, the placebo effect takes place and the results of the experiment will no longer be reliable. The chi square approach establishes a framework for testing with non-parametric probability distributions. That is, the distribution is not defined by parameters such as the mean and standard deviation in the case of the normal distribution. Instead, the frequency or probabilities of certain observations are necessary to describe a model. Three applications of the chi square paradigm are the Goodness of Fit, Test of Independence, and Test of Homogeneity. While the three revolve around the same approach, they differ slightly in terms of interpretation. The Goodness of Fit testing approach is used when the expected probability of certain observations are known. This test compares the actual observations from the expected values and determines whether there is a significant deviation from the expected probabilities. An example for this would be a die roll. Each side of the die is supposed to appear as often as

Managing change, small hotel development Essay Example | Topics and Well Written Essays - 500 words

Managing change, small hotel development - Essay Example year 2020 is 5 years away; hence, considering the analyses that has been conducted on the Sea Front Hotel, the chances of development over the next five years can be assessed. One of the greatest strengths of the hotel is that it is not mired in any form of debt. As a result, in spite of the global financial fluctuations that occur, it can be said that the financial risks of any global economic downturn in the next five years will have little effect. However, the hotel lacks an online presence and it still uses conentional methods of communication. It has to be noted that nearly all successful businesses, especially those in the hospitality industry like Sea Front Hotel, make use of the internet as an essential marketing tool (Dudovskiy, 2015). The hotel cannot only rely on increased consumer spending because they are not assured that they will spend their money on an â€Å"unknown† hotel, due to its poor marketing strategy. In the face of competition over the next five years, the hotel is likely to achieve minimal development, because of its poor marketing plan. In addition, it has a limited customer base and needs to diversify. Due to the growth of the economy, its development chances can be sustained at the moment but not increased as it cannot rely on the national economy to develop. The chances of development for the Sea Front Hotel over the next 5 years are deem. Due to its favourable location setting, the hotel should be flocking with customers at the moment, but that is not the case. At the moment, it should be having a medium profit margin because it has a cheap source of supplies from the local area due to heightened competition among the suppliers. The cheap sources function as a financial cover, coupled with its lack of debts. However, its profit margins are low at the moment, something that the management should be planning to improve. The changes that can be implemented to improve this is the use of a cheap source of power, wind power, due to its