Controlling is a management process which involves comparing the outcome of an organization's processes to the targets set for those processes beforehand, and taking corrective measures in case the outcome is deviating from the set targets. For example, a manager of a business running at a loss, can identify the cause of the loss and find ways of correcting the negative outcome.

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3 years ago

For a binomial experiment with r successes out of n trials, what value do we use as a point estimate for the probability of succ

trapecia [35]

Answer: $\dfrac{r}{n}$

Explanation:

If r is the number of successes out of n trials , then the sample proportion of success = $\hat{p}=\dfrac{r}{n}$

For binomial experiment , if the population probability of success p on a single trial is not given , then the best point estimate for probability of success p on a single trial is the sample proportion of successes.

i.e. a point estimate for the probability of success p on a single trial :

$p=\hat{p}=\dfrac{r}{n}$

Hence, a point estimate for the probability of success p on a single trial = $\dfrac{r}{n}$

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3 years ago