28 December 2011

Re Solutions

In this time of New Year resolutions I will post re solutions. ;)* In mathematics the solution is the answer. Examples: x=42. Theta is 57 degrees. The price has increased by 15%. In statistics a solution provides something we can be reasonably sure of. Examples: We are 95% confident that the price of a house increases by between $5,000 and $7,000 for each extra bathroom, all other things being equal. The margin of error is 3 percent. There is evidence that more men prefer milk chocolate than dark chocolate. What is called a solution in operations research could be called an […]