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1. Do you think that it is possible to make a decision with one-hundred percent certainty? What are possible elements you may consider before making a business decision so that you can minimize uncertainty in your decision?

2. What are possible elements you may consider as a manager before making a business decision so that you can minimize uncertainty in your decision.

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1. Do you think that it is possible to make a decision with one-hundred percent certainty?

I do not think that it is possible to make a decision with one-hundred percent certainty. This is because everyone is human and because of that nobody is perfect. If everyone was, then yes, this would become possible. Most act as they are fully certain all the time but that is the self-confidence showing and not the actual truth of the matter at ...

Solution Summary

This solution provided an opinion on whether or not it is 100% possible to make a decision with this much certainty as well as possible elements one needs to consider as a manager before making a business decision.

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Sufficiency and Order Statistics

Let Y1<Y2<...<Yn be the order statistics of a random sample of size n from the uniform distribution over the closed interval [-theta, theta ]
having pdf f(x; theta ) = (1/2(theta))I[-theta , theta ](x).

Argue that the mle of theta; equals theta;hat= max(-Y1, Yn).
Demonstrate that the mle theta;hat is a sufficient statistic for theta;.
Define at least two ancillary statistics for this distribution

See attachment for better symbol representation.

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