Standard Deviation in a Gambling Scenario
Not what you're looking for?
Two craps tables collect an average of $500 per hour. One table has a standard deviation of $50 while the other has a standard deviation of $150. What conclusion can be drawn from the data? Normally, would one want a larger of smaller standard deviation? Please discuss and show any work associated with this question. Thanks
Purchase this Solution
Solution Summary
The answer clearly explains the concept of risk and return using the example in the question. The answer does an excellent job of explaining the concepts. Overall, a great answer.
Solution Preview
I would suspect that the one with the larger standard deviation plays larger amounts than the one with smaller standard deviation. It is also ...
Purchase this Solution
Free BrainMass Quizzes
Measures of Central Tendency
This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.
Terms and Definitions for Statistics
This quiz covers basic terms and definitions of statistics.
Know Your Statistical Concepts
Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.
Measures of Central Tendency
Tests knowledge of the three main measures of central tendency, including some simple calculation questions.