Question: HW 10 Question 22: Look at the descriptive statistics for the mean of the simulated data (sampling distribution from right skewed population) for samples of

HW 10 Question 22: Look at the descriptive statistics for the

HW 10 Question 22: Look at the descriptive statistics for the mean of the simulated data (sampling distribution from right skewed population) for samples of size 1, 10, and 30. Keep in mind that this is simulated data which is like taking a random sample. Therefore, each time data is simulated, you will get a slightly different outcomes. The overall pattern, however, will remain consistent.

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1. Identify your reference point when making a decision based on an element of risk.

3. If there are reasonable alternatives, think about your decisions based on the different reference points and see if there are any contradictions in the decisions.

4. It is only at this point that you can give the problem your full attention in relation to the various ways you have framed the problem.