Question: Please help answer this following question as shown below: You have to subjectively assess an o -quantile of a continuous random variable. The value of

Please help answer this following question as shown below:

You have to subjectively assess an o -quantile of a continuous random variable. The value of the quantile index a is 7, as per the following table: 1 2 3 4 5 6 7 8 9 0.30 0.35 0.40 0.45 0.50 0.55 0.60 0.65 0.70 0.75 You need to perform the following: a) Define a continuous random variable of your choice, including its name, units measurement and range of expected values that you will analyse. b) Define a level of the error, A , that corresponds to the range of the variable and the expectations of the elicitation process. c) Write in words the complete dialog to assess the uncertainty interval of the selected a -quantile for the defined continuous random variable, including: i) Initial stage of the dialog i) Elicitation of the lower bound iii ) Elicitation of the upper bound iv) Definition of the final uncertainty interval of the selected o quantile andits point estimate
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
