Calculate the EMV for the following scenario. Imagine that you are asked to play the following game with 5 of your friends*. Everyone is given a number from 1 to 6, and each person puts in $10. The die is rolled and the lucky person that matches the number that comes up on the dice, gets to keep all the money ($60). Formula: EMV = P(O1)*M(O1) + P(O2)*M(O2)+ . . . + P(On)*M(On)•What is the Expected Monetary Value (EMV) calculation for this game?•Is it a good idea to participate in this game? •Under what circumstances would it, or would it not be, a good idea to participate? * Other than the obvious relationship to running a casino, the scenario is also similar to marketing contexts in terms of calculating the expected monetary value associated with customer relationship management, loyalty programs, etc; that have their associated outcomes and probabilities of outcomes. Attached is the related weekly slides for this HW. Please review it before start.

Measurement scales discuss this topic 100 word thanks.

Purpose: This project is to help you apply concepts to real world, real data analysis. In the real-world computers do most of the hard work for statisticians.  This project will help you understand how an informative decision is made using data analysis.  After completing this project, you should be able to determine which statistical procedures are appropriate; use StatCrunch to carry out the procedures and interpret the output The Database of UVA (Excel file) students contains information on the undergraduate students at University of Virginia. This list contains the data for different Qualitative and Quantitative variable. Your project is to obtain the results based on the following questions using StatCrunch. Copy the StatCrunch results (graph plus answer) into summary document using the guidelines in section C. Directions: Do all of the work below with the Database of MATH ACT SCORES Download MATH ACT SCORES Data: The Data set is on the project page on canvas(MATH ACT SCORES). Use StatCrunch  to obtain results for the following questions. A) Exploratory Data Analysis Obtain the mean and standard deviation for ACT Math scores for each class level (freshmen, sophomores, juniors, seniors) and interpret the results Obtain the five number summary of ACT Math score for each class levels. Do any of these class levels have outliers? Construct a boxplot and use it to investigate the data for outliers Construct a histogram, and normal probability plot (QQ Plot) for ACT Math score for each class level. B) Inferential Statistics Construct and interpret a 95% confidence interval for µ, for the mean ACT Math score for each class level. Using regression analysis (hint, use scatter plot, r, r2 ) , investigate if there is a relationship between Age and performance in ACT Math score.; . provide an equation can be used to predict ACT math score based on age, Write a Summary and Findings of the Project C) Write-up                Write a brief introduction of the project. o             Interpret the mean, and standard deviation in context of the data given. o             Compare the measures of center and comment on which measure of center would best describe the data                      given. o             Comment on the shape of the distribution, which class level appears to be more approximately normal o             Are there any outliers in the data? Include results of your investigation for outliers. Identify which class level                 has an outlier o             Comment on your assessment of normality. o             Which test will be most appropriate for the inferential statistics (confidence Interval)? Z-test or t-test? Why? o             Write an interpretation for the confidence interval estimate in context of the data. o             State the summary, interpretation and conclusion of your Investigation if there is a relationship between                     Age and performance in ACT Math score of undergraduate student at UVA.; Provide an equation can be used               to  predict ACT math score based on age; how reliable would  the prediction be?