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statistical techniques in business
Questions and Answers of
Statistical Techniques in Business
The results of a one-way ANOVA are reported below. Use the .05 significance level.a. How many treatments are in the study?b. What is the total sample size?c. What is the critical value of F?d. Write
Is there a difference in the mean miles traveled per week by each of two taxicab companies operating in the Grand Strand area? The Sun News, the local paper, is investigating and obtained the
The Philadelphia Area Transit Authority wishes to estimate the proportion of central city workers that use public transportation to get to work. A sample of 100 workers revealed that 64 used public
A recent study of 26 Conway, South Carolina, residents revealed they had lived at their current address an average of 9.3 years. The standard deviation of the sample was 2 years.a. What is the
Americans spend an average (mean) of 12.2 minutes (per day) in the shower. The distribution of times follows the normal distribution with a population standard deviation of 2.3 minutes. What is the
The auditor of the state of Ohio needs an estimate of the proportion of residents who regularly play the state lottery. Historically, about 40% regularly play, but the auditor would like some current
Historically, the proportion of adults over the age of 24 who smoke has been .30. In recent years, much information has been published and aired on radio and TV that smoking is not good for one’s
In recent times, the percent of buyers purchasing a new vehicle via the Internet has been large enough that local automobile dealers are concerned about its impact on their business. The information
The manager of a home improvement store wishes to estimate the mean amount of money spent in the store. The estimate is to be within $4.00 with a 95% level of confidence. The manager does not know
A manufacturer of cell phone batteries wants to estimate the useful life of its battery (in thousands of hours). The estimate is to be within 0.10 (100 hours). Assume a 95% level of confidence and
John Kleman is the host of KXYZ Radio 55 AM drive-time news in Denver. During his morning program, John asks listeners to call in and discuss current local and national news. This morning, John was
Defiance Tool and Die has 293 sales offices throughout the world. The VP of Sales is studying the usage of its copy machines. A random sample of six of the sales offices revealed the following number
The manager of the local Hamburger Express wishes to estimate the mean time customers spend at the drive-through window. A sample of 20 customers experienced a mean waiting time of 2.65 minutes, with
The owner of the Gulf Stream Café wished to estimate the mean number of lunch customers per day. A sample of 40 days revealed a mean of 160 per day, with a standard deviation of 20 per day. Develop
The manager of Tee Shirt Emporium reports that the mean number of shirts sold per week is 1,210, with a standard deviation of 325. The distribution of sales follows the normal distribution. What is
A recent study indicated that women took an average of 8.6 weeks of unpaid leave from their jobs after the birth of a child. Assume that this distribution follows the normal probability distribution
Consider the digits in the phone numbers on a randomly selected page of your local phone book a population. Make a frequency table of the final digit of 30 randomly selected phone numbers. For
Consider all of the coins (pennies, nickels, quarters, etc.) in your pocket or purse as a population. Make a frequency table beginning with the current year and counting backward to record the ages
The IRS offers taxpayers the choice of allowing the IRS to compute the amount of their tax refund. During the busy filing season, the number of returns received at the Springfield Service Center that
For the year 2017, Fred Friendly completed a total of 80 returns. He developed the following table summarizing the relationship between number of dependents and whether or not the client received a
In a memo to all those involved in tax preparation, the IRS indicated that the mean amount of refund was $1,600 with a standard deviation of $850. Assume the distribution of the amounts returned
Fred decided to study the number of exemptions claimed on personal tax returns he prepared in 2017. The data are summarized in the following table.Exemptions
Fred works in a tax office with five other CPAs. There are five parking spots beside the office. In ow many different ways can the cars belonging to the CPAs be arranged in the five spots?
The IRS reports that 15% of returns where the adjusted gross income is more than $1,000,000 will be subject to a computer audit. For the year 2017, Fred Friendly, CPA, completed 16 returns where the
Fred Friendly, CPA, has 20 tax returns to prepare before the April 15th deadline. It is late at night so he decides to do two more before going home. In his stack of accounts, 12 are personal, 5 are
During the 50th Super Bowl, 30 million pounds of snack food were eaten. The chart below depicts this information. a. What is the name given to this graph?b. Estimate, in millions of pounds, the
An investor purchased 200 shares of the Blair Company for $36 each in July of 2013, 300 shares at $40 each in September 2015, and 500 shares at $50 each in January 2016. What is the investor’s
A sample of eight college students revealed they owned the following number of CDs.52 76 64 79 80
The Russell 2000 index of stock prices increased by the following amounts over the last 3 years.18% 4% 2%What is the geometric mean increase for the 3 years?
Listed below is the 2014 median household income for the 50 states and the District of Columbia.https://www.census.gov/hhes/www/income/data/historical/household/Use a statistical software package
Using data from such publications as the Statistical Abstract of the United States, Forbes, or any news source, give examples of variables measured with nominal, ordinal, interval, and ratio scales.
On the Web, go to your favorite news source and find examples of each type of variable. Write a brief memo that lists the variables and describes them in terms of qualitative or quantitative,
Refer to the Lincolnville School District bus data. Prepare a report on the maintenance cost for last month. Be sure to answer the following questions in your report.a. Around what values do the data
Two coins are tossed. If A is the event “two heads” and B is the event “two tails,” are A and B mutually exclusive? Are they complements?
Compute a simple aggregate price index. Use 1990 as the base period. Price 1990 $0.287 Quantity 2016 Item Aluminum (cents per pound) Natural gas (1,000 cu. ft.) Petroleum (barrel) Platinum (troy
Using the period 200002 as the base period, compute a simple index of domestic sales for each year from 2004 to 2015. Domestic Sales Internatlonal Sales Employees (thousands) ($ mllon) ($
Refer to the Baseball 2016 data, which report information on the 2016 Major League Baseball season.a. Rank the teams by the number of wins and their total team salary. Compute the coefficient of rank
Refer to the Baseball 2016 data, which report information on the 30 Major League Baseball teams for the 2016 season. Set up a variable that divides the teams into two groups, those that had a winning
The position of chief of police in the city of Corry, Pennsylvania, is vacant. A search committee of Corry residents is charged with the responsibility of recommending a new chief to the city
Refer to the Baseball 2016 data that report information on the 30 Major League Baseball teams for the 2016 season.a. In the data set, the year opened, is the first year of operation for that stadium.
There are four McBurger restaurants in the Columbus, Georgia, area. The numbers of burgers sold at the respective restaurants for each of the last 6 weeks are shown below. At the .05 significance
The following is a partial ANOVA table.Complete the table and answer the following questions. Use the .05 significance level.a. How many treatments are there?b. What is the total sample size?c. What
A vending machine company sells its packaged foods in a variety of different machines. The company is considering three types of new vending machines. Management wants to know if the different
What is the critical F value when the sample size for the numerator is six and the sample size for the denominator is four?
What is the critical F value when the sample size for the numerator is four and the sample size for the denominator is seven? Use a one-tailed test and the .01 significance level.
The following data was collected for a two-factor ANOVA with three treatments and three blocks.Conduct a test of hypothesis to determine whether the block or the treatment means differ. Using the .05
Compute Paasches index for 2016 using 2000 as the base period. 2016 2000 Price Price $0.81 0.84 1.44 2.91 Item Quantity 18 5 70 27 Quantity 27 Margarine (pound) Shortening (pound) MIlk
Determine a value index for 2016 using 2000 as the base period. 2016 2000 Price Price $0.81 0.84 1.44 2.91 Item Quantity 18 5 70 27 Quantity 27 Margarine (pound) Shortening (pound) MIlk (V2 gallon)
Compute a simple aggregate price index for 2016. Use 2000 as the base period. Price Quantity Part 2016 2000 2000 2016 340 130 250 RC-33 SM-14 320 110 230 $0.50 1.20 0.85 $0.60 0.90 1.00 WC50
Compute Paasches index for 2016 using 2000 as the base period. Price Quantity Part 2016 2000 2000 2016 340 130 250 RC-33 SM-14 320 110 230 $0.50 1.20 0.85 $0.60 0.90 1.00 WC50
Compute Laspeyres price index for 2016 using 2000 as the base period. Price Quantity 2016 2000 2016 $0.05 2000 Item Cabbage (pound) Carrots (bunch) Peas (quart) Endive (bunch) 1,500 200
Compute Paasches index for 2016 using 2000 as the base period. Price 2016 $0.05 Quantity 2000 2,000 200 400 100 2000 2016 Item 1,500 200 500 200 Cabbage (pound) Carrots (bunch) Peas
Determine Fishers ideal index using the values for the Laspeyres and Paasche indexes computed in the two previous problems. Price 2016 $0.05 Quantity 2000 2,000 200 400 100 2000 2016 Item
Determine a value index for 2016 using 2000 as the base period. Price 2016 $0.05 Quantity 2000 2,000 200 400 100 2000 2016 Item 1,500 200 500 200 Cabbage (pound) Carrots (bunch) Peas (quart) Endive
Compute Laspeyres price index for 2016 using 1990 as the base period. Price 1990 $0.287 Quantity 2016 Item Aluminum (cents per pound) Natural gas (1,000 cu. ft.) Petroleum (barrel)
Determine Fishers ideal index using the values for the Laspeyres and Paasche indexes computed in the two previous problems. 2000 2016 Item Price Price Quantity 18 Quantity 27 Margarine
Compute Paasche's index for 2016 using 1990 as the base period. 2000 2016 Price $0.81 0.84 1.44 2.91 Item Price Quantity 18 Quantity 27 Margarine (pound) Shortening (pound) Milk (2 gallon) Potato
Team Sports Inc. sells sporting goods to high schools and colleges via a nationally distributed catalog. Management at Team Sports estimates it will sell 2,000 Wilson Model A2000 catcher’s mitts
Refer to Exercises 1, 3, and 5. Compute the expected value of perfect information. State of Nature Alternative s, $50 $70 $100 A, Az A, 90 40 80 90 70 60
Refer to Exercises 2, 4, and 6. Compute the expected value of perfect information. State of Nature Alternative s, $50 $70 $100 A, Az A, 90 40 80 90 70 60
Dude Ranches Incorporated was founded on the idea that many families in the eastern and southern areas of the United States do not have a sufficient amount of vacation time to drive to the dude
Tim Waltzer owns and operates Waltzers Wrecks, a discount car rental agency near Cleveland Hopkins International Airport. He rents a wreck for $20 a day. He has an arrangement with
Compute a simple index for the number of employees for GE using the period 200406 as the base. What can you conclude about the change in the number of employees over the period? Employees
Compute a simple index for the number of employees for GE. Use 2004 as the base period. What can you conclude about the change in the number of employees over the period? Employees (000) Revenue
Compute a simple index for the revenue of GE using the period 200406 as the base. What can you conclude about the change in revenue over the period? Employees (000) Revenue Revenue ($
Compute a simple index for the revenue of GE. Use 2004 as the base period. What can you conclude about the change in revenue over the period? Employees (000) Revenue Revenue ($ mllon) 150 147 147 146
Samples of size 5 are selected from a manufacturing process. The mean of the sample ranges is .50. What is the estimate of the standard deviation of the population?
Use the variables mean amount per transaction and number of associates to forecast net sales. Are these two independent variables reasonable predictors of net sales? Assoclates Net Sales Mean Amount
Develop a trend equation for the net sales ($ million) for Home Depot. Consider both a linear trend and a nonlinear trend. Which one would you select and why? Given the trend equation you selected,
At the beginning of this chapter, we presented a graph showing the price per gallon of gasoline from 1996 until 2015. The actual data for each year are given below.Determine the trend line using both
Listed below is the selling price for a share of Oracle Inc. stock at the close of the year for 1998 through 2015.a. Plot the data.b. Determine the least squares trend equation. Use both the actual
If plotted, the following sales series would appear curvilinear. This indicates that sales are increasing at a somewhat constant annual rate (percent). To fit the sales, therefore, a logarithmic
The following table lists the annual amounts of glass cullet produced by Kimble Glass Works Inc. for 2013 through 2017.Determine the least squares trend equation. Estimate the amount of scrap for the
The following table gives information on the Consumer Price Index (Base = 198284) and the monthly take-home pay of Bill Martin, an employee at Ford Motor Corporation.a. What is the
We are making a historical study of the American economy from 1950 to 1980. Data on prices, the labor force, productivity, and the GNP were collected. Note in the following table that the CPI has a
Using 2000 as the base period, compute a simple index of domestic sales for each year from 2004 until 2015. Interpret the trend in domestic sales. Domestic Sales Internatlonal Sales Employees
In April 2013, the mean salary for a nurse manager with a bachelor’s degree was $89,673. The Consumer Price Index for March 2016 was 238.132 (1982–84 = 100). The mean annual salary for a nurse in
The prices and production of grains for 2002 and 2015 (http://www.ers.usda.gov) are listed below.Using 2002 as the base period, find the value index of grains produced for 2015. 2002 Production
In January 2003, the price for a whole fresh chicken was $1.004 per pound. In February 2016, the price for the same chicken was $1.475 per pound. Use the January 2003 price as the base period and 100
The table below reports the earnings per share of common stock for Home Depot Inc. for 2003 through 2015. Develop an index, with 2003 as the base, for earnings per share for years 2004 through
PNC Bank Inc., which has its headquarters in Pittsburgh, reported the following commercial loan totals for years 2008 through 2015. Using 2008 as the base, develop a simple index of commercial loans
Under what conditions should the Kruskal-Wallis test be used instead of the Wilcoxon rank- um test?
The following hypothesis-testing situation is given: H0: π = .50 and H1: π ≠ .50. The significance level is .05, and the sample size is 9.a. What is the decision rule?b. There were five
The following hypothesis-testing situation is given: H0: π ≤ .50 and H1: π > .50. The significance level is .10, and the sample size is 12.a. What is the decision rule?b. There were nine
You’re about to drive to New York. If your car’s engine is out of tune, your gas cost will increase by $100. Having the engine tested will cost $20. If it’s out of tune, repairs will cost $60.
You sign up for a cell phone plan and are presented with this chart showing how your plan automatically adjusts to the minutes you use each month. For example: If you select
Casual Furniture World has had numerous inquiries regarding the availability of furniture and equipment that could be rented for large outdoor summer parties. This includes such items as folding
The proprietor of the newly built White Mountain Ski and Swim Lodge has been considering purchasing or leasing several snowmobiles for the use of guests. The owner found that other financial
The quality assurance department at Malcomb Products must either inspect each part in a lot or not inspect any of the parts. That is, there are two decision alternatives: inspect all the parts or
Thomas Manufacturing Company has $100,000 available to invest. John Thomas, the president and CEO of the company, would like to either expand his production, invest the money in stocks, or purchase a
A financial executive for Fidelity Investments lives in Boston but frequently must travel to New York. She can go to New York by car, train, or plane. The cost for a plane ticket from Boston to New
Blackbeards Phantom Fireworks is considering introducing two new bottle rockets. The company can add both to the current line, neither, or just one of the two. The success of these
Refer to Exercise 2. Reverse the probabilities; that is, let P(S1)= .30 and P(S2) = .70 and use Expected Monetary Value to evaluate the decision. Does this alter your decision?In exercise 2Wilhelms
Refer to Exercise 1. Revise the probabilities as follows: P(S1) = .50, P(S2) = .20, and P(S3) = .30 and use Expected Monetary Value to evaluate the decision. Does this change the decision?
Refer to Exercise 2, involving Wilhelms Cola Company. Develop an opportunity loss table, and determine the opportunity loss for each decision.In exercise 2Wilhelms Cola Company plans to market a new
Refer to Exercise 1. Develop an opportunity loss table. Determine the opportunity loss for each decision.In exercise 1The following payoff table was developed. Let P(S1) = .30, P(S2) = .50, and P(S3)
Wilhelms Cola Company plans to market a new lime-flavored cola this summer. The decision is whether to package the cola in returnable or in nonreturnable bottles. Currently, the state legislature is
The following payoff table was developed. Let P(S1) = .30, P(S2) = .50, and P(S3) = .20. Compute the expected monetary value for each of the alternatives. What decision would you recommend? State of
During the 2016 Masters Golf tournament Jordan Spieth failed to repeat as champion. His scores relative to par in each round, on each hole are reported in the table below. Develop and review
Long Last Tire Company, as part of its inspection process, tests its tires for tread wear under simulated road conditions. Twenty samples of three tires each were selected from different shifts over
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