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Questions and Answers of Statistics

A consultant was hired to build an optimization model for a large marketing research company. The model is based on a consumer survey that was taken in which each person was asked to rank 30 new
RMC, Inc., is a small firm that produces a variety of chemical products. In a particular production process, three raw materials are blended (mixed together) to produce two products: a fuel additive
Consider the linear program in Problem. The value of the optimal solution is 27. Suppose that the right-hand side for constraint 1 is increased from 10 to 11.a. Use the graphical solution procedure
Consider the linear program in Problem. The value of the optimal solution is 48. Suppose that the right-hand side for constraint 1 is increased from 9 to 10.a. Use the graphical solution procedure to
In Section 5.1 data envelopment analysis was used to evaluate the relative efficiencies of four hospitals. Data for three input measures and four output measures were provided in Tables 1 and
Data envelopment analysis can measure the relative efficiency of a group of hospitals. The following data from a particular study involving seven teaching hospitals include three input measures and
Refer again to the data presented in Problem.a. Formulate a linear programming model that can be used to perform data envelopment analysis for hospital E.b. Solve the model.c. Is hospital E
The Ranch House, Inc., operates five fast-food restaurants. Input measures for the restaurants include weekly hours of operation, full-time equivalent staff, and weekly supply expenses. Output
Consider the payoff table below that shows the percentage increase in market share for Company A for each combination of Company A and Company B strategies. Assume that Company B implements a mixed
Consider a game in which each player selects one of three colored poker chips: red, white, or blue. The players must select a chip without knowing the color of the chip selected by the other player.
The offensive coordinator for the Chicago Bears professional football team is preparing a game plan for the upcoming game against the Green Bay Packers. A review of game tapes from previous
A local television station plans to drop four Friday evening programs at the end of the season. Steve Botuchis, the station manager, developed a list of six potential replacement programs. Estimates
Suppose that Westside’s management in Problem likes the operational efficiency of ordering once each month and in quantities of 1000 units. How much more expensive would this policy be than your
Assume that you are reviewing the production lot size decision associated with a production operation where P = 8000 units per year, D = 2000 units per year, Co = $300, and Ch = $1.60 per unit per
A building contractor is preparing a bid on a new construction project. Two other contractors will be submitting bids for the same project. Based on past bidding practices, bids from the other
An investor wants to select one of seven mutual funds for the coming year. Data showing the percentage annual return for each fund during five typical one-year periods are shown here. The assumption
The RMC Corporation blends three raw materials to produce two products: a fuel additive and a solvent base. Each ton of fuel additive is a mixture of 2⁄5 ton of material 1 and 3⁄5 ton of material
DJS Investment Services must develop an investment portfolio for a new client. As an initial investment strategy, the new client would like to restrict the portfolio to a mix of two stocks:The client
The L. Young & Sons Manufacturing Company produces two products, which have the following profit and resource requirement characteristics:Last monthâ€™s production schedule used 350 hours of
Industrial Chemicals produces two adhesives used in the manufacturing process for airplanes. The two adhesives, which have different bonding strengths, require different amounts of production time:
Standard Pump recently won a $14 million contract with the U.S. Navy to supply 2000 custom-designed submersible pumps over the next four months. The contract calls for the delivery of 200 pumps at
Michigan Motors Corporation (MMC) just introduced a new luxury touring sedan. As part of its promotional campaign, the marketing department decided to send personalized invitations to test-drive the
A committee in charge of promoting a Ladies Professional Golf Association tournament is trying to determine how best to advertise the event during the two weeks prior to the tournament. The committee
Morley Company is attempting to determine the best location for a new machine in an existing layout of three machines. The existing machines are located at the following x1, x2 coordinates on the
One advantage of using the multicriteria decision-making methods presented in this chapter is that the criteria weights and the decision alternative ratings may be modified to reflect the unique
The Kenyon Manufacturing Company is interested in selecting the best location for a new plant. After a detailed study of 10 sites, the three location finalists are Georgetown, Kentucky; Marysville,
The Davis family of Atlanta, Georgia, is planning its annual summer vacation. Three vacation locations along with criteria weights and location ratings follow. What is the recommended
A high school senior is considering attending one of the following four colleges or universities. Eight criteria, criteria weights, and school ratings are also shown. What is the recommendedchoice?
A real estate investor is interested in purchasing condominium property in Naples, Florida. The three most preferred condominiums are listed along with criteria weights and rating information. Which
Clark and Julie Anderson are interested in purchasing a new boat and have limited their choice to one of three boats manufactured by Sea Ray, Inc.: the 220 Bowrider the 230 Overnighter, and the 240
Use the pairwise comparison matrix for the price criterion shown in Table to verify that the priorities after synthesization are 0.123, 0.320, and 0.557. Compute the consistency ratio and comment on
Use the pairwise comparison matrix for the style criterion, as shown in Table, to verify that the priorities after synthesization are 0.265, 0.656, and 0.080. Compute the consistency ratio and
Dan Joseph was considering entering one of two graduate schools of business to pursue studies for an MBA degree. When asked how he compared the two schools with respect to reputation, he responded
An organization was investigating relocating its corporate headquarters to one of three possible cities. The following pairwise comparison matrix shows the president€™s judgments regarding
The following pairwise comparison matrix contains the judgments of an individual regarding the fairness of two proposed tax programs, A and B:a. Determine the priorities for the two programs.b. Are
Asked to compare three soft drinks with respect to flavor, an individual stated thatA is moderately more preferable than B.A is equally to moderately more preferable than C.B is strongly more
Refer to Problem. Suppose that the individual had stated the following judgments instead of those given in Problem:A is strongly more preferable than C.B is equally to moderately more preferable than
The national sales director for Jones Office Supplies needs to determine the best location for the next national sales meeting. Three locations have been proposed: Dallas, San Francisco, and New
A study comparing four personal computers resulted in the following pairwise comparison matrix for the performance criterion:a. Determine the priorities for the four computers relative to the
An individual was interested in determining which of two stocks to invest in, Central Computing Company (CCC) or Software Research, Inc. (SRI). The criteria thought to be most relevant in making the
The vice president of Harling Equipment needs to select a new director of marketing. The two possible candidates are Bill Jacobs and Sue Martin, and the criteria thought to be most relevant in the
A woman considering the purchase of a custom sound stereo system for her car looked at three different systems (A, B, and C), which varied in terms of price, sound quality, and FM reception. The
Assume that in an empty Excel worksheet in cell A1 you enter the formula = B1*$F$3. You now copy this formula into cell E6. What is the modified formula that appears in E6?
Consider the following time series dataUsing the naÃ¯ve method (most recent value) as the forecast for the next week, compute the following measures of forecast accuracy:a. Mean absolute errorb.
Refer to the time series data in Problem. Using the average of all the historical data as a forecast for the next period, compute the following measures of forecast accuracy:a. Mean absolute errorb.
Problems 1 and 2 used different forecasting methods.Which method appears to provide the more accurate forecasts for the historical data?Explain.
Consider the following time series data:a. Compute MSE using the most recent value as the forecast for the next period. What is the forecast for month 8?b. Compute MSE using the average of all the
Consider the following time series data:a. Construct a time series plot. What type of pattern exists in the data?b. Develop a three-week moving average for this time series. Compute MSE and a
Consider the following time series data:a. Construct a time series plot. What type of pattern exists in the data?b. Develop a three-week moving average for this time series. Compute MSE and a
With the gasoline time series data from Table show the exponential smoothing forecasts using α = 0.1.GASOLINE SALES TIME SERIES Week Sales (1000s of gallons)1 ........... 172
The values of Alabama building contracts (in millions of dollars) for a 12-month period follow:240 350 230 260 280 320 220 310 240 310 240 230a. Construct a time series plot. What type of
The following time series shows the sales of a particular product over the past 12 months:a. Construct a time series plot. What type of pattern exists in the data?b. Use Î± = 0.3 to
The Nielsen ratings (percentage of U.S. households that tuned in) for the Masters golf tournament from 1997 through 2008 follow (Golf Magazine, January 2009):Year Rating1997 ............
Consider the following time series:a. Construct a time series plot. What type of pattern exists in the data?b. Use Excel Solver or LINGO to find the parameters for the line that minimizes MSE this
Consider the following time series:a. Construct a time series plot. What type of pattern exists in the data?b. Use Excel Solver or LINGO to find the parameters for the line that minimizes MSE this
Consider the following time series:a. Construct a time series plot. What type of pattern exists in the data?b. Using LINGO or EXCEL Solver, develop the quadratic trend equation for the time series.c.
Because of high tuition costs at state and private universities, enrollments at community colleges have increased dramatically in recent years. The following data show the enrollment (in thousands)
The Seneca Children€™s Fund (SCC) is a local charity that runs a summer camp for disadvantaged children. The fund€™s board of directors has been working very hard over recent
The president of a small manufacturing firm is concerned about the continual increase in manufacturing costs over the past several years. The following figures provide a time series of the cost per
FRED® (Federal Reserve Economic Data), a database of more than 3000 U.S. economic time series, contains historical data on foreign exchange rates. The following data show the foreign exchange
Automobile unit sales at B. J. Scott Motors, Inc., provided the following 10-year time series:a. Construct a time series plot. Comment on the appropriateness of a linear trend.b. Using Excel Solver
Giovanni Food Products produces and sells frozen pizzas to public schools throughout the eastern United States. Using a very aggressive marketing strategy they have been able to increase their annual
Forbes magazine (www.Forbes.com) ranks NFL teams by value each year. The data below are the value of the Indianapolis Colts from 1998 to 2008.a. Construct a time series plot. What type of pattern
Consider the following time series:a. Construct a time series plot. What type of pattern exists in the data?b. Use an Excel or LINGO model with dummy variables as follows to develop an equation to
Consider the following time series data:a. Construct a time series plot. What type of pattern exists in the data?b. Use an Excel or LINGO model with dummy variables as follows to develop an equation
The quarterly sales data (number of copies sold) for a college textbook over the past three years follow:a. Construct a time series plot. What type of pattern exists in the data?b. Use an Excel or
Air pollution control specialists in southern California monitor the amount of ozone, carbon dioxide, and nitrogen dioxide in the air on an hourly basis. The hourly time series data exhibit
South Shore Construction builds permanent docks and seawalls along the southern shore of Long Island, New York. Although the firm has been in business only five years, revenue has increased from
Give a specific example of data that might be gathered from each of the following business disciplines: accounting, finance, human resources, marketing, information systems, production, and
State examples of data that can be gathered for decision making purposes from each of the following industries: manufacturing, insurance, travel, retailing, communications, computing, agriculture,
Give an example of descriptive statistics in the recorded music industry. Give an example of how inferential statistics could be used in the recorded music industry. Compare the two examples. What
Suppose you are an operations manager for a plant that manufactures batteries. Give an example of how you could use descriptive statistics to make better managerial decisions. Give an example of how
Classify each of the following as nominal, ordinal, interval, or ratio data.a. The time required to produce each tire on an assembly lineb. The number of quarts of milk a family drinks in a monthc.
Classify each of the following as nominal, ordinal, interval, or ratio data.a. The ranking of a company by Fortune 500b. The number of tickets sold at a movie theater on any given nightc. The
The Rathburn Manufacturing Company makes electric wiring, which it sells to contractors in the construction industry. Approximately 900 electric contractors purchase wire from Rathburn annually.
Kraft Foods successfully introduced DiGiorno Pizza into the marketplace in 1996, with first year sales of $120 million, followed by $200 million in sales in 1997. It was neither luck nor coincidence
The following data represent the afternoon high temperatures for 50 construction days during a year in St. Louis.a. Construct a frequency distribution for the data using five class intervals.b.
A packaging process is supposed to fill small boxes of raisins with approximately 50 raisins so that each box will weigh the same. However, the number of raisins in each box will vary. Suppose 100
The owner of a fast-food restaurant ascertains the ages of a sample of customers.From these data, the owner constructs the frequency distribution shown. For each class interval of the frequency
The human resources manager for a large company commissions a study in which the employment records of 500 company employees are examined for absenteeism during the past year. The business researcher
List three specific uses of cumulative frequencies in business.
Construct a histogram and a frequency polygon for the following data.Class Interval Frequency30–under 32 .......... 532–under 34 .......... 734–under 36
Construct a histogram and a frequency polygon for the following data.Class Interval Frequency10–under 20 ........ 920–under 30 ........ 730–under 40 ........1040–under 50
Construct an ogive for the following data.Class Interval Frequency3–under 6 ............... 26–under 9 ............... 59–under 12 .............1012–under 15
Construct a stem-and-leaf plot using two digits for thestem.
The following data represent the number of passengers per flight in a sample of 50 flights from Wichita, Kansas, to Kansas City, Missouri.a. Construct a dot plot for these data.b. Construct a
Shown here is a list of the top five industrial and farm equipment companies in the United States, along with their annual sales ($ millions). Construct a pie chart and a bar graph to represent these
According to T-100 Domestic Market, the top seven airlines in the United States by domestic boarding’s in a recent year were Southwest Airlines with 81.1 million, Delta Airlines with 79.4 million,
The following list shows the top six pharmaceutical companies in the United States and their sales figures ($ millions) for a recent year. Use this information to construct a pie chart and a bar
An airline company uses a central telephone bank and a semi automated telephone process to take reservations. It has been receiving an unusually high number of customer complaints about its
The U.S. National Oceanic and Atmospheric Administration, National Marine Fisheries Service, publishes data on the quantity and value of domestic fishing in the United States. The quantity (in
Are the advertising dollars spent by a company related to total sales revenue? The following data represent the advertising dollars and the sales revenues for various companies in a given industry
For the following data, construct a frequency distribution with sixclasses.
For each class interval of the frequency distribution given, determine the class midpoint, the relative frequency, and the cumulative frequency. Class Interval Frequency20–under 25
Construct a histogram, a frequency polygon, and an ogive for the following frequency distribution.Class Interval Frequency50–under 60 ............1360–under 70
Construct a dot plot from the followingdata.
Construct a stem-and-leaf plot for the following data. Let the leaf contain onedigit.
Construct a pie chart from the following data.Label ValueA ........... 55B ...........121C ........... 83D ........... 46
Construct a bar graph from the following data.Category FrequencyA ........... 7B ...........
An examination of rejects shows at least 7 problems. A frequency tally of the problems follows. Construct a Pareto chart for these data.Problem Frequency1 ...........6732 ........... 293

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