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business analytics data

Questions and Answers of Business Analytics Data

Apply the chi-square goodness of fit test to the data in the Airport Service Times Excel file to determine if a normal distribution models the data. Use bins of width 100. Note that for a normal
The distribution of SAT scores in math for an incoming class of business students has a mean of 610 and standard deviation of 20. Assume that the scores are normally distributed. a. Find the
Historical data show that customers who download music from a popular Web service spend approximately $22 per month, with a standard deviation of $3. Find the probability that a customer will spend
Apply the chi-square goodness of fit test to the data in the Airport Service Times Excel file to determine if an exponential distribution models the data. Use bins of width 100. Note that for an
A lightbulb is warranted to last for 5,000 hours. If the time to failure is exponentially distributed with a true mean of 4,800 hours, what is the probability that it will last at least 5,000 hours?
Compute the daily change of the closing price for the data in the Excel file S&P 500. Compute descriptive statistics, a frequency distribution, and histogram for the closing prices (using a bin
The actual delivery time from Giodanni’s Pizza is exponentially distributed with a mean of 25 minutes. a. What is the probability that the delivery time will exceed 30 minutes? b. What
Find point estimates for the mean and standard deviation of the Months Customer data in the Credit Risk Data file. Draw five random samples of sizes 50 and 250 from the data using the Sampling tool.
Repeat the sampling experiment in Example 6.3 for sample sizes 50, 100, 250, and 500. Compare your results to the example and use the empirical rules to analyze the sampling error. For each sample,
Based upon extensive data from a national high school educational testing program, the standard deviation of national test scores for critical reading was found to be 115 points. If a sample of 500
Suppose that the mean score for the mathematics test cited in Problem 7 is 610. What is the probability that a random sample of 225 students will have a mean score of more than 625? Less than
Suppose that the mean score for the critical reading test cited in Problem 8 is 580. What is the probability that a random sample of 500 students will have a mean score of more than 590? Less than
From a sample of 22 graduate students, the mean number of months of work experience prior to entering an MBA program was 34.86. The national standard deviation is known to be 19 months. What is a 95%
A survey of 26 college freshmen found that they average 6.85 hours of sleep each night. A 90% confidence interval had a margin of error of 0.497. a. What are the lower and upper limits of the
Develop a realistic retirement planning spreadsheet model for your personal situation. If you are currently employed, use as much information as you can gather for your model, including potential
A survey of 23 individuals found that they spent an average of $39.48 on headphones to use for exercising. The margin of error for a 95% confidence interval was found to be 21.2. a. What are the
A survey of 21 patients at a hospital found 95% confidence intervals for the followingConstruct a stock chart-based visualization of these confidence intervals. What conclusions can you draw from the
A sample of 40 individuals at a shopping mall found that the mean number of visits to a restaurant per week was 2.88 with a standard deviation of 1.59. Find a 99% confidence interval for the mean
For the data in the Excel file Grade Point Averages, find 90%, 95%, and 99% confidence intervals for the mean GPA. Compute the confidence intervals using the appropriate formulas and verify your
For the data in the Excel file Debt and Retirement Savings, find 95% confidence intervals for the mean income, long-term debt, and retirement savings. Use the appropriate formulas and Excel functions.
A bank estimated that the standard error for a 95% confidence interval for the proportion of a certain demographic group that may default on a loan is 0.31. The lower confidence limit was calculated
A survey of 50 young professionals found that they spent an average of $19.31 when dining out, with a standard deviation of $12.11. Can you conclude statistically that the population mean is greater
A survey of 240 individuals found that one-third of them use their cell phones primarily for e-mail. Can you conclude statistically that the population proportion who use cell phones primarily for
For the data in the Excel file Education and Income, find 95% confidence intervals for the mean annual income of males and the mean annual income of females. Can you conclude that the mean income of
For the data in the Excel file Debt and Retirement Savings, find 95% confidence intervals for the mean income, long-term debt, and retirement savings for individuals who are single and individuals
A two-sample test for means was conducted to determine if the completion time for continuing education programs for nurses differed when costs are paid by employers (Yes) versus when individuals paid
An Oregon wine association wants to determine the proportion of West Coast consumers who would spend at least $30 on Willamette Valley pinot noir at a 99% confidence level. If they wish to have an
A community hospital wants to estimate the body mass index (BMI) of its local population. To estimate the BMI with an error of at most 1.0 at a 99% confidence level, what sample size should they use?
When President Donald Trump took office, he believed that the reason he did not win the popular vote was because 3 to 5 million people voted illegally. Explain how hypothesis testing might be used in
According to an article in a business publication, the average tenure of a U.S. worker is 4.6 years. Formulate an appropriate one-sample test of hypothesis to test this belief.
A two-sample test for means was conducted to test whether the mean number of movies watched each month differed between males and females. The Excel Data Analysis tool results are shown below.a.
A national magazine stated that at most, 16% of millennials have a gym membership. Formulate an appropriate one-sample test of hypothesis to test this.
The price of a certain combo meal at different franchises of a national fast food company varies from $5.00 to $7.36 and has a known standard deviation of $2.11. A sample of 23 students in an online
A business school has a goal that the average number of years of work experience of its MBA applicants is more than three years. Historical data suggest that the variance has been constant at around
According to a magazine, people read an average of more than two books in a month. A survey of 25 random individuals found that the mean number of books they read was 2.1 with a standard deviation of
The U.S. Department of Labor stated that the national unemployment rate was 4.9%. Of a sample of 90 people in one city, 5.2% were unemployed. Can the city conclude that their unemployment rate is the
For the data in the Excel file Helpdesk Survey, determine if the mean overall satisfaction ratings differ by the ratings given for response time. 1 Helpdesk Satisfaction Survey 2 3 Response Time 4
For the data in the Excel file Coffee Shop Preferences, conduct a hypothesis test to determine if price and taste ratings are the same for large/chain stores versus small/independent coffee shops.
For the data in the Excel file TV Viewing Survey, conduct a hypothesis test to determine if married individuals watch less TV than single individuals.
The cross-tabulation data given below represent the number of males and females in a work group who feel overstressed and those who don’t. a. Write the hypotheses for the chi-square test for
The cross-tabulation data given below represent the number of males and females in a survey who have or have not visited an urgent care facility in the last month. a. Write the hypotheses for
The following cross-tabulation shows the number of people who rated a customer service representative as friendly and polite based on whether the representative greeted them first. a. Write the
Conduct the chi-square test for independence using the aggregated results for Example 7.18 using a level of significance of 0.05.Data from Example 7.18Violations of Chi-Square Assumptions A
For the Excel file Job Satisfaction, use ANOVA to determine if the mean overall job satisfaction ratings differ by department.
For the cross-tabulation data shown on the next page, which represent a count of the type of books that individuals prefer, verify that the assumptions of the chi-square test are not met, and
Conduct a chi-square test to determine if a normal distribution can reasonably model the expense data in the Excel file Travel Expenses.
Conduct a chi-square test to determine if a normal distribution can reasonably model the data in the Excel file Airport Service Times.Times ( sec)126235832184715190636745
Conduct a chi-square test to determine if a normal distribution can reasonably model the sum of the midterm and final exam grades in the Excel file Student Grades.
Use the data in the Excel file MBA Motivation and Salary Expectations to determine how well a linear function models the relationship between pre-and post-MBA salaries. Compare it to a third-order
Use the results for Problem 11 (National Football League) to analyze the residuals to determine if the assumptions underlying the regression analysis are valid. In addition, use the standard
Use the results for Problem 13 (Weddings) to analyze the residuals to determine if the assumptions underlying the regression analysis are valid. In addition, use the standard residuals to determine
Using the data in the Excel file Home Market Value, develop a multiple linear regression model for estimating the market value as a function of both the age and size of the house. State the model and
Use the data in the Excel file Cost of Living Adjustments to find a multiple regression model to predict the salary as a function of all the adjusted cost of living rates. State the model and explain
Use the data in the Excel file Job Satisfaction to find a multiple regression model to predict the overall satisfaction as a function of all the other variables. State the model and explain R2,
Use the data in the Excel file Cost of Living Adjustments to find the best multiple regression model to predict the salary as a function of the adjusted cost of living rates. What would the
For Example 9.15, experiment with the Holt-Winters Additive Model for Seasonality and Trend spread-sheet model to find the best combination of α, β, and γ to minimize MSE.Data from Example 9.15We
Use the data in the Excel file Job Satisfaction to find the best multiple regression model to predict the overall satisfaction as a function of the other variables. What managerial implications does
In the Excel file Freshman College Data, a school wants to predict the first-year retention rate using the high school metrics (ACT and SAT scores, GPA, and the percentage in the top 10% or 20% of
Modify the Excel file Holt-Winters Additive Model for Seasonality and Trend for the New Car Sales data (see Example 9.15) to implement the Holt-Winters multiplicative seasonality model with trend.
For the Excel file Job Satisfaction, develop a regression model for overall satisfaction as a function of years of service and department that has the largest R2. Which department, if any, has the
Identify some business applications in which judgmental forecasting techniques such as historical analogy and the Delphi method would be useful.
For each of the time series in the following Excel files, construct a line chart of the data and identify the characteristics of the time series (that is, random, stationary, trend, seasonal, or
Find the Conference Board’s economic forecast for the U.S. economy at https://www.conference-board. org/data/usforecast.cfm. Write a short report about your findings, focusing on the qualitative
Develop a multiple regression model with categorical variables that incorporate seasonality for forecasting for the data in the Excel file Coal Consumption.
For Example 9.14, experiment with the Holt-Winters Additive Model for Seasonality spreadsheet to find the best combination of a and g to minimize MADData from Example 9.14We will use the data for gas
Modify the Excel file Holt-Winters Additive Model for Seasonality (see Example 9.14) to implement the HoltWinters multiplicative seasonality model with no trend.Data from Example 9.14We will use the
In Problem 2, you found a normalized distance matrix between Berkeley, Cal Tech, UCLA, and UNC for the Excel file Colleges and Universities Cluster Analysis Worksheet. Apply single linkage clustering
Using the approach described in Example 10.6, classify first record in the worksheet Records to Classify in the Excel file Credit Risk Data using the k-NN algorithm for k = 1 to 5. Use only
For the Excel file Colleges and Universities Cluster Analysis Worksheet, compute the normalized Euclidean distances between Berkeley, Cal Tech, UCLA, and UNC, and illustrate the results in a distance
Using only Credit Score, Years of Credit History, Revolving Balance, and Revolving Utilization, apply single linkage cluster analysis to the first six records in the Excel file Credit Approval
Apply single linkage cluster analysis to the first five records in the Excel file Sales Data, using the variables Percent Gross Profit, Industry Code, and Competitive Rating, and draw a dendogram
Construct an influence diagram for the portfolio allocation model in Example 11.15Data from Example 11.15An investor has $100,000 to invest in four assets. The expected annual returns and minimum and
The monthly demand for a digital camera is sensitive to price:Find the most appropriate trendline to explain the relationship between demand and price, and develop a model for the monthly revenue.
Extract the records for business loans in the Excel file Credit Risk Data and code the non-numerical data. Apply discriminant analysis to classify the credit risk for the business loans in the
Develop a spreadsheet model to compute the total revenue for any price in Example 1.6 (prescriptive pricing model). Use the model to create a table for a range of prices to help you identify the
A stockbroker calls on potential clients from referrals. For each call, there is a 20% chance that the client will decide to invest with the stockbroker’s firm. Forty percent of those interested
The Excel file Automobile Options provides data on options ordered together for a particular model of automobile. By examining the correlation matrix, suggest some associations.
The Excel file Automobile Options provides data on options ordered together for a particular model of automobile. Consider the following rules: Rule 1: If Fastest Engine, then Traction
Few companies take the time to estimate the value of a good customer (and often spend little effort to keep one). Suppose that a customer at a restaurant spends, on average, R per visit and comes F
A pharmaceutical company makes sales calls to physicians to market their drugs. They want to determine the impact of sales calls on the profit it achieves per physician. The profit per physician
Economists believe that housing starts depend on interest rates and demographic factors such as population size, family income, and the age of the home-buying population. In addition, interest rates
Develop a spreadsheet model to determine how much a person or a couple can afford to spend on a house.11 Lender guidelines suggest that the allowable monthly housing expenditure should be no more
A garage band wants to hold a concert. The expected crowd is 2,500. The average expenditure on concessions is $25. Tickets sell for $20 each, and the band’s profit is 80% of the gate and
A clothing company is planning its winter pricing. One popular line of quarter-zip sweatshirts sells for $98. The products hit the stores at the beginning of September and sell through Christmas
For a new product, sales volume in the first year is estimated to be 80,000 units and is projected to grow at a rate of 6% per year. The selling price is $12 and will increase by $0.50 each year.
Adam is 24 years old and has a 401(k) plan through his employer, a large financial institution. His company matches 50% of his contributions up to 6% of his salary. He currently contributes the
J&G Bank receives an average of 30,000 credit card applications each month. Approximately 60% of them are approved. Each customer charges an average of $2,000 to his or her credit card each
Develop a spreadsheet for calculating the total revenue for the Modern Electronics scenario in Problem 2. Design it so that the price-demand function parameters can easily be changed.Data from
The Schoch Museum is embarking on a five-year fundraising campaign. As a nonprofit institution, the museum finds it challenging to acquire new donors, as many donors do not contribute every year.
Experiment with the portfolio allocation model in Example 11.15 to attempt to find the best solution that maximizes the expected annual return and meets the total weighted risk constraint.Data from
A franchise of a chain of Mexican restaurants wants to determine the best location to attract customers from three suburban neighborhoods. The coordinates of the three suburban neighborhoods are as
ElectroMart wants to identify a location for a warehouse that will ship to five retail stores. The coordinates and annual number of truckloads are given here. Develop a model to find the best
For the stockbroker model you developed in Problem 22, use a one-way data table to show how the broker’s commission is a function of the number of calls made.Data from Problem 22A stockbroker calls
For the nonprofit ballet company fundraising model you developed in Problem 23, use a one-way data table to show how the amount varies based on the number of solicitations.Data from Problem 23The
Implement the model you developed in Problem 1 on a spreadsheet and construct a one-way data table to estimate the price for which profit is maximized.Data from Problem 1A manufacturer of kitchen
For the Schoch Museum (Problem 30), use data tables to investigate the impacts of the percentage assumptions used in the model on the cumulative funds raised by the fifth year.Data from Problem 30The
For the engineering admissions situation in Problem 25, apply two-way data tables to analyze the impact on extra funds needed and the number of students who accept scholarships as the acceptance rate
For the ballet company situation in Problem 23, use the Goal Seek tool to find the number of solicitations required to achieve $150,000 in total donations. Data from Problem 23The director of a
For the garage band model you developed in Problem 21, use the Scenario Manager to evaluate profitability for the following scenarios Expected crowd Concessions Expenditure Fixed
For the stockbroker situation in Problem 22, use the Goal Seek tool to find the number of calls needed to achieve a broker commission of $5,000.Data from Problem 22A stockbroker calls on potential

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