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business
business statistics a first course

Questions and Answers of Business Statistics A First Course

A civic organization includes 200 members, who have an average income of $58,000, with a standard deviation of $10,000. A simple random sample of n 5 30 members is selected to participate in the
A population of 500 values is distributed such that 5 $1000 and 5 $400. For a simple random sample of n 5 200 values selected without replacement, describe the sampling distribution of the mean.
According to the Federal Trade Commission (FTC), about 3.4% of items come up at the wrong price when scanned at the retail checkout counter. Freda Thompson, director of investigations for her
8.29 The absentee rate for bus drivers in a large school district has been 5% in recent years. During the past few months, the school district and the bus drivers’ union have been engaged in
8.28 The Temployee Company supplies temporary workers to industry and has found that 58% of the positions it is asked to fill require a knowledge of Microsoft Excel. The firm currently has 25
8.27 A mail-order discount outlet for running shoes has found that 20% of the orders sent to new customers end up being returned for refund or exchange because of size or fit problems experienced by
8.26 According to the Investment Company Institute, 40% of U.S. households have an Individual Retirement Account (IRA). Assuming the population proportion to be 5 0.40 and that a simple random
8.25 It has been reported that 40% of U.S. workers employed as purchasing managers are females. In a simple random sample of U.S. purchasing managers, 70 out of the 200 are females. Given this
8.24 A simple random sample with n 5 200 is drawn from a bino mial process in which 5 0.6. Determine the following probabilities for p 5 the proportion of successes:a. P(0.50 # p)b. P(0.65 # p #
8.23 A simple random sample with n 5 300 is drawn from a binomial process in which 5 0.4. Determine the following probabilities for p 5 the proportion of successes:a. P(p $ 0.35)b. P(0.38 # p #
8.22 Shirley Johnson, the county political leader discussed in Exercise 8.12, is a Republican. According to voter registration records, 60% of the homeowners in her county are also Republicans. For
8.21 According to the Federal Reserve System, 46% of U.S. households have credit-card debt. For simple random samples of size n, with n . 30, describe the sampling distribution of p 5 the proportion
8.20 According to the Newspaper Association of America, the average visitor to online newspaper sites spends 45 minutes per month reading online news content.Assuming a population standard deviation
8.19 The average length of a hospital stay in general or community hospitals in the United States is 5.5 days.Assuming a population standard deviation of 2.5 days and a simple random sample of 50
8.18 It has been reported that the average U.S. teenager sends 80 text messages per day. For purposes of this exercise, we will assume the daily number of text messages sent is normally distributed
8.17 At a department store catalog orders counter, the average time that a customer has to wait before being served has been found to be approximately exponentially distributed, with a mean (and
8.16 The tensile strength of spot welds produced by a robot welder is normally distributed, with a mean of 10,000 pounds per square inch and a standard deviation of 800 pounds per square inch. For a
8.15 A hardware store chain has just received a truckload of 5000 electric drills. Before accepting the shipment, the purchasing manager insists that 9 of the drills be randomly selected for testing.
8.14 From past experience, an airline has found the luggage weight for individual air travelers on its trans- Atlantic route to have a mean of 80 pounds and a standard deviation of 20 pounds. The
8.13 An industrial crane is operated by four electric motors working together. For the crane to perform properly, the four motors have to generate a total of at least 380 horsepower. Engineers from
8.12 Shirley Johnson, a county political leader, is looking ahead to next year’s election campaign and the possibility that she might be forced to support a property tax increase to help combat
8.11 For the manufacturing plant discussed in Exercise 8.10, the union president and the human resources director jointly select a simple random sample of 36 employees to engage in a discussion with
8.10 Employees in a large manufacturing plant worked an average of 62.0 hours of overtime last year, with a standard deviation of 15.0 hours. For a simple random sample of n 5 36 employees and x 5
For a random variable that is normally distributed, with 5 80 and 5 10, determine the probability that a simple random sample of 25 items will have a mean that isa. greater than 78.b. between 79
For a random variable that is normally distributed, with 5 200 and 5 20, determine the probability that a simple random sample of 4 items will have a mean that isa. greater than 210.b. between
A random variable is normally distributed with mean 5 $1500 and standard deviation 5 $100. Determine the standard error of the sampling distribution of the mean for simple random samples with the
The operator of a museum exhibit has found that 30%of the visitors donate the dollar that has been requested to help defray costs, with the others leaving without paying.Three visitors are on their
For a population of five individuals, television ownership is as follows:a. Determine the probability distribution for the discrete random variable, x 5 number of television sets owned. Calculate the
What is the difference between a standard deviation and a standard error?
Determine and interpret the value of the process capability index.
Construct and interpret statistical process control charts for variables and attributes.
Explain what is meant by statistical process control and describe how it contributes to the quality of manufactured products.
Describe, in general, how random and assignable process variation can each be identified and reduced.
Explain the difference between random and assignable process variation.
Discuss the Kaizen concept of ongoing improvement.
Differentiate between defect prevention and defect detection strategies for the management of quality.
Understand the nature and importance of the process orientation that is central to total quality management.
Discuss the concept of total quality management.
Apply incremental analysis to inventory-level decisions.
Express and analyze the decision situation in terms of opportunity loss and expected opportunity loss.
Calculate and interpret the expected value of perfect information.
Determine the expected payoff for a decision alternative.
Differentiate between non-Bayesian and Bayesian decision criteria.
Express a decision situation in terms of decision alternatives, states of nature, and payoffs.
Use index numbers to compare business or economic measurements from one period to the next.
Use the Durbin-Watson test to determine whether regression residuals are autocorrelated.
Use the mean absolute deviation (MAD) and mean squared error (MSE)criteria to compare how well fitted equations or curves fit a time series.
Use the trend extrapolation and the exponential smoothing forecast methods to estimate a future value.
Determine seasonal indexes and use them to compensate for the seasonal effects in a time series.
Smooth a time series with the centered moving average and exponential smoothing techniques.
Fit a linear or a polynomial trend equation to a time series.
Describe the trend, cyclical, seasonal, and irregular components of the classical time series model.
Determine which of several competing models might be most suitable for the data and the situation
Apply stepwise regression in selecting which variables to use in a model.
Identify and compensate for multicollinearity in the data.
Use logarithmic transformations in constructing exponential and multiplicative models.
Apply qualitative variables representing two or more categories.
Build polynomial regression models to describe curvilinear relationships.
Use residual analysis in examining the appropriateness of the multiple regression model and the extent to which underlying assumptions are met.
Explain both the meaning and the applicability of a dummy variable.
Construct confidence intervals and carry out hypothesis tests involving the partial regression coefficients.
Interpret the value of the coefficient of multiple determination and carry out a hypothesis test for its significance.
Obtain and interpret the multiple regression equation; then make point and interval estimates regarding the dependent variable.
Explain how the scatter diagram and least-squares concepts apply to multiple regression.
Use residual analysis in examining the appropriateness of the linear regression model and the extent to which underlying assumptions are met.
Test the significance of the correlation coefficient.
Construct confidence intervals and carry out hypothesis tests involving the slope of the regression line.
Describe the meaning of the coefficient of determination.
Determine and interpret the value of the coefficient of correlation.
Determine the least-squares regression equation, and make point and interval estimates for the dependent variable.
Explain the individual terms in the simple linear regression model, and describe the assumptions that the model requires.
Apply each of the nonparametric methods in the chapter to tests of hypotheses for which they are appropriate.
Determine when a nonparametric hypothesis test should be used instead of its parametric counterpart.
Explain the advantages and disadvantages of nonparametric versus parametric testing.
Differentiate between nonparametric and parametric hypothesis tests.
Appreciate that computer assistance is especially important in analysis of variance tests and be able to interpret computer outputs for these tests.
Use the one-way, randomized block, and two-way analysis of variance methods in testing appropriate hypotheses relative to experimental data.
Arrange data into a format that facilitates their analysis by the appropriate analysis of variance procedure.
Differentiate between the one-way, randomized block, and two-way analysis of variance techniques and their respective purposes.
Understand the relationship between analysis of variance and the design of experiments.
Describe the general approach by which analysis of variance is applied and the type of applications for which it is used.
Determine the confidence interval for, and carry out hypothesis tests for a population variance.
Apply the chi-square distribution in comparing the proportions of two or more independent samples.
Apply the chi-square distribution in testing whether two nominalscale(category) variables could be independent.
Apply the chi-square distribution in testing whether a sample could have come from a population having a specified probability distribution.
List and understand the general procedures involved in chi-square testing.
Explain the nature of the chi-square distribution.
Determine and explain the operating characteristic curve for a hypothesis test and a given decision rule.
Determine and explain the power curve for a hypothesis test and a given decision rule.
Explain how confidence intervals are related to hypothesis testing.
Determine and explain the p-value for a hypothesis test.
Carry out a hypothesis test for a population mean or a population proportion, interpret the results of the test, and determine the appropriate business decision that should be made.
Describe what is meant by Type I and Type II errors, and explain how their probabilities can be reduced in hypothesis testing.
Transform a verbal statement into appropriate null and alternative hypotheses, including the determination of whether a two-tail test or a one-tail test is appropriate.
Describe the meaning of a null and an alternative hypothesis.
Determine whether two independent samples could have come from populations having the same standard deviation.
Test the difference between proportions for two independent samples.
Test the difference between sample means when the samples are not independent.
Select and use the appropriate hypothesis test in comparing the means of two independent samples.
Use Excel and Minitab to construct confidence intervals.

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