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business statistics communicating

Questions and Answers of Business Statistics Communicating

OZ Plumbing & Heating is the main piping contractor for a developer. In a recent development project, 15 out of 50 home owners complained that their pipes leaked.To verify this, the developer
Your company president has told you that the company experiences product returns at the rate of two per month with the number of product returns distributed as a Poisson random variable. Determine
The University of Michigan’s Population Studies Center provides teaching, learning, training, and conducting research in the area of population studies.One of their records had a list of women who
Keith is an athletic trainer at Delia University and he is invited to send his athletes to attend a nationwide competition. He needs to make decisions based on the chances of winning the competition,
The McMillan Newspaper Company sometimes makes printing errors in its advertising and is forced to provide corrected advertising in the next issue of the paper. The managing editor has done a study
Consider an experiment in which a sample of size n = 5 is taken from a binomial distribution.a. Calculate the probability of each value of the random variable for the probability of a success equal
Beginning statistics students are often puzzled by two characteristics of distributions in this chapter: (1) the trials are independent, and (2) the probability of a success remains constant from
Discuss the basic differences and similarities between the binomial distribution and the Poisson distribution.
How is the shape of the binomial distribution changed for a given value of p as the sample size is increased?Discuss.
Three discrete distributions were discussed in this chapter. Each was defined by a random variable that measured the number of successes. To apply these distributions, you must know which one to use.
Cliff Summey is the quality-assurance engineer for Sticks and Stones Billiard Supply, a manufacturer of billiard supplies. One of the items that Sticks and Stones produces is sets of pocket billiard
An employment agency survey contacted 130 small firms. One of the many inquiries was to determine the number of employees the firms had. The file titled Employees contains the responses by the firms.
The 2014 State of Women-Owned Businesses report commissioned by American Express indicated 31% of private firms had female owners, 53% had male owners, and 16% had male and female co-owners
The owner of a local electronic store is checking the quality of toasters sold at his shop. He knows that out of 20, three toasters might have faulty timer knobs, which may fall off. He randomly
The owner of Lucky Dogs sells spicy hot dogs from a pushcart. Lucky Dogs is open every day between 11:00 a.m. and 1:00 p.m. Assume the demand for spicy hot dogs follows a Poisson distribution with a
Fasteners used in a manufacturing process are shipped by the supplier to the manufacturer in boxes that contain 20 fasteners. Because the fasteners are critical to the production process, their
Beacon Hill Trees & Shrubs currently has an inventory of 10 fruit trees, 8 pine trees, and 14 maple trees. It plans to give 4 trees away at next Saturday’s lawn and garden show in the city park.
John Thurgood founded a company that translates Chinese books into English. His company is currently testing a computer-based translation service. Since Chinese symbols are difficult to translate,
A shipment of 20 hard drives was shipped to The Tech-Crew computer repair company. Four of them were defective. One of the technicians selected 5 of the hard drives to put in his parts inventory and
Africa’s Safari Park is the best place to spot lions. You can see them regularly during the morning or afternoon drives. Assume that the number of lions that can be seen on a day trip in Safari
A stock portfolio contains 20 stocks. Of these stocks, 10 are considered “large-cap” stocks, 5 are “mid cap,”and 5 are “small cap.” The portfolio manager has been asked by his client to
When things are operating properly, E-Bank United, an Internet bank, can process a maximum of 25 electronic transfers every minute during the busiest periods of the day. If it receives more transfer
Plywood contains minor imperfections that can be repaired with small “plugs.” One customer will accept plywood with a maximum of 3.5 plugs per sheet on average. Suppose a shipment was sent to
Pacific Realty is helping a developer to sell their latest real-estate properties. To achieve maximum sales, Pacific Reality trains agents to sell the product to more than four houses per month. One
A random variable, x, has a hypergeometric distribution with N = 10, X = 7, and n = 4.Calculate the following quantities:a. P1x = 32b. P1x = 52c. P1x Ú 42d. Find the largest x so that P1x 7 x2 7
Determine the following values associated with a Poisson distribution with lt equal to 3:a. P1x … 32b. P1x 7 32c. P12 6 x … 52d. Find the smallest x so that P1x … x2 7 0.50.
A corporation has 11 manufacturing plants. Of these, seven are domestic and four are located outside the United States. Each year, a performance evaluation is conducted for 4 randomly selected
If a random variable follows a Poisson distribution with l = 20 and t = 12, find thea. expected value, variance, and standard deviation of this Poisson distributionb. probability of exactly 8
A population of 10 items contains 3 that are red and 7 that are green. What is the probability that in a random sample of 3 items selected without replacement, 2 red and 1 green items are selected?
Consider a situation in which a used-car lot contains five Fords, four General Motors (GM) cars, and five Toyotas. If five cars are selected at random to be placed on a special sale, what is the
Arrivals to a bank automated teller machine (ATM) are distributed according to a Poisson distribution with a mean equal to three per 15 minutes.a. Determine the probability that in a given 15-minute
The mean number of errors per page missed by a proofreader at a major publishing company is thought to be 1.5, with the number of errors distributed according to a Poisson distribution. If three
International Data Corp. (IDC) has shown that the average return on business analytics projects was almost four-and-a-half times the initial investment(source: “IDC study finds analytics projects
An online shoe retailer has the goal of keeping the percent of returns due to incorrect size to no more than 5%. The file titled Shoesize contains a sample of 125 shoe sizes that were sent to
According to the most recent study conducted by the U.S. Bureau of Labor Statistics, 28.1% of female spouses outearn their male counterparts (source: “Highlights of women’s earnings in 2014,”
A large grocery store chain believes that 80% of its customers use the store’s “Savings Card” when they make purchases. The manager in charge of the “Savings Card” program has randomly
Managers at an electronics retailer have tracked the frequency with which product rebates are redeemed and found that for their company, 40% of all rebates are actually redeemed. Further, they found
Radio frequency identification (RFID) is an electronic scanning technology that can be used to identify items in a number of ways. One advantage of RFID is that it can eliminate the need to manually
The Employee Benefit Research Institute reports that 58% of workers say they are confident they have saved enough for retirement (source: “The 2015 Retirement Confidence Survey: Having a retirement
A manufacturing firm produces a product that has a ceramic coating. The coating is baked on to the product, and the baking process is known to produce 15% defective items (for example, cracked or
A small hotel in a popular resort area has 20 rooms.The hotel manager estimates that 15% of all confirmed reservations are “no-shows.” Consequently, the hotel accepts confirmed reservations for
Recent ratings for the popular NCIS television show indicate that 7.5% of all television households tune in to the show. The ratings also show that 9.7% of all television households tune in to The
A national retailer has tracked customers who visit its website and determined that 37% will make a purchase from the website within six months of their first website visit. Eight people who visit
Assume that for an ad campaign to be successful, at least 80% of those seeing a television commercial must be able to recall the name of the company featured in the commercial one hour after viewing
Cancer is a global medical concern and around half of the patients diagnosed with cancer do succumb to it.There are many types of cancer treatments including chemotherapy, hormone therapies,
Hewlett-Packard receives large shipments of microprocessors from Intel Corp. It must try to ensure the proportion of microprocessors that are defective is small. Suppose HP decides to test five
According to NBCNews.com, 38% of the voters in California voted for Mitt Romney, the Republican candidate for President in 2012 (source: “Presidential election results,” http://nbcnews.com,
Magic Valley Memorial Hospital administrators have recently received an internal audit report that indicates that 15% of all patient bills contain an error of one form or another. After spending
Given a binomial distribution with n = 8 and p = 0.40, obtain the following:a. the meanb. the standard deviationc. the probability that the number of successes is larger than the meand. the
Use the binomial distribution in which n = 6 and p = 0.3 to calculate the following probabilities:a. x is at most 1b. x is at least 2c. x is more than 5d. x is less than 6
Use the binomial distribution table to determine the following probabilities:a. n = 6, p = 0.08; find P1x = 22b. n = 9, p = 0.80; determine P1x 6 42c. n = 11, p = 0.65; calculate P12 6 x … 52d. n =
A random variable follows a binomial distribution with a probability of success equal to 0.45. For n = 11, finda. the probability of exactly 1 successb. the probability of 4 or fewer successesc. the
A random variable follows a binomial distribution with a probability of success equal to 0.65. For a sample size of n = 7, finda. the probability of exactly 3 successesb. the probability of 4 or more
Assuming the binomial distribution applies with a sample size of n = 15, finda. the probability of 5 or more successes if the probability of a success is 0.30b. the probability of fewer than 4
Find the probability of exactly 5 successes in a sample of n = 10 when the probability of a success is 0.70.
Suppose that 40% of all home buyers will do some remodeling to their home within the first five years of home ownership. Assuming this is true, use the binomial distribution to determine the
If a binomial distribution applies with a sample size of n = 20, finda. the probability of 5 successes if the probability of a success is 0.40b. the probability of at least 7 successes if the
Use the binomial formula to calculate the following probabilities for an experiment in which n = 5 and p = 0.4:a. the probability that x is at most 1b. the probability that x is at least 4c. the
For a binomial distribution with a sample size equal to 10 and a probability of a success equal to 0.30, what is the probability that the sample will contain exactly three successes? Use the binomial
Suppose that 20% of credit cards have an outstanding balance at the credit card limit. A bank manager randomly selects 15 customers and finds 4 that have balances at the limit. Assume that the
Fiber Fabrics, Inc., makes boat tops for a number of boat manufacturers. Its fabric has a limited two-year warranty. Periodic testing is done to determine if the warranty policy should be changed.
Pfizer Inc. is the manufacturer of Revolution(Selamectin), a topical parasiticide used for the treatment, control, and prevention of flea infestation, heartworm, and ear mites for dogs and cats. One
A national retailer has entered into an agreement with a publisher to begin selling a food and beverage magazine on a trial basis. The retailer pays $1.95 and sells the magazine for $3.49. During the
A large corporation in search of a CEO and a CFO has narrowed the fields for each position to a short list. The CEO candidates graduated from Chicago (C) and three Ivy League universities: Harvard
Moira works as the loan officer at a bank. Every day he needs to manage numerous loan applications by verifying each document provided by the applicants, which correspond with the bank’s policy. At
A consumer electronics store stocks four alarm clock radios. If it has fewer than four clock radios available at the end of a week, the store restocks the item to bring the in-stock level up to four.
Rossmore Brothers, Inc., sells plumbing supplies for commercial and residential applications. The company currently has only one supplier for a particular type of faucet. Based on historical data,
Steve owns a stall in a cafeteria. He is investigating the number of food items wasted per day due to inappropriate handling. Steve recorded the daily number of food items wasted with respective
Before a book is sent for printing, Anna, a proofreader, needs to ensure that there are no grammatical or typographical errors in any page. Based on her past experiences, she found the probability
Using historical records, a manufacturing firm has developed the following probability distribution for the number of days required to get components from its suppliers. The distribution is shown
After conducting a five-day travel fair at the Mid-valley Exhibition Hall, Harmony Tour and Travel is reviewing the number of complaints received per day. Following are the number of complaints with
Examine the following probability distribution:x 5 10 15 20 25 30 35 40 45 50 P(x) 0.01 0.05 0.14 0.20 0.30 0.15 0.05 0.04 0.01 0.05a. Calculate the expected value and standard deviation for this
Consider the following discrete probability distribution:x P(x)5 0.10 10 0.15 15 0.25 20 0.50a. Calculate the expected value of the random variable.b. Let y = x + 5. Calculate the expected value of
Two six-sided dice are rolled and the random variable x is the sum of the values produced by each die.a. List the possible outcomes for the variable x, determine the probability for each outcome, and
Given the following discrete probability distribution:x P(x)100 0.25 125 0.30 150 0.45a. Calculate the expected value of x.b. Calculate the variance of x.c. Calculate the standard deviation of x.
Consider the following discrete probability distribution:x P(x)3 0.13 6 0.12 9 0.15 12 0.60a. Calculate the variance and standard deviation of the random variable.b. Let y = x + 7. Calculate the
Because of weather issues, the number of days next week that the captain of a charter fishing boat can leave port is uncertain. Let x = number of days the boat is able to leave port per week. The
Given the following discrete probability distribution:x P(x)50 0.375 65 0.15 70 0.225 75 0.05 90 0.20a. Calculate the expected value of x.b. Calculate the variance of x.c. Calculate the standard
If the Prudential Insurance Company surveys its customers to determine the number of children under age 22 living in each household,a. What is the random variable for this survey?b. Is the random
Two numbers are randomly drawn without replacement from a list of five. If the five numbers are 2, 2, 4, 6, 8, what is the probability distribution of the sum of the two numbers selected? Show the
An economics quiz contains six multiple-choice questions. Let x represent the number of questions a student answers correctly.a. Is x a continuous or discrete random variable?b. What are the possible
The Center for Generational Kinetics had categorized the American workforce as follows: (1) Traditionalists (born before 1945); (2) Baby Boomers (born 1945 to 1964);(3) Generation X (born 1965 to
The Employee Benefit Research Institute (EBRI) issued a report in 2015 that stated 55% of workers are confident they have enough money for a comfortable retirement.(Source: R. Helman, C. Copeland,
Continuing with the ECCO company from Exercise 4-83, when a customer returns one of the alarms under warranty, the quality manager logs data on the product. From the data available in the Ecco file,
The ECCO company makes backup alarms for machinery like forklifts and commercial trucks. When a customer returns one of the alarms under warranty, the quality manager logs data on the product. From
A survey of 300 CEOs was conducted in which the CEOs were to list their corporation’s geographical location: Northeast (NE), Southeast (SE), Midwest(MW), Southwest (SW), and West (W). They were
In a large metropolitan area, 65% of commuters ride the train only, 18% ride the bus only, and 6% ride both the train and the bus to get to the central business district.a. What is the probability
In a large shipment of electronic parts, 0.015 are bad.The parts are tested using a machine that correctly identifies bad parts as defective with a probability of 0.98, and correctly identifies good
A large coffeehouse has found that 50% of all customers order food, 80% order coffee, and 40% order both. What is the probability that a customer at the coffeehousea. Orders food but no coffee?b.
After spending some time studying company e-mail accounts, the manager of computer security for a large insurance company has determined that 25% of all e-mail messages sent to employee computers are
Based on a survey conducted by students in the Recreational Management degree program, 65% of students at the university own a mountain bike, 25%own a road bike, and 6% own both a mountain bike and a
Thirty-five percent of all customers of a large, national financial institution manage their accounts online.What is the probability that in a random sample of three customers from the financial
Five hundred smartphone owners were asked if they use their phones to download sports scores. The responses are summarized in the following table:Yes No Total Male 195 105 300 Female 70 130 200 Total
A manufacturing firm has two suppliers for an electrical component used in its process: one in Mexico and one in China. The supplier in Mexico ships 82% of all the electrical components used by the
Fifty chief executive officers of small to medium-sized companies were classified according to their gender and functional background as shown in the table below:Functional Background Male Female
An investment firm is thinking of opening a skiing facility in Colorado. It is trying to decide whether to open an area catering to family skiers or to some other group. To help make its decision, it
Recently, several long-time customers at the Sweet Haven Chocolate Company have complained about the quality of the chocolates. It seems there are several partially covered chocolates being found in
Ponderosa Paint and Glass makes paint at three plants. It then ships the unmarked paint cans to a central warehouse. Plant A supplies 50% of the paint, and past records indicate that the paint is
A national convenience store chain determines that 70%of gas purchases are made with a credit or debit card.a. Indicate the type of probability assessment method that the gas station manager would
FM Auto Workshop is conducting a study for its two branches (FM1 and FM2) on oil changes and tire rotations. Two hundred customers were involved in the study. Thirty-six out of 119 oil change

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