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business
business statistics communicating

Questions and Answers of Business Statistics Communicating

An April 14, 2015, article by Kara Brandeisky on Money magazine’s website states that overall the chance of being audited by the IRS in 2014 was 0.86%. If a person’s adjusted gross income was
When customers call into a bank’s customer service phone line, they are asked to complete a survey on service quality at the end of the call. Six out of ten customers agree to do the survey. Of
An accounting professor at a state university in Vermont recently gave a three-question multiple-choice quiz.Each question had four optional answers.a. What is the probability of getting a perfect
Examine the following table:A A Totals B 200 800 1,000 B 300 700 1,000 Totals 500 1,500 2,000a. Calculate the following probabilities:P1A2, P1A2, P1AB2, P1AB2, P1AB2, and P1AB2.b. Show that (1) A
Consider the following table:A A Totals B 800 200 1,000 B 600 400 1,000 Totals 1,400 600 2,000 Explore the complements of conditional events:a. Calculate the following probabilities:P1AB2, P1AB2,
Examine the relationship between independent, dependent, and mutually exclusive events. Consider two events A and B that are mutually exclusive such that P1A2 0.a. Calculate P1AB2.b. What does
Discuss what is meant by subjective probability. Provide a business-related example in which subjective probability assessment would likely be used. Also, provide an example of when you have
Discuss what is meant by the relative frequency assessment approach to probability assessment. Provide a business-related example, other than the one given in the text, in which this method of
Discuss what is meant by classical probability assessment and indicate why classical assessment is not often used in business applications.
A scooter manufacturing company is notified whenever a scooter breaks down, and the problem is classified as being either mechanical or electrical. The company then matches the scooter to the plant
A report indicated the average number of days it takes for an American company to fill a job vacancy is 48 days. Sample data similar to those used in the study are in a file titled Hired. Categories
The loan manager for High Desert Bank selected a sample of the loans her bank has made in the past year.The file High Desert Banking contains information on the loan amount, the type of loan, and the
A survey asked what the most important reason was that people give for not using a wireless phone exclusively. The responses were: (1) Like the safety of traditional phone, (2) Like having a land
Continuing with the survey done by the managers of the hotel chain, based on the data from the survey, found in the file HotelSurvey, determine the following probabilities using the relative
A hotel chain conducted a survey of its guests. Sixtytwo surveys were completed. Based on the data from the survey, found in the file HotelSurvey, answer the following questions using the relative
ECCO is a company that makes backup alarms for commercial vehicles and heavy-duty equipment like forklifts. The data file ECCO contains warranty claim data as well as the associated manufacturing
A box of 50 remote control devices contains three that have a defective power button. If devices are randomly sampled from the box and inspected one at a time, determinea. The probability that the
Suppose an auditor has 18 tax returns, 12 of which are for physicians. If three of the 18 tax returns are randomly selected, then what is the probability that at least one of the three selected will
Your company assigned two accident insurance plans(Plan 1 and Plan 2) among the full-time and part-time staffs. There are 70% of full-time staffs in the company and 60% of staffs had been assigned in
A distributor of outdoor yard lights has four suppliers.This past season, she purchased 40% of the lights from Franklin Lighting, 30% from Wilson & Sons, 20%from Evergreen Supply, and the rest from
Uncle John owns a roadside magazine stall. This morning it starts to rain. Given a rainy morning, the chance uncle John sold all his newspapers is 25%.When it is not a rainy morning, uncle John would
A major electronics manufacturer has determined that when one of its televisions is sold, there is 0.08 chance that it will need service before the warranty period expires. It has also assessed a
Nikon is launching their new wireless transmitter, which implemented better send and receive technology.The signal is transmitted using the new model with probability 0.76 and using the old model
A corporation has 11 manufacturing plants. Of these, seven are domestic and four are outside the United States. Each year a performance evaluation is conducted for four randomly selected plants. What
Vegetables from the summer harvest are processed at a food-processing plant. The manager has found a case of cans that have not been properly sealed. There are three lines that processed cans of this
Online marketplaces such as Craigslist have become a popular way for individuals to buy and sell miscellaneous items. The table below shows the numbers of days products stayed active (not sold) on
Dreamland has its own factory in manufacturing pillows. It manufactures two types of pillows—polyester pillows and memory foam pillows.Dreamland distributes its pillows to hospitals, hotels, and
A government-sponsored subsidized housing construction contract is to be awarded on the basis of a blind drawing from those who have bid. In addition to the Hubble Company, five other companies have
RAC is an automotive dealer selling imported new cars, and a number of them are Japanese cars. The manager of RAC found that 60% of the customers visited them but didn’t purchase anything. About
Cindy is planning for a day trip and is deciding whether to wear closed-toed shoes or sandals during her trip. She is also checking the weather reports. If the report indicates it will rain then she
Suppose the managers at FedEx Office wish to meet the increasing demand for color photocopies and to have more reliable service. (Refer to Exercise 4-36.) As a goal, they would like to have at least
A local FedEx Office has three black-and-white copy machines and two color copiers. Based on historical data, the chance that each black-and-white copier will be down for repairs is 0.10. The color
A hair salon caters to both men and women. In addition to hairstyles, the salon provides back and shoulder massages. In the past, 42% of men have requested a massage and 61% of women have requested a
Three events occur with probabilities P1E12 = 0.35, P1E22 = 0.25, P1E32 = 0.40. Other probabilities are P1BE12 = 0.25, P1BE22 = 0.15, P1BE32 = 0.60.a. Compute P1E1 B2.b. Compute P1E2 B2.c.
Suppose a quality manager for Dell Computers has collected the following data on the quality status of disk drives by supplier. She inspected a total of 700 disk drives.Drive Status Supplier Working
The URS Corporation construction company has submitted two bids, one to build a large hotel in London and the other to build a commercial office building in New York City. The company believes it has
Three events occur with probabilities P1E12 = 0.35, P1E22 = 0.15, P1E32 = 0.40. If the event B occurs, the probability becomes P1E1 B2 = 0.25, P1B2 = 0.30.a. Calculate P1E1 and B2.b. Compute P1E1 or
There are reasons for students to choose specific universities for higher studies. In a survey of undergraduate students, the following data were obtained on students applying a degree program in a
A college basketball team has 10 players; 5 are seniors, 2 are juniors, and 3 are sophomores. Two players are randomly selected to serve as captains for the next game. What is the probability that
Ponderosa Paint and Glass carries three brands of paint. A customer wants to buy another gallon of paint to match paint she purchased at the store previously. She can’t recall the brand name and
A Jack in the Box franchise manager has determined that the chance a customer will order a soft drink is 0.90. The probability that a customer will order a hamburger is 0.60. The probability that a
A study was conducted in a school on how students travel to school. Following are the data collected for three methods students use to travel to school:Methods Number of People Carpool 35 Drive 14
A selection of soft-drink users is asked to taste two disguised soft drinks and indicate which they prefer.The file titled Challenge contains the results of a study that was conducted on a college
A survey on cell phone use asked, in part, what was the most important reason people give for not using a wireless phone exclusively. The responses were: (1) Like the safety of traditional phone, (2)
A scooter manufacturing company is notified whenever a scooter breaks down, and the problem is classified as being either mechanical or electrical. The company then matches the scooter to the plant
Several years ago, a large state university conducted a survey of undergraduate students regarding their use of computers. The results of the survey are contained in the data file ComputerUse.a.
The data in the file called Babies indicate whether the past 50 babies delivered at a local hospital were delivered using the caesarean method.a. Based on these data, what is the probability that a
Two agents joined an insurance company a year ago.During the year, the first agent sold 32 life insurance policies, with an insurance sum of $42 million. For the same type of policy, the second agent
At Chrisdale Kindergarten, there are three classes for 148 students in their first year. Anna is one of the teachers at Chrisdale and she is interested to know about the students’ favorite pet. She
A survey of 490 workers included the question “In your opinion, is it OK for a company to monitor its employees’ Internet use?” The possible responses were:(1) Only after informing the
Golden Screen Cinema (GSC) is showcasing two popular Hollywood movies—Harry Potter and The Pirates of the Caribbean. Both movies are being shown in large auditoriums that can accommodate a maximum
One automobile dealership sells Buick, Cadillac, and Chevrolet automobiles. It also sells used cars that it gets as trade-ins on new car purchases. If two cars are sold on Tuesday by the dealership,
A school is going to conduct cocurricular activities for its students. The teachers conducted a survey to find out the students’ areas of interest and asked them to choose their favorite activity.
China’s stock markets are tumbling. A three week’s plunge has knocked off about 5%, 6%, and 7% weekly Chinese shares. Investors are concerned and many of them have borrowed to be able to continue
It is a sunny day and Cecelia goes to a cafe to purchase an ice-cream. In terms of size, she has three choices—small, medium, or large. For each size she chooses, she may include one topping of
Shaun follows his friend to the horse betting field. This is his first time there and he has no experience on how to bet in horse races. He makes his choice based on his friend’s information and
Tomorrow, Sharon is going to sit for her mathematics test. The test paper consists 10 multiple choice questions with four possible answers A, B, C, and D for each question. Due to lack of practice,
Cyber-Plastics, Inc., is in search of a CEO and a CFO.The company has a short list of candidates for each position. The four CEO candidates graduated from Chicago (C) and three Ivy League
Cross County Bicycles makes two mountain bike models, the XB-50 and the YZ-99, in three distinct colors. The following table shows the production volumes for last week:a. Based on the relative
The results of a census of 2,500 employees of a midsized company with 401(k) retirement accounts are as follows:Suppose researchers are going to sample employees from the company for further study.a.
Students who live on campus and purchase a meal plan are randomly assigned to one of three dining halls: the Commons, Northeast, and Frazier. What is the probability that the next student to purchase
One of your classmates lives in the same locality where you stay. One of the classmate’s car broke down yesterday. You suspect there is a 90% of chance that she will call you for a ride to school
In each of the following, indicate what method of probability assessment would most likely be used to assess the probability.a. What is the probability that a major earthquake will occur in
Use a tree diagram to list the sample space for the number of movies rented by three customers at a Red Box video kiosk where customers are allowed to rent one, two, or three movies (assuming that
If two customers are asked to list their choice of ice cream flavor from among vanilla, chocolate, and strawberry, list the sample space showing the possible outcomes.
In a survey, respondents were asked to indicate their favorite brand of cereal (Post or Kellogg’s). They were allowed only one choice. What is the probability concept that implies it is not
You toss a fair coin in the air and then draw a card from a deck of 52 cards. Will the probability of drawing a king from the deck be affected by the output of the coin toss?
A manufacturing company operates three shifts daily.Each shift produces two models: A and B. A random sample of daily production has been taken, and the results are in the file Shift Production.a.
A coffee shop would like to compare the dollar purchases of customers who use the drive-thru and those who come inside. A random sample of inside and drivethru purchases is taken, and the results are
The Cozine Corporation operates a garbage hauling business. Up to this point, the company has been charged a flat fee for each of the garbage trucks that enters the county landfill. The flat fee is
For the past few years, one of the country’s biggest taxpreparing companies has sponsored an event in which 50 certified public accountants from all sizes of CPA firms are asked to determine the
Chad’s Bakery makes a variety of bread types that it sells to supermarket chains in the area. One of Chad’s problems is that the number of loaves of each type of bread sold each day by the chain
Yahoo! Finance makes available historical stock prices.It lists the opening, high, and low stock prices for each stock available on NYSE and NASDAQ. A file titled GEstock gives these data for General
The file titled Payscale contains data on salaries for a sample of MBA graduates in California and Florida.a. Calculate the standard deviations of the salaries for both states’ MBA graduates. Which
A file titled Halloween contains sample data on Halloween spending for costumes.a. Calculate the mean and standard deviation of these data.b. Determine the following intervals for this data set:x {
The Environmental Protection Agency (EPA) tests all new cars and provides a mileage rating for both city and highway driving conditions. For 2015, 32 electric cars were tested, and the data are
The data in the file named Fast100 were collected by D. L. Green & Associates. To aid the investment firm in locating appropriate investments for its clients, Sandra Williams, an assistant client
The AJ Fitness Club is a full-service fitness center that offers its members the latest in weight machines, cardio equipment, and exercise classes. The company has surveyed its members to learn how
P&Q is a plastic bucket manufacturer. It chooses to use polypropylene in manufacturing the buckets because it is strong and can usually withstand high temperatures.P&Q’s quality control inspector
Volatile acidity is a measure of the wine’s volatile acids.The primary volatile acid in wine is acetic acid, which is also the primary acid associated with the smell and taste of vinegar. The
Edmund wants to buy a secondhand PlayStation 3(PS3) and he surveys the selling price from three different sources. He can purchase a PS3 from a friend, from a retail shop, or online. The following
Cathy wants to determine the type of slimming products that give better results in losing weight. She is considering two types of slimming products—pills and food supplements. She assigned two
Agri-Chemical Company has decided to implement a new incentive system for the managers of its three plants. The plan calls for a bonus to be paid next month to the manager whose plant has the
An HR manager of a company finds that teenagers frequently change jobs. The dissatisfaction with their present jobs is a major factor in the decision they make.Thus, she selects a sample of
The engineers at Jaguar Land Rover (JLR) produced a recent study on the service process for renewals. The repair procedures are under constant review; therefore, durations are subject to change. The
Interns are complaining about either their internship stipend being very low or about the fact that they do not receive any stipend at all. To study this further, a lecturer selects a random sample
Suppose the mean age of video game players is 28, the standard deviation is 9 years, and the distribution is bellshaped.To assist a video game company’s marketing department in obtaining
Recently, a store manager tracked the time customers spent in the store from the time they took a number until they left. A sample of 16 customers was selected and the following data (measured in
The mode seems like a very simple measure of the location of a distribution. When would the mode be preferred over the median or the mean?
Since the standard deviation of a set of data requires more effort to compute than the range does, what advantages does the standard deviation have when discussing the spread in a set of data?
Cindy is the quality control specialist for a microphone manufacturing company. Every month, she will need to test 200 microphones with a sound pressure system.Each microphone should have the average
Consider that the Empirical Rule stipulates that virtually all of the data values are within the interval m { 3s.Use this stipulation to determine an approximation for the standard deviation
For a continuous variable that has a bell-shaped distribution, determine the percentiles associated with the endpoints of the intervals specified in the Empirical Rule.
Consider the following questions concerning the sample variance:a. Is it possible for a variance to be negative? Explain.b. What is the smallest value a variance can be?Under what conditions does the
One factor that will be important for world trade is the growth rate of the population of the world’s countries.The data file Country Growth contains the most recent United Nations data on the
Airfare prices were collected for a round trip from Los Angeles (LAX) to Salt Lake City (SLC). Airfare prices were also collected for a round trip from Los Angeles(LAX) to Barcelona, Spain (BCN).
A company in Silicon Valley periodically offers its employees a full health screen in which data are collected on several characteristics including percent body fat. Data for a sample of employees
Nike RZN Black is one of the golf balls Nike, Inc., produces. It must meet the specifications of the United States Golf Association (USGA). The USGA mandates that the diameter of the ball shall not
A West Coast newspaper has asked 50 certified public accountant (CPA) firms to complete the same tax return for a hypothetical head of household. The CPA firms have their tax experts complete the
Fertilizer is a very important component for growing vegetables. It keeps the soil in optimum shape to feed the crops. Choosing the right type of fertilizer and adding the right amount are important

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