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business
business statistics communicating

Questions and Answers of Business Statistics Communicating

National Products is a distributor of printer and copier paper for commercial use. The data file called Sales contains the annual, year-to-date sales values for each of the company’s customers.
The Jordeen Bottling Company did an extensive sampling of its soft-drink inventory in which 5,000 cans were sampled. Employees weighed each can and used these weights to determine the fluid ounces in
In 2015, Mortal Kombat X was one of the most popular video games (source: Chris Morris, “‘Mortal Kombat’secrets discovered after 24 years,” http://fortune.com, Feb. 26, 2016). The file titled
In an article titled “Airport screeners’ strains, sprains highest among workers,” Thomas Frank reported that the injury rate for airport screeners was 29%, far exceeding the 4.5% injury rate
A random sample of 25 4-wheel-drive pickups of the same year and model revealed the following miles per gallon (mpg) values:12.4 13.0 12.6 12.1 13.1 13.0 12.0 13.1 11.4 12.6 9.5 13.25 12.4 10.7 11.7
Arco Manufacturing makes electronic video recorders.As part of its quality efforts, the company wishes to estimate the mean number of days a video recorder is used before it needs repair. A pilot
The Yap family has a total of three members. They spend 30 hours every day on the Internet.a. Calculate the average time spent on the Internet in a day by each member of the Yap family.b. If the
As a financial consultant with AIA, Sebastian is assisting his client to determine the average annual return on mutual funds. He selected a random sample of 60 returns, which shows a mean of 12% and
Examine the equation for the margin of error when estimating a population mean e = z s2n Indicate the effect on the margin of error resulting from an increase in each of the following items:a.
David was measuring the amount of time he spends watching TV every day. To analyze his habits, for 14 days David recorded the amount of time he spent watching TV. He determines an average of 30
When we need to estimate the population mean, and the population standard deviation is unknown, we are hit with a “double whammy” when it comes to the margin of error. Explain what the “double
The Emerging Workforce Study conducted by Harris Interactive on behalf of Spherion, a leader in providing value-added staffing, recruiting, and workforce solutions, utilized a random sample of 225
According to the Retirement Confidence Survey, in 2015, 36% of individuals expected to begin retirement after the age of 65 (source: 2015 RCS Fact Sheet # 2, Expectations about retirement,
Suppose that 34% of workers between the ages of 35 and 44 own a 401(k)-type retirement plan. Suppose the Atlanta Chamber of Commerce conducted a survey to determine the participation rate of 35- to
An automobile’s color is one of the factors that influences a consumer’s demand for it. Suppose a car manufacturer in your country is planning to launch a new model and is deciding on the colors
Suppose a survey of individuals between the ages of 26 and 82 indicated that 66% of seniors, 61% of Baby Boomers, and 58% of Generation X expect IRAs to be their primary source of income in
According to studies by the Pew Research Center and the United Nations (UN), immigrants have a proven economic benefit. Based on reports, between 2005 and 2015, countries in the Middle East have seen
A courier company is trying to improve the quality of the services provided to its customers. For local deliveries, the company guarantees that all orders will be delivered within 24 hours. To
Many companies have started to feature female models who are not the traditional thin women who have graced magazine covers for the last 20 to 25 years.Suppose Calvin Klein conducted a survey of
A sport teacher is selecting students who will be attending the school’s Annual Sports Day. He needs to identify students who will qualify for the high jump competition. Based on his past
Most major airlines allow passengers to carry one luggage item (of a certain maximum size) and one personal item onto the plane. However, suppose the more carry-on baggage passengers have, the longer
The television landscape has changed as networks compete with streaming services such as Netflix and Hulu. Suppose that CBS plans to conduct interviews with television viewers in an attempt to
A survey of 499 women revealed that 38% wear flats to work.a. Use this sample information to develop a 99%confidence interval for the population proportion of women who wear flats to work.b. Suppose
According to a study, over the three years almost twothirds of newspapers in a country published less foreign news compared to local news. Only 10% of the editors said they considered foreign news
A random sample of 40 television viewers was asked if they had watched the current week’s The Voice. The following data represent their responses:no no no yes no no no yes no yes no no no yes no no
Premium Information Solutions, Inc., specializes in providing call center services for companies that wish to outsource their call center activities. Premium Information Solutions is currently
According to the Office of Personnel Management(www.OPM.gov), in 2015 the average hourly wage rate for federal employees was slightly higher than $43.The file titled Paychecks contains a random
Bruce Leichtman is president of Leichtman Research Group, Inc. (LRG), which specializes in research and consulting on broadband, media, and entertainment industries. In a survey, the company
More than ever before, film production companies are gravitating toward Eastern Europe. Studios there have a reputation of skilled technical work at a relatively low cost. Bulgaria is one country
The average monthly cable television bill is estimated to be $99.10 (source: Yoni Heisler, “The average cable bill has increased by nearly 40% in 5 years,” http://bgr.com, Sep. 9, 2015). Suppose
The Longmont Computer Leasing Company wishes to estimate the mean number of pages that will be printed in a month on its leased printers. The plan is to select a random sample of printers and record
Apart from being fun, toys are an important part of the physical and mental development of children. Parents play a role in assisting their children in picking the right toys. An industrial designer
The Northwest Pacific Phone Company wishes to estimate the average number of minutes its customers spend on long-distance calls per month. The company wants the estimate made with 99% confidence and
With the high cost of fuel and intense competition, the major airline companies have had a very difficult time financially in recent years. Many carriers are now charging for checked bags. One
A decision maker is interested in estimating the mean of a population based on a random sample. She wants the confidence level to be 90% and the margin of error to be {0.30. She does not know what
Calculate the smallest sample size required to estimate the population mean under the following specifications:a. confidence level 95,, s = 16, and e = 4b. confidence level 90,, s = 23, and e = 0.5c.
A sample size must be determined for estimating a population mean given that the confidence level is 90%and the desired margin of error is 0.30. The largest value in the population is thought to be
The per capita consumption of chicken rose from 36.9 pounds in 1965 to 90.1 pounds in 2015 according to the National Chicken Council (www.nationalchickencouncil.org). Suppose the organization wishes
The TSA PreCheck program is intended to be a way to shorten airline security lines for “trusted travelers.”Suppose 13,000 people living in a major southern city paid an annual $80 fee to
The manager at a new tire and repair shop in Hartford, Connecticut, wants to establish guidelines for the time it should take to put new brakes on vehicles. In particular, he is interested in
One of the reasons for multiple car accidents on highways is thought to be poor visibility. One of this text’s authors participated in a study of one rural section of highway in Idaho that had been
In a company, the HR department is able to identify a small number of staff members who were clocking in at irregular hours in the morning. To determine the punctuality of the staff members, the HR
Dior has been conducting business on the Internet for the past two years. He sells products that include beauty products, supplements, and household essentials. Managing the online business has
A regional U.S. commercial bank issues both Visa and MasterCard credit cards. As a part of its annual review of the profitability of each type of credit card, the bank randomly samples 36 customers
In a study conducted by a national credit card company, corporate clients were surveyed to determine the extent to which hotel room rates quoted by central reservation systems differ from the rates
Bolton, Inc., an Internet service provider (ISP), has experienced rapid growth in the past five years. As a part of its marketing strategy, the company promises fast connections and dependable
Car buyers often add accessories to their new cars. A sample of 179 Mini Cooper purchasers yielded a sample mean of $5,000 worth of accessories added to the purchase above the $20,200 base sticker
A consumer group conducted a study of SUV owners to estimate the mean highway mileage for their vehicles. A simple random sample of 91 SUV owners was selected, and the owners were asked to report
The BelSante Company operates retail pharmacies in 10 eastern states. The company’s internal audit department selected a random sample of 300 prescriptions issued throughout the system. The
Allante Pizza delivers pizzas throughout its local market area at no charge to the customer. However, customers often tip the driver. The owner is interested in estimating the mean tip income per
A random sample was selected from a population having a normal distribution. Calculate a 90%confidence interval estimate for m for each of the following situations:a. x = 134, n = 10, s = 3.1b. x =
A random sample of n = 9 values taken from a normally distributed population with a population variance of 25 resulted in the following sample values:53 46 55 45 44 52 46 60 49 Use the sample values
A random sample of n = 12 values taken from a normally distributed population resulted in the following sample values:107 109 99 91 103 105 105 94 107 94 97 113 Use the sample information to
The following sample data have been collected based on a simple random sample from a normally distributed population:2 8 0 2 3 5 3 1 4 2a. Compute a 90% confidence interval estimate for the
Construct a 98% confidence interval estimate for the population mean given the following values:x = 120 s = 20 n = 50
Construct a 95% confidence interval estimate for the population mean given the following values:x = 300 s = 55 n = 250
Construct a 90% confidence interval estimate for the population mean given the following values:x = 70 s = 15 n = 65
Assuming the population of interest is approximately normally distributed, construct a 95% confidence interval estimate for the population mean given the following values:x = 18.4 s = 4.2 n = 13
A qualitative variable is normally described in words rather than numerically. A quantitative variable assumes meaningful numerical values, and can be further categorized as either discrete or
In general, we use sample data rather than population data for two main reasons:(1) obtaining information on the entire population is expensive, and/or (2) it is impossible to examine every item of
The study of statistics is generally divided into two branches: descriptive statistics and inferential statistics. Descriptive statistics refers to the summary of a data set in the form of tables,
A proper understanding of statistical ideas and concepts helps us understand more of the real world around us, including issues in business, finance, health, and social interactions. We must
In each of the following scenarios, define the type of measurement scale.a. A meteorologist records the amount of monthly rainfall over the past year.b. A sociologist notes the birth year of 50
In each of the following scenarios, define the type of measurement scale.a. An investor collects data on the weekly closing price of gold throughout a year.b. An analyst assigns a sample o f bond
In each of the following scenarios, define the type of measurement scale.a. A kindergarten teacher marks whether each student is a boy o r a girl.b. A ski resort records the daily temperature during
Which of the following variables are qualitative and which are quantitative? If the variable is quantitative, then specify whether the variable is discrete or continuous.a. Colors of cars in a mall
Which of the following variables are qualitative and which are quantitative? If the variable is quantitative, then specify whether the variable is discrete or continuous.a. Points scored in a
What is the measurement scale of the money data? Why is it considered the strongest form of data? P-7
How are the time data classified? In what ways do the time data differ from ordinal data? What is a potential weakness of this measurement scale? P-7
How are the data based on the ratings of the food quality similar to the radio station data? How are the data different? P-7
What is the scale of measurement of the radio station data? P-7
Another good source of data is the U.S. Census Bureau. Go to http://www.census.gov/ and extract the most recent state median income by family size (total) for Alabama, Arizona, California, Florida,
The Federal Reserve Bank of St. Louis is a g o o d source for d o w nloading econom ic data. Go to http://research.stlouisfed.org/fred2/ to extract quarterly d ata on gross private saving (GPSAVE)
Go to http://www.zillow.com/ and find the sale price data of 20 single-family homes sold in Las Vegas, Nevada, in the last 30 days. You must include in the data set the sale price, the number of
Ask 20 of your friends whether they live in a dormitory, a rental unit, or other form of accommodation. Also find out their approximate monthly lodging expenses. Create a table that uses this
Go to http://w w w .finance.yahoo.com / to g e t a current stock q u o t e for G oogle, Inc. (ticker sy m b o l = GOOG). T hen, click on historical prices to record th e m onthly adjusted close price
Recent research suggests that depression significantly increases the risk of developing dementia later in life (BBC News, July 6 , 2010). In a study involving 949 elderly persons, it was reported
Business g ra d u a te s in th e U.S. w ith a m arketing c oncentration earn high salaries. According to t h e Bureau o f Labor Statistics, th e averag e annual salary for m arketing m a n a g e rs w
An accounting professor wants to know the average GPA of the students enrolled in her class. She looks up information on Blackboard about the students enrolled in her class and computes the average
Many p eople regard video g a m e s as an obsession for youngsters, b u t in fact, th e averag e a g e of a video g a m e player is 35 years (Reuters.com, A ugust 2 1 , 2009). Is th e value 35 likely
It came as a big surprise when Apple's touch screen iPhone 4, considered by many to be the best smartphone ever, was found to have a problem (The New York Times, June 24, 2010).Users complained of
What Is Statistics? P-7
How much of your own money did you spend at the lodge today? P-7
Presently, the main dining area closes at 3:00 pm. W hat tim e do you th in k it should close?
On a scale o f 1 to 4, rate the quality o f the food at the resort (where 1 is poor, 2 is fair, 3 is good, and 4 is excellent). P-7
On your car drive to the resort, w hich radio station was playing? P-7
Describe variables and various types of measurement scales. P-7
Explain the need for sampling and discuss various data types. P-7
Differentiate between descriptive statistics and inferential statistics. P-7
Describe the importance of statistics. P-7
40. FILE (Use Excel) Access the data file on the text website labeled Arlington Homes. It contains data on various variables, including price and square footage, for 36 singlefamily homes in
39. The following frequency d istribution shows the monthly stock returns for Home Depot for the years 2003 through 2007.Class (in percent) Observed Frequency Less than − 5 13− 5 u p to 0 16 0 up
38. Given a shaky economy and high heating costs, more and more households are struggling to pay u t ility bills (The Wall Street Journal, February, 1 4 , 2008). Particularly hard h it are households
37. A recent poll asked 3,228 Americans aged 16 to 21 whether they are likely to serve in the U.S. military. The following table, cross-classified by gender and race, reports those w ho responded
36. Many parents have turned to St. John's w ort, a herbal remedy, to treat their children with attention deficit hyperactivity disorder (ADHD). The Journal o f the American Medical Association (June
35. An analyst is trying to determine w hether the prices of certain stocks on the NASDAQ are independent o f the industry to which they belong. She examines four industries and classifies the stock
34. A recent study in the Journal o f the American Medical Association (February 2 0 , 2008) found tha t patients w ho go into cardiac arrest while in the hospital are more likely to die if it
33. Although founded only in 2004, Facebook has more than 500 million active users, o f which 50% log on to Facebook on any given day. In a recent survey by Facebook, young users(those born after
32. A local TV station claims th at 60% of people support Candidate A, 30% support Candidate B, and 10% support Candidate C. A survey of 500 registered voters is taken. The accompanying table
31. A study suggests tha t airlines have increased restrictions on cheap fares by raising overnight requirements (The Wall Street Journal, August 19, 2008). This w ould force business travelers to

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