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business
business statistics communicating

Questions and Answers of Business Statistics Communicating

XtraNet, an Internet service provider (ISP), has experienced rapid growth in the past five years. As a part of its marketing strategy, XtraNet promises fast connections and dependable service. To
According to USA Today, customers are not settling for automobiles straight off the production lines. As an example, those who purchase a $355,000 Rolls-Royce typically add $25,000 in accessories.
Even before the record gas prices during the summer of 2008, an article written by Will Lester of the Associated Press reported on a poll in which 80% of those surveyed say that Americans who
The BelSante Company operates retail pharmacies in 10 Eastern states. Recently, the company’s internal audit department selected a random sample of 300 prescriptions issued throughout the system.
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
A random sample of size 20 yields and s2 1.45. Calculate a confidence interval for the population mean whose confidence level is as follows:a. 0.99b. 0.98c. 0.95d. 0.90e. 0.80f. What assumptions
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
Determine the margin of error for a confidence interval estimate for the population mean of a normal distribution given the following information:a. confidence level 0.98, n 13, s 15.68b.
Determine the 90% confidence interval estimate for the population mean of a normal distribution given n 100, s 121, and x 1,200.
Construct a 98% confidence interval estimate for the population mean given the following values:s 20 n 50
Construct a 95% confidence interval estimate for the population mean given the following values: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:s 4.2 n 13
The data file Trucks contains data on a sample of 200 trucks that were weighed on two scales. The WIM(weigh-in-motion) scale weighs the trucks as they drive down the highway. The POE scale weighs the
Covercraft manufactures covers to protect automobile interiors and finishes. Its Block-It 200 Series fabric has a limited two-year warranty. Periodic testing is done to determine if the warranty
Analysis by American Express found high fuel prices and airline losses resulted in increasing fares for business travelers. The average fare paid for business travel rose during the second quarter of
The file High Desert Banking contains information regarding consumer, real estate, and small commercial loans made last year by the bank. Use your computer software to do the following:a. Construct a
USA Today reported the results of a survey conducted by HarrisInteractive to determine the percentage of adults who use a computer to access the Internet (from work, home, or other locations). The
The Patients file contains information for a random sample of geriatric patients. During a meeting, one hospital administrator indicated that 70% of the geriatric patients are males.a. Based on the
A major video rental chain recently decided to allow customers to rent movies for three nights rather than one. The marketing team that made this decision reasoned that at least 70% of the customers
Dave Wilson, president of the Graduate Management Admissions Council (GMAC), reported the results of a recent GMAC survey of 5,829 MBA graduates. The average annual base salary increased to $88,626.
MPC makes personal computers that are then sold directly over the phone and over the Internet. One of the most critical factors in the success of PC makers is how fast they can turn their inventory
The Bendbo Corporation has a total of 300 employees in its two manufacturing locations and the headquarters office. A study conducted five years ago showed the average commuting distance to work for
Frank N. Magid Associates conducted a telephone survey of 1,109 consumers to obtain the number of cell phones in houses. The survey obtained the following results:Cell phones 0 1 2 3 4 Percent 19 26
Frito-Lay is one of the world’s largest makers of snack foods. One of the final steps in making products like Cheetos and Doritos is to package the product in sacks or other containers. Suppose
The time it takes a mechanic to tune an engine is known to be normally distributed with a mean of 45 minutes and a standard deviation of 14 minutes.a. Determine the mean and standard error of a
A year-old study found that the service time for all drive-thru customers at the Stardust Coffee Shop is uniformly distributed between 3 and 6 minutes.Assuming the service time distribution has not
Suppose at your university some administrators believe that the proportion of students preferring to take classes at night exceeds 0.30. The president is skeptical and so has an assistant take a
An analysis performed by Hewitt Associates indicated the median amount saved in a 401(k) plan by people 50 to 59 years old was $53,440. The average saved is$115,260 for that age group. Assume the
When its ovens are working properly, the time required to bake fruit pies at Ellardo Bakeries is normally distributed with a mean of 45 minutes and a standard deviation of 5 minutes. Yesterday, a
The Baily Hill Bicycle Shop sells mountain bikes and offers a maintenance program to its customers. The manager has found the average repair bill during the maintenance program’s first year to be
Suppose we are told the sampling distribution developed from a sample of size 400 has a mean of 56.78 and a standard error of 9.6. If the population is known to be normally distributed, what are the
If a population is known to be normally distributed, what size sample is required to ensure that the sampling distribution of is normally distributed?
Consider the standard error of a sample proportion obtained from a sample of size 100.a. Determine the standard error obtained from a population with p 0.1.b. Repeat part a for a population
A researcher has collected all possible samples of a size of 150 from a population and listed the sample means for each of these samples.a. If the average of the sample means is 450.55, what would be
Discuss the similarities and differences between a standard deviation and a standard error.
Discuss why the sampling distribution will be less variable than the population distribution. Give a short example to illustrate your answer.
A sample of size 30 is obtained from a population that has a proportion of 0.34. Determine the range of sampling errors possible when the sample proportion is used to estimate the population
Under what conditions should the finite population correction factor be used in determining the standard error of a sampling distribution?
A study conducted by Watson Wyatt Worldwide, a human resources consulting firm, revealed that 13%of Fortune 1000 companies either terminated or froze their defined-benefit pension plans. As part of a
Driven, a recently released magazine targeted to young professionals, states that 65% of its subscribers have an annual income greater than $100,000. The sales staff at Driven uses this high
The Bureau of Labor Statistics, U.S. Office of Personnel Management, indicated that the average hourly compensation (salary plus benefits) for federal workers (not including military or postal
The Bureau of Transportation Statistics releases information concerning the monthly percentage of U.S.airline flights that land no later than 15 minutes after scheduled arrival. The average of these
Procter & Gamble (P&G) merged with Gillette in 2005. One of the concerns the new, larger company has is the increasing burden of retirement expenditures.An effort is being made to encourage employees
Airgistics provides air consolidation and freightforwarding services for companies that ship their products internationally. As a part of its commitment to continuous process improvement, Airgistics
TransUnion is a leading global provider of business intelligence services. Transunion reported that 33% of the mortgages in the year previous to the sub-prime mortgage crisis were adjustable-rate
According to the most recent Labor Department data, 10.5% of engineers (electrical, mechanical, civil, and industrial) were women. Suppose a random sample of 50 engineers is selected.a. How likely is
The National Association of Realtors released a survey indicating that a surprising 43% of first-time home buyers purchased their homes with no-money-down loans during 2005. The fear is that house
The J R Simplot Company is one of the world’s largest privately held agricultural companies, employing over 10,000 people in the United States, Canada, China, Mexico, and Australia. More
United Manufacturing and Supply makes sprinkler valves for use in residential sprinkler systems. United supplies these valves to major companies such as Rain Bird and Nelson, who in turn sell
A survey is conducted from a population of people of whom 40% have a college degree. The following sample data were recorded for a question asked of each person sampled, “Do you have a college
A random sample of size 100 is to be taken from a population that has a proportion equal to 0.35. The sample proportion will be used to estimate the population proportion.a. Calculate the probability
Given a population where the probability of a success is p 0.40, if a sample of 1,000 is taken,a. Calculate the probability the proportion of successes in the sample will be less than 0.42.b. What
Given a population where the proportion of items with a desired attribute is p 0.50, if a sample of 200 is taken,a. Find the probability the proportion of successes in the sample will be between
Given a population in which the probability of success is p 0.20, if a sample of 500 items is taken, thena. Calculate the probability the proportion of successes in the sample will be between 0.18
Given a population where the proportion of items with a desired attribute is p 0.25, if a sample of 400 is taken,a. What is the standard deviation of the sampling distribution of p?b. What is the
The proportion of items in a population that possess a specific attribute is known to be 0.70.a. If a simple random sample of size n 100 is selected and the proportion of items in the sample that
If a random sample of 200 items is taken from a population in which the proportion of items having a desired attribute is p 0.30, what is the probability that the proportion of successes in the
A population has a proportion equal to 0.30. Calculate the following probabilities with n 100:a. P(p 0.35)b. P(p 0.40)c. P(0.25 p 0.40)d. P(p 0.27).
The file Salaries contains the annual salary for all faculty at a small state college in the Midwest. Assume that these faculty salaries represent the population of interest.a. Compute the population
The data file called CEO Compensation contains data for the CEOs of 496 of the nation’s top 500 companies in 2005. These data are published by the Forbes organization and are available on its Web
The highly respected financial magazine Forbes publishes data on CEO salaries each year. At the end of 2005, Forbes posted CEO compensation data to its Web site
Bruce Leichtman is president of Leichtman Research Group, Inc. (LRG), which specializes in research and consulting on broadband, media, and entertainment industries. In a recent survey, the company
Acee Bottling and Distributing bottles and markets Pepsi-Cola products in southwestern Montana. The average fill volume for Pepsi cans is supposed to be 12 ounces. The filling machine has a known
One of the top-selling video games continues to be Madden NFL 09 published by Electronic Arts. While prices vary widely depending on store, the suggested retail price for this video game is $46. The
ACNielsen is a New York–based corporation and a member of the modern marketing research industry.One of the items that ACNielsen tracks is the expenditure on over-the-counter (OTC) cough medicines.
Airlines have recently toughened their standards for the weight of checked baggage, limiting the weight of a bag to 50 pounds on domestic U.S. flights. Heavier bags will be carried but at an
In an article entitled “Fuel Economy Calculations to Be Altered,” James R. Healey indicated that the government planned to change how it calculates fuel economy for new cars and trucks. This is
The branch manager for United Savings and Loan in Seaside, Virginia, has worked with her employees in an effort to reduce the waiting time for customers at the bank. Recently, she and the team
Sands, Inc., makes particleboard for the building industry. Particleboard is built by mixing wood chips and resins together and pressing the sheets under extreme heat and pressure to form a 4-feet
Suppose the life of a particular brand of calculator battery is approximately normally distributed with a mean of 75 hours and a standard deviation of 10 hours.a. What is the probability that a
SeaFair Fashions relies on its sales force of 220 to do an initial screening of all new fashions. The company is currently bringing out a new line of swimwear and has invited 40 salespeople to its
Many Happy Returns is a tax preparation service with offices located throughout the western United States.Suppose the average number of returns processed by employees of Many Happy Returns during tax
SeeClear Windows makes windows for use in homes and commercial buildings. The standards for glass thickness call for the glass to average 0.375 inches with a standard deviation equal to 0.050
Consider a normal distribution with mean 12 and standard deviation 90. Calculate for each of the following sample sizes:a. n 1b. n 9c. n 16d. n 25
Given a distribution that has a mean of 40 and a standard deviation of 13, calculate the probability that a sample of 49 has a sample mean that isa. greater than 37b. at most 43c. between 37 and 43d.
A random sample of 100 items is selected from a population of size 350. What is the probability that the sample mean will exceed 200 if the population mean is 195 and the population standard
Suppose nine items are randomly sampled from a normally distributed population with a mean of 100 and a standard deviation of 20. The nine randomly sampled values are 125 95 66 116 99 91 102 51 110
If a population is known to be normally distributed with m 250 and s 40, what will be the characteristics of the sampling distribution for based on a random sample of size 25 selected from the
A normally distributed population has a mean of 500 and a standard deviation of 60.a. Determine the probability that a random sample of size 16 selected from this population will have a sample mean
Suppose that a population is known to be normally distributed with m 2,000 and s 230. If a random sample of size n 8 is selected, calculate the probability that the sample mean will exceed
A population with a mean of 1,250 and a standard deviation of 400 is known to be highly skewed to the right. If a random sample of 64 items is selected from the population, what is the probability
The Badke Foundation was set up by the Fred Badke family following his death in 2001. Fred had been a very successful heart surgeon and real estate investor in San Diego, and the family wanted to set
Maher, Barney, and White LLC is a legal firm with 40 employees. All of the firm’s employees are eligible to participate in the company’s 401(k) plan, and the firm is proud of its 100%
Welco Lumber Company is based in Shelton, Washington, and is a privately held company that makes cedar siding, cedar lumber, and cedar fencing products for sale and distribution throughout North
The Dow-Jones Industrial Average (DJIA) Index is a well-known stock index. The index was originally developed in 1884 and has been in place ever since as a gauge of how the U.S. stock market is
The file entitled Clothing contains the monthly retail sales ($millions) of U.S. women’s clothing stores for 70 months. A sample taken from this population to estimate the average sales in this
USA Today reports salaries for National Football League (NFL) teams. The file Jaguars contains the salaries for the 2007 Jacksonville Jaguars.a. Calculate the average total salary for the
A computer lab at a small college has 25 computers.Twice during the day a full scan for viruses is performed on each computer. Because of differences in the configuration of the computers, the times
An investment advisor has worked with 24 clients for the past five years. Following are the percentage rates of average five-year returns that these 24 clients experienced over this time frame on
Princess Cruises recently offered a 16-day voyage from Beijing to Bangkok during the time period from May to August. The announced price, excluding airfare, for a room with an ocean view or a balcony
The administrator at Saint Frances Hospital is concerned about the amount of overtime the nursing staff is incurring and wonders whether so much overtime is really necessary. The hospital employs 60
The Anasazi Real Estate Company has 20 listings for homes in Santa Fe, New Mexico. The number of days each house has been on the market without selling is as follows:26 45 16 77 33 50 19 23 55 107 88
An Internet service provider states that the average number of hours its customers are online each day is 3.75. Suppose a random sample of 14 of the company’s customers is selected and the average
A previous report from the Centers for Disease Control and Prevention (CDC) indicates that smokers, on average, miss 6.16 days of work per year due to sickness(including smoking-related acute and
Hillman Management Services manages apartment complexes in Tulsa, Oklahoma. They currently have 30 units available for rent. The monthly rental prices(in dollars) for this population of 30 units are
Assume that the following represent a population of N 16 values.25 12 21 13 19 17 15 18 23 16 18 15 22 14 23 17a. Compute the population mean.b. If a random sample of n 9 includes the following

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