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business
business statistics in practice

Questions and Answers of Business Statistics In Practice

=+b) Discuss whether the display is appropriate for the data.
=+a) Does the article identify the W’s?
=+28. Statistics in business, part 2. Find a graph other than a histogram that shows the distribution of a quantitative variable in a business publication (e.g., The Wall Street Journal, Business
=+d) Does the article accurately describe and interpret the data? Explain.
=+c) Discuss what the display reveals about the variable and its distribution.
=+b) Discuss whether the display is appropriate for the data.
=+a) Does the article identify the W’s?
=+27. Statistics in business. Find a histogram that shows the distribution of a quantitative variable in a business publication (e.g., The Wall Street Journal, Business Week, etc.).
=+What might you suggest for the next step of the analysis?Chapter Exercises
=+26. The histogram of the ages of the respondents in exercise 22 looks like this:0 40 80 120 160 200 240 510 Count 15
=+What might you suggest for the next step of the analysis?
=+25. The histogram of the total revenues (in $M) of the movies in exercise 21 looks like this:10 0 100 200 300 400 500 600 700 20 Count 30 40 50 60 70
=+d) The number of cases of flu reported by the CDC each week during a flu season.Section 3.11
=+c) The dates on which a particular employee was absent from work due to illness over the past two years.
=+b) The quarterly Gross Domestic Product (GDP) of France from 1980 to the present.
=+24. Are the following data time series? If not, explain why.a) Reports from the Bureau of Labor Statistics on the number of U.S. adults who are employed full time in each major sector of the
=+22. The five-number summary for the ages of respondents to a survey on laptop use looks like this:Min Q1 Q2 Q3 Max 14 25 39 51 82 Are there any outliers in these data? How can you tell?What might
=+21. The five-number summary for the total sales (in $B)of the top 20 world corporations described by the table below:Min Q1 Q2 Q3 Max 29.2 45.1 65.2 129.9 180 Are there any outliers in these data?
=+of similar size and location for two different states: Massachusetts (MA) and Connecticut (CT). Compare the distribution of sales for the two states and describe in a report.175,000 200,000
=+20. Recall the distributions of the weekly sales for the regional stores in Exercise 19. Following are boxplots of weekly sales for this same food store chain for three stores
=+#2 is a suburban area where shoppers drive to the store. Assume that the two towns have similar populations and that the two stores are similar in square footage. Write a brief report discussing
=+19. Here are boxplots of the weekly sales (in $ U.S.) over a two-year period for a regional food store for two locations. Location #1 is a metropolitan area that is known to be residential where
=+write a sentence comparing the two distributions.
=+18. The store manager from Exercise 2 has collected data on purchases from weekdays and weekends. Here are some summary statistics (rounded to the nearest dollar):Weekdays: n = 230 Min = 4, Q1 =
=+Construct boxplots to compare the ages of men and women and write a sentence summarizing what you find.
=+17. The survey from Exercise 1 had also asked the customers to say whether they were male or female. Here are the data:Age Sex Age Sex Age Sex Age Sex Age Sex 20 M 32 F 34 F 29 M 30 M 30 F 30 M 14
=+a) Comment on the distribution of the data.b) Are there any outliers? Explain.c) Create a boxplot of these data.Section 3.8
=+16. Local airport authorities were asked what percentage of flights arrive on time. Use the summary statistics given to answer these questions.% on time Count 480 Mean 69 Median 74 St. Dev 15 Min
=+c) Using these summary statistics, sketch a boxplot. What additional information would you need to complete the boxplot?
=+b) From the summary statistics, are there any outliers?Explain.
=+a) From the summary statistics, would you describe this distribution as symmetric or skewed? Explain.
=+15. Here are summary statistics for the sizes (in acres) of upstate New York vineyards from Exercise 10.Variable N Mean StDev Minimum Q1 Median Q3 Maximum Acres 36 46.50 47.76 6 18.50 33.50 55 250
=+c) What purchase amount would be considered a high outlier?
=+b) Does the boxplot nominate any outliers?
=+14. For the data in Exercise 2:a) Draw a boxplot using the quartiles from Exercise 8b.
=+c) What age would be considered a high outlier?
=+13. For the data in Exercise 1:a) Draw a boxplot using the quartiles from Exercise 7b.b) Does the boxplot nominate any outliers?
=+c) How large a purchase would a purchase with a z-score of 3.5 be?Section 3.7
=+b) Which has the more extreme z-score, the min or the max?
=+12. Using the purchases from Exercise 2:a) Standardize the minimum and maximum purchase using the mean from Exercise 6b and the standard deviation from Exercise 8d.
=+c) How old would someone with a z-score of 3 be?
=+b) Which has the more extreme z-score, the min or the max?
=+a) Standardize the minimum and maximum ages using the mean from Exercise 5b and the standard deviation from Exercise 7d.
=+11. Using the ages from Exercise 1:
=+c) Which would be a more appropriate summary of the center, the mean or the median? Explain.0 120 240 510 15 Size (acres)
=+b) Would you expect the mean or the median to be larger?Explain.
=+a) Write a short description of this distribution (shape, center, spread, unusual features).
=+10. Adair Vineyard is a 10-acre vineyard in New Paltz, New York. The winery itself is housed in a 200-year-old historic Dutch barn, with the wine cellar on the first floor and the tasting room and
=+c) Which would be a more appropriate summary of the center, the mean or the median? Explain.–1000 0 1000 2000 3000 4000 5000 600 800 400 200 Frequency December Charge
=+b) Would you expect the mean or the median to be larger?Explain.
=+a) Write a short description of this distribution (shape, center, spread, unusual features).
=+9. The histogram shows the December charges (in $) for 5000 customers from one marketing segment from a credit card company. (Negative values indicate customers who received more credits than
=+8. For the data in Exercise 2:a) Find the quartiles using your calculator.b) Find the quartiles using Tukey’s method (page 86).c) Find the IQR using the quartiles from part b.d) Find the standard
=+6. For the data in Exercise 2:a) Would you expect the mean purchase to be smaller than, bigger than, or about the same size as the median? Explain.b) Find the mean purchase.c) Find the median
=+4. For the histogram you made in Exercise 2a:a) Is the distribution unimodal or multimodal?b) Where is (are) the mode(s)?c) Is the distribution symmetric?d) Are there any outliers?Section 3.3
=+d) *Make a stem-and-leaf plot of the data using $10 as the stems and putting the smallest amounts on top and round the data to the nearest $.Section 3.2
=+c) Make a relative frequency histogram of the data using a bar width of $10.
=+b) Make a histogram of the data using a bar width of $10.
=+a) Make a histogram of the data using a bar width of $20.
=+2. As the new manager of a small convenience store, you want to understand the shopping patterns of your customers. You randomly sample 20 purchases from yesterday’s records (all purchases in
=+d) *Make a stem-and-leaf plot of the data using 10s as the stems and putting the youngest customers on the top of the plot.
=+c) Make a relative frequency histogram of the data using a bar width of 5 years.
=+b) Make a histogram of the data using a bar width of 5 years.
=+a) Make a histogram of the data using a bar width of 10 years.
=+1. As part of the marketing team at an Internet music site, you want to understand who your customers are. You send out a survey to 25 customers (you use an incentive of $50 worth of downloads to
=+• Propose an ethical solution that considers the welfare of all stakeholders.
=+• What are the undesirable consequences?
=+• Identify the ethical dilemma in this scenario.
=+Fortune magazine publishes a list of the 100 best companies to work for (money.cnn.com/magazines/fortune/bestcompanies/2010/). One statistic often looked at is the average annual pay for the most
=+The download times from the example on page 79 are a time series. Plot the data by hour of the day and describe any patterns you see.
=+A real estate report lists the following prices for sales of single family homes in a small town in Virginia (rounded to the nearest thousand). Write a couple of sentences describing house prices
=+3 A company selling a new MP3 player advertises that the player has a mean lifetime of 5 years. If you were in charge of quality control at the factory, would you prefer that the standard deviation
=+2 You’ve just bought a new car that claims to get a highway fuel efficiency of 31 miles per gallon (mpg). Of course, your mileage will “vary.” If you had to guess, would you expect the IQR of
=+1 The U.S. Census Bureau reports the median family income in its summary of census data. Why do you suppose they use the median instead of the mean? What might be the disadvantages of reporting
=+7 Since nearsighted customers appear less likely to be female, it seems that they may not be independent.(But the numbers are small.)
=+6 40% of the nearsighted customers are female, while 50% of customers are female.
=+5 18.8% Nearsighted, 62.5% Farsighted, 18.8% Need Bifocals
=+4 15.6% Nearsighted, 56.3% Farsighted, 18.8% Need Bifocals
=+c) The results here are an instance of what phenomenon?1 50.0%2 40.0%3 25.0%
=+b) Based on the results in parta, the company has decided to hire Pack Rats. Do you agree they deliver on time more often? Why or why not? Be specific.
=+a) Compare the two services’ overall percentage of late deliveries.
=+50. Delivery service. A company must decide which of two delivery services they will contract with. During a recent trial period, they shipped numerous packages with each service and have kept
=+f) Explain, in your own words, why this confusion occurs.
=+e) The insurance company is considering advising their clients to use large hospitals for surgery to avoid postsurgical complications. Do you think they should do this?
=+d) What were the delay rates at each hospital for each kind of surgery?
=+c) Overall, what were the discharge delay rates at each hospital?
=+b) Were the percentages different for major and minor surgery?
=+a) Overall, for what percent of patients was discharge delayed?
=+insurance company. The recent data for area hospitals and two types of surgery (major and minor) are shown in the following table.Discharge Delayed Large Hospital Small Hospital Procedure Major
=+49. Insurance company, part 2. An insurance company that provides medical insurance is concerned with recent data.They suspect that patients who undergo surgery at large hospitals have their
=+c) Do the data support the OECD’s advice that some countries (amongst them several southern-European ones)would profit from school reforms? Explain.
=+b) The table shows the percentages of skill levels for each country. Are these row percentages, column percentages, or total percentages?
=+a) Would you expect the distribution of literacy skills to be roughly the same over different countries? Why or why not?Percent Distribution of Adults’ Literacy Skills Japan Finland Australia
=+48. Labor market skills. OECD’s Skills Outlook 2013 distinguishes three crucial labor market skills: numeracy, literacy, and problem-solving. For all three skills, the OECD report scores the
=+c) Write a few sentences describing how the opinions of young women differ from those of older female respondents.
=+b) What percentage of 18–34 year olds who said that such success was “one of the most important things” were women?
=+a) What percentage of 18–34 year olds (both male and female) reported that being successful in a high-paying career or profession was “one of the most important things”to them personally?
=+47. Success II. Look back at the table in exercise 43 concerning desires for success and a high-paying career.That table presented only the percentages, but Pew Research reported the numbers of
=+e) Does this prove that customers ages 50 and over are more likely to shop at this department store? Explain.
=+d) Write a brief description of the association between Age and Shopping Frequency among these respondents.

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