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business
statistics for business and economics

Questions and Answers of Statistics For Business And Economics

The increase in the availability of streaming TV services (e.g., Netflix, Hulu) has led to the phenomenon of binge watching (i.e., watching consecutive episodes of a series in one setting for several
Brief descriptions of a number of experiments are given next. Determine whether each is observational or designed and explain your reasoning.a. An economist obtains the unemployment rate and gross
What are the experimental units on which each of the following responses are observed?a. College GPAb. Household incomec. Gasoline mileage rating for an automobile modeld. Number of defective sectors
What is the difference between an observational experiment and a designed experiment?
What is the line of means?
Plot the following lines:a. y = 4 + x b. y = 5 - 2xc. y = -4 + 3x d. y = -2xe. y = x f. y = .50 + 1.5x
The Cato Institute (November 6, 2019) published a study on how immigration impacts the homicide rate in New York City. A simple linear regression model was fit to annual data, where y = homicide rate
Exploitation of workers by upper management has a long history in the United States. Research published in the Academy of Management Journal (December 2019) investigated whether employees’
Write a first-order model relating E(y) toa. Two quantitative independent variables.b. Four quantitative independent variables.c. Five quantitative independent variables.
What is a control chart? Describe its use.
Which process parameter is an x?-chart used to monitor?
What characteristic of a process is an R-chart designed to monitor?
What characteristic of a process is a p-chart designed to monitor?
One way to measure the level of communication at a company is by the number of daily e-mails sent. The communication network at Enron (just prior to the scandal which led to the company’s demise)
Goodstone Tire & Rubber Company is interested in monitoring the proportion of defective tires generated by the production process at its Akron, Ohio, production plant. The company’s chief
For a process that is in control and follows a normal distribution, interpret each of the following Cp values:a. 1.00 b. 1.33 c. .50 d. 2.00
Find the specification spread for each of the following:a. USL = 19.65, LSL = 12.45b. USL = .0010, LSL = .0008c. USL = 1.43, LSL = 1.27d. USL = 490, LSL = 486
Describe the six major sources of process variation.
Suppose all the output of a process over the last year was measured and found to be within the specification limits required by customers of the process. Should you worry about whether the process is
Explain the difference between control limits and specification limits.
Should control charts be used to monitor a process that is both in control and capable? Why or why not?
The text Quantitative Analysis of Management (Pearson, 2015) presents the case of the Bayfield Mud Company. Bayfield supplies boxcars of 50-pound bags of mud treating agents to the Wet-Land Drilling
Explain in words how to calculate the following types of indexes:a. Simple composite indexb. Weighted composite indexc. Laspeyres indexd. Paasche index
Under what circumstances is the sign test preferred to the t-test for making inferences about the central tendency of a population?
Under what circumstances does the x2 distribution provide an appropriate characterization of the sampling distribution of the Kruskal-Wallis H-statistic?
The Journal of Marketing Research (October 2019) published a study of delivery times for online orders. During a recent year, a major apparel retailer fulfilled all its online orders from a single
Is the gift you purchased for that special someone really appreciated? This was the question of interest to business professors at Stanford University. Their research was published in the Journal of
The employment status (employed or unemployed) of each individual in the U.S. workforce is a set of data that is of interest to economists, businesspeople, and sociologists. To obtain information
In court cases involving real estate, experts are hired to estimate the value of properties. The estimate will vary depending on the method of valuation applied. Research on valuation methods for
What is statistics?
Explain how populations and samples differ.
Define statistical thinking.
Wind turbine database. A wind turbine turns wind energy into electricity using the aerodynamic force from the rotor blades. In 2019, wind power accounted for 5 percent of all electricity generated in
Researchers have constructed a new measure of disclosure quality—called disaggregation quality (DQ)—based on the level of disaggregation of financial data items in a firm’s annual reports
Terrorists often use wireless networks to communicate. To disrupt these communications, the US military uses jamming attacks on the wireless networks. The International Journal of Production
The information systems organization, ISACA, conducts an annual survey of cybersecurity at firms from around the world. ISACA sends survey questionnaires via email (SurveyMonkey) to all professionals
In the American Economic Review, University of Chicago researchers investigated the lucky store effect theory in lottery ticket sales, i.e., the theory that a lottery retail store that sold a
In business, employees are often asked to perform a complex task when their attention is divided (i.e., multi-tasking). Human Factors (May 2014) published a study designed to determine whether video
Under what conditions will consumers dispose of recyclable paper in the garbage? This was the question of interest in an article published in the Journal of Consumer Research (December, 2013). In one
The National Football League (NFL) is a lucrative business, generating an annual revenue of about $15 billion. One key to becoming a financially successful NFL team is drafting a good quarterback
What are the economic rewards (e.g., higher salary) to obtaining an MBA degree? This was the question of interest in an article published in the International Economic Review (August 2008). The
Corporate sustainability refers to business practices designed around social and environmental considerations (e.g., “going green”). Business and Society (March 2011) published a paper on how
All highway bridges in the United States are inspected periodically for structural deficiency by the Federal Highway Administration (FHWA). Data from the FHWA inspections are compiled into the
Refer to Exercise 1.29. The NBI data were analyzed and the results made available at the FHWA Web site (www.fhwa.dot.gov). Using the FHWA inspection ratings, each of the 608,272 highway bridges in
The effect of guilt emotion on how a decision maker focuses on the problem was investigated in the Journal of Behavioral Decision Making (January 2007). A total of 171 volunteer students participated
Managers of retail stores, hotels, and supermarkets often use ambient scents to increase sales and influence buyers’ choices. The Journal of Marketing Research (February 2019) published a study
Behavioral Research in Accounting (January 2008) published a study of Machiavellian traits in accountants. Machiavellian describes negative character traits that include manipulation, cunning,
Do high school programs that emphasize science, technology, engineering and mathematics (STEM) lead to jobs? This was a question of interest in the second Longitudinal Study of Young People in
There are currently six global credit card companies that allow worldwide usage–Visa, Mastercard, American Express, UnionPay, JCB, and Discover. The table gives a breakdown on the number of
Each year the National Oceanic and Atmospheric Association (NOAA) produces a report on the status of the United States marine fisheries. Consider the table below from the latest report, summarizing
The Wakefield plant of Coca-Cola and Schweppes Beverages Limited (CCSB) can produce 4,000 cans of soft drink per minute. The automated process consists of measuring and dispensing the raw ingredients
A recent court case involved a claim of satellite television subscribers obtaining illegal access to local TV stations. The defendant (the satellite TV company) wanted to sample TV markets nationwide
Consider the stem-and-leaf display shown here.a. How many observations were in the original data set?b. In the bottom row of the stem-and-leaf display, identify the stem, the leaves, and the numbers
Ethereum is an open-sourced software system initially developed for cryptocurrency. In Computers & Security (January 2020), researchers developed a detector of malicious attacks on data traveling
Recently, the Environmental Protection Agency (EPA) cited Volkswagen (VW) for installing “defeat devices” that allowed VW vehicles to pass emissions inspections for 7 years while emitting 40
A group of researchers developed a new method for ranking the total driving performance of golfers on the Professional Golf Association (PGA) tour (The Sport Journal, Winter 2007). The method
Does a teaspoon of honey before bed really calm a child’s cough? To test the folk remedy, pediatric researchers carried out a designed study conducted over two nights (Archives of Pediatrics and
Would you expect the data sets described below to possess relative frequency distributions that are symmetric, skewed to the right, or skewed to the left? Explain.a. The salaries of all persons
The salaries of superstar professional athletes receive much attention in the media. The multimillion-dollar long-term contract is now commonplace among this elite group. Nevertheless, rarely does a
Consider the following sample of five measurements: 2, 1, 1, 0, 3.a. Calculate the range, s2, and s.b. Add 3 to each measurement and repeat part a.c. Subtract 4 from each measurement and repeat part
Construct a scatterplot for the data in the following table. Variable 1: Variable 2: 5 3 3 14 -1 10 2 1 78 43 6 4 20 5 3 2 N 00 8 12
Answer the following questions about variability of data sets:a. What is the primary disadvantage of using the range to compare the variability of data sets?b. Describe the sample variance using
Construct a scatterplot for the data in the following table. 5 1 1.5 2 2.5 3 3.5 1 3 4 6 10 Variable 1: Variable 2: 2 4 4.5 5 9 12 17 17
In his essay “Making Things Right,” W. Edwards Deming considered the role of statistics in the quality control of industrial products.* In one example, Deming examined the quality-control process
If not examined carefully, the graphical description of US peanut production shown at the bottom of this page can be misleading.a. Explain why the graph may mislead some readers.b. Construct an
According to the government, federal spending on K-12 education has increased dramatically over the past 20 years, but student performance has essentially stayed the same. Hence, in 2002, President
For physicians confronted with ethical dilemmas (e.g., end-of-life issues or treatment of patients without insurance), many hospitals provide ethics consultation services. However, not all physicians
What does the “American Dream” mean to you? Home ownership? Financial stability? According to a 2019 survey conducted by Even, a research firm and mobile app maker, the American Dream (however
PC Magazine (December 2019) reported the results of a survey of 1,000 parents of school-age children pertaining to the appropriate age the child should receive his or her first digital device. The
According to a 2019 Bankrate survey, most Americans do not use all of their paid vacation days. The most likely reason cited was that vacations are too expensive. Consider the survey question: “How
Compute the following:a. b. c. d. e. 6! 2! (6-2)!
The Journal of Economic Psychology (Vol. 66, 2018) investigated whether high cigarette state tax rates reduces the probability of quitting smoking. Data were collected for 725 current or former
Construction defects cases are those brought by property owners who allege that the construction of their homes fail to meet the contractual obligations of the builder. One (2019) case* involved a
Are females and males depicted equally in online images of the workplace? Not according to the results of a Pew Internet Research (December 2018) study of online images for hundreds of jobs. For each
Estimating the demand for a new product during lead-time is important for product inventory management. The International Journal of Production Economics (August 2008) demonstrated that the demand
The Internet of Things (IoT) is a system of interrelated computing devices (e.g., “smart homes”) with the ability to transfer data over a network without requiring human-to-human or humanto-
An online (Chron. com) article for the Houston Chronicle discussed how a probability distribution can be a useful tool in evaluating risk. The example presented involved a new business line developed
For each of the following examples, decide whether x is a binomial random variable and explain your decision: a. A manufacturer of computer chips randomly selects 100 chips from each hour’s
A bakery has determined that the number of loaves of its white bread demanded daily has a normal distribution with mean 7,200 loaves and standard deviation 300 loaves. Based on cost considerations,
Content marketing is a strategic marketing approach companies use to create online content that attracts and retains customers. The 9th annual (February 2019) Content Marketing Institute/

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