Questions and Answers of Basic Business Statistics

The file CD Rate contains the yields for a one-year certificate of deposit (CD) and a five-year CD for 39 banks listed for West Palm Beach, Florida on January 9, 2017.Source: Data extracted from
Thirty companies comprise the DJIA. How big are these companies? One common method for measuring the size of a company is to use its market capitalization, which is computed by multiplying the number
The file Property Taxes contains the property taxes on a $176K home for the 50 states and the District of Columbia. Decide whether the data appear to be approximately normally distributed bya.
The annual NFL Super Bowl is the most widely watched sporting event in the United States each year. In recent years, there has been a great deal of interest in the ads that appear during the game.
In 2015, the per capita consumption of soft drinks in the United States was reported to be 650 eight-ounce servings.Source: Data extracted from fortune.com/2016/03/29/soda-sales-drop-11th-year.Assume
A Nielsen study indicates that 18- to 34-year olds spend a mean of 93 minutes watching video on their smartphones per week.Source: Data extracted from bit.ly/2rj8GHm.Assume that the amount of time
Toby’s Trucking Company determined that the distance traveled per truck per year is normally distributed, with a mean of 50 thousand miles and a standard deviation of 12 thousand miles.a. What
Millennials spent an average of $103 on monthly dining in 2016.Source: Data extracted from Consumer Response Annual Report,available at bit.ly/2x4CN5w.Assume that the amount spent on a monthly dining
In 2015, the per capita consumption of bottled water in the United States was reported to be 36.2 gallons.Source: Data extracted from bottledwater.org/economics/bottled-water-market.Assume that the
Spurious correlation refers to the apparent relationship between variables that either have no true relationship or are related to other variables that have not been measured. One widely publicized
One theory concerning the S&P 500 Index is that if it increases during the first five trading days of the year, it is likely to increase during the entire year. From 1950 through 2016, the
Refer to Problem 5.40. In the same time period, 24% of the consumers registering a bank account and service compliant cited “deposit and withdrawal” as the type of complaint; these are issues
Response Team hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of financial institutions, and assists in addressing their
Social log-ins involve recommending or sharing an article that you read online. According to Janrain, in the first quarter of 2017, 45% signed in via Facebook compared with 26% for Google.Source:
Smartphone adoption among American younger adults has increased substantially and mobile access to the Internet is pervasive. Seventeen percent of young adults, ages 18–29, who own a smartphone are
Between 1896—when the Dow Jones index was created—and 2016, the index rose in 67% of the years.Sources: M. Hulbert, “What the Past Can’t Tell Investors,” The New York Times, January 3,
What is the meaning of the expected value of a variable?
Refer to Problem 5.27. If you purchased a Toyota in the 2016 model year, what is the probability that in the past 12 months the car hada. Zero problems?b. Two or fewer problems?c. Compare your
J.D. Power and Associates calculates and publishes various statistics concerning car quality. The dependability score measures problems experienced during the past 12 months by owners of vehicles
The Consumer Financial Protection Bureau’s Consumer Response team hears directly from consumers about the challenges they face in the marketplace, brings their concerns to the attention of
The U.S. Department of Transportation maintains statistics for mishandled bags. In September 2016, the American Airlines rate of mishandled bags was 0.68 per 1,000 passengers. What is the probability
The U.S. Department of Transportation maintains statistics for mishandled bags per 1,000 airline passengers. In September 2016, Delta mishandled 1.35 bags per 1,000 passengers. What is the
Assume that the number of airline customer service complaints filed with the Department of Transportation’s Office of Aviation Enforcement and Proceedings (OAEP) in one day is distributed as a
In Example 5.4 on page 209, you and two friends decided to go to Wendy’s. Now, suppose that instead you go to McDonald’s, which recently filled approximately 92.2% of the orders correctly. What
A manufacturing company regularly conducts quality control checks at specified periods on the products it manufactures. Historically, the failure rate for LED light bulbs that the company
According to the Pew Research Center, 51% of American adults own tablets.Source: Data extracted from pewrsr.ch/2riDGV6.Using the binomial distribution, what is the probability that in the next six
The increase or decrease in the price of a stock between the beginning and the end of a trading day is assumed to be an equally likely random event. What is the probability that a stock will show an
The manager of the commercial mortgage department of a large bank has collected data during the past two years concerning the number of commercial mortgages approved per week. The results from these
The number of arrivals per minute at a bank located in the central business district of a large city was recorded over a period of 200 minutes, with the following results:Arrivals
The following table contains the probability distribution for the number of traffic accidents daily in a small town:a. Compute the mean number of accidents per day.b. Compute the standard
The CMO Survey collects and disseminates the opinions of top marketers in order to predict the future of markets, track marketing excellence, and improve the value of marketing in firms and in
To better understand the website builder market, Clutch surveyed individuals who created a website using a do-it-yourself (DIY) website builder. Respondents, categorized by the type of website they
A survey by Accenture indicated that 64% of millennials as compared to 28% of baby boomers prefer “hybrid” investment advice—a combination of traditional advisory services and low-cost digital
What is the difference between a permutation and a combination?
What is the difference between Counting Rule 1 and Counting Rule 2?
In Bayes’ theorem, how does the prior probability differ from the revised probability?
How can you use Bayes’ theorem in light of new information?
How does conditional probability relate to the concept of independence?
What is the difference between mutually exclusive events and collectively exhaustive events?
How can you use the general addition rule to find the probability of occurrence of event A or B?
What is the difference between a simple event and a joint event?
How many different ways can a senior project manager and an associate project manager be selected for an analytics project if there are eight data scientists available?
A gardener has six rows available in his vegetable garden to place tomatoes, eggplant, peppers, cucumbers, beans, and lettuce. Each vegetable will be allowed one and only one row. How many ways are
Referring to Problem 4.44 how many different orders of finish are possible for the first four positions?.In ProblemIn the National Basketball League there are five teams in the Pacific Division:
In the National Basketball League there are five teams in the Pacific Division: Golden State, Los Angeles Clippers, Los Angeles Lakers, Phoenix, and Sacramento. How many different orders of finish
A team is being formed that includes four different people. There are four different positions on the teams. How many different ways are there to assign the four people to the four positions?
You would like to ”build-your-own-burger” at a fast-food restaurant. There are five different breads, seven different cheeses, four different cold toppings, and five different sauces on the menu.
A particular brand of women’s jeans is available in seven different sizes, three different colors, and three different styles. How many different women’s jeans does the store manager need to
If there are 10 multiple-choice questions on an exam, each having three possible answers, how many different sequences of answers are there?
The 2016 Global Information Security Workforce Study (GISWS) surveyed information security professionals regarding trends and issues affecting their profession and careers. In the study, women were
Big Commerce launched a study to analyze modern, omnichannel consumer behavior. The data uncovers the details on how, when, where, and why Americans buy, educating the entire commerce industry on
If P(B) = 0.30, P(A|B) = 0.60, P(B') = 0.70, and P(A|B') = 0.50, find P(B|A).
If P(B) = 0.05, P(A|B) = 0.80, P(B') = 0.95, and P(A|B') = 0.40, find P(B|A).
A box of nine iPhone 7 cellphones contains two red cellphones and seven black cellphones.a. If two cellphones are randomly selected from the box, without replacement (the first cellphone is not
In 42 of the 66 years from 1950 through 2016 (in 2011 there was virtually no change), the S&P 500 finished higher after the first five days of trading. In 37 out of 42 years, the S&P 500
A survey of 1,520 Americans adults asked “Do you feel overloaded with too much information?” The results indicated that of 785 males, 134 answered yes. Of 735 females, 170 answered yes.Source:
Have the gains in student learning attributed to education technology justified colleges’ spending in this area? As part of Inside Higher Ed’s 2016 Survey of Faculty Attitudes on Technology,
Do Generation X and Boomers differ in how they use credit cards? A sample of 1,000 Generation X and 1,000 Boomers revealed the following results:a. If a respondent selected is a member of Generation
How will marketers change their social media use in the near future? A survey by Social Media Examiner of B2B marketers (marketers that focus primarily on attracting businesses) and B2C marketers
Do Millennials or Gen-Xers feel more tense or stressed out at work? A survey of employed adults conducted online by Harris Interactive on behalf of the American Psychological Association revealed the
If P(A) = 0.3, P(B) = 0.4, and P(A and B) = 0.2, are A and B independent?
If P(A) = 0.7, P(B) = 0.6, and A and B are independent, find P(A and B).
If P(A and B) = 0.4 and P(B) = 0.8, find P(A|B).
A survey of 1,520 Americans adults asked, “Do you feel overloaded with too much information?” The results indicated that of 785 males, 134 answered yes. Of 735 females, 170 answered yes.Source:
Do Generation X and Boomers differ in how they use credit cards? A sample of 1,000 Generation X and 1,000 Boomers revealed the following results:If a respondent is selected at random, what is the
Have the gains in student learning attributed to education technology justified colleges’ spending in this area? As part of Inside Higher Ed’s 2016 Survey of Faculty Attitudes on Technology,
How will marketers change their social media use in the near future? A survey by Social Media Examiner reported that 76% of B2B marketers (marketers that focus primarily on attracting businesses)
Do Millennials or Gen-Xers feel more tense or stressed out at work? A survey of employed adults conducted online by Harris Interactive on behalf of the American Psychological Association revealed the
You are planning to study for your statistics examination with a group of classmates, one of whom you particularly want to impress. This individual has volunteered to use Microsoft Excel to generate
How much time do commuters living in or near cities spend commuting to work each week? The file CommutingTime contains the average weekly commuting time in 30 U.S. cities.Source: Data extracted from
Have you wondered how Internet connection speed varies around the globe? The file ConnectionSpeed contains the mean connection speed, the mean peak connection speed, the % of the time the speed is
The financial services call center in Problem 3.66 also monitors call duration, which is the amount of time spent speaking to customers on the phone. The file CallDuration contains the following data
Call centers today play an important role in managing dayto- day business communications with customers. It’s important, therefore, to monitor a comprehensive set of metrics, which can help
The American Society for Quality (ASQ) conducted a salary survey of all its members. ASQ members work in all areas of manufacturing and service-related institutions, with a common theme of an
What is meant by the property of shape?
How does the empirical rule help explain the ways in which the values in a set of numerical data cluster and distribute?
What does the Z score measure?
What is meant by the property of variation?
What is meant by the property of central tendency?
What are the properties of a set of numerical data?
A Pew Research Center survey found a noticeable rise in smartphone ownership and internet usage in emerging and developing nations, and once online, adults in these nations are hungry for social
The file MobileSpeed contains the overall download and upload speeds in mbps for nine carriers in the U.S.Source: Data extracted from “Best Mobile Network 2016,” bit.ly/1KGPrMm, accessed November
Movie companies need to predict the gross receipts of individual movies once a movie has debuted. The data, shown below and stored in PotterMovies , are the first weekend gross, the U.S. gross, and
A study of 267 college students investigated the impact of smartphones on student connectedness and out-of-class involvement.Source: Liu X, et al., “The Impact of Smartphone Educational Use on
Thirty companies comprise the DJIA. Just how big are these companies? One common method for measuring the size of a company is to use its market capitalization, which is computed by multiplying the
The file Energy contains the average residential price for electricity in cents per kilowatt hour in each of the 50 states and the District of Columbia during a recent year.a. Compute the mean,
The file CigaretteTax contains the state cigarette tax (in $) for each of the 50 states and the District of Columbia as of January 1, 2017.a. Compute the population mean and population standard
The file McDonaldsStores contains the number of McDonald’s stores located in each of the 50 U.S. states and the District of Columbia, as of December 31, 2016:Source: Data extracted from
The following is a set of data for a population with N = 10:7 5 6 6 6 4 8 6 9 3a. Compute the population mean.b. Compute the population standard deviation.
The following is a set of data for a population with N = 10:7 5 11 8 3 6 2 1 9 8a. Compute the population mean.b. Compute the population standard deviation.
The file CD Rate contains the yields for one-year CDs and five-year CDs, for 39 banks in the United States, as of January 9, 2017.Source: Data extracted from www.Bankrate.com, January 9, 2017.For
The annual NFL Super Bowl is the most widely watched sporting event in the United States each year. In recent years, there has been a great deal of interest in the ads that appear during the game.
The file HotelAway contains the average room price (in US$) paid by various nationalities while traveling abroad (away from their home country) in 2016:124 101 115 126 114 112 138 85 138 96 130 116a.
The file MobileCommerce contains the following mobile commerce penetration values, the percentage of the country population that bought something online via a mobile phone in the past month, for
The file AccountingPartners contains the number of partners in a cohort of rising accounting firms that have been tagged as “firms to watch.” The firms have the following number of partners:a.
In 2013 through 2016, the value of precious metals fluctuated dramatically. The following data (stored in Metals ) represent the total rate of return (in percentage) for platinum, gold, and silver
The file Indices contains the total rate of return percentage for the Dow Jones Industrial Average (DJIA), the Standard & Poor’s 500 (S&P 500), and the technology-heavy NASDAQ Composite
Facebook’s stock price in 2015 increased by 34.15%, and in 2016, it increased by 9.93%.Source: Data extracted from finance.yahoo.com, January 9, 2017.a. Compute the geometric mean rate of return
General Electric (GE) is one of the world’s largest companies; it develops, manufactures, and markets a wide range of products, including medical diagnostic imaging devices, jet engines, lighting
The file HotelAway contains the average room price (in US$) paid by various nationalities while traveling abroad (away from their home country) in 2016:124 101 115 126 114 112 138 85 138 96 130 116

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