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business statistics

Questions and Answers of Business Statistics

PotashCorp announced a program to buy back up to 5% of its common shares between August 2013 and July 2014.When a company has a strong balance sheet with surplus cash, it needs to find a use for that
A study of college soccer games revealed the correlation between the number of shots attempted and the number of goals scored to be 0.21 for a sample of 20 games. Is it reasonable to conclude that
It is recommended that you use the five-step hypothesis testing procedure in solving the following problems:Chicken Delight claims that 90% of its orders are delivered within 10 minutes of the time
It is recommended that you use the five-step hypothesis testing procedure in solving the following problems:An Ontario safety council reported that 52% of highway drivers are men. A sample of 300
In Exercise 25, we regressed the Canadian exchange rate against TSX indices for metals and mining (M&M), gold, and energy, since these are sectors in which the Canadian economy is strong, and they
Every spring, Nenana, Alaska, hosts a contest in which participants try to guess the exact minute that a wooden tripod placed on the frozen Tanana River will fall through the breaking ice. The
A product manager is interested in learning how sensitive sales are to changes in the unit price of a frozen pizza in Toronto, Montreal, Calgary, and Halifax. Data have been provided in the file on
The data set in the file ch18_MCSP_PotashCorp contains average quarterly share prices for PotashCorp and prices for potash mineral. Investigate the relationship between these variables. (a) Some
A brokerage company provides advice to investors on which companies to invest in. They specialize in banks and track earnings and share prices of Canadian banks. Two analysts, Allison and Bob, meet
A company makes parts for small engines. Its monthly sales in the two major Canadian provinces where it operates over the past year are:British Columbia ($m) Ontario
At the time she was hired as a server at the Grumney Family Restaurant, Beth Brigden was told, “You can average more than $80 a day in tips.” Assume that the population of daily tips is normally
Find a bar graph of categorical data from a business publication (e.g., The Economist, The Globe and Mail, The Wall Street Journal, etc.).a) Is the graph clearly labelled?b) Does it violate the area
Find a pie chart of categorical data from a business publication (e.g., The Economist, The Globe and Mail, The Wall Street Journal, etc.).a) Is the graph clearly labelled?b) Does it violate the area
Find a frequency table of categorical data from a business publication (e.g., The Economist, The Globe and Mail, The Wall Street Journal, etc.).a) Is the table clearly labelled?b) Does it display
Find a contingency table of categorical data from a business publication (e.g., The Economist, The Globe and Mail, The Wall Street Journal, etc.).a) Is the table clearly labelled?b) Does it display
Find a histogram that shows the distribution of a variable as it appeared in a business publication (e.g., The Wall Street Journal, National Post, The Economist, etc.).a) Does the article identify
Find a box plot or stem & leaf diagram that shows the distribution of a quantitative variable as it appeared in a business publication (e.g., The Wall Street Journal, The Globe and Mail, The
Clinical testing of chemical compounds for approval as drugs goes through three successive stages. A compound that fails in one phase does not proceed to subsequent phases.i) Phase 1: testing on
In a car manufacturing plant, parts are delivered by truck, workers arrive and work, equipment fails, equipment has to be serviced even if it hasn’t failed, options and features have to be added to
At Vancouver International Airport, passengers arrive and depart, aircraft arrive and depart, service vehicles refuel planes, planes are serviced for scheduled maintenance and if they have a fault,
Tim Hortons was founded in 1964 in Hamilton, Ontario, where it served coffee and doughnuts. As the chain has expanded throughout Canada, so have its product offerings, including the very popular
A major hospital in Newfoundland is dealing with complaints that some nurses feel their schedules are worse than they were last year. A survey of 75 randomly selected nurses found an average
For which one of the situations described in Exercise 3 would a Kruskal-Wallis test be appropriate?In Exercise 3For which one of the following situations would a Wilcoxon signed-rank test be
What additional information would you need to know before using Tukey’s quick test instead of the Wilcoxon rank-sum (Mann-Whitney) test in Exercise 6?In Exercise 6For which one of the situations
What additional information would you need to know before using Tukey’s quick test instead of the Wilcoxon rank-sum (Mann-Whitney) test in Exercise 5?In Exercise 5For which one of the situations
Find an example of a pie chart or bar chart in a newspaper or magazine. Copy it, and hand it in with a written analysis of the information conveyed by the chart.
Find an example of a misleading use of statistics in a newspaper, magazine, corporate annual report, or other source. Then explain why your example is misleading.
Give an example of a conditional probability that would be of interest to you.
Give two examples of situations in which the exponential distribution might be used appropriately. In each case, define the random variable having an exponential distribution.
Explain two ways to obtain intervals for a goodness-of- fit test of normality.
Give an example of a practical application of the confidence interval for βj.
Write an essay comparing the management philosophy that Dr. Deming advocated in his 14 points to the management styles you have been exposed to in your personal work experiences. Do you think Dr.
Form a group of three or four students in your class. As a group project, select a familiar process and determine a variable that measures the quality of some aspect of the output of this process.
Explain how the natural tolerance limits compare to the specification limits whena. A process is capable of meeting specifications.b. A process is not capable of meeting specifications.
Describe two situations in your personal life in which you might wish to plot a control chart for fraction nonconforming.
Explain why it can sometimes be difficult to obtain rational subgroups when using a control chart for fraction nonconforming.
Construct a decision tree for a posterior and preposterior analysis of the control device situation.A firm designs and manufactures automatic electronic control devices that are installed at
Write out the payoff table for the control device situation.A firm designs and manufactures automatic electronic control devices that are installed at customers’ plant sites. The control devices
Explain how to construct (a) a cause-and-effect diagram and (b) a defect concentration diagram.
In this exercise we consider several familiar processes. In each case, describe several common causes and several assignable causes that might result in variation of the given quality
Calculate the MAD, MSD, and MAPE for method A.Calculate the MAD, MSD, and MAPE for method B.Compare two forecasting methods—method A and method B. Suppose that method A gives the point forecasts
Consider Figure 15.18 on page 709. Calculate ℓ35, b35, and sn35 from ℓ34, b34, y35, and sn23. Also, calculate ŷ38(36) from ℓ36, b36, and sn26.
Consider Figure 15.15 on page 705. Calculate ℓ2 and b2 from ℓ1, b1, and y2. Also, calculate ŷ27(24) from ℓ24 and b24.
Consider Example 15.7. Suppose that we observe a cod catch in February of year 3 of y26 = 328. Update S25 = 356.689 to S26, a point forecast made in month 26 of any future monthly cod catch. Use α =
Give an example of a practical application of the confidence interval for β1.
The company of Exercise 4.52 employs Mr. Withrow, Mr. Church, Ms. David, Ms. Henry, Mr. Fielding, Mr. Smithson, Ms. Penny, and Mr. Butler. If the three employees who will receive advanced training
The Data and Story Library (DASL) houses a rich collection of data sets useful for teaching and learning statistics, from a variety of sources, contributed primarily by university faculty members.
The Gallup Organization provides market research and consulting services around the world. Gallup pub lishes the Gallup Poll, a widely recognized barometer of American and international opinion. The
The website maintained by the U.S. Census Bureau provides a multitude of social, economic, and government data (http://www.census.gov/). Go to the U.S. Census Bureau website and find the table of
Consider the following terms in a linear regression model: slope, correlation coefficient, residual. Match each term to the appropriate description. (i) the number of units y changes for each unit
Answer true or false. The margin of error when using x̅ as a point estmate for μ is x̅ - μ
Answer true or false, A point estimate for the mean weight (lb) of shipping packages is all nimbers zero or larger.
Answer true or false. A c% confidence interval means that c% of sample data will always lie inside the interval.
Match each of the following tests to the appropriate description: test of independence; test of homogeneity; test of goodness of fit.(i) Test to determine if different populations have the same
What is the symbol used for the slope of the population least-squares line?
For a chi-square probability distribution, determine whether each of the following is true or false.(i) The distribution is symmetric.(ii) The shape of the distribution changes according to the
Suppose you are a hospital manager and have been told that there is no need to worry that respirator monitoring equipment might fail because the probability any one monitor will fail is only 0.01.
Consider the graph of a normal probability distribution of x values with mean μ and standard deviation σ. Answer each of the following statements as true of false.(i) The graph is bell-shaped, with
Under what conditions is it appropriate to use a normal distirbution to approximate the p̂ distribution?
Answer the following statements regarding the term sampling distribution as true or false.(i) A sampling distribution is the set of all random samples taken from a population.(ii) A sampling
Create a clustered column chart that shows the number of employees hired each year. Make sure the chart has a title. In what year were the most employees hired? How many were hired that year?Exercise
After opening Power BI, open each of the three files. Change the names of the tables to the following: Race Codes, Job Codes, and Master Employee Data. Show how the three files are related.Exercise
Referring to Exercise 18-23, create a stacked column chart that illustrates how many employees of each gender (male and female) were hired in each year. In what year were the most females hired? How
Referring to Exercise 18-25, create the same table but only for employees who are no longer working for the company. Discuss.Data from exercise 18.25Create a table that illustrates the mean and
In a journal related to your major, locate an article in which a hypothesis about one or two population variances is tested. Discuss why population variation was an important issue in the article,
In journals related to your major, locate two articles in which tests of three or more population means were important. Discuss the issue being addressed, how the data were collected, the results of
Locate a journal article that uses either contingency analysis or a goodness-of-fit test. Discuss the article, paying particular attention to the reasoning behind using the particular statistical
Find a marketing research book (or borrow one from a friend). Does it discuss either of the tests considered in this chapter? If yes, outline the discussion. If no, determine where in the text such a
The following table shows the breakdown of gasoline prices in terms of its components.Component PercentageCrude
Tesla is one of the most popular manufacturers of electric cars in the world. The following table lists the company’s quarterly profits and losses from 2012 to 2017. These data can also be found in
The following table shows the number of wins for baseball teams in the National League Central Division for the 2016 and 2017 seasons: Construct a horizontal stacked bar chart that summarizes these
The NHTSA regularly collects information about customer complaints about cars. The following table lists complaints by type and frequency for the 2006 Ford Mustang.Seat belts / air bags
The following table lists usage share of mobile browsers for January 2018.Browser Market Share
The Fan Cost Index measures the average cost for a typical family to attend a Major League Baseball game. The index comprises the prices of two adult average-price tickets, two child average-price
The following table lists the average annual unemployment rate for the state of Arizona from 2006 until 2016 (use formula to solve question). Year
The world oil price is really important for the U.S. economy. However, the world oil price is changing frequently by large amounts. The Excel file world oil price.xls lists the monthly price of crude
The following table shows the number of wins per season for the New England Patriots and Detroit Lions NFL teams from 2008 through 2017. This data can also be found in the Excel file NFL
The following table lists the 20 largest companies in the world in 2017 ranked by their market capitalizations (in billions of dollars). A company’s market capitalization is defined as the number
The following table shows the frequency distribution for the golf scores recorded during the 2017 Masters tournament:Score
What is the probability of randomly selecting a diamond from a standard 52-card deck?
A recent survey of Snapchat user statistics had four categories (reasons) for the using Snapchat: Creativity, Keeping in Touch, Easier than Texting, and Other. If 37% indicated Creativity, 27%
A recent survey found that 75% of households had Internet access and 80% of households had cable television. Also, it was reported that 70% of the households in the survey had both Internet and cable
At a local restaurant, 22% of the customers order takeout. If 8% of the customers order takeout and choose a hamburger, determine the probability that a customer who orders takeout will order a
Thirty-five percent of customers who purchased products from an e-commerce site had orders exceeding $100. If 20% of the customers have orders exceeding $100 and also pay with the e-commerce site’s
In 2018, 43% of taxpayers who filed their tax return electronically self-prepared their taxes. If the IRS randomly selected three tax returns submitted electronically, what is the probability that
I would like to customize a desktop computer online. I have to choose among the following categories:• Processor (five choices)• Hard drive (four choices)• Memory (three choices)• Monitor
An executive needs to select 4 stores from a total of 10 to participate in a customer service program. Determine the number of possible groups of four stores.
What is the probability of randomly selecting a heart from a standard 52-card deck?
According to Stat-counter in January 2018, 52% of all Web traffic came from mobile phones. If five people are randomly chosen, what is the probability that all five used mobile phones to access the
I would like to order a car from the factory and I have to choose among the following categories:• Exterior color (four choices)• Interior color (four choices)• Engine size (three choices)•
What is the probability of winning a 5/30 lottery game where 5 numbers are picked from a range of 30?
How many ways can 10 new movies be ranked first, second, and third by a movie critic?
A director for a play has to choose an actor to play a lead male role and an actress to play a lead female role. The director has to choose from among five males and seven females. Determine how many
If a salesperson is responsible for eight stores in her territory, determine how many different ways she can schedule a visit with five of them today.
Consider a Poisson probability distribution with λ = 8.5. Determine the mean and standard deviation of this distribution.
A second report by the National Center for Productivity analyzed the relationship between productivity and wages. They used the graph from Exercise 67, with the x-axis labeled ?wages.? Comment on any
A bootstrap test of the hypothesis in Exercise 56 produced the following distribution (shifted to center the histogram at the hypothesized mean of 649): (Data in Student survey)Exercise 56According
Pew Research published a study on Americans’ satisfaction with their current job (www .pewsocialtrends.org/2016/10/06/3-how-americans-viewtheir- jobs/). They found that 49% of American workers say
It has been three years since Mohammed Al-Tamimi opened his computer repair business, Mo’s Mending Station. Unlike the well-known Nerd Squad of the big electronics retailer, Mo’s Mending Station
It has been three years since Mohammed Al-Tamimi opened his computer repair business, Mo’s Mending Station. Unlike the well-known Nerd Squad of the big electronics retailer, Mo’s Mending Station

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