hw1_fall07-sol

hw1_fall07-sol - BUAD 310 Fall 2007 - Dr. Arif Ansari...

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BUAD 310 – Fall 2007 - Dr. Arif Ansari Homework # 1 (100 points) Turn in your homework to me on (9/19/07). The problem below cover most of the topics covered in class in the first three weeks. The quizzes, midterm and final will have questions similar to the home works, later in the semester I will also post old quizzes, midterms and final on black board. Basics - Are you ready? 1. Descriptive Statistics (A- Z) - HW# 1 -Turn in Problem 1 a, f, g, h, j, k, o, r, t, w for grading and Multiple choice (Due date 09/19/2007) The word problem is taken from Problem 2.10 from page 26 of your text book (modified to suit my class) Part 1 - Problem 1 (50 points for answers and 25 points for Minitab printouts) The Insurance Institute for Highway Safety published data on the total damage suffered by compact automobiles in a series of controlled, low-speed collisions. The data, in dollars, with brand names removed is given below: 361 393 430 543 566 610 763 851 886 886 887 976 1039 1124 1267 1328 1415 1425 1444 1450 1476 1542 1544 2048 2197 3000 3050 3120 4000 4200 The above problem talks about the investigation done by “The Insurance Institute for Highway Safety” they want to find the total damage suffered by compact automobiles in low-speed collisions. To find the dollar cost, they took a sample of 30 compact automobiles and the damage in dollars is given above. You are assigned to investigate and analyze the problem in detail. Study the problem and answer the following questions. Note: For grading you have to Turn in problem 1 a, f, g, h, j, k, o, r, t, w only. a. Explain the Population, Parameter, Sample and Statistics. The population: All the Compact Automobiles Parameter: The average cost of damage in dollars for all compact automobiles in low-speed collision. Sample: The 30 randomly selected compact automobiles. Statistic: The average cost of damage in dollars for 30 randomly selected compact automobiles in low-speed collision.
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Note: This is experimental study. b. What is the variable of interest? What type of variable is it? The variable of interest is the cost of damage in dollars. This is a quantitative variable. c. Is Measure continuous or discrete? Continuous (But we tend to make it discrete by rounding to two decimal places). Grader: Give points for both answers (Continuous and Discrete) d. How can I make this into a Qualitative variable? It can be converted into qualitative variable by categorizing it. Example 0-$500 is low damage, $500-$2000 is medium level damage and $2000 and up is high level damage. e. Is this a biased sample? Random Sample? Most likely it is a random sample. f. Calculate the Measures of Center Mean $1494 Median $1298 Mode $886 Based on data $1500 based on histogram Trimmed mean $1380 Grader give points for both Modes (either one is correct) and Trimmed mean is not needed. Descriptive Statistics: Damage_Cost
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hw1_fall07-sol - BUAD 310 Fall 2007 - Dr. Arif Ansari...

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