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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, lowspeed 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 lowspeed 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 lowspeed
collision.
Sample: The 30 randomly selected compact automobiles.
Statistic: The average cost of damage in dollars for 30 randomly selected compact automobiles in
lowspeed collision.
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View Full DocumentNote: 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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 Fall '07
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 Business

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