5 - Question 1 2 out of 2 points Strategic business...

This preview shows page 1 - 2 out of 4 pages.

Question 1 2 out of 2 points Strategic business planning is required for the successful transfer of control between generations in family-owned companies. However, a survey of 384 privately held family firms whose annual turnover exceeded one million dollars it was found that 87 had no strategic business plan. Assuming that simple random sampling was employed to determine the sample for the survey, estimate with 95% confidence the PROPORTION of family-owned companies operating without strategic business plans. Give the upper limit only and report your answer correct to three decimal places. Selected Answer: 0.268 Correct Answer: 0.268 ± 0 Question 2 2 out of 2 points ANZ Bank's Wealth Management Division conducted a survey of the value of the new business created over the last month in millions of dollars. From 20 responses, the mean and standard deviation were found to be $3.134 and $0.39 million respectively. Assuming the data were collected through a random sample and that the value of new business is approximately normally distributed, calculate a 90% confidence interval estimate of the average value of new business per month in millions of dollars. State only the lower bound correct to three decimal places. Selected Answer: 2.983 Correct Answer: 2.983 ± 0 Question 3 0 out of 2 points Consider the following statements concerning confidence interval estimates: A. If the confidence level is increased, then the sample size would also need to be increased, if the precision (width of confidence interval) is to be maintained.
Image of page 1

Subscribe to view the full document.

Image of page 2

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern