LIR832-Qualifying Exam with Answers Summer 2004

LIR832-Qualifying Exam with Answers Summer 2004 - LIR 832...

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LIR 832 Qualifying Examination: Summer 2004 This examination consists of 10 equally weighted questions which require basic knowledge of statistics. The examination lasts two hours, additional time will not be provided. Z and T tables are attached at the end of the examination. Partial credit is given only for arithmetic errors. Your work must be organized so that the grader can readily determine where the error occurred to obtain partial credit 1. Calculate the probability observing the following result of a random draw from a standard normal (Z) distribution. A. P(Z < -1.25) 10.56% B. P(Z < 2.13) 100 - 1.66 = 98.34% C. P( 1.85 > Z > -1.55) 100 - 3.22 - 6.06 = 100 - 9.28 = 90.72% D. P(1.5 < Z or Z> 2.0) 2.28% + (50% - 6.68%) 2.28% + 43.32% = 45.60% E. P(Z = 1.1) Prob = 0, no point probabilities.
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2. Researching the number of employees per construction firm, you find that the data is normally distributed with a mean of 14.7 with a standard deviation of 2.5. Calculate the probability that a construction firm has more than 19 workers (i.e., calculate P(X>19)). ANSWER Z = Looking this up on the Z-table, P(X>19) = 0.0427.
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3. The SLIR chapter of the SHRM is interested in incoming students salary expectations on their first job. Officers of the chapter interview a randomly selected sample of five students, the expected salary, rounded to the nearest thousand dollars, is reported in Table 1. Student Expected Initial Salary (in thousands of Dollars) 16 5 24 4 37 5 46 1 55 5 Calculate the mean, variance and standard deviation of this data. 65 5 25 44 -16 256 75 15 225 61 1 1 55 -5 25 60 532 n = 5 var = 133 std dev 11.53256259 46708
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4. Our firm has 10,000 employees. These employees can chose between four distinct medical plans. Each plan has a somewhat different cost to the firm. Information on the plan and the cost to the firm is provided in Table 2.
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LIR832-Qualifying Exam with Answers Summer 2004 - LIR 832...

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