MidW09 - ADM 2304 APPLIED STATISTICAL METHODS IN BUSINESS...

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ADM 2304 APPLIED STATISTICAL METHODS IN BUSINESS Midterm Exam – February 7, 2009 NAME (please print): _____________________________________________ STUDENT NUMBER: _________________________________ SECTION (please circle one): M N P Q R Time allowed: 2 hours Question booklet: 5 pages (all single-sided sheets, including this cover sheet) Appendices: 2 pages plus 2 tables (on 2 double-sided sheets) Instructions: 1. Calculators, rulers, and one sheet of notes (8.5 x 11 in.) are allowed. 2. Please write clearly and legibly. 3. Statistical tables (z and t) are found following the appendices. 4. You must hand everything in at the end of the exam (exam question booklet, appendices and stat-tables). Please do not hand in your sheet of notes. Question Value Mark 1 7 2 7 3 10 4 6 Total 30 Statement of Academic Integrity The School of Management does not condone academic fraud, an act by a student that may result in a false academic evaluation of that student or of another student. Without limiting the generality of this definition, academic fraud occurs when a student commits any of the following offences: plagiarism or cheating of any kind, use of books, notes, mathematical tables, dictionaries or other study aid unless an explicit written note to the contrary appears on the exam, to have in his/her possession cameras, radios (radios with head sets), tape recorders, pagers, cell phones, or any other communication device which has not been previously authorized in writing. I have read the text on academic integrity and I pledge not to have committed or attempted to commit academic fraud in this examination. Signed: _____________________________________
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ADM 2304 Midterm Winter 2009 Question 1 [7 marks] The number of withdrawals at a bank machine was monitored during randomly chosen 10 minute intervals over the past month. Appendix A gives the data distribution and various analyses. a. You want to test whether the average number of withdrawals exceeds 3. Identify the most appropriate test, and explain briefly why you selected it. [1] b. Perform the hypothesis test that you selected above, using the 5% level of significance. [3] c. What is the approximate p-value of the test statistic? [1] d. Suppose you wanted to estimate the average number of withdrawals with a margin of error of ± 0.5 and a 95% confidence level. What sample size would be required? [2]
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ADM 2304 Midterm Winter 2009 Question 2 [ 7 marks ] An undercover investigative team decides to determine whether it costs more to have a moderately damaged car repaired at Jo’s Trusty Body Shop or Uncle Bob’s Honest Collision Repairs. . a) Design an experiment and an appropriate hypothesis test that would best help answer this question. You may assume that the cost for fixing moderately damaged cars is normally distributed. Note that there are at least two types of experiments that would work here but one is clearly better than the other. Justify your choice. [2]
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MidW09 - ADM 2304 APPLIED STATISTICAL METHODS IN BUSINESS...

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