Chapter 01 - An Introduction to Business Statistics
CHAPTER 1An Introduction to Business Statistics
1.1 1.2 A population is a set of existing units. Consumers utilizing a particular product. Any characteristic of a population unit is called a variable. Qu
Statistical Analysis
Practice Quiz 1
Name: ON?
Instructions
This is a closed book quiz. You have 15 minutes to complete this quiz.
To get full credit, please provide all your work, NOT just the result
for each question
1. Four employees who work at a driv
BU.510.601.F7
Statistical Analysis Quiz 3
Name _
The American Association of Individual Investors On-Line Discount Broker Survey polls members on their
experiences with electronic trades handled by discount brokers. As part of the survey, members were
ask
BU.510.601.F5
Statistical Analysis Quiz 3
Name _
The sample data below represents the number of late and on time flights for Delta, United and US Airways
(Bureau of Transportation Statistics, March 2012).
Flight
Late
On-time
Delta
39
261
United
51
249
US
BU.510.601.F5
Statistical Analysis Quiz 3
Name _
The Consumer Reports Restaurant Customer Satisfaction Survey asks customers to rate restaurants by
giving them an overall satisfaction score. High values of this score indicate higher overall satisfaction.
Week 3 answers
7.20 a.
The question asks to calculate the mean and standard deviation of all possible sample means of size 5.
(1) Normally distributed, because population is normal
(2)
x 45
(3)
x
6
2.6833
n
5
(4) 45 3(2.6833) = [45 8.0499] = [36.9501, 5
Week 2 Answers
30,000
5.48 a.
15,000
.4
x 30,000(.6) 15, 000(.4) $12,000
b.
Atleast$6,000tobreakeven. $ 0=x ( 0.6 ) + ( x$ 15000 ) ( 0.4 ) ; x=$ 6000
5.50
a. Binomial, n = 8, p = .8
b. P(x 3) = .0104
c. No; if the claim is true, the probability of 3 or f
Chapter 02 - Descriptive Statistics: Tabular and Graphical Methods
CHAPTER 2Descriptive Statistics: Tabular and Graphical Methods
2.1
Constructing either a frequency or a relative frequency distribution helps identify and quantify
patterns in how often va
Week 4 Solutions
9.19
a.
H0
: = 16 versus
b. For = .01,
z
Ha
: 16.
z / 2 z.005 2.576
x 16
When
.1
36
x
= 16.05, z = 3, reject
H0
; readjust.
p-value = 2(1 .9987) = .0026<.01, reject
H0
, readjust.
CI: [16.007, 16.543], readjust
When
x
= 15.96, z = 2.4, ca
BU.510.601.81
Statistical Analysis Quiz 1
Name _
In San Francisco, 40% of the workers take public transportation daily. In a sample of 10 workers,
a) what is the probability that 3 workers take public transportation daily?
b) what is the probability that
Chapter 01 - An Introduction to Business Statistics
CHAPTER 1An Introduction to Business Statistics
1.1
Any characteristic of a population unit is called a variable.
Quantitative: values on the real number line.
Qualitative: record unit into categories.
L
BU.510.601.52
Statistical Analysis Quiz 1
Name _
An average of 7 cars arrive at a carwash every hour. Assuming independence between arrivals and a constant
rate of arrival,
a) what is the probability that 15 cars will arrive in the next hour?
b) what is t
BU.510.601.81
Statistical Analysis Quiz 1
Name _
A manufacturing firm receives shipments of parts from two different suppliers. 65% of the parts come from
supplier 1. Quality of parts varies from supplier to supplier. 98% of supplier 1s parts are good and
Chapter 14 - Multiple Regression
CHAPTER 14Multiple Regression
14.1
SSE
LO1
14.2
Insert x values into the least squares equation and solve for
y
.
LO1
14.3
a.
b1 = -0.900, For every 1 degree increase in average temperature estimate fuel usage goes
down by
Chapter 13 - Simple Linear Regression Analysis
CHAPTER 13Simple Linear Regression Analysis
13.1
The best line that can be fitted to the observed data. The slope and the intercept of the least
squares line.
LO2
13.2
Because we do not know how y and x are r
Chapter 03 - Descriptive Statistics: Numerical Methods
CHAPTER 3Descriptive Statistics: Numerical Methods
3.1
a.
Population parameter: number calculated using the population measurements that describe
some aspect of the population.
Point estimate: a one-n
Chapter 05 - Discrete Random Variables
CHAPTER 5Discrete Random Variables
5.1
A random variable is a variable that assumes numerical values determined by the outcome of an
experiment.
LO1
5.2
The values of a discrete random variable can be counted, or lis
Chapter 07 - Sampling and Sampling Distributions
CHAPTER 7Sampling and Sampling Distributions
7.1
A random sample is chosen by assigning each unit in the population a unique identifying
number and then utilizing a random digit table to identify the units
Chapter 04 - Probability
CHAPTER 4Probability
4.1
ExperimentAny process of observation that has an uncertain outcome.
EventA set of sample space outcomes.
ProbabilityThe probability of an event is the sum of the probabilities of the sample space
outcomes.
Chapter 06 - Continuous Random Variables
CHAPTER 6Continuous Random Variables
6.1
Intervals of values.
LO1
6.2
By finding areas under the curve.
LO1
6.3
f(x) 0 for all x; area under the curve equals 1.
LO1
6.4
Relative likelihood that x will be near the g
Chapter 12 - Chi-Square Tests
CHAPTER 12Chi-Square Tests
12.1 (1)
We perform an experiment in which we carry out n identical trials and in which
there are k possible outcomes on each trial.
(2)
The probabilities of the k outcomes are denoted, p1 , p2 , K
Chapter 11 - Experimental Design and Analysis of Variance
CHAPTER 11Experimental Design and Analysis of Variance
11.1
factor = Independent variables in a designed experiment
treatments = Values of a factor (or combination of factors)
experimented units =
Chapter 09 - Hypothesis Testing
CHAPTER 9Hypothesis Testing
9.1
Type I error: reject when is true
= probability of a Type I error
Type II error: do not reject when is false
= probability of a Type II error
LO2
9.2
Because the probability of a Type II erro
BU.510.601.F2
Statistical Analysis Quiz 1
Name _
A machine fills containers with a particular product. The filling weights are normally distributed and have a
standard deviation of 0.6oz (known from past data). If 2% of the containers hold more than 18oz,
BU.510.601.F2
Statistical Analysis Quiz 1
Name _
Suppose you are the manager of a hedge fund and are looking for companies that will become acquisition
targets this year. Your intuition says that companies that will become acquisition targets would have a
BU.510.601.F5
Statistical Analysis Quiz 2
Name _
In 2011, about 45% of all wealthy individuals (net worth > $1 million) had lost 25% or more of their portfolio
value over the past three years. A Phoenix Wealth Management company conducted a survey of 1500
Suggested Practice Homework
Chapter
Subject
The homework number in the chapters are preceded with the chapter number. Only the problem number
is listed below.
Chapter 1
An Introduction to Business Statistics
Homework: 3
Chapter 2
Descriptive Statistics
Ho
Critical Thinking Skills for Evaluating Numbers
Did the presenter of the information generate the numbers?
If not, who or what was the original source?
Is the source reputable, such as a university, laboratory, or medical association?
If so, did the sourc