BUSN623- Final Exam
20.0 Points
Question 1 of 5
The right to refuse workplace hazards has a fundamental conflict with the ability of a business to
operate effectively (if employees refuse to work there can be no production). How should these
competing int
BUSN625 Applied Decision Making
PS2
Question 1 of 4
Solve Problem and Applications:ch3-prob1 p90:
25.0 Points
3-1: Consider the experiment of drawing two cards from a deck in which all picture cards have been
removed and adding their values (with ace = 1)
BUSN625 Applied Decision Making PS4
Question 1 of 4
25.0 Points
Solve Problem and Applications:Solve Problem and Applications: ch 6- prob12 (Home market values).
Using the data in the Excel file Home Market Value, develop a multiple linear regression mode
BUSN625 Applied Decision Making PS3
Question 1 of 4
25.0 Points
Solve Problem and Applications: Solve Problem and Applications: ch 5- prob1 (use excel file Call Center
Data)
5-1: 1. Call centers typically have high turnover. The director of human resource
BUSN625 Applied Decision Making
Question 1 of 4
Solve Problem and Applications: ch 12- prob 2, at the end of chapter 12 in your textbook.
25.0 Points
12-2: Suppose that the service rate to a waiting line system is 10 customers per hour (exponentially
dist
BUSN625 Applied Decision Making PS4
Question 1 of 5
Solve Problem and Applications: ch11- prob 8, in your textbook.
20.0 Points
11-8: Suppose that a car rental agency offers insurance for a week that will cost $10 per day. A minor
fender bender will cost
20. A telephone call center where people place marketing calls to customers has a probability
of success of 0.10. The manager is very harsh on those who do not get a sufficient number of
successful calls. Find the number of calls needed to ensure that the
9. A home pregnancy test is not always accurate. Suppose the probability that the test
indicates that a woman is pregnant when she actually is not is 0.02, and the probability the
test indicates that a woman is not pregnant when she really is, is 0.03. As
A manufacturer of home and industrial lawn and garden equipment collects a variety of data
from special studies, many of which are related to quality control. The company routinely
collects data about functional test performance of its mowers after assemb
13. Using the data in the Excel file Cereal Data, develop a probability mass function and
cumulative distribution function (both tabular and as charts) for the random variable
Calories. What is the probability that a box of cereal from this population con
A manufacturer of home and industrial lawn and garden equipment collects a variety of data
from special studies, many of which are related to quality control. The company routinely
collects data about functional test performance of its mowers after assemb
7. Find the 10th and 90th percentiles and the first and third quartiles for the time difference
between the scheduled and actual arrival times in the Atlanta Airline Data Excel file.
Answer:
First Quartile
Third Quartile
10th Percentile
90th Percentile
Ti
1. Explain the importance of statistics in business.
Answer:
Statistics is the science of collecting, organizing, analyzing, interpreting, and presenting data.
In business, statistics is quite important because it allows managers to make fact-based
decisi
6. Find the first, second, and third quartiles for each of the performance statistics in the Excel
file Ohio Education Performance. What is the interquartile range for each of these?
Answer:
Writing
First Quartile
Second
Quartile
Third Quartile
Interquart
5. Find the 10th and 90th percentiles of home prices in the Excel file Home Market Value.
Answer:
Home market
value
90th percentile
10th percentile
Prices
$108,090.
00
$81,320.0
0
2. Explain the difference between data and information.
Answer:
Data typically refers to the raw data, which is an important ingredient in producing useful
information. Information is what managers can use to make appropriate decisions.
7. Row 26 of the Excel file Census Education Data gives the number of employed persons
having a specific educational level.
a. Find the probability that an employed person has attained each of the educational levels
listed in the data.
b. Suppose that A i
21. A financial consultant has an average of six customers arrive each day. The consultants
overhead requires that at least five customers arrive in order that fees cover expenses. Find
the probabilities of 0 through 4 customers arriving in a given day. W
11. Briefly summarize the important characteristics and applications of the Bernoulli,
binomial, and Poisson distributions.
Answer:
Bernoulli distribution - characterizes a random variable with two possible outcomes
with constant probabilities of occurren
4. Explain the concept of mutually exclusive events. How do you compute the probability P
(A or B) when A and B are, and are not, mutually exclusive?
Answer:
Mutually exclusive events - two events A and B that cannot occur at the same time or that
they ha
A manufacturer of home and industrial lawn and garden equipment collects a variety of data
from special studies, many of which are related to quality control. The company routinely
collects data about functional test performance of its mowers after assemb
24. The time required to play a game of Battleship is uniformly distributed between 20 and
60 minutes.
a. Find the expected value and variance of the time to complete the game.
b. What is the probability of finishing within 25 minutes?
c. What is the prob
3. Construct a frequency distribution and histogram for the taxiin time in the Excel file
Atlanta Airline Data using the Excel Histogram tool. Use bin ranges from 0 to 50 with
widths of 10. Find the relative frequencies and cumulative relative frequencies
15. The data in the Excel file Church Contributions were reported on annual giving for a
church. Estimate the mean and standard deviation of the annual contributions, using formulas
(2A.8) and (2A.10), assuming these data represent the entire population o
33. The actual delivery time from Mama Mias Pizza is exponentially distributed with a mean
of 20 minutes.
a. What is the probability that the delivery time will exceed 30 minutes?
b. What proportion of deliveries will be completed within 20 minutes?
Answe
26. In determining automobile mileage ratings, it was found that the mpg (X) for a certain
model is normally distributed, with a mean of 30 mpg and a standard deviation of 1.5 mpg.
Find the following:
a. P(X < 28)
b. P(28 < X < 32)
c. P(X > 33)
d. P(X < 3
30. Historical data show that customers who download music from a popular Web service
spend approximately $20 per month with a standard deviation of $4. Find the probability that
a customer will spend at least $15 per month. If the company samples 100 cus
22. The number and frequency of Atlantic hurricanes annually from 1940 through 2007 is
shown below.
Number
0
1
2
3
4
5
6
7
8
Frequency
5
16
19
13
3
5
4
2
1
a. Find the probabilities of 0 through 8 hurricanes each season using these data.
b. Assuming a Poi
28. A popular soft drink is sold in 2liter (2,000 mL) bottles. Because of variation in the filling
process, bottles have a mean of 2,000 mL and a standard deviation of 20, normally distributed.
a. If the process fills the bottle by more than 60 mL, the ov
BUSN 625 Quizzes 2016
WK1:
Explain the importance of statistics in business.
Statistics plays a huge role in business, because it helps
managers make critical decisions about day to day operation or
even investment decisions. Statistics allows for complex
13-7. Klein Industries manufactures three types of portable air compressors: small, medium, and large, which have
SM
MIN
MAX
Order Producted
Auxiliary Variables
Profit per unit
Total Profit
MD
14,000
21,000
117,000
117,000
$
$
20.50 $
2,398,500.00 $
6,200