Q1
A company conducted a survey of its employees to determine their attitude toward a
buyout of the company’s stock. Each of the company’s 1040 employees was asked
whether they favored the buyout and whether they planned to retire within the next 15
years
ISOM 111 L7-L8, Fall 2010
1
Homework 1 Solutions
I. An insurance agency is examining the dollar amount of claims from clients who have homeowners insurance. For the 900 people who led claims, the ve-number summary of the amount is: ($8800, $8850, $8900, $
Introduction to Business Statistics Lecture 9 Sampling Distributions Example 1. A machine is designed to fill each empty bottle with 300 gram of shampoo. However, the actual amount of shampoo poured into the bottle is random, which varies from bottle to b
Introduction to Business Statistics Lecture 10 The Concept of Confidence Interval Background: Samples are taken when it is impossible, impractical or too expensive to obtain complete data on a relevant population. The sample provides useful information ab
Introduction to Business Statistics Lecture 11 Computation of Confidence Intervals From Bounds on Error of Estimation to Confidence Intervals:
0.95 = P ( - 1.96 = P (-1.96
n
X + 1.96
n )
)
Sampling Distribution Error of Estimation
n
X - 1.96
n
= P ( X -
The Hong Kong University of Science & Technology ISMTISOMBusiness Statistics, Fall 2006 111: 111: Business Statistics Computer Lab 2 In this lab we will use Minitab to study the distribution of the sample mean.
Exercise 1
In this exercise, we sample from
Introduction to Business Statistics Lecture 12 The Concepts of Hypothesis Testing Example 1. (Distribution Strategy) An Asian manufacturer of industrial filters for the chemical industry has decided to locate a distribution facility in Europe if more than
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Introduction to Business Statistics Lecture 14 The Strength of Evidence in Hypothesis Testing Introduction: In hypotheses testing, Ha is what we would like to support. However, we accept Ha , or equivalently reject H 0 , only when we have strong evidence
Introduction to Business Statistics Lecture 15 Small Sample Inference Background: In some occasions, the sampling cost per item is rather high and thus one can only afford a small sample (n 30). This presents a new challenge for statistical inference beca
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The Hong Kong University of Science & Technology ISMT 111: Business Statistics, Fall ISOM 111: Business Statistics Computer Lab 3 In this lab we will learn how to use Minitab to do regression.
Exercise 1
The file mazda1.mtw contains a Minitab worksheet wi
Introduction to Business Statistics Lecture 0 Setting the Stage 1. What is statistics? It is the science of collecting, organising , and interpreting data, where one finds variability in all data sets. 2. Why do you need to learn statistics? The differenc
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Introduction to Business Statistics Lecture 2 Descriptive Statistics II: Numerical Methods Example: A large manufacturing company in Michigan has about 5000 assembly line workers. For training purposes, management needs to know skill level of these worker
Introduction to Business Statistics Lecture 3 Probability An experiment is any procedure or process that produces a well-defined set of outcomes. Why probability can explain variation in data sets? Before an Experiment Uncertainty Measured by Probability
Introduction to Business Statistics Lecture 3A Conditional Probability and Statistical Independence Example (Sex Discrimination): A company of 1200 employees (960 men and 240 women) promoted 288 men and 36 women last year. Is a man more likely to be promo
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Introduction to Business Statistics Lecture 21 Regression Analysis I Terminology: Y dependent variable, the variable to be modelled or predicted X independent variables, predictors, regressors A model is a theoretical description that tries to explain a p
ISOM111 Business Statistics
(Fall 2010)
Suggested Solutions for Tutorial Set 1 Exercise
1a. Gender: Categorical nominal data Smoker or non-smoker: categorical nominal data Personal Income: numerical continuous data Money spent on buying cigarettes: numeri
Assignment 7: Simple Linear Regression Questions #1 of Problem Sheet 6 and Describe the similarity and dissimilarity between SSE and sample variance. Describe the difference between confidence intervals for conditional mean and prediction intervals for ac
ISOM111 Business Statistics Final Examination For section L5 only 15 December 2008
Directions
1) Answer ALL FIVE questions. Marks are shown in square brackets. 2) There are 4 pages in this examination paper including the cover page. Check to make sure you