m «names
CHAPTER 1 Introduction to Business Statistics 15
Name W
ClassTime WF quO-QIEOAM
Chapter Review
ianoarx IS 202+
Multiple Choice Questions
1. _+__ was given credit as being the first person to use the term statistics in Eng
The first row of a stem-and-leaf chart appears as follows: 62 | 1 3 3 7 9. Assume whole number values.
(The stem represents the ten's position and the leaf represents the one's position.)
a. What is the "possible range" of the values in this row?
Possible
A chain of sport shops catering to beginning skiers, headquartered in Aspen, Colorado, plans to conduct
a study of how much a beginning skier spends on his or her initial purchase of equipment and supplies.
Based on these figures, it wants to explore the
The following cumulative frequency polygon shows the hourly wages of a sample of certified
welders in the Atlanta, Georgia, area.
a. How many welders were studied?
Number of welders
50
b. What is the class interval?
Class interval
5
c. About how many weld
The following values are the starting salaries, in $000, for a sample of five accounting graduates who
accepted positions in public accounting last year.
36.0
26.0
33.0
28.0
31.0
Click here for the Excel Data File
a. Determine the mean, median, and the st
Speedy Swift is a package delivery service that serves the greater Atlanta, Georgia metropolitan area. To
maintain customer loyalty, one of Speedy Swift's performance objectives is on-time delivery. To monitor
its performance, each delivery is measured on
Chapter 7 Question 4
A study of long-distance phone calls made from General Electric Corporate Headquarters in Fairfield,
Connecticut, revealed the length of the calls, in minutes, follows the normal probability distribution. The
mean length of time per c
The accounting firm of Crawford and Associates has five senior partners. Yesterday the senior partners
saw five, eight, eight, eight, and one clients, respectively.
a. Compute the mean number and median number of clients seen by a partner. (Round your ans
The Thomas Supply Company Inc. is a distributor of gas-powered generators. As with any business, the
length of time customers take to pay their invoices is important. Listed below, arranged from smallest to
largest, is the time, in days, for a sample of T
Molly's Candle Shop has several retail stores in the coastal areas of North and South Carolina. Many of
Molly's customers ask her to ship their purchases. The following chart shows the number of packages
shipped per day for the last 100 days.
a. What is t
QMB 2100 Basic Business Statistics Fall 2013
Practice Test #2 B
4. The complement of P(A | B) is
a. P(AC | B)
b. P(A | BC)
c. P(B | A)
d. P(A
B)
ANS: A
1
6. The probability of an intersection of two events is computed using the
a. addition law
b. subtract
Chapter 5
1. All Seasons Plumbing has two service trucks that frequently need repair. If the probability the first truck
is available is .71, the probability the second truck is available is .56, and the probability that both trucks
are available is .45:
QMB 2100 Basic Business Statistics Fall 2013
Practice Test #1
1. Descriptive statistics does not involve _ data.
a.
b.
c.
d.
summarizing
presenting
analyzing
generalizing form
2. The annual sales for a manufacturing company for each of the past 5 years we
QMB 2100 Basic Business Statistics Fall 2013
Practice Test #3
1. The mean, median, and mode have the same value for which of the following probability distributions?
a. uniform
b. normal
c. exponential
d. Poisson
ANS: B
2. For any continuous random variab
Team
League
Oakland Ath
Florida Mar
Pittsburgh
Cincinnati
Cleveland I
Kansas City
Washington
Tampa Bay
Toronto Blu
Baltimore O
San Diego
Arizona Di
Texas Rang
Seattle Mar
Chicago Wh
Atlanta Bra
Minnesota
Houston As
Detroit Tig
Colorado R
San Francis
Milwa
lab rev chp 12,13,17
at door
Q 1-5
drink sec by reg
dairy
$7
$12
$3
$7
8
10
14
6
10
4
8
5
8
3
3
2
6
5
10
Anova: Single Factor
SUMMARY
Groups
at door
drink sec
by reg
dairy
Count
Sum
4
5
6
4
ANOVA
Source of Variation SS
Between Grou 22.20614
Within Groups
DS 7-75
Alberta Wheeler
a
p(a>3.5)
a
p(a<3.5)
p(a>3.5)
# of teams
#of teams a>3.5
2.448
0.698
3.5
0.934116
0.065884
30
1.976532
The estimate that I got for # of teams with attendance greater than 3.5 million is 1.97. The
actual # of teams with attendance
1. A joint probability measures the likelihood that two or more events will happen
concurrently. TRUE
2. If there are "m" ways of doing one thing, and "n" ways of doing another thing, the
multiplication formula states that there are (m) (n) ways of doing
Chapter 10 Question 11
At the time she was hired as a server at the Grumney Family Restaurant, Beth Brigden was told, You
can average $74 a day in tips. Assume the population of daily tips is normally distributed with a standard
deviation of $4.04. Over t
Chapter 9 Question 5
You need to estimate the mean number of travel days per year for outside salespeople. The mean of a
small pilot study was 150 days, with a standard deviation of 32 days.
If you must estimate the population mean within 4 days, how many
Chapter 10 Question 1-5
A sample of 35 observations is selected from a normal population. The sample mean is 53, and the
population standard deviation is 5. Conduct the following test of hypothesis using the 0.01 significance
level.
H0: = 54
H1: 54
1.
a.
Homework Exercise 143-145
Always looking for the Z
4 Rules
Because the Bell Curve is symmetrical, to find area under the standard normal probability distribution.
1.
2.
3.
4.
Between 0 and Z, and is directly from the table.
Beyond Z (OR-Z), find Z (table)
QMB Gordon Rule Assignment
Pierre Montalvo
MDC QMB2100
Monday & Wednesday 8:30 PM
Explain how statistics can impact your career
The application of statistical methods is being used in just about every aspect of our lives. It is
considered to be the most u
Chebychev Sample problem: a left-skewed distribution has a mean of 4.99 and a standard deviation of 3.13. Use Chebyshevs Theorem to
find the proportion of observations you would expect to find within two standard deviations from the mean:
Step 1: Square t
Statistics- Systematic approach to decision making under uncertainty Descriptive-Organizing, summarizing, presenting the data Inferential- Estimates about population based on
sample Discrete Variables can assume only certain values, Continuous Variables c
QMB 2100 Business Statistics Spring 2014
Midterm #1 02/19/14
1. Probability theory is most likely to be an important tool in which of the following?
a.
b.
c.
d.
presenting data
generalizing from data
summarizing data
descriptive statistics
2. Accounting f
What is the value of the Pearson coefficient of skewness for a
distribution with a mean of 17, a median of 12, and a standard
deviation of 6?
Selected
Answer:
+2.
5
Answers:
+2.
5
-2.5
+0.
83
0.83
Pearson's coefficient of skewness is computed by 3(17 12)
Statistics in the Media
In the article Study: Teens who text and drive take even more risk taken from the
USA Today newspaper, posted on May 13, 2013, states that more than 4 in 10 teens admit
to texting while driving, and those than do are more likely to