Practice Problems, Week 2
Solutions
How Many Cleaning Crews? High-end, boutique hotels can be found in all major cities. Because
these hotels tend to be small (less than 100 rooms, typically) and promise outstanding customer service,
they have attracted t
JMP always 2 sided! So if < divide by 2
Always remember to
Inference for Regression (Chapters 2 & 10.1)
Inference of Estimated Intercept (b0):
Predicted value of y when x=0
Interpretation of Estimated Slope (b1):
Change in for a unit increase in X.
-ex.]
Multiple Regression
Objective
develop a procedure to predict the outcome of a response variable y
based on two or more explanatory variables
Stat 326 Introduction to Business Statistics II
extend methods of Simple Linear Regression
A simple linear regress
STAT 326
LAB 3 KEY: Total 34.
Spring 2016
Convenience Shopping. It is rare that you will find a gas station these days that only sells
gas. It has become more common to find a convenience store that also sells gas. The data in the
Excel file Convenience.x
LAB 8
2016
Convenience Shopping. Its rare that youll find a gas station these days that only sells gas. In
fact the amount of money that a gas station makes on gas alone is usually a very small portion of
their profits. Its become more common to find a co
JMP commands related to regression CIs and PIs
Analyze Fit Y by X, then Fit Line:
Cond Curves Fit plots the condence intervals for the mean responses on the scatterplot.
Cond Curves Indiv plots the prediction intervals for single observations on the sca
Stat 326 Introduction to Business Statistics II
Q&A for Exam 1
Stat 326 (2015)
Introduction to Business Statistics II
Review, Exam 1
1 / 10
Duck Worth Wearing is a kids clothing consignment shop in Downtown
Ames. During the earlier years this business loo
EXAM I STUDY GUIDE STAT 326
This is a study guide for material covered by Exam 1. This guide is not comprehensive,
but just a general guideline. All practice problems (presented in the online prelabs, labs
and practice problems) as well as lecture notes a
Lab 7 Stat 326
Show all your work for full credit!
Names of all the people who worked on this Lab (Legibly print your names and Group#s):
1. NAME:
Group#:
What is driving the Cost of Cars? Manufacturers are interested in understanding the driving factors
Stat 326 Formula Sheet Exam 1
Simple linear regression
y = 0 + 1 x y = 0 + 1 x +
y = b0 + b1 x e = y y Root MSE = s = s2
Multiple Linear Regression
y = 0 + 1 x1 + 2 x2 + . . . + p xp
y = 0 + 1 x1 + 2 x2 + . . . + p xp +
y = b0 + b1 x1 + b2 x2 + . . . +
STAT 326
LAB 6 (due in lab)
2016
Show all your work for full credit!
Names of all the people who worked on this Lab (Legibly print your names and Group#s):
1. NAME:
ISU Group#:
2. NAME:
ISU Group#:
3. NAME:
ISU Group#:
4. NAME:
ISU Group#:
Wine. Influenti
STAT 326
LAB 5
Spring 2016
due in lab
Show all your work for full credit!
General Instructions for Lab work:
Womens Apparel. Assume that you are interested in opening a womens apparel franchise. Before you consider investing in such a franchise we would l
STAT 326
Lab 11
2016
due at the end of the Lab period
SEATAC flights. See lab 10 for a problem description.
1. Repeat from lab 10. Use Fit Model, for this model to include both the period as well as the categorical variable for month. We have adjusted the
STAT 326
LAB 8
2016
Names of all the people who worked on this Lab (Legibly print your names and Group#s):
1. NAME:
Group#:
2. NAME:
Group#:
3. NAME:
Group#:
4. NAME:
Group#:
In this lab, you will use the utilities in JMP, called Fit Y by X and Fit Model.
Review: Inference for Regression
Example: Real Estate, Tampa Palms, Florida
Goal: Predict sale price of residential property based on the appraised
value of the property
Data: Sale price (unit: thousand dollars) and total appraised value (unit:
thousand d
STAT 326
LAB 6
Fall 2015
SOLUTIONS (Total of 34 points)
Does expensive wine really taste better? Inuential wine critics such as Robert Parker publish
their personal ratings of wine, and many consumers pay close attention. For example, on his website
eRobe
STAT 326
LAB 5
Fall 2015
SOLUTIONS (Total of 34 points)
Retail Prots. This is the same data set as in Lab 4. A chain of pharmacies is looking to expand
into a new community. Data were collected on the annual prots (in dollars) of pharmacies that are
locat
STAT 326
LAB 4
Fall 2015
SOLUTIONS (Total of 34 points)
Retail Prots. A chain of pharmacies is looking to expand into a new community. Data were
collected on the annual prots (in dollars) of pharmacies that are located in over 100 cities around
the United
STAT 326
LAB 3
Fall 2015
SOLUTIONS and KEY (Total of 34 points)
Small Business Idea. You have always wanted to start your own business, and the specialty
coee-bar business appeals to you. You have a friend at the Association of Specialty Coee Retailers
wh
NAME: STUDENT ID NUMBER:
Section Letter: (lpt.)
E: R 10:00—12 NOON
F: R 2:10—4:00 PM
G: F 10:00—11:50 AM
J: F 12:10-2200 PM
K: R 8:00—9:50 AM
L: R 12:10—2zOO PM
M: R 4:00—5:50 PNI
N: F 8:00—9:50 AM
EXAM ll — STAT 326
Fall 2015
Form A
I have neither given
STAT 326
LAB 2
Fall 2015
SOLUTIONS and KEY (Total of 34 points)
1. Longer ights, higher prices? It is often speculated that the airfare for a longer trip is more
expensive than for a shorter one. To nd out if the length of the trip plays a role in the air
Statistics 326
Introduction to Business Statistics II
Sections E, F, G, J, K, L, M, N Spring 2015
Instructor:
Professor Petrutza Caragea
Oce: 1121 C Snedecor Hall (Main Oce)
Phone: (515) 294-5582
Email: pcaragea@iastate.edu
Instructor Oce Hours: MW after
Lets refresh our memory.
Name/Section:
The questions below refer to some basic concepts/principles of Stat 226 that are essential to Stat
326. Read carefully through all the questions. Answer them on your own at rst but feel free to
share ideas with a nei
Practice Problems, Weeks 4 and 5: SOLUTIONS
1. Obtain the scatterplot matrix for all the variables in this data set.
2. Use the above plots and correlations to describe the relationships between each pair of variables.
Summarize your results.
The correlat
Practice Problems, Week 3: SOLUTIONS
1. The four Cs.
(a) Based on the scatter plot and the estimated regression line we can conclude that the relationship between weight and price of the diamonds is linear, positive and strong. In other words,
the heavier
STAT 326
Lab 10 Solutions
2016
1. SEATAC flights. Seattles Tacoma airport is one of the busiest airports in the country and airport officials
need to make crucial financial decisions related to the number of flights and passengers passing through the
airp
STAT 326
Lab 9 Solutions
2016
Insurance claims. A medium-sized automobile insurance company is interested in developing a regression model
to help predict the monthly collision claims of its policyholders. A company analyst had proposed modeling monthly
c
ANOVA
Spring 2016
Finding the most profitable design. A food company needs to decide among several new types
of cereal packages recently designed for them. They were considering two colors and two styles
of lettering. Each combination of lettering (block
STAT 326
LAB 4 KEY: Total 34 pts.
Spring 2016
Convenience Shopping. It is rare that you will find a gas station these days that only sells
gas. It has become more common to find a convenience store that also sells gas. The data in the
Excel file Convenien
STAT 326
Name :
Name :
Name :
Name :
2016
Lab 13
Group
Group
Group
Group
Number:
Number:
Number:
Number:
1. Sarah just got a test result back after giving blood. The test result suggested that she has a rare
disease. Only 1% of the US Adult Population has
Lab 2 Stat 326
Major League Baseball: Does Money Really Win Games? In this example we will use a teams
payroll in 2006 as the explanatory variable and the number of wins in 2006 during the regular season as
the response. The JMP dataset has two variables.