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Statistics for Decision- Making in Business - Maricopa Community ...

Statistics for Decision- Making in Business - Maricopa Community ...

Statistics for Decision- Making in Business - Maricopa Community

Statistics for Decision- Making in Business 1 st Edition Milos Podmanik

  • Page 2 and 3: Foreword: What is This Book Good Fo
  • Page 4 and 5: Table of Contents Chapter Section C
  • Page 6 and 7: ased on their numerical results. Mo
  • Page 8 and 9: The most powerful type of variable
  • Page 10 and 11: It may not come as a large shock th
  • Page 12 and 13: 5. The article “Television‟s Va
  • Page 14 and 15: Frequency Account Type New 27% Old
  • Page 16 and 17: Example 1: For the example consider
  • Page 18 and 19: First off, a researcher must decide
  • Page 20 and 21: d. Is the firm‟s goal to conduct
  • Page 22 and 23: Account Type Revenue ($) New $5,296
  • Page 24 and 25: = sum(B2:B12) This tells Excel to s
  • Page 26 and 27: Suppose that this company assumes t
  • Page 28 and 29: Agrees w/Policy Change Years at Com
  • Page 30 and 31: To represent the data to his shareh
  • Page 32 and 33: In G12, we would like the sum of th
  • Page 34 and 35: We are now prepared to construct vi
  • Page 36 and 37: To add a suitable title, click “C
  • Page 38 and 39: Frequency You can label the graph b
  • Page 40 and 41: Relative Frequency Guest Opinions o
  • Page 42 and 43: 6. Suppose you are the owner of an
  • Page 44 and 45: Frequency We clearly see that most
  • Page 46 and 47: When highlighted, a “PivotTable F
  • Page 48 and 49: We can double-check that these valu
  • Page 50 and 51: Frequency We make a few adjustments
  • Page 52 and 53:

    To change frequency to relative fre

  • Page 54 and 55:

    Frequency 10 9 8 7 6 5 4 3 2 1 0 Hi

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    2.3 Descriptive Statistics - Center

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    We begin by listing them in ascendi

  • Page 60 and 61:

    Not surprisingly, the 50 th percent

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    Thus, his salary is in the 30 th pe

  • Page 64 and 65:

    To use the “Rank and Percentile

  • Page 66 and 67:

    a. Compare the mean and median of e

  • Page 68 and 69:

    them. However, observe that the sum

  • Page 70 and 71:

    If the deviations are small (good t

  • Page 72 and 73:

    Values (thous. $) 95 875 96 89 87 8

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    2.4.6 Shapes of Distributions Now t

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    3 4 3 2 3 2 1 1 0 4 0 4 4 4 3 1 0 1

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    The idea of a -score is quite helpf

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    5. The Highway Loss Data Institute

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    3.1 The Idea of Probability In this

  • Page 84 and 85:

    conditions in the long-run. Measuri

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    When answering these questions, it

  • Page 88 and 89:

    Determine the probability that a ma

  • Page 90 and 91:

    Because of the amount of resources

  • Page 92 and 93:

    Example 3: The idea of red-light ca

  • Page 94 and 95:

    In fact, recall Example 5 dealing w

  • Page 96 and 97:

    Suppose that an emergency room in N

  • Page 98 and 99:

    guessing correctly. This, of course

  • Page 100 and 101:

    For reporting purposes, he would li

  • Page 102 and 103:

    Given two events, and , the probabi

  • Page 104 and 105:

    We find that there is a 62.5% chanc

  • Page 106 and 107:

    grade (some still did well in the c

  • Page 108 and 109:

    ( ̅) Conditional Probability The c

  • Page 110 and 111:

    Example 4: Suppose that Company 1 (

  • Page 112 and 113:

    Independence Property Given two eve

  • Page 114 and 115:

    Conditional probability is quite us

  • Page 116 and 117:

    ( ) ( ) ( ) ( ) Since only one truc

  • Page 118 and 119:

    We assume that each parent is equal

  • Page 120 and 121:

    This definition is great, but it st

  • Page 122 and 123:

    1 st Bushel 2 nd Bushel U1 U1 U2 C

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    ( ) And this is precisely what we h

  • Page 126 and 127:

    SOLUTION: We first think about what

  • Page 128 and 129:

    Example 5: In Example 4:, it was ne

  • Page 130 and 131:

    OBJECT 1 Object 1 Object 2 Object 3

  • Page 132 and 133:

    Object 2 Object 3 Object 4 Object 5

  • Page 134 and 135:

    a. First, how many different credit

  • Page 136 and 137:

    This amount looks very good! In fac

  • Page 138 and 139:

    This means that, after selling this

  • Page 140 and 141:

    Average Die Roll Outcome , - ( ) (

  • Page 142 and 143:

    ( ) ( )( ) ( ) Our probability dist

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    that this situation will result in

  • Page 146 and 147:

    Chapter 4 Discrete Probability Dist

  • Page 148 and 149:

    This is definitely a small probabil

  • Page 150 and 151:

    ( ) ( ) We rewrite our formula with

  • Page 152 and 153:

    Probability Successes Probability 0

  • Page 154 and 155:

    Probability We see clearly that the

  • Page 156 and 157:

    c) The expected value is, , - ( ) .

  • Page 158 and 159:

    Probability (Relative Frequency) Ch

  • Page 160 and 161:

    In this case: minutes spent waiting

  • Page 162 and 163:

    Density One question does remain, h

  • Page 164 and 165:

    The area of this region is: Thus, t

  • Page 166 and 167:

    We get: ( ) There is about a 12% ch

  • Page 168 and 169:

    Then the sum of the two triangular

  • Page 170 and 171:

    Use the fact that the figure can be

  • Page 172 and 173:

    5.2 The Normal Distribution 5.2.1 T

  • Page 174 and 175:

    As we notice, this table only shows

  • Page 176 and 177:

    The value we find is 0.8729. This m

  • Page 178 and 179:

    As technology progresses, there is

  • Page 180 and 181:

    a. Determine the probability that a

  • Page 182 and 183:

    Probability 0.18 0.16 0.14 0.12 0.1

  • Page 184 and 185:

    First off, we notice there is sampl

  • Page 186 and 187:

    2.2 to 2.3 2.3 to 2.4 2.4 to 2.5 2.

  • Page 188 and 189:

    , ̅- √ For example, √ That is

  • Page 190 and 191:

    One major oversight of our exciteme

  • Page 192 and 193:

    1 1 18 22 25 27 30 18 21 2 3 19 20

  • Page 194 and 195:

    22.2666666666667 to 22.766666666666

  • Page 196 and 197:

    whether or not we have captured the

  • Page 198 and 199:

    ̅ This will work much like the sta

  • Page 200 and 201:

    √ Upper limit: √ Similarly, the

  • Page 202 and 203:

    ̂ ̅ √ Where is the number of st

  • Page 204 and 205:

    0.433333333333333 to 0.483333333333

  • Page 206 and 207:

    , ̂- √ ( ) The number of standar

  • Page 208 and 209:

    But, how do we do so if there exist

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    Population Parameters In a study, w

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    Without some sort of analysis, we m

  • Page 214 and 215:

    Hypothesis Test Conclusion Our chos

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    Hypothesis Test Conclusion The impo

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    Structure of a Hypothesis Test The

  • Page 220 and 221:

    APPENDIX A Answers to Select Proble

  • Page 222 and 223:

    2. b. Q3 - Q1 = 4.75. The middle 50

  • Page 224 and 225:

    Relative Frequency Street Lengths M

  • Page 226 and 227:

    35 30 25 20 15 10 5 0 100 to 120 12

  • Page 228 and 229:

    el freq CC Ratios Mean 12.35 Standa

  • Page 230 and 231:

    1. See Video Solution 2. a. About 8

  • Page 232 and 233:

    . ( ) ( ) c. ( ) ( ) ( ) d. ( ) 5.

  • Page 234 and 235:

    c. d. Statistics for Decision-Makin

  • Page 236 and 237:

    c. The long-run proportion of all c

  • Page 238 and 239:

    3. a. 50% of students score less th

  • Page 240 and 241:

    . The Empirical Rule is a summary o

  • Page 242 and 243:

    2. Answers vary 3. a. No, the sampl

  • Page 244 and 245:

    Thus, our interval is: ( ) Or ( ) T

  • Page 246:

    2) Decision Rule: We will reject th

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