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

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2. b. Q3 – Q1 = 4.75. The middle 50% of beer calories in this sample have a range of 4.75 calories. Specifically, they range from 29 calories (first quartile) to 33.75 calories (third quartile). c. The skewness value is 0.14. This means the distribution is slightly skewed to the right. a. Range = 64.3; Interquartile Range = 27.7 (71.9 – 44.2); Standard Deviation = 18.7. The difference between the highest and lowest percentage is 64.3%, telling us that the percentage of school enrollees varies greatly across Central Africa. However, this does not ensure that there is not a single outlier creating this wide spread. The interquartile range is 27.7%, telling us that the middle 50% of percentages span from 44.2% to 71.9%, still a considerable spread. The standard deviation verifies that percentages are quite variable, since, on average, the percentage of school enrollees varies by 18.7% points about the mean. b. The interquartile range is 27.7%, telling us that the middle 50% of percentages span from 44.2% to 71.9%, still a considerable spread. The standard deviation verifies that percentages are quite variable, since, on average, the percentage of school enrollees varies by 18.7% points about the mean. c. Enrollment Mean 60.9 Standard Error 3.9 Median 61.9 Mode 61.9 Standard Deviation 18.7 Sample Variance 351.2 Kurtosis -0.4 Skewness 0.4 Range 64.3 Minimum 34.6 Maximum 98.9 Sum 1401.2 Count 23.0 d. Yes, it is skewed to the right, since the skewness value is 0.4, a positive value. e. Statistics for Decision-Making in Business © Milos Podmanik Page 222
Relative Frequency 35% 30% 25% 20% 15% 10% 5% 0% Percent Enrolled Percentage The majority of people in Central Africa are not enrolled in school, since it is predominantly the case that fewer than 50% of people in each nation attend school. f. We know that ̅ and . A percentage of 79.6% is standard deviation from the mean. We would expect that at least ( ) of all enrollment percentages would be within one standard deviation of the mean. This is considered to be a very normal percentage (it is still within the “average” spread). 3. a. The range is 5750, which tells us that there is a difference of 5,750 feet from the shortest street to the longest street. The interquartile range is 2170, telling us that the middle 50% of all street lengths range from 980 feet to 3,150 feet. The standard deviation is 1634, telling us that, on average, a street varies by 1,634 feet from the mean street length. b. The interquartile range is 2170, telling us that the middle 50% of all street lengths range from 980 feet to 3,150 feet. The standard deviation is 1634, telling us that, on average, a street varies by 1,634 feet from the mean street length. c. Statistics for Decision-Making in Business © Milos Podmanik Page 223
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Statistics for Decision- Making in
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A Note to Students This book is far
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6.3 Confidence Interval for ̂ 202
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which has undergone no additional r
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of transporting such an animal. Not
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Although far from last, we will con
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Account Type Revenue ($) New $5,296
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For the present time, we‟ll proce
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Row Labels Average of Revenue ($) M
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(SOURCE: Essentials of Modern Busin
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1.3Statistics in Excel When conduct
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We can make it a bit more presentab
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For measures such as the range, Exc
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We get: We can do the same for Old.
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Chapter 2 Visual Representations of
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We now have to enter a formula for
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We know from the data that this val
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Alternatively, it is possible to in
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16 14 12 10 8 6 Series1 4 2 0 SD D
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Selected the copied graph. In Chart
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2. The following data represents pe
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Frequency 2.2 Visualizing Quantitat
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You can either choose to have Excel
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If we had additional variables, the
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Select PivotChart and select the fi
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Frequency To make solid black lines
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Relative Frequency Histogram of Cal
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a. Using Excel, find the mean and r
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̅ ̅ account for this discrepancy,
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2.3.2 Percentile Another useful too
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2.3.4 Rank What if, on the other ha
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Check the “Analysis ToolPak” an
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You‟ll immediately notice that a
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̅ 2.4 Descriptive Statistics - Var
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√ ∑( ̅) √ √ This is what w
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This gives us a nice measure of how
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We can immediately see the mean and
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Lastly, a normal curve is the most
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Frequency ̅ Histogram of TV's Owne
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58.3 34.6 35.5 45.4 38.6 63.8 53.9
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Chapter 3 Probability and Decision
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Proportion of Rainy Days 1.2 Propor
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This means that if samples of HFCS
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Are we confident in accusing a lung
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3.2 Joint Probability In the previo
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Company 1 Choices Y Y Y Y Y Y Y Y N
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There is less than a 1% chance that
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We can now see that the situation i
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sequence, one ball is chose at rand
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3.3 Probability of Unions Imagine t
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Physical .20 .10 .30 Mental .40 .30
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SOLUTION: We first arrange this inf
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Homework Problems - 3.3 1. A gaming
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3.4 Conditional Probability In many
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) : The Arizona Cardinals make it t
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We could just as well have written,
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That is, the probability that the c
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This can happen in one of two ways:
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f. All numerical red cards are remo
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3.5 Combinations and Permutations R
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1 st Bushel 2 nd Bushel U1 U1 U2 U2
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Which, in its final state gives: Th
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Combination - Order Does NOT Matter
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( ) There is only a .9% chance that
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1. Are repeats/replacements allowed
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Object 4 Object 5 Also notice that
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e. 2. Your classmate was absent whe
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3.6 Expected Value Imagine that you
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An expected value is actually not s
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Where The expected value is: , - (
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SOLUTION: We first note that there
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Probability 0.7 0.6 0.5 0.4 0.3 0.2
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Statistics for Decision-Making in B
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For men, we see that the most frequ
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So, we had 10 trials and wanted to
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Example 1: A fair-two sided coin is
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( ) ( ) ( ) ( ) Example 2: A fair,
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Expected Value of a Binomial Random
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f. What is the probability that g.
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Probability For instance, we see th
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Density 0.25 Time Speng Waiting in
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Suppose we wish to find ( ), that i
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Density Resulting in a standard dev
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Density Without going into detail h
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a. What is the probability that the
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Page 173 and 174: As you can see, this is a difficult
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Page 177 and 178: We can easily find that the probabi
Page 179 and 180: In the second section, we can check
Page 181 and 182: Chapter 6 Sampling Distributions an
Page 183 and 184: Thus, the standard deviation would
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Page 189 and 190: The Central Limit Theorem (CLT) has
Page 191 and 192: can set this up in our applet by ha
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Page 195 and 196: Thus, we need to find the lower and
Page 197 and 198: We see that the standard deviation
Page 199 and 200: √ The lower limit is: √ And the
Page 201 and 202: following data was collected on the
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Page 207 and 208: Homework Problems -6.2 1. In a samp
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Page 213 and 214: Hypothesis Test Conclusion Test Say
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Page 233 and 234: e. ( ) f. ; the average response ti
Page 235 and 236: 2. a. The long-run proportion of al
Page 237 and 238: e. 20% of all children are expected
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Page 241 and 242: 5. b. This might indicate that the
Page 243 and 244: ̅ We have that ̅ and √ . So our
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