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

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2. Answers vary 3. a. No, the sample size is 10, which is less than the minimum required (30). b. ( ) c. We are 95% confident that the population average labor cost is between $109.6 billion and $227.6 billion. d. About 0.213 4. a. Yes, since they can be 95% confident that the average revenue per camera will be between $654.51 and $752.44. b. No, since they can be 99% confident that the average revenue per camera will be between $637.42 and $768.01, which includes the possibility of the average being lower than $640. c. Yes, the sample size is 30, which is the minimum required sample size for the CLT results to be applied. d. We know that , ̅- , which we are estimating by ̅. That is, we are assuming the sample mean is the population mean for the basis of our interval. Here, ̅ . Similarly , ̅- √ . We are using to estimate . Thus, our estimate of , ̅- . Using our probability calculator, we find: √ Our 95% confidence interval would be 652.1 to 755.1, which is close to our bootstrap confidence interval. It is a bit wider than we would like. e. Here we have that . We have 5% to split between the tails. Thus, in each tail. We find that (same number of standard deviations from the mean to each tail, since the distribution is symmetric): Statistics for Decision-Making in Business © Milos Podmanik Page 242
̅ We have that ̅ and √ . So our interval will be Where ( ) Statistics for Decision-Making in Business © Milos Podmanik Page 243
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Statistics for Decision- Making in
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A Note to Students This book is far
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6.3 Confidence Interval for ̂ 202
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which has undergone no additional r
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of transporting such an animal. Not
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Although far from last, we will con
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Account Type Revenue ($) 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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Statistics for Decision-Making in B
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As you can see, this is a difficult
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We wish to know the area of the sha
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We can easily find that the probabi
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In the second section, we can check
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Chapter 6 Sampling Distributions an
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Thus, the standard deviation would
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1.7 to 1.8 1.8 to 1.9 1.9 to 2 2 to
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2.4 to 2.5 2.5 to 2.6 2.6 to 2.7 2.
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The Central Limit Theorem (CLT) has
Page 191 and 192: can set this up in our applet by ha
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Page 197 and 198: We see that the standard deviation
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Page 201 and 202: following data was collected on the
Page 203 and 204: { So, we have a set of twenty 1‟s
Page 205 and 206: DULY CAUTIONED: The assumptions her
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 217 and 218: SOLUTION: d. A generic conclusion s
Page 219 and 220: 9. Based on the “Structure of a H
Page 221 and 222: 1.2 Descriptive VS. Inferential Sta
Page 223 and 224: Relative Frequency 35% 30% 25% 20%
Page 225 and 226: Symmetric: 35 30 25 20 15 10 5 0 10
Page 227 and 228: Repair Cost Mean 971 Standard Error
Page 229 and 230: el freq Nitrous Oxide (thous. Tons)
Page 231 and 232: Probability Pizza Size Distribution
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
Page 239 and 240: e. The middle 50% score between abo
Page 241: 5. b. This might indicate that the
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