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

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We are now prepared to construct visuals. To build a pie chart, we can simply highlight the four opinions and the corresponding frequencies (click and drag from cell F7 to G10), selecting the Insert tab, clicking on Pie in the Charts column, and selecting the desired pie chart. We‟ll select the first one. Statistics for Decision-Making in Business © Milos Podmanik Page 34
Alternatively, it is possible to insert a blank pie chart and to then select the data afterwards. The above process saves a couple of steps. Now we would like to label the chart. It would be nice to see a title and the percentages for each of the slices. To do this, select the chart and click on Design in the Chart Tools tab that appears. In the Chart Layouts column, we can select the style of chart most appropriate to our needs. For demonstration purposes, the first option will be shown below: Statistics for Decision-Making in Business © Milos Podmanik Page 35
Page 1 and 2: Statistics for Decision- Making in
Page 3 and 4: A Note to Students This book is far
Page 5 and 6: 6.3 Confidence Interval for ̂ 202
Page 7 and 8: which has undergone no additional r
Page 9 and 10: of transporting such an animal. Not
Page 11 and 12: Although far from last, we will con
Page 13 and 14: Account Type Revenue ($) New $5,296
Page 15 and 16: For the present time, we‟ll proce
Page 17 and 18: Row Labels Average of Revenue ($) M
Page 19 and 20: (SOURCE: Essentials of Modern Busin
Page 21 and 22: 1.3Statistics in Excel When conduct
Page 23 and 24: We can make it a bit more presentab
Page 25 and 26: For measures such as the range, Exc
Page 27 and 28: We get: We can do the same for Old.
Page 29 and 30: Chapter 2 Visual Representations of
Page 31 and 32: We now have to enter a formula for
Page 33: We know from the data that this val
Page 37 and 38: 16 14 12 10 8 6 Series1 4 2 0 SD D
Page 39 and 40: Selected the copied graph. In Chart
Page 41 and 42: 2. The following data represents pe
Page 43 and 44: Frequency 2.2 Visualizing Quantitat
Page 45 and 46: You can either choose to have Excel
Page 47 and 48: If we had additional variables, the
Page 49 and 50: Select PivotChart and select the fi
Page 51 and 52: Frequency To make solid black lines
Page 53 and 54: Relative Frequency Histogram of Cal
Page 55 and 56: a. Using Excel, find the mean and r
Page 57 and 58: ̅ ̅ account for this discrepancy,
Page 59 and 60: 2.3.2 Percentile Another useful too
Page 61 and 62: 2.3.4 Rank What if, on the other ha
Page 63 and 64: Check the “Analysis ToolPak” an
Page 65 and 66: You‟ll immediately notice that a
Page 67 and 68: ̅ 2.4 Descriptive Statistics - Var
Page 69 and 70: √ ∑( ̅) √ √ This is what w
Page 71 and 72: This gives us a nice measure of how
Page 73 and 74: We can immediately see the mean and
Page 75 and 76: Lastly, a normal curve is the most
Page 77 and 78: Frequency ̅ Histogram of TV's Owne
Page 79 and 80: 58.3 34.6 35.5 45.4 38.6 63.8 53.9
Page 81 and 82: Chapter 3 Probability and Decision
Page 83 and 84: Proportion of Rainy Days 1.2 Propor
Page 85 and 86:
This means that if samples of HFCS
Page 87 and 88:
Are we confident in accusing a lung
Page 89 and 90:
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
Page 95 and 96:
We can now see that the situation i
Page 97 and 98:
sequence, one ball is chose at rand
Page 99 and 100:
3.3 Probability of Unions Imagine t
Page 101 and 102:
Physical .20 .10 .30 Mental .40 .30
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SOLUTION: We first arrange this inf
Page 105 and 106:
Homework Problems - 3.3 1. A gaming
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3.4 Conditional Probability In many
Page 109 and 110:
) : The Arizona Cardinals make it t
Page 111 and 112:
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
Page 147 and 148:
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
Page 153 and 154:
( ) ( ) ( ) ( ) Example 2: A fair,
Page 155 and 156:
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
Page 163 and 164:
Suppose we wish to find ( ), that i
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Density Resulting in a standard dev
Page 167 and 168:
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
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can set this up in our applet by ha
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3) We cannot use this sample to cal
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Thus, we need to find the lower and
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We see that the standard deviation
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√ The lower limit is: √ And the
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following data was collected on the
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{ 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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Since this is a mathematical questi
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Example 3: Many older homes have el
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Hypothesis Test Conclusion Test Say
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Hypothesis Test Conclusion Since yo
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SOLUTION: d. A generic conclusion s
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9. Based on the “Structure of a H
Page 221 and 222:
1.2 Descriptive VS. Inferential Sta
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Relative Frequency 35% 30% 25% 20%
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Symmetric: 35 30 25 20 15 10 5 0 10
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Repair Cost Mean 971 Standard Error
Page 229 and 230:
el freq Nitrous Oxide (thous. Tons)
Page 231 and 232:
Probability Pizza Size Distribution
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e. ( ) f. ; the average response ti
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2. a. The long-run proportion of al
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e. 20% of all children are expected
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e. The middle 50% score between abo
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5. b. This might indicate that the
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̅ We have that ̅ and √ . So our
Page 245 and 246:
6. This is the probability that we
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