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

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Relative Frequency Guest Opinions of Harlan's Lounge 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 SD D A SA Opinion We notice that both graphs look nearly identical. This is due to the fact that the relative frequencies are proportional to the frequencies (they are the frequencies multiplied by 1/20!). 2.1.3 Conclusions The owner of the hotel can reasonably conclude that 80% of his recent guests enjoyed the lounge (enough to consider revisiting!). He can conclude that 20% of his guests either did not care for it or absolutely hated it! If he is interested in additional repeat visitors, perhaps he might like to determine how to make the experience better for those who seem to be highly dissatisfied. Are these descriptive measures demonstrative of the entire population of visitors To a greater or lesser extent – perhaps. Homework Problems - 2.1 1. The following dataset represents the meat selection made by individuals at a dinner banquet. Attendees selected from beef (B), chicken (C) veal (V), or pork (P). B C B C V B C C C P P B B C a. Is this data categorical or quantitative b. Create a table that shows the frequency and relative frequency for each of the choices. Use Excel. c. Create a frequency bar graph. Label all axes. d. Create a relative frequency bar graph. Label all axes. e. Create a pie chart. Label all axes. f. Write a brief report (summary) describing the meal preferences of these attendees. Describe any general trends. Use specific data and make appropriate conclusions. Statistics for Decision-Making in Business © Milos Podmanik Page 40
2. The following data represents per capita meat consumption (pounds per person) in 2009 for a variety of meats (SOURCE: U.S. Statistical Abstract, Table 217). Pounds per Meat Person Beef 58.1 Veal 0.3 Lamb and mutton 0.7 Pork 46.6 Chicken 56.0 Turkey 13.3 a. Using Excel, find the mean and range of the data. b. Explain the real-world meaning of the mean you found. c. Explain the real-world meaning of the range you found. d. What conclusions can be made about the center and spread of per-capita meat consumption 3. On opening day, the owners of Green Heart Restaurant invited 29 food critics to be a part of the culinary experience. Each critic gave a grade of A (Best), B, C, D, or F (Worst) to reflect the quality of the overall dining experience. The scores are shown below: A B B A C B C B B D C B B A A C C C C B A D C C B B B A B a. Generate a relative frequency bar chart. b. Generate a pie chart. c. What should the owners take away from the experiences of the critics 4. Consider the scenario in problem 1. a. What is the sample b. What is the population of interest c. What other variable(s) might be of interest to the data analyst to better study attendees‟ eating preferences 5. Consider the scenario in problem 3. a. What is the sample b. What is the population of interest c. What other variable(s) might be of interest to the data analyst to better study the target demographic Statistics for Decision-Making in Business © Milos Podmanik Page 41
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 and 34: We know from the data that this val
Page 35 and 36: Alternatively, it is possible to in
Page 37 and 38: 16 14 12 10 8 6 Series1 4 2 0 SD D
Page 39: Selected the copied graph. In Chart
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
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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
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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
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DULY CAUTIONED: The assumptions her
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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
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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
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el freq Nitrous Oxide (thous. Tons)
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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
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6. This is the probability that we
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