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

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Frequency 10 9 8 7 6 5 4 3 2 1 0 Histogran of Test Percentages 60-64 65-69 70-74 75-79 85-90 Percentage Earned a. What can the instructor conclude about the fairness of the test b. What appears to be the mean score, based on the histogram c. What is the approximate range of scores, and why is it only possible to be approximate this from the given information 2. A cashier at a mall retail clothing outlet asked customers their age for an anonymous survey. The ages he collected can be found below: 31 34 30 30 31 27 33 36 33 30 29 28 20 32 24 30 32 30 30 22 31 38 28 31 25 24 25 31 25 24 36 32 24 31 31 32 31 31 28 31 33 20 32 32 52 31 27 30 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. Create a relative frequency histogram for age. Leave your bin width as 1 year. e. Create a relative frequency histogram for age with bin width 5 years. f. Describe any trends in the age of shoppers at this store. g. Based on your answer to e), which age group(s) can be omitted from the company‟s marketing tactics, in an effort to focus only on the regular shoppers 3. The total number of people (in millions) working in all of the various industries in the United States in 2010 is given in the table below: 2.206 0.731 9.077 14.081 8.789 5.293 3.805 15.934 7.134 5.88 1.253 3.149 9.35 6.605 2.745 15.253 9.115 6.138 32.062 13.155 18.907 6.249 9.406 3.252 12.53 2.966 9.564 6.769 6.102 0.667 6.983 (SOURCE: U.S. Statistical Abstract, Table 619) Statistics for Decision-Making in Business © Milos Podmanik Page 54
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. Create a relative frequency histogram for age. Leave your bin width as 2 million people. e. Create a relative frequency histogram for age with bin width 5 million people. f. The federal government regularly publishes reports on employment across the many industries. Using the information you have gathered, generate a brief report detailing your findings, including any trends in employment. 4. A resort chain that wishes to expand is constantly searching for new sites to add properties that will be profitable. A good place to start is by considering climates. Suppose Starwood Hotels and Resorts Worldwide obtains the following data from the U.S. Census Bureau on highest temperatures ever recorded in various cities in the United States: 112 100 128 120 134 114 106 110 109 112 100 118 117 116 118 121 114 114 105 109 107 112 115 115 118 117 118 125 106 110 122 108 110 121 113 120 119 111 104 111 120 113 120 117 107 110 118 112 114 115 (SOURCE: U.S. Statistical Abstract, Table 391) 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. Create a relative frequency histogram for age. Leave your bin width as 5 degree. e. Create a relative frequency histogram for age with bin width 10 degrees. f. What percentage of states can be eliminated from consideration if the company will not take any risks with states that have had a record high over 115 F g. Summarize the distribution of high temperatures in the U.S. Statistics for Decision-Making in Business © Milos Podmanik Page 55
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 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: Relative Frequency Histogram of Cal
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
Page 91 and 92: Company 1 Choices Y Y Y Y Y Y Y Y N
Page 93 and 94: 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
Page 103 and 104: 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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