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

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To use the “Rank and Percentile” tool, select the Data tab. Choose Data Analysis from the Analysis column. Pick “Rank and Percentile” from the pop-up window and press OK. Select the input range: You can either specify an output range, or have Excel create a new worksheet with the results. This is up to your preferences. Check “Labels in First Row” and be sure that the data label has been selected. The results are shown below: Statistics for Decision-Making in Business © Milos Podmanik Page 64
You‟ll immediately notice that a salary of $24,000 is shown as being in the 22.2-percentile, which does not agree with our calculation. Every software package uses some technique to conduct this calculation. A common agreement for calculation purposes does not exist. Fortunately, they both are in the same “ballpark.” Homework Problems - 2.3 1. Suppose your instructor releases scores on a recent project. The scores are as follows: 83 89 76 41 92 85 76 71 95 92 80 84 77 78 81 75 64 30 80 79 78 70 75 81 99 85 80 82 70 69 71 70 a. Generate a relative frequency histogram and comment on any interesting observations of the distribution. b. Compare the mean and median. What causes them to be different in this particular way c. What score would be required in order to be in the 80 th percentile d. In what percentile is a person who scores 71% on this project 2. In order to make way for new products, a grocery store chain would like to determine whether the Lunch Pack or Family Pack of Flaxem Crackers generate more revenue. The following two datasets show the revenue generated by each over a 10-month period: Lunch Family 450 510 550 330 400 500 550 290 310 300 500 400 600 310 350 600 200 200 600 430 Statistics for Decision-Making in Business © Milos Podmanik Page 65
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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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Page 19 and 20: (SOURCE: Essentials of Modern Busin
Page 21 and 22: 1.3Statistics in Excel When conduct
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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
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Page 39 and 40: Selected the copied graph. In Chart
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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
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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: Check the “Analysis ToolPak” an
Page 67 and 68: ̅ 2.4 Descriptive Statistics - Var
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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
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Page 81 and 82: Chapter 3 Probability and Decision
Page 83 and 84: Proportion of Rainy Days 1.2 Propor
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Page 89 and 90: 3.2 Joint Probability In the previo
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Page 93 and 94: There is less than a 1% chance that
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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
Page 105 and 106: Homework Problems - 3.3 1. A gaming
Page 107 and 108: 3.4 Conditional Probability In many
Page 109 and 110: ) : The Arizona Cardinals make it t
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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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