1. Determine the mean, standard deviation, and five-number summary for Credit Score. 2. Construct a histogram...

Transcribed Image Text:

1. Determine the mean, standard deviation, and five-number summary for Credit Score. 2. Construct a histogram for Credit Score. 3. Based on the shape of the histogram, what can you say about the possible shape of the distribution of the population? If a shape cannot be determined, explain why. 4. Construct a boxplot for Credit Score. 5. Based on the boxplot, are there any outliers? If yes, what are they? If not, how do you know? 6. Determine the 95% confidence interval on the population data (column 1). 7. Take a random sample of 10 data values from column 1 "Credit Score" (NOT COLUMN 2). Using the sample that you selected, determine and state the sample mean. Compare the sample mean to the original confidence interval you obtained in question 6. Is the sample of 10 data values you selected a "good sample"? Explain why! Today, a credit analyst claims the mean FICO score has significantly improved from last year. Last year, the mean FICO score for the population was 547.8. The analyst uses a random sample of 20 adult FICO scores (column 2). Use a hypothesis test (t-test) to test the analysts' claim using a 5% significance level. 1. What is the value of the test statistic? 2. What is the critical value from the t-table? 3. What is the p-value? 4. Can the analyst conclude this year's mean FICO score has improved? Explain! Credit Score Sample 307 401 473 582 736 309 308 402 484 582 741 617 310 406 500 599 744 303 319 406 501 599 748 769 322 407 502 600 753 557 335 409 508 602 758 806 335 414 511 607 760 373 342 420 518 611 761 807 345 422 520 628 765 480 345 428 526 629 771 401 354 430 530 634 772 549 358 445 538 660 780 629 365 446 538 669 781 766 370 450 540 674 786 574 371 457 545 682 794 601 373 459 551 692 802 556 388 461 563 704 817 571 395 462 571 707 834 486 401 464 573 717 841 844 401 472 576 735 845 449 1. Determine the mean, standard deviation, and five-number summary for Credit Score. 2. Construct a histogram for Credit Score. 3. Based on the shape of the histogram, what can you say about the possible shape of the distribution of the population? If a shape cannot be determined, explain why. 4. Construct a boxplot for Credit Score. 5. Based on the boxplot, are there any outliers? If yes, what are they? If not, how do you know? 6. Determine the 95% confidence interval on the population data (column 1). 7. Take a random sample of 10 data values from column 1 "Credit Score" (NOT COLUMN 2). Using the sample that you selected, determine and state the sample mean. Compare the sample mean to the original confidence interval you obtained in question 6. Is the sample of 10 data values you selected a "good sample"? Explain why! Today, a credit analyst claims the mean FICO score has significantly improved from last year. Last year, the mean FICO score for the population was 547.8. The analyst uses a random sample of 20 adult FICO scores (column 2). Use a hypothesis test (t-test) to test the analysts' claim using a 5% significance level. 1. What is the value of the test statistic? 2. What is the critical value from the t-table? 3. What is the p-value? 4. Can the analyst conclude this year's mean FICO score has improved? Explain! Credit Score Sample 307 401 473 582 736 309 308 402 484 582 741 617 310 406 500 599 744 303 319 406 501 599 748 769 322 407 502 600 753 557 335 409 508 602 758 806 335 414 511 607 760 373 342 420 518 611 761 807 345 422 520 628 765 480 345 428 526 629 771 401 354 430 530 634 772 549 358 445 538 660 780 629 365 446 538 669 781 766 370 450 540 674 786 574 371 457 545 682 794 601 373 459 551 692 802 556 388 461 563 704 817 571 395 462 571 707 834 486 401 464 573 717 841 844 401 472 576 735 845 449