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Statistics For Managers Using Microsoft Excel 7th Edition David M. Levine, David F. Stephan, Kathryn A. Szabat - Solutions

The file Hotel Away contains the average room price (in US$) paid in 2011 by people of various nationalities while traveling away from their home country: 171 166 159 157 150 148 147 146 Source: Data extracted from www.hotel-price-index.com/2012/
The file SUV contains the overall miles per gallon (MPG) of 2012 small SUVs: 20 22 23 22 23 22 22 21 19 22 22 26 23 24 19 21 22 16 Source: Data extracted from "Ratings," Consumer Reports, April 2012, pp. 35-36. a. Compute the first quartile (Q1), the third quartile (Q3),
The file CD Rate contains the yields for one-year certificates of deposit (CDs) and five-year CDs, for 24 banks in the United States, as of June 21, 2012.Source: Data extracted from www.Bankrate.com, June 21, 2012.For each type of account:a. Compute the first quartile (Q3), the third quartile (Q3),
A bank branch located in a commercial district of a city has the business objective of developing an improved process for serving customers during the noon-to-l:00 P.M. lunch period. The waiting time, in minutes, is defined as the time the customer enters the line to when he or she reaches the
The file Tax contains the quarterly sales tax receipts (in $thousands) submitted to the comptroller of the Village of Fair Lake for the period ending March 2011 by all 50 business establishments in that
The following set of data is from a sample of n = 5:7-5-879a. Compute the mean, median, and mode.b. Compute the range, variance, standard deviation, and coefficient of variation.c. Compute the Z scores. Are there any outliers?d. Describe the shape of the data set.
Consider a population of 1,024 mutual funds that primarily invest in large companies. You have determined that µ, the mean one-year total percentage return achieved by all the funds, is 8.20 and that µ, the standard deviation, is 2.75.a. According to the empirical rule, what percentage of these
The file Cigarette Tax contains the state cigarette tax (in $) for each of the 50 states as of January l, 2012.a. Compute the population mean and population standard deviation for the state cigarette tax.b. Interpret the parameters in (a).
The file Energy contains the per capita energy consumption, in kilowatt-hours, for each of the 50 states and the District of Columbia during a recent year.a. Compute the mean, variance, and standard deviation for the population.b. What proportion of these states has per capita energy consumption
Thirty companies comprise the DJIA. Just how big are these companies? One common method for measuring the size of a company is to use its market capitalization, which is computed by multiplying the number of stock shares by the price of a share of stock. On June 27, 2012, the market capitalization
The following is a set of data from a sample of n = 11 items:X 7 5 8 3 6 10 12 4 9 15 18 Y 21 15 24 9 18 30 36 12 27 45 54a. Compute the covariance.b. Compute the coefficient of correlation.c. How strong is the relationship between X and F? Explain.
A study of 218 students at Ohio State University suggests a link between time spent on the social networking site Facebook and grade point average. Students who rarely or never used Facebook had higher grade point averages than students who use Facebook. Source: Data extracted from M. B. Marklein,
The file lists the calorics and sugar, in grams, in one serving of seven breakfast cereals:a. Compute the covariance.b. Compute the coefficient of correlation.c. Which do you think is more valuable in expressing the relationship between calories and sugar-the covariance or the coefficient of
Movie companies need to predict the gross receipts of individual movies once a movie has debuted. The following results, stored in are the first weekend gross, the U.S. gross, and the worldwide gross (in $millions) of the eight Harry Potter movies:a. Compute the covariance between first weekend
College basketball is big business, with coaches' salaries, revenues, and expenses in millions of dollars. The file contains the coaches" salaries and revenues for college basketball at 60 of the 65 schools that played in the 2009 NCAA men's basketball tournament.a. Compute the covariance.b.
A Pew Research Center survey found that social net working is popular in many nations around the world. The file contains the level of social media net- working (measured as the percentage of individuals polled who use social networking sites) and the GDP at purchasing power parity (PPP) per capita
What are the differences among the mean, median, and mode, and what are the advantages and disadvantages of each? Discuss in detail.
How do you interpret the first quartile, median, and third quartile? Discuss in detail.
What are the differences among the various measures of variation, such as the range, interquartile range, variance, standard deviation, and coefficient of variation, and what are the advantages and disadvantages of each? Discuss in detail.
How do the empirical rule and the Chebyshev's rule differ?
What is the difference between the arithmetic mean and the geometric mean?
What is the difference between skewness and kurtosis? Discuss.
How do the covariance and the coefficient of correlation differ? Discuss in detail.
The American Society for Quality (ASQ) conducted a salary survey of all its members. ASQ members work in all areas of manufacturing and service-related institutions, with a common theme of an interest in quality. For the survey, emails were sent to 57,029 members, and 7,036 valid responses were
In certain states, savings banks are permitted to sell life insurance. The approval process consists of underwriting, which includes a review of the application, a medical information bureau check, possible requests for additional medical information and medical exams, and a policy compilation
One of the major measures of the quality of service provided by an organization is the speed with which it responds to customer complaints. A large family-held department store selling furniture and flooring, including carpet, had undergone a major expansion in the past several years. In
A manufacturing company produces steel housings for electrical equipment. The main component part of the housing is a steel trough that is made of a 14-gauge steel coil. It is produced using a 250-ton progressive punch press with a wipe-down operation and two 90-degree forms placed in the flat
The manufacturing company in Problem 3.66 also produces electric insulators. If the insulators break when in use, a short circuit is likely to occur. To test the strength of the insulators, destructive testing is carried out to determine how much force is required to break the insulators. Force is
Data were collected on the typical cost of dining at American-cuisine restaurants within a 1-mile walking distance of a hotel located in a large city. The fee contains the typical cost (a per transaction cost in $) as well as a Bundle score, a measure of overall popularity and customer loyalty, for
A quality characteristic of interest for a tea-bag-filling process is the weight of the tea in the individual bags. If the bags are under filled, two problems arise. First, customers may not be able to brew the tea to be as strong as they wish. Second, the company may be in violation of the
The manufacturer of Boston and Vermont asphalt shingles provides its customers with a 20 year warranty on most of its products. To determine whether a shingle will last as long as the warranty period, accelerated-life testing is conducted at the manufacturing plant. Accelerated-life testing exposes
The file contains the cost per meal and the ratings of 50 city and 50 suburban restaurants on their food, decor, and service (and their summated ratings). Complete the following for the urban and suburban restaurants:Source: Data extracted from Zagat Survey 2012 New York City Restaurants and Zagat
The file contains calories, protein, and cholesterol of popular protein foods (fresh red meats, poultry, and fish).a. Compute the correlation coefficient between calories and protein.b. Compute the correlation coefficient between calories and cholesterol.c. Compute the correlation coefficient
The file Hotel Price contains the prices in English pounds (about US$1.56 as of January 2012) of a room at two-star, three-star, and four-star hotels in cities around the world in 2011. (Data extracted from press.hotels.com/en-gb/files/2012/03/HPI_2011_UK.pdf.) Complete the following for two-star,
The file Property Taxes contains the property taxes per capita for the 50 states and the District of Columbia.a. Compute the mean, median, first quartile, and third quartile.b. Compute the range, interquartile range, variance, standard deviation, and coefficient of variation.c. Construct a boxplot.
The file includes the total compensation (in $millions) of CEOs of 194 large public companies and the investment return in 2011.Source: Data extracted from nytimes.com/2012/06/17/business/ executive-pay-still-cIimbing-despite-a-shareholder-din.html.a. Compute the mean, median, first quartile, and
The file Domestic Beer contains the percentage alcohol, number of calories per 12 ounces, and number of carbohydrates (in grams) per 12 ounces for 150 of the best selling domestic beers in the United States. (Data extract from www.beerl00.com/beercalories.htm, June 1, 2012.) Write a report that
The operations manager of a plant that manufactures tires wants to compare the actual inner diameters of two grades of tires, each of which is expected to be 575 millimeters. A sample of five tires of each grade was selected, and the results representing the inner diameters of the tires, ranked
Two coins are tossed. a. Give an example of a simple event. b. Give an example of a joint event. c. What is the complement of a head on the first toss? d. What does the sample space consist of?
How will marketers change their social media use in the near future? A survey by Social Media Examiner reported that 76% of B2B marketers (marketers that focus primarily on attracting businesses) plan to increase their use of Linkedln, as compared to 55% of B2C marketers (marketers that primarily
Referring to the contingency table in Problem 4.10, if a marketer is selected at random, what is the probability thata. He or she plans to increase use of Linkedln?b. He or she is a B2C marketer?c. He or she plans to increase use of Linkedln or is a B2C marketer?d. Explain the difference in the
What business and technical skills are critical for today's business intelligence/analytics and information management professionals? As part of InformationWeek's 2012 U.S. IT Salary Survey, business intelligence/analytics and information management professionals, both staff and managers, were
What is the preferred way for people to order fast food? A survey was conducted in 2009, but the sample sizes were not reported. Suppose the results, based on a sample of 100 males and 100 females, were as follows:If a respondent is selected at random, what is the probability that he or shea.
A survey of 1,085 adults asked, "Do you enjoy shopping for clothing for yourself?" The results (data extracted from "Split Decision on Clothes Shopping," USA Today, January 28, 2011, p. IB) indicated that 51% of the females enjoyed shopping for clothing for themselves as compared to 44% of the
Each year, ratings are compiled concerning the performance of new cars during the first 90 days of use. Suppose that the cars have been categorized according to whether a car needs warranty-related repair (yes or no) and the country in which the company manufacturing a car is based (United States
Consider the following contingency table:What is the probability ofa. A|B'?b. A|B'?c. A'|B'?d. Are events A and B independent?
Consider the following contingency table:What is the probability ofa. A|B?b. A'|B'?c. A|B'?d. Are events A and B independent?
Does it take more time to be removed from an email list than it used to take? A study of 100 large online retailers revealed the following:a. Given that three or more clicks are needed to be removed from an email list, what is the probability that this occurred in 2009? b. Given that the year 2009
How will marketers change their social media use in the near future? A survey by Social Media Examiner reported that 76% of B2B marketers (marketers that focus primarily on attracting businesses) plan to increase their use of Linkedln, as compared to 55% of B2C marketers (marketers that primarily
What is the preferred way for people to order fast food? A survey was conducted in 2009, but the sample sizes were not reported. Suppose the results, based on a sample of 100 males and 100 females, were as follows:a. Given that a respondent is a male, what is the probability that he prefers to
What business and technical skills are critical for today's business intelligence/analytics and information management professionals? As part of Information-Week's 2012 U.S. IT Salary Survey, business intelligence/ analytics and information management professionals, both staff and managers, were
A survey of 1,085 adults asked, "Do you enjoy shopping for clothing for yourself?" The results (data extracted from "Split Decision on Clothes Shopping," USA Today, January 28, 2011, p. IB) indicated that 51% of the females enjoyed shopping for clothing for themselves as compared to 44% of the
Each year, ratings are compiled concerning the performance of new cars during the first 90 days of use. Suppose that the cars have been categorized according to whether a car needs warranty-related repair (yes or no) and the country in which the company manufacturing a car is based (United States
In 39 of the 61 years from 1950 through 2010 (in 2011 there was virtually no change), the S&P 500 finished higher after the first five days of trading. In 34 of those 39 years, the S&P 500 finished higher for the year. Is a good first week a good omen for the upcoming year? The following
A standard deck of cards is being used to play a game. There are four suits (hearts, diamonds, clubs, and spades), each having 13 faces (ace, 2, 3, 4, 5, 6, 7, 8, 9, 10, jack, queen, and king), making a total of 52 cards. This complete deck is thoroughly mixed, and you will receive the first 2
A box of nine gloves contains two left-handed gloves and seven right-handed gloves.a. If two gloves are randomly selected from the box, without replacement (the first glove is not returned to the box after it is selected), what is the probability that both gloves selected will be right-handed?b. If
Consider the following contingency table.What is the probability of eventa. A?b. A'?c. A and B?d. A or B?
Laid-off workers who become entrepreneurs because they cannot find meaningful employment with another company are known as entrepreneurs by necessity. The Wall Street Journal reported that these entrepreneurs by necessity are less likely to grow into large businesses than are entrepreneurs by
The editor of a textbook publishing company is trying to decide whether to publish a proposed business statistics textbook. Information on previous textbooks published indicates that 10% are huge successes, 20% are modest successes, 40% break even, and 30% are losers. However, before a publishing
A municipal bond service has three rating categories (A, B, and C). Suppose that in the past year, of the municipal bonds issued throughout the United States, 70% were rated A, 20% were rated B, and 10% were rated C. Of the municipal bonds rated A, 50% were issued by cities, 40% by suburbs, and 10%
What are the differences between a priori probability, empirical probability, and subjective probability? Discuss in detail.
Consider the following contingency table: What is the probability of eventa. A'?b. A and B?c. A' and B'?d. A' or B'?
How does the multiplication rule differ for events that are and are not independent? Discuss in detail.
A survey by the Health Research Institute at Price-water house Coopers LLP indicated that 80% of "young invincible" (those aged 18 to 24) are likely to share health information through social media, as compared to 45% of "baby boomers" (those aged 45 to 64). Suppose that the survey was based on 500
The owner of a restaurant serving Continental-style en-trees was interested in studying ordering patterns of patrons for the Friday-to-Sunday weekend time period. Records were maintained that indicated the demand for dessert during the same time period. The owner decided to study two other
The 2012 Restaurant Industry Forecast takes a closer look at today's consumers. Based on a 2011 National Restaurant Association survey, consumers are divided into three segments (optimistic, cautious, and hunkered-down) based on their financial situation, current spending behavior, and economic
According to a Gallup poll, companies with employees who are engaged with their workplace have greater innovation, productivity, and profitability, as well as less employee turnover. A survey of 1,895 workers in Germany found that 13% of the workers were engaged, 67% were not engaged, and 20%
For each of the following, indicate whether the type of probability involved is an example of a priori probability, empirical probability, or subjective probability. a. The next toss of a fair coin will land on heads. b. Italy will win soccer's World Cup the next time the com-petition is held. c.
Sport utility vehicles (SUVs), vans, and pickups are generally considered to be more prone to roll over than cars. In 1997, 24.0% of all highway fatalities involved rollovers; 15.8% of all fatalities in 1997 involved SUVs, vans, and pickups, given that the fatality involved a rollover. Given that a
For each of the following, state whether the events created are mutually exclusive and whether they are collectively exhaustive. a. Undergraduate business students were asked whether they were sophomores or juniors. b. Each respondent was classified by the type of car he or she drives: sedan, SUV,
Which of the following events occur with a probability of zero? For each, state why or why not. a. A company is listed on the New York Stock Exchange and NASDAQ. b. A consumer owns a Smartphone and a tablet. c. A cell phone is a Motorola and a Samsung. d. An automobile is a Toyota and was
Does it take more time to be removed from an email list than it used to take? A study of 100 large online retailers revealed the following:a. Give an example of a simple event.b. Give an example of a joint event.c. What is the complement of "Needs three or more clicks to be removed from an email
Referring to the contingency table in Problem 4.8, if a large online retailer is selected at random, what is the probability that a. you needed three or more clicks to be removed from an email list? b. you needed three or more clicks to be removed from an email list in 2009? c. you needed three or
Given the following probability distributions:a. Compute the expected value for each distribution.b. Compute the standard deviation for each distribution.c. Compare the results of distributions A and B.
In the portfolio example in this section (see page 192), half the portfolio assets are invested in the Dow Jones fund and half in a weak-economy fund. Recalculate the portfolio expected return and the portfolio risk if a. 30% of the portfolio assets are invested in the Dow Jones fund and 70% in a
You are trying to develop a strategy for investing in two different stocks. The anticipated annual return for a $1,000 investment in each stock under four different economic conditions has the following probability distribution:Compute the a. Expected return for stock X and for stock Y.b. Standard
Suppose that in Problem 5.12 you wanted to create a portfolio that consists of stock X and stock Y. Compute the portfolio expected return and portfolio risk for each of the following percentages invested in stock X:a. 30%b. 50%c. 70%d. On the basis of the results of (a) through (c), which
You are trying to develop a strategy for investing in two different stocks. The anticipated annual return for a $1,000 investment in each stock under four different economic conditions has the following probability distribution:Compute thea. Expected return for stock X and for stock Y.b. Standard
Suppose you wanted to create a portfolio that consists of the Black Swan fund and the Good Times fund. Compute the portfolio expected return and portfolio risk for each of the following percentages invested in the Black Swan fund:a. 30%b. 50%c. 70%d. On the basis of the results of (a) through (c),
You plan to invest $1,000 in a corporate bond fund or in a common stock fund. The following table presents the annual return(per $1,000) of each of these investments under various economic conditions and the probability that each of those economic conditions will occur. Compute thea. Expected
Suppose you wanted to create a portfolio that consists of the corporate bond fund and the common stock fund. Compute the portfolio expected return and portfolio risk for each of the following situations:a. $300 in the corporate bond fund and $700 in the common stock fund.b. $500 in each fund.c.
Determine the following:a. For n = 4 and π = 0.12, what is P(Y = 0)?b. For n = l0 and π = 0.40, what is P(X = 9)?c. For n = 10 and π = 0.50, what is P(X = 8)?d. For n = 6 and π = 0.83, what is P(X = 5)?
If n = 5 and π = 0.40, what is the probability thata. X = 4?b. X < 3?c. X < 21d. X > 1?
The following table contains the probability distribution for the number of traffic accidents daily in a small city:a. Compute the mean number of accidents per day.b. Compute the standard deviation.
Determine the mean and standard deviation of the variable X in each of the following binomial distributions:a. n = 4 and π = 0.10b. n = 4 and π = 0.40c. n = 5 and π = 0.80d. n = 3 and π = 0.50 Discuss.
A recent survey reported that 22% of adults 55 and older own a smart phone. (Data extracted from "Who Owns a Smartphone?" USA Today, March 5, 2012, p. 1A.) Using the binomial distribution, what is the probability that in the next six adults 55 and older surveyed,a. Four will own a smart phone?b.
A student is taking a multiple-choice exam in which each question has four choices. Assume that the student has no knowledge of the correct answers to any of the questions. She has decided on a strategy in which she will place four balls (marked A, B, C, and D) into a box. She randomly selects one
A manufacturing company regularly conducts quality control checks at specified periods on the products it manufactures. Historically, the failure rate for LED light bulbs that the company manufactures is 5%. Suppose a random sample of 10 LED light bulbs is selected. What is the probability thata.
When a customer places an order with Rudy's On-Line Office Supplies, a computerized accounting information system (AIS) automatically checks to see if the customer has exceeded his or her credit limit. Past records indicate that the probability of customers exceeding their credit limit is 0.05.
You and two friends decided to go to Wendy's. Now, suppose that instead you go to Burger King, which last year filled approximately 89.7% of orders correctly. What is the probability thata. All three orders will be filled correctly?b. None of the three will be filled correctly?c. At least two of
You and two friends decided to go to Wendy's. Now, suppose that instead you go to McDonald's, which last month filled approximately 89% of the orders correctly. What is the probability thata. All three orders will be filled correctly?b. None of the three will be filled correctly?c. At least two of
Assume a Poisson distribution.a. If A - 2.5, find P(X = 2).b. If A = 8.0, find P(X = 8).c. If A = 0.5, find P(X = 1).d. If A = 3.7, find P(X = 0).
Assume a Poisson distribution.a. If A = 2.0, find P(X > 2).b. If A = 8.0, find P{X > 3).c. If A = 0.5, find P(X < 1).d. If A = 4.0, find P(X > 1).e. If A = 5.0, find P(X < 3).
Recently, a regional automobile dealership sent out fliers to perspective customers, indicating that they had already won one of three different prizes: a Kia Optima valued at $15,000, a $500 gas card, or a $5 Walmart shopping card. To claim his or her prize, a prospective customer needed to
Assume a Poisson distribution with A = 5.0. What is the probability thata. X = 1?b. X < 1?c. X > 1?d. X < 1?
The quality control manager of Marilyn's HESI Cookies is inspecting a batch of chocolate-chip cookies that has just been baked. If the production process is in control, the mean number of chocolate-chip parts per cookie is 6.0. What is the probability that in any particular cookie being inspecteda.
How many cookies in a batch of 100 should the manager expect to discard if company policy requires that all chocolate-chip cookies sold have at least four chocolate-chip parts?For Information: Refer to Problem 5.32.
The U.S. Department of Transportation maintains statistics for mishandled bags per 1,000 airline passengers. In May 2012, Delta mishandled 1.93 bags per 1,000 passengers. What is the probability that in the next 1,000 passengers, Delta will havea. No mishandled bags?b. At least one mishandled

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