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Business Analytics 3rd Edition James Evans - Solutions
A company forecasts its net revenue for the next three years as $172,800, $213,580, and $293,985. Find the net present value of these cash flows, assuming a discount rate of 4.2%
In this chapter, we noted the importance of defining and analyzing a problem prior to attempting to find a solution. Consider this example: One of the earliest operations research groups during World War II was conducting a study on the optimum utilization of Spitfire and Hurricane aircraft during
Define range names for all the data and model entities in the Break-Even Decision Model spreadsheet and apply them to the formulas in the model.
John Toczek, a practicing analytics professional, maintains a Web site called the PuzzlOR (OR standing for “operations research”) at www.puzzlor.com. Each month he posts a new puzzle. Choose one of them and work through the problem-solving process, focusing on steps two through four. A good one
Figure 2.41 shows the 2016 U.S. federal income tax rates for the four different types of filing status. Suppose an individual is single. Write one logical IF function that will determine the correct tax rate for any income that is entered in cell B3 of a spread sheet. Implement this on a
The Excel file MBA Motivation and Salary Expectations provides data on students’ pre-MBA salary and post-MBA salary expectations. Define range names for each of these ranges and then use the range names in formulas to find the expected salary increase for each of the respondents
Apply the Advanced Filter to the Credit Risk Data (Base Data worksheet) to find the following: a. All new car loans obtained for single females. b. All furniture loans obtained for single individuals who rent. c. All education loans obtained by unskilled workers. d. All used car
The Excel file Syringe Samples provides data for 15 samples of an important measurement in the manufacturing process for medical syringes. Define range names for each of the samples and then use these range names in formulas to find the average value for each sample.
A manager has a list of items that have been sorted according to an item ID. Some of them are duplicates. She wants to add a code to the database that assigns a 1 to the item if it is unique, and if there are duplicates, assigns the number of the duplicate. An example is shown below. The first two
The Budget Forecasting database shows estimated expenses for the last nine months of the coming year. Define range names for each month and type of expense and use the range names in formulas to find the total for each month and type of expense.
Filter the data in the Bicycle Inventory database to obtain only the records for the leisure category. What is the average selling price and total quantity on hand for these bicycles?
For the Bicycle Inventory database, use database functions to find the following: a. The total number of leisure bicycles on hand. b. The average purchase cost and selling price of road bicycles.
Enhance the Sales Transactions database file to perform a database query that finds the transaction code and amount associated with any customer ID input. Apply your results to customer ID 10029.
For the Bicycle Inventory database, write a logical IF function that enters “Markdown” in column H if the purchase cost is less than $100 and the selling price is at least $125; if not, then enter a blank.
Use the CHOOSE function to develop a database query for the Monthly Product Sales data that will complete the following table for any month specified in the top left corner: Each empty cell should contain only one CHOOSE function. Month Product Product Product Product Product A B C D E Sales
Enhance the Treasury Yield Rates database file to perform a database query that finds the rate associated with any date and term.
In the Purchase Orders database, we need to find the order number and the supplier that made a purchase totaling $9,045. Write functions for a left table lookup to answer these queries.
An auditor found an expense receipt for $179.24 without a name. Write a left table lookup function that would identify the sales rep in the Travel Expenses database.
Develop an Excel template for computing the number of calories that a person needs each day to maintain his or her weight. Use the following formulas. For a male, the number of calories needed is 66.47 + 13.75 x weight in lb/2.2 + 5 x height in inches x 2.54 - 6.75 x age. For a female, the
The Excel file Payroll Data provides hourly salaries for a group of employees. Create an Excel template that allows the user to select an employee by employee ID, enter the number of regular hours and overtime hours worked, and display a payroll summary with the employee name, gross pay, federal
The Excel file Retail Survey provides data about customers’ preferences for denim jeans. Use PivotTables and slicers to draw conclusions about how preferences differ by gender and age group and summarize your results in a brief memo.
Create a treemap for the regions, items, and units sold in the Excel file Store and Regional Sales Database.
Create a sunburst chart for the regions, items, and units sold in the Excel file Store and Regional Sales Database.
Create a line chart showing the growth in the annual CPI in the Excel file Consumer Price Index.
Compute the total expenses for each month in the Budget Forecasting Excel file. Then develop waterfall charts for each month to visualize the data.
Use PivotCharts to create a useful dashboard for the data in the Excel file President’s Inn Guest Database. Explain why you chose the elements of the dashboard and how a manager might use them.
Create a stacked area chart contrasting primary energy imports and primary energy exports in the Excel file Energy Production & Consumption. What conclusion can you reach?
Use PivotCharts to create a useful dashboard for the data in the Excel file Restaurant Sales. Explain why you chose the elements of the dashboard and how a manager might use them.
Use PivotCharts to create a useful dashboard for the data in the Excel file Store and Regional Sales. Explain why you chose the elements of the dash board and how a manager might use them
Use PivotCharts to create a useful dashboard for the data in the Excel file Corporate Default Database. Explain why you chose the elements of the dashboard and how a manager might use them.
Use PivotCharts to create a useful dashboard for the data in the Excel file Peoples Choice Bank. Explain why you chose the elements of the dashboard and how a manager might use them.
Construct an appropriate chart or charts to visualize the information in the Budget Forecasting Excel file. Explain why you chose the chart(s) you used.
For the Base Data in the Excel file Credit Risk Data, use the Histogram chart to develop a histogram with a bin width of 5 for the number of months as a customer of the bank.
Create a useful dashboard for the data in the Excel file Restaurant Sales. Use appropriate charts and layouts and other visualization tools that help to convey the information. Explain why you chose the elements of the dashboard and how a manager might use them.
Use the Histogram chart to construct histograms for weekly usage and waiting time in the Excel file Car Sharing Survey.
Create box-and-whisker charts for each type of expense in the Excel file Budget Forecasting.
Use a PivotTable to develop a frequency distribution with six bins for the age of individuals in the Base Data worksheet in the Credit Risk Data file. Compute and chart the relative and cumulative relative frequencies
Create box-and-whisker charts for each type of cost of living adjustment in the Excel file Cost of Living Adjustments
Classify each of the variables in the Excel file Weddings as categorical, ordinal, interval, or ratio and explain why.
Find the first, second, and third quartiles for the combined amounts of checking and savings accounts in the Excel file Credit Risk Data and interpret the results.
Use the COUNTIF function to construct frequency distributions for gender, preferred style, and purchase influence in the Excel file Retail Survey, develop column charts to express the results visually, and compute the relative frequencies
Use the Histogram tool to construct frequency distributions and histograms for weekly usage and waiting time in the Excel file Car Sharing Survey. Do not group the data into bins.
Find the first, second, and third quartiles for the sales amounts in the Sales Transactions database and interpret the results.
Use a PivotTable to construct a frequency distribution and histogram for GPA in the Excel file Grade Point Averages.
Use a PivotTable to construct a cross-tabulation for loan purpose and credit risk for the Base Data worksheet in the Excel file Credit Risk
Use PivotTables to construct cross-tabulations for (1) Gender and preferred style (2) Gender and purchase influence in the Excel file Retail Survey
Use PivotTables to construct cross-tabulations between each pair of variables in the Excel file Soda Preferences.
Find the mean, median, and midrange for the data in the Excel file Automobile Quality using the appropriate Excel functions or formulas.
Considering the data in the Excel file Home Market Value as a population of homeowners on this street, compute the mean, variance, and standard deviation for each of the variables using a spreadsheet and formulas (4.4), (4.7), and (4.9). Verify your calculations using the appropriate Excel function.
Compute the mean, median, midrange, and mode for each of the importance factors in the Excel file Coffee Shop Preferences using the appropriate Excel functions.
Considering the data in the Excel file Home Market Value as a sample of homeowners on this street, compute the mean, variance, and standard deviation for each of the variables using formulas (4.5), (4.8), and (4.10). Verify your calculations using the appropriate Excel function.
The Excel file Atlanta Airline Data provides arrival and taxi-in time statistics for one day at Atlanta Hartsfield International Airport. Find the mean and standard deviation of the difference between the scheduled and actual arrival times and the taxi-in time to the gate. Compute the z-scores for
For the Excel file Tablet Computer Sales, find the mean, standard deviation, and interquartile range of units sold per week. Show that Chebyshev’s theorem holds for the data and determine how accurate the empirical rules are.
Compute the mean and standard deviation of the data in the Cost of Living Adjustments Excel file. Then compute the z-scores for the comparative salaries and housing adjustments and interpret your results.
Compute the coefficient of variation for each variable in the Excel file Home Market Value. Which has the least and greatest relative dispersion?
Use the Descriptive Statistics tool to summarize the responses in the Excel file Job Satisfaction. What information can you conclude from this analysis?
Construct a frequency distribution for overall satisfaction in the Excel file Helpdesk Survey. Develop a spreadsheet to estimate the sample mean and sample variance using formulas (4.17) and (4.19). Check your results using Excel functions with the original data.
For the Peoples Choice Bank database, use PivotTables to find the average transaction amount for each account and branch.
In the Excel file Laptop Survey, find the proportion of respondents who own Dell, Apple, and HP computers.
Use a PivotTable to find the mean annual income by level of education for the data in the Excel file Education and Income.
In the Excel file Debt and Retirement Savings, use a PivotTable to find the mean and standard deviation of income, long-term debt, and retirement savings for both single and married individuals.
For the Excel file TV Viewing Survey, is there a significant correlation between (1) The number of TVs in a home and the hours of viewing per week, (2) Age and hours of viewing per week?
A home improvement company in Cincinnati ran a promotion: If a customer bought new windows before December 10, then if Cincinnati had a white Christmas, the purchase would be free. In the fine print, a “white Christmas” was defined as four inches of snowfall on December 25. The National Weather
The number and frequency of Atlantic hurricanes annually from 1940 through 2015 is shown here. This means, for instance, that no hurricanes occurred during 5 of these years, only one hurricane occurred in 16 of these years, and so on.a. Find the probabilities of 0–12 hurricanes each season using
Use the following approaches to analyze the survey data in the Excel file Insurance Survey. ■ Frequency distributions and histograms for the ratio variables (age, years employed, and satisfaction) ■ Descriptive statistical measures for the ratio variables using the Descriptive
Examine the z-scores you computed in Problem 32 for the Atlanta Airline Data. Do they suggest any outliers in the data?
The Excel file News Preferences provides data about how individuals prefer to get news and what types of news they typically read. Use PivotTables and slicers to draw conclusions about these data from a statistical perspective, and summarize your results in a brief memo.
Refer to the card scenario described in Problem 3. a. Let A be the event “total card value is odd.” Find P(A) and P(Ac ). b. What is the probability that the sum of the two cards will be more than 14? c. What is the probably that the sum of the two cards will not exceed 12?Data
In the scenario in Problem 3, what is the probability of drawing an ace first, followed by a 2? How does this differ if the first card is replaced in the deck? Clearly explain what formulas you use and why.Data from Problem 3Consider the experiment of drawing two cards without replacement from a
If a cell phone company conducted a telemarketing campaign to generate new clients and the probability of successfully gaining a new customer was 0.07, what is the probability that contacting 50 potential customers would result in at least 5 new customers?
During one year, a particular mutual fund outperformed the S&P 500 index 32 out of 52 weeks. Find the probability that it would perform as well or better again.
A popular resort hotel has 300 rooms and is usually fully booked. About 7% of the time a reservation is canceled before the 6:00 p.m. deadline with no penalty. What is the probability that at least 285 rooms will be occupied? Use the binomial distribution to find the exact value
A financial consultant has an average of eight customers who contact him each day for consultations for which he receives a fee; assume a Poisson distribution. The consultant’s overhead requires that he consults with at least six customers each day in order to cover his expenses. Find the
Apply the chi-square goodness of fit test to the data in the Airport Service Times Excel file to determine if a normal distribution models the data. Use bins of width 100. Note that for a normal distribution, the number of degrees of freedom for the CHISQ.INV. RT function should be the number of
The distribution of SAT scores in math for an incoming class of business students has a mean of 610 and standard deviation of 20. Assume that the scores are normally distributed. a. Find the probability that an individual’s SAT score is less than 600. b. Find the probability that an
Historical data show that customers who download music from a popular Web service spend approximately $22 per month, with a standard deviation of $3. Find the probability that a customer will spend at least $20 per month. How much (or more) do the top 10% of customers spend?
Apply the chi-square goodness of fit test to the data in the Airport Service Times Excel file to determine if an exponential distribution models the data. Use bins of width 100. Note that for an exponential distribution, the number of degrees of freedom for the CHISQ.INV.RT function should be the
A lightbulb is warranted to last for 5,000 hours. If the time to failure is exponentially distributed with a true mean of 4,800 hours, what is the probability that it will last at least 5,000 hours?
Compute the daily change of the closing price for the data in the Excel file S&P 500. Compute descriptive statistics, a frequency distribution, and histogram for the closing prices (using a bin width of 25). What probability distribution would you propose as a good fit for the data? Verify your
The actual delivery time from Giodanni’s Pizza is exponentially distributed with a mean of 25 minutes. a. What is the probability that the delivery time will exceed 30 minutes? b. What proportion of deliveries will be completed within 20 minutes?
Find point estimates for the mean and standard deviation of the Months Customer data in the Credit Risk Data file. Draw five random samples of sizes 50 and 250 from the data using the Sampling tool. Use the empirical rules to analyze the sampling error and state your conclusions.
Repeat the sampling experiment in Example 6.3 for sample sizes 50, 100, 250, and 500. Compare your results to the example and use the empirical rules to analyze the sampling error. For each sample, also find the standard error of the mean using formula (6.1).
Based upon extensive data from a national high school educational testing program, the standard deviation of national test scores for critical reading was found to be 115 points. If a sample of 500 students are given the test, what would be the standard error of the mean?
Suppose that the mean score for the mathematics test cited in Problem 7 is 610. What is the probability that a random sample of 225 students will have a mean score of more than 625? Less than 600?Data from Problem 7Based upon extensive data from a national high school educational testing program,
Suppose that the mean score for the critical reading test cited in Problem 8 is 580. What is the probability that a random sample of 500 students will have a mean score of more than 590? Less than 575?Data from in problem 8Based upon extensive data from a national high school educational testing
From a sample of 22 graduate students, the mean number of months of work experience prior to entering an MBA program was 34.86. The national standard deviation is known to be 19 months. What is a 95% confidence interval for the population mean? Compute the confidence interval using the appropriate
A survey of 26 college freshmen found that they average 6.85 hours of sleep each night. A 90% confidence interval had a margin of error of 0.497. a. What are the lower and upper limits of the confidence interval? b. What was the standard deviation, assuming that the population standard
Develop a realistic retirement planning spreadsheet model for your personal situation. If you are currently employed, use as much information as you can gather for your model, including potential salary increases, promotions, contributions, and rates of return based on the actual funds in which you
A survey of 23 individuals found that they spent an average of $39.48 on headphones to use for exercising. The margin of error for a 95% confidence interval was found to be 21.2. a. What are the lower and upper limits of the confidence interval?b. What was the standard deviation of the sample?
A survey of 21 patients at a hospital found 95% confidence intervals for the followingConstruct a stock chart-based visualization of these confidence intervals. What conclusions can you draw from the chart? Sample Proportion Upper Lower Satisfaction with Quality of Care
A sample of 40 individuals at a shopping mall found that the mean number of visits to a restaurant per week was 2.88 with a standard deviation of 1.59. Find a 99% confidence interval for the mean number of restaurant visits. Use the appropriate formula and verify your result using the Confidence
For the data in the Excel file Grade Point Averages, find 90%, 95%, and 99% confidence intervals for the mean GPA. Compute the confidence intervals using the appropriate formulas and verify your results using the Excel Confidence Intervals template.
For the data in the Excel file Debt and Retirement Savings, find 95% confidence intervals for the mean income, long-term debt, and retirement savings. Use the appropriate formulas and Excel functions.
A bank estimated that the standard error for a 95% confidence interval for the proportion of a certain demographic group that may default on a loan is 0.31. The lower confidence limit was calculated as 0.15. What is the upper confidence limit?
A survey of 50 young professionals found that they spent an average of $19.31 when dining out, with a standard deviation of $12.11. Can you conclude statistically that the population mean is greater than $18?
A survey of 240 individuals found that one-third of them use their cell phones primarily for e-mail. Can you conclude statistically that the population proportion who use cell phones primarily for e-mail is less than 0.40?
For the data in the Excel file Education and Income, find 95% confidence intervals for the mean annual income of males and the mean annual income of females. Can you conclude that the mean income of one group is larger than the other?
For the data in the Excel file Debt and Retirement Savings, find 95% confidence intervals for the mean income, long-term debt, and retirement savings for individuals who are single and individuals who are married. What conclusions can you reach by comparing the two groups?
A two-sample test for means was conducted to determine if the completion time for continuing education programs for nurses differed when costs are paid by employers (Yes) versus when individuals paid out of his or her own funds (No). The Excel Data Analysis tool results are shown next.a. Explain
An Oregon wine association wants to determine the proportion of West Coast consumers who would spend at least $30 on Willamette Valley pinot noir at a 99% confidence level. If they wish to have an error of no more than 4%, how large a sample must they take? Based on surveys of cruise passengers who
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