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business statistics communicating
Basic Business Statistics Concepts And Applications 13th Global Edition Mark Berenson, David Levine, Kathryn Szabat - Solutions
Starbucks Coffee Co. uses a data-based approach to improving the quality and customer satisfaction of its products. When survey data indicated that Starbucks needed to improve its package sealing process, an experiment was conducted to determine the factors in the bag-sealing equipment that might
A recent article discussed a metal deposition process in which a piece of metal is placed in an acid bath and an alloy is layered on top of it. The business objective of engineers working on the process was to reduce variation in the thickness of the alloy layer. To begin, the temperature and the
You are a real estate broker who wants to compare property values in Glen Cove and Roslyn (which are located approximately 8 miles apart). In order to do so, you will analyze the data in GCRoslyn , a file that includes samples of houses from Glen Cove and Roslyn. Making sure to include the dummy
Referring to Problem 14.81, suppose that in addition to using ERA to predict the number of wins, the analytics specialist wants to include the league (0 = American, 1 = National) as an independent variable. Develop a model to predict wins based on ERA and league. For (a) through (k), do not include
A baseball analytics specialist wants to determine which variables are important in predicting a team’s wins in a given season. He has collected data related to wins, earned run average(ERA), and runs scored for the 2012 season (stored in BB2012 ).Develop a model to predict the number of wins
Measuring the height of a California redwood tree is very difficult because these trees grow to heights over 300 feet. People familiar with these trees understand that the height of a California redwood tree is related to other characteristics of the tree, including the diameter of the tree at the
A sample of 30 houses recently listed for sale in Silver Spring, Maryland, was selected with the objective of developing a model to predict the assessed value (in $thousands), using the size of the house (in thousands of square feet) and age (in years). The results are stored in Silver Spring .a.
Professional basketball has truly become a sport that generates interest among fans around the world. More and more players come from outside the United States to play in the National Basketball Association (NBA). You want to develop a regression model to predict the number of wins achieved by each
The owner of a moving company typically has his most experienced manager predict the total number of labor hours that will be required to complete an upcoming move. This approach has proved useful in the past, but the owner has the business objective of developing a more accurate method of
Increasing customer satisfaction typically results in increased purchase behavior. For many products, there is more than one measure of customer satisfaction. In many, purchase behavior can increase dramatically with an increase in just one of the customer satisfaction measures. Gunst and Barry
What is the difference between the hat matrix diagonal elements hi and the Studentized deleted residuals?
When do you use logistic regression?
When a dummy variable is included in a regression model that has one numerical independent variable, what assumption do you need to make concerning the slope between the dependent variable, Y, and the numerical independent variable, X?
Explain the purpose of calculating F test statistic and t test statistic. Are they interrelated?
How can you decide on the number of independent variables and that adding one more would improve the predictability of the dependent variable?
Discuss how to test the significance of each of the independent variables and the entire multiple regression model.
Explain r 2 and adjusted r 2 ? Why is it important to report adjusted r 2 as a part of multiple regression model?
How do multiple regression equations help in forecasting?
What do you understand by the terms maximum likelihood estimation, deviance statistic and Wald statistic?
What is the difference between ordinary least square regression and logistic regression?
A marketing manager wants to predict customers with the risk of churning (switching their service contracts to another company) based on the number of calls the customer makes to the company call center and the number of visits the customer makes to the local service center. Data from a random
An automotive insurance company wants to predict which filed stolen vehicle claims are fraudulent, based on the mean number of claims submitted per year by the policy holder and whether the policy is a new policy, that is, is one year old or less (coded as 1 = yes, 0 = no). Data from a random
Undergraduate students at Miami University in Oxford, Ohio, were surveyed in order to evaluate the effect of price on the purchase of a pizza from Pizza Hut. The students were asked to suppose that they were going to have a large two-topping pizza delivered to their residence. Then they were asked
Referring to Problem 14.41 on page 598, you have decided to analyze whether there are differences in fixed acidity, chlorides, and pH between white wines and red wines (0 = white 1 = red).Using the data stored in RedandWhite ,a. Develop a logistic regression model to predict whether the wine is red
A study was conducted to determine the factors involved in the rate of participation of discharged cardiac patients in a rehabilitation program. Data were collected from 516 treated patients (data extracted from F. Van Der Meulen, T. Vermaat, and P. Williams, “Case Study: An Application of
Refer to Figure 14.14 on page 603.a. Predict the probability that a cardholder who charged $36,000 last year and does not have any additional credit cards for members of the household will purchase the platinum card during the marketing campaign.b. Compare the results in (a) with those for a person
Consider the following logistic regression equation:ln1estimated odds ratio2 = 0.1 + 0.5X1i + 0.2X2ia. Interpret the meaning of the logistic regression coefficients.b. If X1 = 2 and X2 = 1.5, compute the estimated odds ratio and interpret its meaning.c. On the basis of the results of (b), compute
Given an estimated odds ratio of 0.75, compute the estimated probability of an event of interest.
Given an estimated odds ratio of 2.5, compute the estimated probability of an event of interest.
Interpret the meaning of a slope coefficient equal to 2.2 in logistic regression.
The director of a training program for a large insurance company has the business objective of determining which training method is best for training underwriters. The three methods to be evaluated are classroom, online, and courseware app. The 30 trainees are divided into three randomly assigned
In Problem 14.7 on page 577, you used total staff present and remote hours to predict standby hours (stored in Standby ).Develop a regression model to predict standby hours that includes total staff present, remote hours, and the interaction of total staff present and remote hours.a. At the 0.05
In Problem 14.5 on page 577, the percentage of alcohol and chlorides were used to predict the quality of red wines (stored in VinhoVerde ). Develop a regression model that includes the percentage of alcohol, the chlorides, and the interaction of the percentage of alcohol and the chlorides to
In Problem 14.6 on page 577, you used radio advertising and newspaper advertising to predict sales (stored in Advertise ).Develop a regression model to predict sales that includes radio advertising, newspaper advertising, and the interaction of radio advertising and newspaper advertising.a. At the
Zagat’s publishes restaurant ratings for various locations in the United States. The file Restaurants contains the Zagat rating for food, décor, service, and cost per person for a sample of 50 restaurants located in a city and 50 restaurants located in a suburb.(Data extracted from Zagat Survey
In Problem 14.4 on page 576, you used sales and orders to predict distribution cost (stored in WareCost ). Develop a regression model to predict distribution cost that includes sales, orders, and the interaction of sales and orders.a. At the 0.05 level of significance, is there evidence that the
The owner of a moving company typically has his most experienced manager predict the total number of labor hours that will be required to complete an upcoming move. This approach has proved useful in the past, but the owner has the business objective of developing a more accurate method of
In mining engineering, holes are often drilled through rock, using drill bits. As a drill hole gets deeper, additional rods are added to the drill bit to enable additional drilling to take place. It is expected that drilling time increases with depth. This increased drilling time could be caused by
on page 528. Explain the difference in the results.i. Compute and interpret the meaning of the coefficient of multiple determination, r 2.j. Compute and interpret the adjusted r 2.k. Compare r 2 with the r 2 value computed in Problem 13.16 (a)on page 534.l. Compute the coefficients of partial
In Problem 14.5. on page 577, you developed a multiple regression model to predict wine quality for red wines. Now, you wish to determine whether there is an effect on wine quality due to whether the wine is white (0) or red (1). These data are organized and stored in VinhoVerde-Redandwhite .
In Problem 14.8. on page 577, you used land area of a property and age of a house to predict the fair market value (stored in GlenCove ). Using the results from that problem,a. at the 0.05 level of significance, determine whether each independent variable makes a significant contribution to the
In Problem 14.6 on page 577, you used radio advertising and newspaper advertising to predict sales (stored in Advertise ).Using the results from that problem,a. at the 0.05 level of significance, determine whether each independent variable makes a significant contribution to the regression model.
In Problem 14.7 on page 577, you used the total staff present and remote hours to predict standby hours (stored in Standby ).Using the results from that problem,a. at the 0.05 level of significance, determine whether each independent variable makes a significant contribution to the regression
In Problem 14.4 on page 576, you used sales and number of orders to predict distribution costs at a mail-order catalog business (stored in WareCost ). Using the results from that problem,a. at the 0.05 level of significance, determine whether each independent variable makes a significant
In Problem 14.5. on page 577, you used alcohol percentage and chlorides to predict wine quality (stored in VinhoVerde ). Using the results from that problem,a. at the 0.05 level of significance, determine whether each independent variable makes a significant contribution to the regression model. On
The following is the ANOVA summary table for a multiple regression model with two independent variables:
The following is the ANOVA summary table for a multiple regression model with two independent variables:If SSR1X12 = 45 and SSR1X22 = 25,a. determine whether there is a significant relationship between Y and each independent variable at the 0.05 level of significance.b. compute the coefficients of
In Problem 14.8 on page 577, you used land area of a property and age of a house to predict the fair market value (stored in GlenCove ). Using the results from that problem,a. construct a 95% confidence interval estimate of the population slope between fair market value and land area of a
In Problem 14.7. on page 577, you used the total number of staff present and remote hours to predict standby hours (stored in Standby ). Using the results from that problem,a. construct a 95% confidence interval estimate of the population slope between standby hours and total number of staff
In Problem 14.6 on page 577, you used radio advertising and newspaper advertising to predict sales (stored in Advertise ).Using the results from that problem,a. construct a 95% confidence interval estimate of the population slope between sales and radio advertising.b. at the 0.05 level of
In Problem 14.5. on page 576, you used the percentage of alcohol and chlorides to predict wine quality (stored in VinhoVerde ). Using the results from that problem,a. construct a 95% confidence interval estimate of the population slope between wine quality and the percentage of alcohol.b. at the
In Problem 14.4. on page 576, you used sales and number of orders to predict distribution costs at a mail-order catalog business (stored in WareCost ). Using the results from that problem,a. construct a 95% confidence interval estimate of the population slope between distribution cost and sales.b.
In Problem 14.3 on page 576, you predicted the durability of a brand of running shoe, based on the forefoot shockabsorbing capability (FOREIMP) and the change in impact properties over time (MIDSOLE) for a sample of 15 pairs of shoes. Use the following results:
Use the following information from a multiple regression analysis:n = 20 b1 = 4 b2 = 3 Sb1 = 1.2 Sb2 = 0.8
Use the following information from a multiple regression analysis:n = 25 b1 = 5 b2 = 10 Sb1 = 2 Sb2 = 8a. Which variable has the largest slope, in units of a t statistic?b. Construct a 95% confidence interval estimate of the population slope, b1.c. At the 0.05 level of significance, determine
In Problem 14.8 on page 577, you used the land area of a property and the age of a house to predict the fair market value(stored in GlenCove ).a. Perform a residual analysis on your results.b. If appropriate, perform the Durbin-Watson test, using a = 0.05.c. Are the regression assumptions valid for
In Problem 14.7 on page 577, you used the total staff present and remote hours to predict standby hours (stored in Standby ).a. Perform a residual analysis on your results.b. If appropriate, perform the Durbin-Watson test, using a = 0.05.c. Are the regression assumptions valid for these data?
In Problem 14.6 on page 577, you used radio advertising and newspaper advertising to predict sales (stored in Advertise ).a. Perform a residual analysis on your results.b. If appropriate, perform the Durbin-Watson test, using a = 0.05.c. Are the regression assumptions valid for these data?
In Problem 14.5 on page 577, you used the percentage of alcohol and chlorides to predict wine quality (stored in VinhoVerde ).a. Plot the residuals versus Y nib. Plot the residuals versus X1i.c. Plot the residuals versus X2i.d. In the residual plots created in (a) through (c), is there any evidence
In Problem 14.4 on page 576, you used sales and number of orders to predict distribution costs at a mail-order catalog business(stored in WareCost ).a. Plot the residuals versus Y ni.b. Plot the residuals versus X1i.c. Plot the residuals versus X2i.d. Plot the residuals versus time.e. In the
In Problem 14.8 on page 577, you used the land area of a property and the age of a house to predict the fair market value(stored in GlenCove ). Using the results from that problem,a. determine whether there is a significant relationship between fair market value and the two independent variables
In Problem 14.6 on page 577, you used radio advertising and newspaper advertising to predict sales (stored in Advertise ).Using the results from that problem,a. determine whether there is a significant relationship between sales and the two independent variables (radio advertising and newspaper
In Problem 14.7 on page 577, you used the total staff present and remote hours to predict standby hours (stored in Standby ).Using the results from that problem,a. determine whether there is a significant relationship between standby hours and the two independent variables (total staff present and
In Problem 14.4. on page 576, you used sales and number of orders to predict distribution costs at a mail-order catalog business (stored in WareCost ). Using the results from that problem,a. determine whether there is a significant relationship between distribution costs and the two independent
In Problem 14.5. on page 577, you used the percentage of alcohol and chlorides to predict wine quality (stored in VinhoVerde ). Use the results from that problem to do the following:a. Determine whether there is a significant relationship between wine quality and the two independent variables
In Problem 14.3. on page 576, you predicted the durability of a brand of running shoe, based on the forefoot shock-absorbing capability and the change in impact properties over time. The regression analysis resulted in the following ANOVA summary table:a. Determine whether there is a significant
A financial analyst engaged in business valuation obtained financial data on 71 drug companies (Industry Group SIC 3 code:283). The file BusinessValuation contains the following variables:COMPANY—Drug Company name PB fye—Price-to-book-value ratio (fiscal year ending)ROE—Return on equity
The following ANOVA summary table is for a multiple regression model with two independent variables:
The following ANOVA summary table is for a multiple regression model with two independent variables:a. Determine the regression mean square (MSR) and the mean square error (MSE).b. Compute the overall FSTAT test statistic.c. Determine whether there is a significant relationship between Y and the
Nassau County is located approximately 25 miles east of New York City. The data organized and stored in GlenCove include the fair market value (in $thousands), land area of the property in acres, and age, in years, for a sample of 30 single-family homes located in Glen Cove, a small city in Nassau
The business problem facing the director of broadcasting operations for a television station was the issue of standby hours (i.e., hours in which unionized graphic artists at the station are paid but are not actually involved in any activity) and what factors were related to standby hours. The
The business problem facing a consumer products company is to measure the effectiveness of different types of advertising media in the promotion of its products. Specifically, the company is interested in the effectiveness of radio advertising and newspaper advertising (including the cost of
The production of wine is a multibillion-dollar worldwide industry. In an attempt to develop a model of wine quality as judged by wine experts, data was collected from red wine variants of Portuguese “Vinho Verde” wine. A sample of 50 wines is stored in VinhoVerde . (Data extracted from P.
A mail-order catalog business selling personal computer supplies, software, and hardware maintains a centralized warehouse. Management is currently examining the process of distribution from the warehouse. The business problem facing management relates to the factors that affect warehouse
A shoe manufacturer is considering developing a new brand of running shoes. The business problem facing the marketing analyst is to determine which variables should be used to predict durability(i.e., the effect of long-term impact). Two independent variables under consideration are X1 (FOREIMP), a
For the following regression equation: Demand = 1.5 + 0.7 Income + 0.5 Needa. Specify the dependent and independent variables.b. What will be the demand when income is 0 and need is 1?
For the following regression equation: Production = 1.5+ 0.7 Experience + 0.5 Aptitude Testa. Specify the dependent and independent variables.b. Rewrite the regression equation using Y ni and Xi.
In Problems 13.8, 13.20, 13.30, 13.46, 13.62, 13.82, and 13.83, you developed regression models to predict franchise value of major league baseball, NBA basketball, and soccer teams. Now, write a report based on the models you developed. Append to your report all appropriate charts and statistical
The file CEO-Compensation includes the total compensation (in $millions) for CEOs of 170 large public companies and the investment return in 2012. (Data extracted from “CEO Pay Rockets as Economy, Stocks Recover,” USA Today, March 27, 2013, p. 1B.)a. Compute the correlation coefficient between
Refer to the discussion of beta values and market models in Problem 13.49 on page 549. The S&P 500 Index tracks the overall movement of the stock market by considering the stock prices of 500 large corporations. The file StockPrices2012 contains 2012 weekly data for the S&P 500 and three companies.
During the fall harvest season in the United States, pumpkins are sold in large quantities at farm stands. Often, instead of weighing the pumpkins prior to sale, the farm stand operator will just place the pumpkin in the appropriate circular cutout on the counter. When asked why this was done, one
(a) through (h) for the European soccer teams.b. Compare the results of (a) to those of baseball franchises in Problems 13.8, 13.20, 13.30, 13.46, and 13.62 and NBA franchises in Problem 13.82.
In Problem 13.82 you used annual revenue to develop a model to predict the franchise value of National Basketball Association (NBA) teams. Can you also use the annual revenues generated by European soccer teams to predict franchise values? (European soccer team values and revenues are stored in
Can you use the annual revenues generated by National Basketball Association (NBA) franchises to predict franchise values? Figure 2.14 on page 94 shows a scatter plot of revenue with franchise value, and Figure 3.9 on page 164, shows the correlation coefficient. Now, you want to develop a simple
A baseball analyst would like to study various team statistics for the 2012 baseball season to determine which variables might be useful in predicting the number of wins achieved by teams during the season. He begins by using a team’s earned run average (ERA), a measure of pitching performance,
On January 28, 1986, the space shuttle Challenger exploded, and seven astronauts were killed. Prior to the launch, the predicted atmospheric temperature was for freezing weather at the launch site.Engineers for Morton Thiokol (the manufacturer of the rocket motor) prepared charts to make the case
An accountant for a large department store has the business objective of developing a model to predict the amount of time it takes to process invoices. Data are collected from the past 32 working days, and the number of invoices processed and completion time (in hours) are stored in Invoice .
The director of graduate studies at a large college of business has the objective of predicting the grade point average (GPA)of students in an MBA program. The director begins by using the Graduate Management Admission Test (GMAT) score. A sample of 20 students who have completed two years in the
You want to develop a model to predict the taxes of houses, based on assessed value. A sample of 30 single-family houses listed for sale in Silver Spring, Maryland, a suburb of Washington, DC, is selected. The taxes (in $) and the assessed value of the houses (in $thousands) are recorded and stored
You want to develop a model to predict the assessed value of homes based on their size. A sample of 30 single-family houses listed for sale in Silver Spring, Maryland, a suburb of Washington, DC, is selected to study the relationship between assessed value(in $thousands) and size (in thousands of
Measuring the height of a California redwood tree is very difficult because these trees grow to heights of over 300 feet. People familiar with these trees understand that the height of a California redwood tree is related to other characteristics of the tree, including the diameter of the tree at
Management of a soft-drink bottling company has the business objective of developing a method for allocating delivery costs to customers. Although one cost clearly relates to travel time within a particular route, another variable cost reflects the time required to unload the cases of soft drink at
Can you use Twitter activity to forecast box office receipts on the opening weekend? The following data (stored in TwitterMovies ) indicate the Twitter activity (“want to see”) and the receipts ($) per theater on the weekend a movie opened for seven movies:a. Use the least-squares method to
What is the difference between a confidence interval estimate of the mean response, mY X = Xi, and a prediction interval of YX = Xi?
Explain autocorrelation. How is it measured?
Explain homoscedasticity. Can you use linear regression if this assumption is violated?
Why and how should you carry out a residual analysis as part of a regression model?
What does r 2determine about the statistical significance of a relationship between a dependent and an independent variable?
Explain the meaning of ‘regression sum of squares’ and‘error sum of squares’.
Explain how simple linear regression equations help in making business decisions.
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