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business statistics communicating
Business Statistics 10th Global Edition David Groebner, Patrick Shannon, Phillip Fry - Solutions
A corporation has 11 manufacturing plants. Of these, 7 are domestic and 4 are outside the United States. Each year a performance evaluation is conducted for 4 randomly selected plants. What is the probability that a performance evaluation will include at least 1 plant outside the United States?
A major electronics manufacturer has determined that when one of its televisions is sold, there is 0.08 chance that the set will need service before the warranty period expires. It has also assessed a 0.05 chance that a DVD player will need service prior to the expiration of the warranty.a. Suppose
USA Today reported (“Study Finds Better Survival Rates at ‘High-Volume’ Hospitals”) that “highvolume”hospitals performed at least 77% of bladder removal surgeries; “low-volume” hospitals performed at most 23%. Assume the percentages are 77% and 23%. In the first two weeks after
A Harris survey asked, in part, what the most important reason was that people give for not using a wireless phone exclusively. The responses were: (1) Like the safety of traditional phone, (2) Need line for Internet access, (3) Pricing not attractive enough, (4) Weak or unreliable cell signal at
A company produces scooters used by small businesses, such as pizza parlors, that find them convenient for making short deliveries.The company is notified whenever a scooter breaks down, and the problem is classified as being either mechanical or electrical. The company then matches the scooter to
Discuss what is meant by the relative frequency assessment approach to probability assessment.Provide a business-related example, other than the one given in the text, where this method of probability assessment might be used.
Discuss what is meant by subjective probability.Provide a business-related example in which subjective probability assessment would likely be used. Also, provide an example of when you have personally used subjective probability assessment.
Examine the relationship between independent, dependent, and mutually exclusive events. Consider two events A and B that are mutually exclusive such that P(A) 0.a. Calculate P(A|B).b. What does your answer to part a say about whether two mutually exclusive events are dependent or independent?c.
Consider the following table:A Totals B 800 200 1,000 600 400 1,000 Totals 1,400 600 2,000 Explore the complements of conditional events:a. Calculate the following probabilities: P(A|B), P( | ), P( |B), P(A| ).b. Now determine which pair of events are complements of each other. (Hint: Use the
Examine the following table:A Totals B 200 800 1,000 300 700 1,000 Totals 500 1,500 2,000a. Calculate the following probabilities: P(A), P( ), P(A|B), P( |B), P(A| ), and P( | ).b. Show that (1) A and B, (2) A and , (3) and B, (4) and are dependent events.
Ponderosa Paint and Glass makes paint at three plants.It then ships the unmarked paint cans to a central warehouse. Plant A supplies 50% of the paint, and past records indicate that the paint is incorrectly mixed 10%of the time. Plant B contributes 30%, with a defective rate of 5%. Plant C supplies
The roll of a pair of dice has the following probability distribution, where the random variable x is the sum of the values produced by each die:x P(x) x P(x)2 1/36 8 5/36 3 2/36 9 4/36 4 3/36 10 3/36 5 4/36 11 2/36 6 5/36 12 1/36 7 6/36a. Calculate the expected value of x.b. Calculate the variance
Examine the following probability distribution:x 5 10 15 20 25 30 35 40 45 50 P(x) 0.01 0.05 0.14 0.20 0.30 0.15 0.05 0.04 0.01 0.05a. Calculate the expected value and standard deviation for this random variable.b. Denote the expected value as m. Calculate m s and m s.c. Determine the
Fiero Products, LTD, of Bologna, Italy, makes a variety of footwear, including indoor slippers, children’s shoes, and flip-flops. To keep up with increasing demand, it is considering three expansion plans: (1) a small factory with yearly costs of $150,000 that will increase the production of
A large corporation in search of a CEO and a CFO has narrowed the fields for each position to a short list. The CEO candidates graduated from Chicago (C) and three Ivy League universities: Harvard (H), Princeton (P), and Yale (Y). The four CFO candidates graduated from MIT (M), Northwestern (N),
Use the binomial formula to calculate the following probabilities for an experiment in which n 5 and p 0.4:a. the probability that x is at most 1b. the probability that x is at least 4c. the probability that x is less than 1
Use the binomial distribution table to determine the following probabilities:a. n 6, p 0.08; find P(x 2)b. n 9, p 0.80; determine P(x 4)c. n 11, p 0.65; calculate P(2 < x 5)d. n 14, p 0.95; find P(x 13)e. n 20, p 0.50; compute P(x 3)
The Committee for the Study of the American Electorate indicated that 60.7% of the voting-age voters cast ballots in the 2004 presidential election. It also indicated 30.8% of voting-age voters cast ballots for President Bush. A start-up company in San Jose, California, has 10 employees.a. How many
The Nielsen Media Group is the major media ratings company and conducts surveys on a weekly basis to determine household viewing choices. The following table shows the top 10 broadcast television programs for the week of September 29, 2008.Rank* Program Network Rating** Viewers***1 Dancing with the
Business Week reported that business executives want to break down the obstacles that keep them from communicating directly with stock owners. Ms. Borrus reports that 80% of shareholders hold stock in “street names,” which are registered with their bank or brokerage. If the brokerage doesn’t
USA Today has reported (Ginny Graves, “As Women Rise in Society, Many Married Couples Still Don’t Do‘Equal,’” June 30, 2005) on the gender gap that exists between married spouses. One of the measures of the progress that has been made in that area is the number of women who outearn their
International Data Corp. (IDC) has shown that the average return on business analytics projects was almost four-and-a-half times the initial investment.Analytics consists of tools and applications that present better metrics to the user and to the probable future outcome of an event. IDC looked at
The mean number of errors per page made by a member of the word processing pool for a large company is thought to be 1.5 with the number of errors distributed according to a Poisson distribution. If three pages are examined, what is the probability that more than 3 errors will be observed?
A corporation has 11 manufacturing plants. Of these, 7 are domestic and 4 are located outside the United States. Each year a performance evaluation is conducted for 4 randomly selected plants.a. What is the probability that a performance evaluation will include exactly 1 plant outside the United
A random variable, x, has a hypergeometric distribution with N 10, X 7, and n 4. Calculate the following quantities:a. P(x 3)b. P(x 5)c. P(x 4)d. Find the largest x so that P(x x) 0.25.Business Applications
Lucky Dogs sells spicy hot dogs from a pushcart.The owner of Lucky Dogs is open every day between 11:00 A.M. and 1:00 P.M. Assume the demand for spicy hot dogs follows a Poisson distribution with a mean of 50 per hour.a. What is the probability the owner will run out of spicy dogs over the two-hour
The Small Business Administration’s Center for Women’s Business Research indicated 30% of private firms had female owners, 52% had male owners, and 18% had male and female co-owners. In one community, there are 50 privately owned firms. Ten privately owned firms are selected to receive
The managing partner for Westwood One Investment Managers, Inc., gave a public seminar in which she discussed a number of issues, including investment risk analysis. In that seminar, she reminded people that the coefficient of variation often can be used as a measure of risk of an investment. (See
Simmons Market Research conducted a national consumer study of 13,787 respondents in the spring of 2009. The respondents were asked to indicate the primary source of the vitamins or mineral supplements they consume. Thirty-five percent indicated a multiple formula was their choice. A subset of 20
The 700-room Westin Charlotte offers a premiere uptown location in the heart of the city’s financial district. On a busy weekend, the hotel has 20 rooms that are not occupied. Suppose that smoking is allowed in 8 of the rooms. A small tour group arrives, which has four smokers and six nonsmokers.
American Household, SM Inc., produces a wide array of home safety and security products. One of its products is the First Alert SA302 Dual Sensor Remote Control Smoke Alarm. As part of its quality control program, it constantly tests to assure that the alarms work. A change in the manufacturing
For the following situation indicate whether the statistical application is primarily descriptive or inferential.“The manager of Anna’s Fabric Shop has collected data for 10 years on the number of each type of dress fabric that has been sold at the store. She is interested in making a
Review Figures 1.2 and 1.3 and discuss any differences you see between the histogram and the bar chart.
Locate a business periodical such as Fortune or Forbes or a business newspaper such as The Wall Street Journal. Find three examples of the use of a graph to display data. For each grapha. Give the name, date, and page number of the periodical in which the graph appeared.b. Describe the main point
The human resources manager of an automotive supply store has collected the following data showing the number of employees in each of five categories by the number of days missed due to illness or injury during the past year.Missed Days 0–2 days 3–5 days 6–8 days 8–10 days Employees 159 67
Locate one of the online job Web sites and pick several job listings. For each job type, discuss one or more situations where statistical analyses would be used. Base your answer on research (Internet, business periodicals, personal interviews, etc.).Indicate whether the situations you are
In your capacity as assistant sales manager for a large office products retailer, you have been assigned the task of interviewing purchasing managers for medium and large companies in the San Francisco Bay area.The objective of the interview is to determine the office product buying plans of the
If the manager at First City Bank surveys a sample of 100 customers to determine how many miles they live from the bank, is the mean travel distance for this sample considered a parameter or a statistic? Explain.
Use Excel or Minitab to generate five random numbers between 1 and 900.
According to the U.S. Bureau of Labor Statistics, the annual percentage increase in U.S. college tuition and fees in 1995 was 6.0%, in 1999 it was 4.0%, and in 2004 it was 9.5%. Are these percentages statistics or parameters? Explain.
According to an article in the Idaho Statesman, a poll taken the day before elections in Germany showed Chancellor Gerhard Schroeder behind his challenger, Angela Merkel, by 6 to 8 percentage points. Is this a statistic or a parameter? Explain.
Give the name of the kind of sampling that was most likely used in each of the following cases:a. a Wall Street Journal poll of 2,000 people to determine the president’s approval ratingb. a poll taken of each of the General Motors (GM)dealerships in Ohio in December 2008 to determine an estimate
Sysco Foods is a statewide food distributor to restaurants, universities, and other establishments that prepare and sell food. The company has a very large warehouse where the food is stored until it is pulled from the shelves to be delivered to the customers. The warehouse has 64 storage racks
The National Park Service has started charging a user fee to park at selected trailheads and crosscountry ski lots. Some users object to this fee, claiming they already pay taxes for these areas.The agency has decided to randomly question selected users at fee areas in Colorado to assess the level
Mount Hillsdale Hospital has over 4,000 patient files listed alphabetically in its computer system.The office manager wants to survey a statistical sample of these patients to determine how satisfied they were with service provided by the hospital. She plans to use a telephone survey of 100
What is the difference between qualitative and quantitative data?
What is the difference between ordinal and nominal data?
You have collected the following information on 15 different real estate investment trusts (REITs). Identify whether the data are cross-sectional or time-series.a. income distribution by region in 2008b. per share (diluted) funds from operations (FFO) for the years 2002 to 2008c. number of
Recently the manager of the call center for a large Internet bank asked his staff to collect data on a random sample of the bank’s customers. Data on the following variables were collected and placed in a file called Bank Call Center:a. Would you classify these data as time-series or
The University of Michigan publishes a monthly measure of consumer confidence. This is taken as a possible indicator of future economic performance.Comment on this process within the context of what was covered in this chapter.Business Applications
In a business publication such as The Wall Street Journal or Business Week, find a graph or chart representing time-series data. Discuss how the data were gathered and the purpose of the graph or chart.
In a business publication such as The Wall Street Journal or Business Week, find a graph or chart representing cross-sectional data. Discuss how the data were gathered and the purpose of the graph or chart.
The makers of “Mama’s Home-Made Salsa” are concerned about the quality of their product. The particular trait of the salsa of concern is the thickness of the salsa in each jar.a. Discuss a plan by which the managers might determine the percentage of jars of salsa believed to have an
Given the following data, develop a frequency distribution:5 3 2 6 6 7 3 3 6 7 7 9 7 5 3 12 6 10 7 2 6 8 0 7 4
Assuming you have data for a variable with 2,000 values, using the 2k n guideline, what is the least number of groups that should be used in developing a grouped data frequency distribution?
Produce the relative frequency distribution from a sample of size 50 that gave rise to the following ogive: Cumulative Relative Frequency 1.0 0.8 0.6 0.4 T T 0.2- 0.0 Ogive 0 100 200 300 400 500 600 Sales
You have the following data:8 6 11 14 10 11 9 7 2 8 9 5 5 5 12 7 8 4 17 8 12 7 8 8 7 10 8 6 9 9 11 16 2 7 4 8 4 4 5 5 9 9 6 6 7 7 9 5 4 5 14 2 9 0 6 1 1 12 11 4a. Construct a frequency distribution for these data.Use the 2k n guideline to determine the number of classes to use.b. Develop a relative
You are given the following data:6 10 6 4 9 5 5 5 5 7 6 2 5 5 5 4 5 7 6 7 8 6 8 4 7 5 5 5 5 7 8 7 6 7 5 4 6 4 4 7 4 6 6 7 8 6 7 6 7 8 5 6 5 7 3 6 4 7 4 4a. Construct a frequency distribution for these data.b. Based on the frequency distribution, develop a histogram.c. Construct a relative frequency
Using the data from Problem 2-8,a. Construct a grouped data relative frequency distribution of the data. Use the 2k n guideline to determine the number of classes.b. Construct a cumulative frequency distribution of the data.c. Construct a relative frequency histogram.d. Construct an ogive.
Burger King is one of the largest fast-food franchise operations in the world. Recently, the district manager for Burger King in Las Vegas conducted a study in which she selected a random sample of sales receipts.She was interested in the number of line items on the receipts. For instance, if a
The sales manager for the Fox News TV station affiliate in a southern Florida city recently surveyed 20 advertisers and asked each one to rate the service of the station on the following scale:Very Good Good Fair Poor Very Poor 1 2 3 4 5 He also tracked the general time slot when the advertiser’s
A St. Louis–based shipping company recently selected a random sample of 49 airplane weight slips for crates shipped from an automobile parts supplier. The weights, measured in pounds, for the sampled crates are as follows:89 83 97 101 86 89 86 91 84 89 87 93 86 90 86 92 92 88 88 92 86 93 80 93 77
The bubble in U.S. housing prices burst in 2008, causing sales of houses to decline in almost every part of the country. Many homes were foreclosed because the owners could not make the payments.Below is a sample of 100 residential properties and the total balance on the mortgage at the time of
Wageweb exhibits salary data obtained from surveys.It provides compensation information on over 170 benchmark positions, including finance positions.It recently reported that salaries of Chief Finance Officers (CFOs) ranged from $127,735 to $209,981(before bonuses). Suppose the following data
The San Diego Union Tribune reported that the 30-year fixed-rate mortgage rates had risen to an average of 5.74%. A sample of mortgage rates in the San Diego area produced the following interest rates:5.84 5.73 5.58 5.69 5.84 5.68 5.73 5.79 5.77 5.67 5.76 5.70 5.70 5.66 5.71 5.80 5.81 5.75 5.81
Orlando, Florida, is a well-known, popular vacation destination visited by tourists from around the world. Consequently, the Orlando International Airport is busy throughout the year. Among the variety of data collected by the Greater Orlando Airport Authority is the number of passengers by
The file German Coffee contains data on individual coffee consumption (in kg) for 144 randomly selected German coffee drinkers.a. Construct a data array of the coffee consumption data.b. Construct a frequency distribution of the coffee consumption data. Within what class do more of the observations
The following data reflect the percentages of employees with different levels of education:Education Level Percentage Less than high school graduate 18 High school graduate 34 Some college 14 College graduate 30 Graduate degree 4 Total 100a. Develop a pie chart to illustrate these data.b. Develop
Given the following data, construct a stem and leaf diagram:0.7 1.7 2.8 3.8 0.8 1.8 3.3 4.3 1.0 2.0 4.4 5.4 1.1 2.1 5.3 6.3 1.4 2.4 5.4 6.4 2.0 3.0
Given the following sales data for product category and sales region, construct at least two different bar charts that display the data effectively:Region East West North South XJ-6 Model 200 300 50 170 Product X-15-Y Model 100 200 20 100 Type Craftsman 80 400 60 200 Generic 100 150 40 50
The 2007 Annual Report of Murphy Oil Corporation contains the following information concerning the number of barrels of product sold per day by product category for North America and the United Kingdom.North America 2007 Gasoline 298,833 Kerosene 1,685 Diesel & home heating oils 91,344 Residuals
Boston Properties is a real estate investment trust(REIT) that owns first-class office properties in selected markets. According to its 2007 annual report, its income distribution by region (in percent) was as follows:Region 2007 Income Distribution Princeton 4%Washington, D.C. 21%Boston 27%New
Hileman Services Company recently released the following data concerning its operating profits (in$billions) for the last five years:Year 2004 2005 2006 2007 2008 Profit 0.5 0.1 0.7 0.5 0.2a. Construct a bar chart to graphically display these data.b. Construct a pie chart to graphically display
DaimlerChrysler recently sold its Chrysler division to a private equity firm. Before the sale it reported its firsthalf revenues (in $billions) as follows:Division Mercedes Chrysler Commercial Vehicles Financial Services Total Revenues 27.7 30.5 23.2 8.9 90.3a. Produce a bar chart for these data.b.
The pharmaceutical industry is a very fast-growing segment of the U.S. and international economies.Recently, there has been controversy over how studies are done to show that drugs are both safe and effective. One drug product, Cymbalta, which is an antidepressant, was purported in a published
The number of branded retail outlets for Murphy Oil Corporation as of December 31 of each year from 2001 to 2007 are shown below (Source: 2007 Annual Report of Murphy Oil Corporation).Branded Retail Outlets 2001 2002 2003 2004 2005 2006 2007 North America (total)815 914 994 1,127 1,201 1,164 1,126
The 2008 Annual Report of the Procter & Gamble Company reports the following net sales information by global segment:Global Segment 2008 Net Sales ($Millions)Beauty 19,515 Grooming 8,254 Health Care 14,578 Snacks, Coffee, and Pet Care 4,852 Fabric Care and Home Care 23,831 Baby Care and Family Care
A fast-food restaurant monitors its drive-thru service times electronically to ensure that its speed of service is meeting the company’s goals. A sample of 28 drive-thru times was recently taken and is shown here.Speed of Service (Time in Seconds)83 138 145 147 130 79 156 156 90 85 68 93 178 76
A random sample of 30 customer records for a physician’s office showed the following time (in days)to collect insurance payments:Number of Days to Collect Payment 34 55 36 39 36 32 35 30 47 31 60 66 48 43 33 24 37 38 65 35 22 45 33 29 41 38 35 28 56 56a. Construct a stem and leaf diagram of these
USA Today presented data (Marilyn Adams and Dan Reed, “Difficult Times Battered Airlines,” September 16, 2005) to show that major airlines accounting for more than half of capacity were expected to be in bankruptcy court. The total seat capacity of major airlines was 858 billion at the time.
Many of the world’s most successful companies rely on The NPD Group to provide global sales and marketing information that helps clients make more informed, fact-based decisions to optimize their businesses. These customers need NPD help for insight on what is selling, where, and why so that they
The following data represent 11 observations of two quantitative variables:x contact hours with client, y profit generated from client.x y x y x y x y 45 2,345 54 3,811 34 700 24 1,975 56 4,200 24 2,406 45 3,457 32 206 26 278 23 3,250 47 2,478a. Construct a scatter plot of the data. Indicate
You have the following sales data for the past 12 months. Develop a line graph for these data.Month Jan Feb Mar Apr May Jun Sales 200 230 210 300 320 290 Month Jul Aug Sep Oct Nov Dec Sales 300 360 400 410 390 450
The following data represent 11 observations of two quantitative variables:x contact hours with client, y profit generated from client.
You have the following sales data for the past 12 months. Develop a line graph for these data.Month Jan Feb Mar Apr May Jun Sales 200 230 210 300 320 290 Month Jul Aug Sep Oct Nov Dec Sales 300 360 400 410 390 450
The following data have been selected for two variables, y and x. Construct a scatter plot for these two variables and indicate what type, if any, relationship appears to be present.y x 100 23.5 250 17.8 70 28.6 130 19.3 190 15.9 250 19.1 40 35.3
The following information shows the year-end dollar value (in millions) of deposits for Bank of the Ozarks, Inc., for the years 1997–2007.Year Deposits (in $Millions)1997 296 1998 529 1999 596 2000 678 2001 678 2002 790 2003 1,062 2004 1,380 2005 1,592 2006 2,045 2007 2,057 Prepare a line chart
VanAuker Properties’ controller collected the following data on annual sales and the years of experience of members of his sales staff:Sales $K: 200 191 135 236 305 183 50 192 184 73 Years: 10 4 5 9 12 6 2 7 6 2a. Construct a scatter plot representing these data.b. Determine the kind of
Amazon.com celebrated its 13th anniversary in July 2007. Its growth can be seen by examining its increasing sales volume (in $billions) as reported by Hoovers Inc.Sales 0.0005 0.0157 0.1477 0.6098 1.6398 Year 1995 1996 1997 1998 1999 Sales 2.7619 3.1229 3.9329 5.2637 6.9211 Year 2000 2001 2002 2003
Recent changes in the U.S. federal tax code have increased the popularity of dividend-paying stocks for some investors. Shown here are the diluted net earnings per common share and the dividends per common share for the Procter & Gamble Company (P&G) for the years 1996–2005. (Source: 2005 P&G
Business Week (Reed, Stanley, et al., “Open Season on Big Oil,” September 26, 2005) reported on data provided by A. G. Edwards & Sons concerning the profits ($billions) for 10 of the largest integrated oil and gas companies over the period from 1999 to 2005.Year 1999 2000 2001 2002 2003 2004
Japolli Bakery tracks sales of its different bread products on a daily basis. The data at the top of the next page show sales for 22 consecutive days at one of its retail outlets in Nashville. Develop a line chart that displays these data. The data are also located in a data file called Japolli
What are the characteristics of a data set that would lead you to construct a bar chart?
USA Today reported (Anthony Breznican and Gary Strauss, “Where Have All the Moviegoers Gone?” June 23, 2005) that in the summer of 2005 ticket sales to movie theaters had fallen for 17 straight weeks, the industry’s longest losing streak since 1985.To determine the long-term trends in ticket
The following data represent the commuting distances for employees of the Pay-and-Carry Department store.a. The personnel manager for Pay-and-Carry would like you to develop a frequency distribution and histogram for these data.b. Develop a stem and leaf diagram for these data.c. Break the data
Anyone attending college realizes tuition costs have increased rapidly. In fact, tuition had risen at a faster pace than inflation for more than two decades. Data showing costs for both private and public colleges, for selected years, are shown below.Year 1984 1989 1994 1999 2004 Private College
A recent article in USA Today used the following data to illustrate the decline in the percentage of men who receive college and advanced degrees:Bachelor Doctorate 1989 2003 2014* 1989 2003 2014*Men 47 43 40 64 57 49 Women 53 57 60 36 43 51a. Use one graph that contains two bar charts, each of
The regional sales manager for American Toys, Inc., recently collected data on weekly sales (in dollars) for the 15 stores in his region. He also collected data on the number of salesclerk work hours during the week for each of the stores. The data are as follows:Store Sales Hours Store Sales Hours
The Energy Information Administration (EIA) surveys the price of diesel fuel. The EIA-888 is a survey of diesel fuel outlet prices from truck stops and service.a. the total time from arrival on the property to departure from the drive-thru windowb. the time from when customers place the order until
You are given the following sample data:Group 1 Group 2 Group 3 21 17 29 25 15 38 36 34 28 35 22 27 33 16 14 23 19 26 31 30 39 32 20 36a. State the appropriate null and alternative hypotheses to test whether there is a difference in the medians of the three populations.b. Based on the sample data
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