Questions and Answers of Business Statistics In Practice

The following data represent the afternoon high temperatures for 50 construction days during a year in Toronto.a. Construct a frequency distribution for the data using five class intervals.b.
Shown here are the sales data (in $ millions) for furniture and home furnishing stores over a recent period of five years. Using this data:a. Construct a time-series graph for one year of the data.
The following is a list of the six largest pharmaceutical and biotech companies in the world ranked by health-care revenue (in US$ millions). Use this information to construct a pie chart and a bar
Initial public offerings (IPOs) can be a risky investment; thus, in an IPO, the issuer may obtain the assistance of an underwriting firm. Shown here is a list of the top five Canadian underwriting
The Airports Council International (ACI) publishes data on the world’s busiest airports. Shown below is a histogram constructed fromACI data on the number of passengers that emplaned and deplaned
The table below shows the quarterly exports (in $ millions) from eight fictional towns in North America over a two-year period.a. Construct a time-series graph for one of the cities. Looking at your
Every year, a hundred or so boats go fishing for Alaskan king crabs for three or four weeks off the Bering Strait. To catch these king crabs, large pots are baited and left on the sea bottom, often a
The top seven airlines in the world by passengers carried in a recent year were Delta Airlines with 164.6 million, United Airlines with 140.4 million, Southwest Airlines with 134.0 million, American
The U.S. National Oceanic and Atmospheric Administration, National Marine Fisheries Service, publishes data on the quantity and value of domestic fishing in the U.S. The quantity (in millions of
It seems logical that the number of days per year that an employee is late for work is at least somewhat related to the employee’s job satisfaction. Suppose 10 employees are asked to record how
In a medium-sized city, 86 houses are for sale, each having about 2,000 square feet (185 square metres) of floor space. The asking prices vary. The frequency distribution shown contains the price
Use the data from Problem 2.34.a. Construct a histogram and a frequency polygon.b. Construct an ogive.Data from Problem 2.34A distribution company in Alberta surveyed 53 of its midlevel managers. The
Construct a bar chart from the following data. Category Frequency A 7 B 12 с 14 D E 5 сл 19
Yellowknife Steel manufactures a metal ring for industrial engines that usually has a mass of about 50 g. A random sample of 50 of these metal rings produced the following masses (in grams).Construct
Shown here is a list of the 10 industrial sources with the largest air pollutant emissions in a recent year for Canada according to Environment Canada. Construct a pie chart to depict this
Shipping a 40-foot (12-m) container by boat from Shanghai to Vancouver takes, on average, 16 days. However, due to several possible circumstances, shipping times can vary. Suppose a transportation
It is commonly known that the Canadian-to-U.S. dollar exchange rate affects the number of Canadian travellers to the U.S. and also the number of travellers to Canada from the U.S. The following data
Listed here are 30 different weekly TSX composite stock averages. Construct a stem-and-leaf plot for these 30 values. Let each leaf contain two digits.
Classify each of the following as nominal, ordinal, interval, or ratio data.a. The ranking of a company by Report on Business magazine’s Top 1000b. The number of tickets sold at a movie theatre on
The Mapletech Manufacturing Company makes electric wiring, which it sells to contractors in the construction industry. Approximately 900 electrical contractors purchase wire from Mapletech annually.
One night over dinner in 1967 in San Antonio, Texas, Rollin King presented his idea for a new airline to Herb Kelleher by drawing a triangle on a napkin and labelling the three corners as Dallas,
Revenues for the Coca-Cola Company for a period of 17 years are given in the table below. Construct a time-series to visualize the data. What does the time-series line chart tell you about the
A country’s political representation (Liberal, Conservative, Other) changes over time. Assume the data below indicate political representation over a period of 20 consecutive years. Examine the
The Coca-Cola Company is the number-one seller of soft drinks in the world. Every day an average of more than 1.9-billion servings of Coca-Cola, Diet Coke, Sprite, Fanta, and other products of
Compute the mean for the following numbers. 17.3 44.5 31.6 40.0 52.8 38.8 30.1 78.5
Compute the mean for the following numbers. 7 -2 59 0 90 -3 -6 -7 -4 -5 2 -8
1. What is meant by the property of the shape of a distribution of data?2. If the mode of a data set is smaller than the median, which in turn is smaller than the mean, the distribution of data is
The following list shows the 15 largest banks in the world by assets according to Standard and Poor’s. Compute the median and the mean assets from this group. Which of these two measures do you
The following lists 12 large automakers and the number of cars produced by each in a recent year. Compute the median, Q3, P20, P60, P80, and P93 for these data. Auto Manufacturer Volkswagen General
The Bluewater Recycling Association is a non-profit organization owned by several municipalities in southwestern Ontario that provides waste collection and recycling services to residents. Recycling
A survey in the U.S. asked companies about the procedures they use in hiring. Only 54% of the responding companies review the applicant’s university results as part of the hiring process, and only
Use Table A.3, Appendix A, to find the following Poisson distribution values.a. P(x = 3|λ = 1.8)b. P(x < 5|λ = 3.3)c. P(x ≥ 3|λ = 2.1)d. P(2 < x ≤ 5|λ = 4.2)
The 3M company is a global innovation company with over 100,000 patents, $31.7 billion in sales, and 91,000 employees. 3M has 27 business units organized under five business groups: consumer,
Using the given sample information, test the following hypotheses.a.b. Sample 1 n₁ = 368 X₁ = 175 Ho: P₁-P₂=0 Ha: P₁ - P2 #0 Sample 2 n₂ = 405 X₂ = 182 Let a = 0.05. Note that x is
The Wall Street Journal reported some interesting statistics on the job market. One statistic is that 40% of all workers say they would change jobs for “slightly higher pay.” In addition, 88% of
An increasing number of consumers believe they have to look out for themselves in the marketplace. According to a survey conducted by the Yankelovich Partners for USA WEEKEND magazine, 60% of all
According to the Financial Planners Standards Council, 22% of certified financial planners (CFPs) earn between $100,000 and $149,999 per year. Thirty-two percent earn $150,000 or more. Suppose a
Shown here are the 10 Canadian provinces ranked by operating revenue for the hotels, motor hotels, and motels industry as compiled by Statistics Canada for a recent year.Suppose four of these
A western city has 18 police officers eligible for promotion. Eleven of the 18 are men. Suppose only five of the police officers are chosen for promotion and that one is a man. If the officers chosen
Find the following values by using the Poisson formula.a. P (x = 5 | λ = 2.3)b. P (x = 2 | λ = 3.9)c. P (x ≤ 3 | λ = 4.1)d. P (x = 0 | λ = 2.7)e. P (x = 1 | λ = 5.4)f. P (4 < x < 8 | λ
Following are the three-year annualized returns for 14 popular mutual funds in a recent year.a. Calculate the mean, median, and mode.b. Calculate the range, interquartile range, mean absolute
On Monday mornings, a CIBC branch has only one teller window open for deposits and withdrawals. Experience has shown that the average number of arriving customers in a 4-minute interval on Monday
We show the companies with the largest oil-refining capacity in the world according to Forbes. Use these population data and answer the questions.a. What are the values of the mean and the median?
Suppose a market research firm enlisted 800 families in one Canadian city to participate in a study of expenditures for the December holiday season. Each family kept a log of spending for this
Determine the interquartile range for the following data. 44 46 23 82 71 18 59 19 14 25 39 37 90 38 39 40 15 58 27 84 59 73 35 24 70
Construct a box-and-whisker plot for the following data. Do the data contain any outliers? Is the distribution of data skewed? 540 690 379 601 $10
Environmentalists are concerned about emissions of sulphur dioxide into the air. The average number of days per year in which sulphur dioxide levels exceed 150 mg/m3 in Milan, Italy, is 29. emissions
Shown here are revenues of the top 10 fastest-growing companies as reported by Fortune in a recent year. Use this population data to compute a mean and a standard deviation for these 10 companies.
Use a business analytics approach to analyze the following data using descriptive statistics. Write a half-page report of your findings that might aid business people making decisions based on
The following are the per capita GDP figures (rounded to the nearest hundred) for eight European countries according to the World Bank. The monetary figures are in international dollars; for
The following list shows the most popular stocks with investment clubs. Compute the mean, median, P30, P60, P90, Q1, Q3, range, and interquartile range. Company PepsiCo Intel Motorola Yum!
The latest Canadian census asked every household to report information on each person living there. Suppose for a sample of 30 households selected, the number of people living in each was reported as
The latest Canadian census asked every household for the age of each person living there. Suppose that a sample of 40 households taken from the census data showed the age of the first person recorded
Hispanic Business, Inc. compiled a list of the top advertisers cultivating the Hispanic market in the U.S. These data (US$ millions) were entered into a spreadsheet and analyzed. Study the output and
The sales volumes for the top real estate brokerage firms in Canada for a recent year were analyzed using descriptive statistics. The mean annual dollar volume for these firms was $551 million, the
The top 20 Canadian ports in a recent year, ranked by total tonnage (in millions of tonnes), were as follows.a. Construct a box-and-whisker plot for these data.b. Discuss the shape of the
The Globe and Mail compiled a list of the top 100 public companies in Canada according to profit. Leading the list is the Toronto- Dominion Bank, followed by the Bank of Nova Scotia. The following
Many large companies are located around the world. The number of employees for 46 of the largest employers with headquarters outside the United States were analyzed with Excel’s descriptive
The Competitive Media Reporting and Publishers Information Bureau compiled a list of the top 25 advertisers in the U.S. for a recent year. The total advertising expenditures for each company (US$
Use the values in the matrix to solve the equations given.a. P ( A ∪ D ) = ____b. P ( E ∪ B ) = ____c. P ( D ∪ E ) = ____d. P ( C ∪ F ) = ____ A B с D 5 10 00 8 E 8 6 2 F 12 4 5
According to a recent census, the average annual salary of a worker in Edmonton, Alberta, is $30,468. Suppose the median annual salary for a worker in this group is $26,721 and the mode is $25,000.
A small company has 20 employees. Six of these employees will be selected randomly to be interviewed as part of an employee satisfaction program.a. How many different groups of six can be selected?b.
Use the values in the matrix to solve the equations given.a. P ( A ∪ F ) = ____b. P ( E ∪ B ) = ____c. P ( B ∪ C ) = ____d. P ( E ∪ F ) = ____ E A
A company’s customer service toll-free telephone system is set up so that the caller has six options. Each of these six options leads to a menu with four options. For each of these four options,
Given P (A) = 0.10, P (B) = 0.12, P (C) = 0.21, P (A ∩ C) = 0.05 , and P (B ∩ C) = 0.03, solve the following.a. P ( A ∪ C ) = ____b. P ( B ∪ C ) = ____c. If A and B are mutually exclusive, P
According to a survey, 16% of the population is technology driven. However, these figures vary by region. For example, in British Columbia the figure is 20% and in Manitoba the figure is 17%. Sixteen
Suppose that 47% of all Canadians have flown in an airplane at least once and that 28% of all Canadians have ridden on a train at least once. What is the probability that a randomly selected Canadian
Shown here are 19 oil-refining companies. Some of the companies are privately owned and others are state owned. Suppose six companies are randomly selected.a. What is the probability that exactly one
Determine the mean, the variance, and the standard deviation of the following discrete distribution. x 1 2 3 4 5 P(x) 0.238 0.290 0.177 0.158 0.137
Suppose 20% of the people in a city prefer Pepsi-Cola as their soft drink of choice. If a random sample of six people is chosen, the number of Pepsi drinkers can range from zero to six. Shown here
Determine the mean, the variance, and the standard deviation of the following discrete distribution. X 0 1 123 2 4 567 5 6 P(x) 0.103 0.118 0.246 0.229 0.138 0.094 0.071 0.001
Eighty-three percent of the Canadian population now live in urban areas.2 Assume that about 15% of all Canadian adults care for ill relatives and that 11% of adults living in urban areas care for ill
A survey estimated that 67% of all households with television subscribe to a digital streaming service. Seventy-four percent of all households with television have two or more TV sets. Suppose 55% of
In a recent consumer payment study, respondents were asked which payment type feels safest for online purchases. Credit card was selected as safest by 42% of the respondents. None of the respondents
According to Statistics Canada figures, 28.3% of all Canadians are in the 0–24 age bracket, 13.8% are in the 25–34 age bracket, 13.2% are in the 35–44 age bracket, and 44.6% are in the 45 and
The Report on Business Top 1,000 ranks 1,000 Canadian companies using various criteria. Of the top 20 companies by number of employees, 4 are banks. Suppose four companies are randomly selected.a.
Over three decades ago, four businesspeople who had experience in retailing natural foods through food stores believed that there was a demand for a supermarket for natural foods. As a result, in
In a recent survey, buyers were asked a series of questions with regard to Internet usage. One question asked was how they would use the Internet if security and other issues could be resolved.
Assume that a study has shown that about half of all Canadian workers who change jobs cash out their pension plans rather than leaving the money in the account to grow. The percentage is much higher
Suppose the average number of annual trips per family to amusement parks in Canada is Poisson distributed, with a mean of 0.6 trips per year. What is the probability of randomly selecting a Canadian
Ship collisions in the Vancouver harbour are rare. Suppose the number of collisions is Poisson distributed, with a mean of 1.2 collisions every four months.a. What is the probability of having no
In a study by Peter D. Hart Research Associates for the Nasdaq Stock Market, it was determined that 20% of all stock investors are retired people. In addition, 40% of all adults invest in mutual
According to the Heart and Stroke Foundation of Canada, in a recent year 17.6% of Canadians between the ages of 65 and 79 report having heart disease or stroke. Suppose you live in a province where
Suppose a survey reveals that 69% of Canadian workers say job stress causes frequent health problems. One in four said they expected to burn out on the job in the near future. Thirty-two percent said
Suppose that the probability that a passenger files a complaint with the Canadian Transportation Agency about a particular airline is 0.000014. Suppose 100,000 passengers who flew with this
According to a recent census, about 63% of Manitoba residents live in cities with a population of 10,000 or more people. A catalogue sales company in Ontario just purchased a list of Manitoba
Determine the probabilities for the following normal distribution problems.a. μ = 604 , σ = 56.8 , x ≤ 635b. μ = 48 , σ = 12 , x < 20c. μ = 111 , σ = 33.8 , 100 ≤ x < 150d. μ = 264 ,
Recent market research reported that HP controlled 23% of the PC market in Canada. Suppose a business analyst randomly selects 130 recent purchasers of PCs in Canada.a. What is the probability that
During the summer at a small private airport in western British Columbia, the unscheduled arrival of airplanes is Poisson distributed with an average arrival rate of 1.12 planes per hour.a. What is
Tool workers are subject to work-related injuries. One disorder, caused by strains to the hands and wrists, is called carpal tunnel syndrome. It strikes as many as 23,000 workers per year. It is
During the dry month of August, one Canadian city has measurable rain on average only 2 days per month. If the arrival of rainy days is Poisson distributed in this city during the month of August,
The exponential distribution can be used to solve Poisson-type problems in which the intervals are not time. According to SITA, the Geneva-based organization that provides World Tracer and other
Income tax returns one year averaged $1,332 in refunds for taxpayers. One explanation of this figure is that taxpayers would ratherhave the government keep back too much money during the year than
Tompkins International reports that the mean clear height for a Class A warehouse in the U.S. is about 6.7 m. Suppose clear heights are normally distributed and that the standard deviation is 1.2 m.
Suppose that the annual employer participation in the Canada/ Quebec Pension Plan (CPP/QPP) per employee is normally distributed with a standard deviation of $625, but the mean is unknown. If 73.89%
One study on managers’ satisfaction with management tools reveals that 59% of all managers use self-directed work teams as a management tool. Suppose 70 managers selected randomly in Canada are
Marriott of business travellers who take trips of five nights or more. According to this study, 37% of these travellers enjoy sightseeing more than any other activity that they do not get to do as
Data accumulated by Environment Canada show that the average wind speed in kilometres per hour for Victoria International Airport, located on the Saanich Peninsula in British Columbia, is 9.3.
Suppose that the Canadian national average wait time for patients to see a doctor in a walk-in clinic is 21.3 minutes. Suppose such wait times are normally distributed with a standard deviation of
Suppose the average Canadian household spends $2,100 a year on all types of insurance. Suppose the figures are uniformly distributed between the values of $400 and $3,800. What are the standard

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