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business statistics using excel
Basic Business Statistics Concepts And Applications 5th Edition L. Berenson Mark, David Levine, Kathryn Szabat, Judith Watson, Nicola Jayne, Martin O'brien - Solutions
The manager of a Check$mart Bank branch wants to analyse waiting times of customers for teller service during the 12 noon to 1 pm lunch hour. A subgroup of four customers is selected (one in each 15-minute interval during the hour), and the time in minutes is measured from the point each customer
The following summary of data is for subgroups of n = 4 for a 10-day period.
For subgroups of n = 4, what is the value of:a. the d2 factor?a. the D4 factor?b. the d3 factor?e. the A2 factor?c. the D3 factor?
For an investigation into the number of homicide and related offences, Hemi obtained the data in < NZ_HOMICIDE >, which give the number of homicide and related offences per month in New Zealand from June 2015 to May 2017 (data obtained from New Zealand Police, Offender Demographics (Proceedings),
The data in the file < FATAL_CRASH_JUNE > give the number of fatal crashes per day in Australia during June 2016 and June 2017.A researcher wants to determine whether variation in the number of fatal crashes is due to chance variation or specialcause variation. (data obtained from the Australian
Falls are one source of preventable hospital injury. Although most patients who fall are not hurt, a risk of serious injury is involved. The data in the file < PT_FALLS > represent the number of patient falls per month over a 28-month period in a large metropolitan hospital.a. Construct a c chart
The branch manager of a savings bank has recorded the number of errors that each of 12 tellers has made during the past year. The results were as follows. < TELLER >a. Do you think the bank manager will single out Gina for any disciplinary action regarding her performance in the last year?b.
To improve service quality the owner of a dry cleaning business wants to study the number of dry cleaned items that are returned for re-cleaning per day. Records were kept for a four-week period (the store is open Monday to Saturday) with the results given below. < DRYCLEAN >a. Construct a c chart
The following data were collected on the number of nonconformities for 10 time periods:a. Construct the appropriate control chart and determine the LCL and UCL.b. Are there any special causes of variation?
The following data were collected on the number of nonconformities for 10 time periods:a. Construct the appropriate control chart and determine the LCL and UCL.b. Are there any special causes of variation?
(Class project) Obtain a version of the red bead experiment for your class.a. Conduct the experiment in the same way as described in this section.b. Remove 400 red beads from the bead box before beginning the experiment. How do your results differ from those in (a)?What does this tell you about the
In the red bead experiment, how do you think many managers would have reacted after day 1? Day 2? Day 3?
Check$mart Bank is monitoring the proportion of transaction errors made by customer service operators at a (24-hour, 7 days a week) phone banking call centre. Data collected over a month (30 days) is given in the file < BANK_ERROR >.a. Construct a p chart for the proportion of transaction errors.b.
The manager of the accounting office of a large corporation is studying the problem of entering incorrect account numbers into the computer system. A subgroup of 200 account numbers is selected from each day’s output, and each account number is inspected to determine whether it is a nonconforming
The bottling division of Sweet Suzy’s Sugarless Cola maintains daily records of the occurrences of unacceptable cans flowing from the filling and sealing machine. The following table lists the number of cans filled and the number of nonconforming cans for one month (based on a five-day working
A hospital administrator is concerned with the time to process patients’ medical records after discharge. She determined that all records should be processed within five days of discharge.Thus, any record not processed within five days of a patient’s discharge is nonconforming. The
The following data represent the findings from a study conducted at a factory that manufactures film canisters. For 32 days, 500 film canisters were sampled and inspected.The following table lists the number of defective film canisters (i.e. nonconforming items) for each day(i.e. subgroup). <
A medical transcription service enters medical data on patient files for hospitals. The service studied ways to improve the turnaround time (defined as the time between receiving data and the time the client receives completed files). After studying the process, it was determined that turnaround
The following data were collected on nonconformances for a period of 10 days.
The following data were collected on nonconformances for a period of 10 daysa. On what day is the proportion of nonconformances largest?Smallest?b. Calculate the LCL and UCL.c. Are there any special causes of variation?
A manufacturer of a brand of inexpensive felt-tip pens maintains a production process that produces 10,000 pens per day. In order to maintain the highest quality of this product, the manufacturer guarantees free replacement of any defective pen sold. Each defective pen produced costs 20 cents for
The manufacturer of a nationally distributed brand of potato chips wants to determine the feasibility of changing the product package from a cellophane bag to an unbreakable container. The product manager believes that there are three
The owner of a company that supplies home heating oil to Australian customers is deciding whether to offer a solar heating installation service to this market. The owner of the company has determined that a startup cost of $150,000 would be necessary, but a profit of $2,000 can be made on each
A supermarket chain purchases large quantities of discounted own-brand white bread for sale during a week. The stores purchase the bread for $1.00 a loaf and sell it for $1.80 a loaf.Any loaves not sold after three days can be donated to charity, returning a tax benefit worth approximately $0.32
Why should you use utilities instead of payoffs in certain circumstances?
What is the difference between a risk averter and a risk seeker?
How is Bayes’ theorem used to revise probabilities in light of the sample information?
What are the advantages and disadvantages of using expected monetary value (EMV) as compared with the return-to-risk ratio(RTRR )?
How does the expected value of perfect information differ from the expected profit under certainty?
What is the meaning of the expected value of perfect information (EVPI )?
How does expected monetary value (EMV ) differ from expected opportunity loss (EOL)?
Why can’t an opportunity loss be negative?
How are opportunity losses calculated from payoffs?
What are the advantages and disadvantages of a payoff table as compared with a decision tree?
What is the difference between an event and an alternative course of action?
In problem 17.16 on page 693, an author is deciding which of two competing publishing companies to select to publish her new novel. Before making a final decision, the author decides to have an experienced reviewer examine her novel. This reviewer has an outstanding reputation for predicting the
In problem 17.14 on page 693, an investor is trying to determine the optimal investment decision between three investment opportunities. Before making his decision, the investor decides to consult with his stockbroker. In the past when the economy has declined the stockbroker has given a rosy
In problem 17.12 on page 692, a street vendor outside a cricket ground was deciding whether to sell ice cream or hot dogs at today’s game. Before making his decision, he decides to listen to the local weather forecast. In the past, when it has been cool the reporter has forecast cool weather 80%
Consider the following payoff table.
In problem 17.5. on page 685, you developed a payoff table for whether to purchase 100, 200, 500 or 1,000 Christmas trees.Given the results of that problem, suppose that the demand probabilities for different numbers of trees are as follows:
In problem 17.4 on page 685, you developed a payoff table to assist an author in choosing between signing with company A or with company B. Given the results calculated in that problem, suppose that the probabilities of the levels of demand for the novel are as follows:a. Calculate the expected
In problem 17.3 on page 685, you developed a payoff table for building a small factory and a large factory for manufacturinga. Calculate the expected monetary value (EMV) for building a small factory and building a large factory.b. Calculate the expected opportunity loss (EOL) for building a small
An investor has a certain sum of money available to invest now. Three alternative investments are available. The estimated profits of each investment under each economic condition are indicated in the following payoff table:
The Hawkesbury Tomato Farm grows tomatoes each summer at a cost of $2.50 per kilogram and sells them at a farmgate stall for $3.50 per kilogram. Any tomatoes not sold to the public by the end of the week can be sold to a local Italian restaurant for sauce making at $1.50 per kg. The company can
A street vendor outside a cricket ground is deciding whether to sell ice cream or hot dogs at today’s game. The vendor believes that the profit made will depend on the weather. The payoff table is as follows:Based on his experience at this time of year, the vendor estimates the probability of
The following are the results for shares in two companies:Which company would you choose to invest in, and why?
The following are the results for shares in two companies: A B Expected monetary value $90 $60 Standard deviation 10 10
A share has the following predicted returns under the following economic conditions:
For a potential investment of $1,000, if a share has an EMV of $100 and a standard deviation of $25, what is the:a. rate of return?b. coefficient of variation?c. return-to-risk ratio?
For the following payoff table:The probability of event 1 is 0.8, the probability of event 2 is 0.1 and the probability of event 3 is 0.1.a. Calculate the expected monetary value (EMV) for actions A and B.
For the following payoff table:The probability of event 1 is 0.5 and the probability of event 2 is also 0.5.a. Calculate the expected monetary value (EMV) for actions A and B.b. Calculate the expected opportunity loss (EOL) for actions A and B.c. Explain the meaning of the expected value of perfect
The East Ryfield Scout Group purchases and sells Christmas trees each year as a fundraiser. The group purchases the trees for $40 each and sells them for $75 each. Any trees not sold by Christmas Day are taken to the recycling centre at a cost of $5 each. The scout group estimates that four levels
An author is trying to choose between two publishing companies that are competing for the marketing rights to her new novel.Company A has offered the author $10,000 plus $2 per book sold. Company B has offered the author $2,000 plus $4 per book sold. The author believes that five levels of demand
A manufacturer of designer jeans must decide whether to build a large factory or a small factory in a particular location. The profit per pair of jeans manufactured is estimated as $10. A small factory will incur an annual cost of $200,000 and have a production capacity of 50,000 jeans per year. A
For this problem use the following payoff table: Action Event A ($) B ($) 1 50 10 23 2 300 100 3 500 200
For this problem use the following payoff table:
Nassau County is located approximately 25 miles east of New York City. The file < GLEN_COVE > contains a sample of 30 single-family homes located in Glen Cove. Variables included are the fair market value, land area of the property(acres), interior size of the house (square feet), age (years),
An agricultural industry consultant has been contracted to build a model to predict the demand for chicken in Malaysia. He postulates that demand for chicken may be related to the price of chicken, the price of duck, industry advertising expenditure and average income. < CHICKEN >Develop the most
Hemlock Farms is a community located in the Pocono Mountains area of eastern Pennsylvania. The file< HEMLOCK_FARMS > contains information on homes that were recently for sale. The variables included were:• list price – asking price of the house• hot tub – whether the house has a hot tub (0
A business analyst suspects a quadratic relationship exists between investor confidence (1 to 10) and exchange rates. A sample of 12 months of data is taken.< INVESTOR >a. Construct a scatter diagram for investor confidence and exchange rates.b. State the quadratic regression equation.c. Predict
Describe the steps to follow in model validation.
How do you choose between models according to the Cp statistic in best-subsets regression?
What is the difference between stepwise regression and bestsubsets regression?
How can you measure the influence that individual observations have on a particular regression model?
In problem 13.7. on page 510, GDP per capita and CPI were used to predict countries’ happiness. Develop the best model from the available data.
In problem 13.6. on page 510, a wine expert used alcohol content and amount of chlorides to predict wine quality.Develop the best model from the available data.
In problem 13.4. on page 509, a financial planner used unemployment rates and share market returns to predict retirement rates. Develop the best model from the available data.
Accounting Today identified top public accounting firms in ten geographic regions across the United States. The file< ACCOUNTING_PARTNERS6 > contains data for public accounting firms in the Southeast, Gulf Coast and Capital Region. The variables are:• revenue (millions of dollars)• number of
The human resources (HR) director for a large company that produces highly technical industrial instrumentation devices is interested in using regression modelling to help in recruiting decisions concerning the company’s sales managers.The company has 45 sales regions, each headed by a sales
You are considering six independent variables for inclusion in a regression model. You select a sample of 40 observations with the following results:n = 40 k = 2 T = 6 + 1 = 7 R2 k = 0.274 R2 T = 0.623a. Calculate the Cp value for this two-independent-variable model.b. Based on your answer to (a),
You are considering four independent variables for inclusion in a regression model. You select a sample of 30 observations with the following results:• The model that includes independent variables A and B has a Cp value equal to 4.6.• The model that includes independent variables A and C has a
In problem 13.8. on page 510, you used radio and newspaper advertising to predict product sales. Perform an influence analysis on the results and determine whether any observations should be deleted from the analysis. If necessary, re-analyse the regression model after deleting these observations
In problem 13.7. on page 510, you used GDP per capita and CPI to predict countries’ happiness. Perform an influence analysis on your results and determine whether any observations should be deleted from the analysis. If necessary, re-analyse the regression model after deleting these observations
In problem 13.6. on page 510, a wine expert used alcohol quantity and amount of chlorides to predict wine quality.Perform an influence analysis on the results and determine whether any observations should be deleted from the analysis.If necessary, re-analyse the regression model after deleting
In problem 13.5. on page 509, a researcher used GDP and population density to predict CO2 emissions. Perform an influence analysis on the results and determine whether any observations should be deleted from the analysis. If necessary, re-analyse the regression model after deleting these
In problem 13.4 on page 509, a financial planner used unemployment rates and share market returns to predict retirement rates. Perform an influence analysis on the results and determine whether any observations should be deleted from the analysis. If necessary, re-analyse the regression model after
Referring to the data of problem 16.5 on page 657, and using the file < EURO_TOURISM >, perform a square-root transformation of the independent variable (tourism establishments) and re-analyse the data using this model.a. State the regression equation.b. Predict tourism employment when the number
Referring to the data of problem 16.5 on page 657, and using the file < EURO_TOURISM >, perform a natural logarithm transformation of the dependent variable (employment) and re-analyse the data using this model.a. State the regression equation.b. Predict employment when the number of tourism
Referring to the data of problem 16.2 on page 656, using the file < SPEED >, perform a natural logarithmic transformation of the dependent variable (litres per 100 kilometres) and re-analyse the data using this model.a. State the regression equation.b. Predict the petrol consumed per 100 kilometres
Referring to the data of problem 16.2 on page 656, and using the file< SPEED >, perform a square-root transformation of the independent variable (speed) and re-analyse the data using this model.a. State the regression equation.b. Predict the petrol consumed per 100 kilometres when the car is driven
Researchers wanted to investigate the relationship between employment and accommodation capacity in the European travel and tourism industry. The file < EURO_TOURISM>contains a sample of 27 European countries. Variables included are the number of jobs generated in the travel and tourism industry in
A travel agency is interested in analysing the relationship between expenditure on social marketing and client revenue.The data are contained in < SOCIAL >.Assume a quadratic relationship between the social marketing expenditure and client revenue.a. Construct a scatter diagram for expenditure and
Businesses actively recruit business students with welldeveloped higher-order cognitive skills (HOCS) such as problem identification, analytical reasoning and content integration skills. Researchers in the United States conducted a study to see whether improvement in students’ HOCS was related to
A research analyst for General Motors Holden in Australia wants to develop a model to predict petrol consumed per 100 kilometres based on highway speed for the new model SV6. An experiment is designed in which a test SV6 is driven at speeds ranging from 20 kilometres per hour to 120 kilometres per
The following quadratic regression equation is for a sample of n = 30:Ŷi = 10 + 2X1i + −0.5X2 1ia. Predict Y for X1 = 4.b. Suppose the t statistic for the quadratic regression coefficient is 2.35. At the 0.05 level of significance, is there evidence that the quadratic model is significantly
The following data represent quarterly sales of iPhones from 2010 to 2014. < IPHONE >
A debate in education institutions has followed the issue of whether falling tutorial attendance can be addressed by marking attendance in class in universities. The argument is that falling attendance will increase failure rates, and this is an inefficient system of education provision. A lecturer
The warranty offered for a brand of motor vehicles sold in Australia is 5 years. The company keeps records of all warranty claims made and has calculated the average time between claims to be 18 months with a standard deviation of five months. The service manager has become concerned that the model
In a random sample of 360 goals kicked in AFL games in Adelaide, the distance for each kick has been recorded
A real estate chain in Hobart has collected data for the number of domestic and commercial properties sold per week during the past three years (156 weeks):
The following computer output contains the X values, residuals and a residual plot from a regression analysis. Is there any evidence of a pattern in the residuals? Explain.
Given n = 25, b1 = 5, b2 = 10, Sb1 = 2, Sb2 = 8:a. Which variable has the largest slope in units of a t statistic?b. Construct a 95% confidence interval estimate of the population slope, β1.c. At the 0.05 level of significance, determine whether each independent variable makes a significant
The data below are the average prices (in dollars) of various cars from 2001 to 2011. < CARS >a. Calculate the 2001–2011 simple price indices for the four cars using 2001 as the base year.b. Recalculate the price indices in (a) using 2003 as the base year.c. Calculate the 2001–2011 unweighted
The data below represent the average prices (cents) and consumption (volume per item measure) of the items in the basket of goods in problem 14.57 on page 598. For example, in Sydney in 2007, the average price per kg of lamb sold was$7.65, and 60 kg was consumed.
Are beer prices higher during summer? The following table contains an estimate of the average monthly price (in dollars per dozen stubbies of light beer) for beer sold on the Gold Coast, Queensland, from 2008 to 2011.a. Construct a time-series plot.b. Develop an exponential trend forecasting
A car dealership is constructing a model to predict secondhand car prices. The two factors that are hypothesised to affect the price most are the car’s mileage and its new car price.a. Predict the second-hand sales price of a car with 450,000 km and a new car sales price of $35,000, and construct
An upmarket restaurant owner believes that customers’spending behaviour is influenced by their level of income and also if they are using their company’s credit carda. Interpret the regression coefficients.b. Conduct hypothesis tests on the significance of the coefficients.c. Predict the bill
and problem D.17(c) concerning visitors to Singapore.a. Perform a residual analysis for each model.b. Calculate the standard error of the estimate (SYX) for each model.c. Calculate the MAD for each model.d. On the basis of (a), (b), (c) and parsimony, which forecasting model would you select?
Refer to the results in problem D.15, problem
representing Australian visitors to Singapore.a. Fit a third-order autoregressive model to the visitor data and, using a 0.05 level of significance, test for the significance of the third-order autoregressive parameter.b. Fit a second-order autoregressive model to the visitor data and, using a 0.05
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