Question Answers
Textbooks
Find textbooks, questions and answers
Oops, something went wrong!
Change your search query and then try again
S
Books
FREE
Study Help
Expert Questions
Accounting
General Management
Mathematics
Finance
Organizational Behaviour
Law
Physics
Operating System
Management Leadership
Sociology
Programming
Marketing
Database
Computer Network
Economics
Textbooks Solutions
Accounting
Managerial Accounting
Management Leadership
Cost Accounting
Statistics
Business Law
Corporate Finance
Finance
Economics
Auditing
Hire a Tutor
AI Tutor
AI Flashcards
FREE
Search
Search
Sign In
Register
study help
business
bayesian statistics an introduction
Statistics For Business And Economics 14th Edition David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann - Solutions
25. Acceptance Sampling in Food Production. A manufacturer produces lots of a canned food product. Let p denote the proportion of the lots that do not meet the product quality specifications. An n =
24. Calculating Consumer Risk. An acceptance sampling plan with n = 15 and c = 1 has been designed with a producer’s risk of .075.a. Was the value of p0 .01, .02, .03, .04, or .05? What does this
23. Producer and Consumer Risk. An n = 10, c = 2 acceptance sampling plan is being considered; assume that p0 = .05 and p1 = .20.a. Compute both producer’s and consumer’s risk for this acceptance
22. Retail Restocking. Managers of 1200 different retail outlets make twice-a-month restocking orders from a central warehouse. Past experience shows that 4% of the orders result in one or more
21. Processing Insurance Claims. An insurance company samples claim forms for errors created by its employees as well as the amount of time it takes to process a claim.a. When the process is in
20. Filling Weights for a Coffee Production Process. The following were collected for the Master Blend Coffee production process. The data show the filling weights based on samples of 1.5 kilogram
19. Temperature for a Chemical Manufacturing Process. The following are quality control data for a manufacturing process at Kensport Chemical Company. The data show the temperature in degrees
18. Control Limits. Twenty-five samples of size 5 resulted in x = 5.42 and R = 2.0.Compute control limits for the x and R charts, and estimate the standard deviation of the process.
17. Filling Rates. Product filling weights are normally distributed with a mean of 350 grams and a standard deviation of 15 grams.a. Develop the control limits for the x chart for samples of size 10,
15. Quartz Crystals. A domestic manufacturer of watches purchases quartz crystals from a Swiss firm. The crystals are shipped in lots of 1000. The acceptance sampling procedure uses 20 randomly
14. Incoming Shipments of Raw Materials. To inspect incoming shipments of raw materials, a manufacturer is considering samples of sizes 10, 15, and 19. Use the binomial probabilities from Table 5 of
13. KALI Home Appliance Manufacturer. Refer to the KALI problem presented in this section.The quality control manager requested a producer’s risk of .10 when p0 was .03 and a consumer’s risk of
12. Repeat exercise 11 for the acceptance sampling plan with n = 20 and c = 1. What happens to the producer’s risk as the acceptance number c is increased? Explain.
11. Consider an acceptance sampling plan with n = 20 and c = 0. Compute the producer’s risk for each of the following cases.a. The lot has a defect rate of 2%.b. The lot has a defect rate of 6%.
10. For an acceptance sampling plan with n = 25 and c = 0, find the probability of accepting a lot that has a defect rate of 2%. What is the probability of accepting the lot if the defect rate is 6%?
9. Airline Call Center. An airline operates a call center to handle customer questions and complaints. The airline monitors a sample of calls to help ensure that the service being provided is of high
8. Tennis String Breaking Strength. Over several weeks of normal, or in-control, operation, 20 samples of 150 packages each of synthetic-gut tennis strings were tested for breaking strength. A total
7. Tire Tread Wear Tests. The Goodman Tire and Rubber Company periodically tests its tires for tread wear under simulated road conditions. To study and control the manufacturing process, 20 samples,
6. Laundry Detergent Carton Weights. A quality control process monitors the weight per carton of laundry detergent. Control limits are set at UCL = 603.6 grams and LCL =597.0 grams. Samples of size 5
5. Production Process Temperature. Temperature is used to measure the output of a production process. When the process is in control, the mean of the process is m =128.5 and the standard deviation is
4. A process sampled 20 times with a sample of size 8 resulted in x = 28.5 and R = 1.6.Compute the upper and lower control limits for the x and R charts for this process.
3. Twenty-five samples of 100 items each were inspected when a process was considered to be operating satisfactorily. In the 25 samples, a total of 135 items were found to be defective.a. What is an
2. Twenty-five samples, each of size 5, were selected from a process that was in control.The sum of all the data collected was 677.5 kilograms.a. What is an estimate of the process mean (in terms of
1. A process that is in control has a mean of m = 12.5 and a standard deviation of s = .8.a. Construct the x control chart for this process if samples of size 4 are to be used.b. Repeat part (a) for
26. Glass Tumbler Quantity Index. Williams Sonoma is a consumer retail company that sells kitchenware. Williams Sonoma has reported the quantity and product value information for three different
25. Walmart Stock Price. The closing price of Walmart stock at the end of its fiscal year(end of January) for five years is given in the following table. The CPI for January of each year is also
24. Actuary Salaries. Actuaries are analysts who specialize in the mathematics of risk.Actuaries often work for insurance companies and are responsible for setting premiums for insurance policies.
23. Seafood Prices. The operations of seafood restaurant chains such as Red Lobster are sensitive to changes in the price of seafood. Quantity data for a regional seafood chain coupled with price
22. Male Shaver Expense Index. Suppose on average a male shaver in Year 1 bought one razor handle and used 17 razor blades in a year and that the price relatives for Year 1 to Year 11 are as appears
21. Price Relatives Approach to Computing Stock Market Index. Compute the price relatives for the four stocks making up the Boran index in exercise 20. Use the weighted aggregates of price relatives
20. Index of Stock Market Behavior. Boran Stockbrokers, Inc., selects four stocks for the purpose of developing its own index of stock market behavior. Prices per share for a Year 1 base period,
19. Paasche Index for Shipping Cost. Use the price data in exercise 18 to compute a Paasche index for the shipping cost if Year 5 quantities are 4000, 3000, 7500, and 3000 for the four products,
18. Shipping Costs. Nickerson Manufacturing Company has the following data on quantities shipped and unit shipping costs for each of its four products:Mean Shipping Cost Year 1 per Unit ($)Products
17. Gasoline Prices. Many factors influence the retail price of gasoline. The following table shows the average retail price for a liter of regular grade gasoline for each year from 2014 through 2017
16. Automobile Sales. An automobile dealer reports the Year 1 and Year 8 sales for three models in the following table. Compute quantity relatives and use them to develop a weighted aggregate
15. Commodity Shipments. Heartland Express handles four commodities for a particular distributor. Total shipments for the commodities in the years 2000 and 2015, as well as the prices in the year
14. Data on quantities of three items sold in Year 1 and Year 5 are given here along with the sales prices of the items in Year 1. Compute a weighted aggregate quantity index for Year 5.Quantity Sold
13. Google Revenue. In 2017, Google’s revenue broke $100 billion for the first time. The revenue for Google for the years 2010–2017 is shown in the following table(Statista website). Deflate the
12. Electronics Shipments. Shipments of product from manufacturer to the retailer are tracked by the U.S. Census Bureau. The values of shipments for computer and electronic products for three
11. Wage Rate for Construction Workers. The average hourly wage rate for construction laborers in 2001 was $13.36. In 2017 construction laborers made $18.70 per hour.The CPI for 2001 was 177.1 and
10. Nurse Wages. Registered nurses in 2007 made an average hourly wage of $30.04. In 2017, their hourly wage had risen to $35.36. Given that the CPI for 2007 was 207.3 and the 2017 CPI was 245.1,
7. Chemical Ingredient Prices. The Mitchell Chemical Company produces a special industrial chemical that is a blend of three chemical ingredients. The beginning-year cost per kilogram, the
6. Price relatives for three items, along with base-period prices and usage, are shown in the following table. Compute a weighted aggregate price index for the current period.Base Period Item Price
5. Beverage Distribution. R&B Beverages, Inc., provides a complete line of beer, wine, and soft drink products for distribution through retail outlets in central Iowa. Unit price data for 2015 and
4. Inventory Valuation. Under the last-in, first-out (LIFO) inventory valuation method, a price index for inventory must be established for tax purposes. The quantity weights are based on year-ending
3. Fastener Sourcing. Fastenal, the largest fastener distributor in North America, procures an identical drive anchor from three independent suppliers that differ in unit price and quantity supplied.
1. The following table reports prices and usage quantities for two items in 2016 and 2018.Quantity Unit Price ($)Item 2016 2018 2016 2018 A 1500 1800 7.50 7.75 B 2 1 630.00 1500.00a. Compute price
21. New College Textbook Manuscript. Embassy Publishing Company received a sixchapter manuscript for a new college textbook. The editor of the college division is familiar with the manuscript and
20. R&D Project Investment Decision. Hemmingway, Inc. is considering a $50 million research and development (R&D) project. Profit projections appear promising, but Hemmingway’s president is
19. Determining Which Car to Lease. Warren Lloyd is interested in leasing a new car and has contacted three automobile dealers for pricing information. Each dealer offered Warren a closed-end
18. Selecting Mutual Funds. An investor wants to select one of seven mutual funds for the coming year. Data showing the percentage annual return for each fund during five typical one-year periods are
17. Manufacture In-House or Outsource. The Gorman Manufacturing Company must decide whether to manufacture a component part at its Milan, Michigan, plant or purchase the component part from a
16. Choosing a Carpool Route. To save on expenses, Rona and Jerry agreed to form a carpool for traveling to and from work. Rona preferred to use the somewhat longer but more consistent Queen City
15. In the following profit payoff table for a decision problem with two states of nature and three decision alternatives, the prior probabilities for s1 and s2 are P(s1) = .8 and P(s2) = .2.State of
14. Suppose that you are given a decision situation with three possible states of nature:s1, s2, and s3. The prior probabilities are P(s1) = .2, P(s2) = .5, and P(s3) = .3. With sample information I,
13. Buying Decision for Seasonal Product. Lawson’s Department Store faces a buying decision for a seasonal product for which demand can be high, medium, or low. The purchaser for Lawson’s can
12. Entering the Snowplowing Business. Martin’s Service Station is considering entering the snowplowing business for the coming winter season. Martin can purchase either a snowplow blade attachment
11. Producing a TV Pilot for New Comedy Series. More than 500 scripted television series were available for viewing in 2018 (Hollywood Reporter website). New series typically start by producing a
10. Bidding on Rights to Construct New Office Building Complex. Dante Development Corporation is considering bidding on a contract for a new office building complex. Figure 19.9 shows the decision
9. Prepositioning Supplies for Hurricane Response. In 2017, the American Red Cross had to make decisions related to preparations for Hurricane Irma, which was threatening the United States, including
8. Consider a variation of the PDC decision tree shown in Figure 19.5. The company must first decide whether to undertake the market research study. If the market research study is conducted, the
7. New Community Center in Lake Placid. The Lake Placid Town Council has decided to build a new community center to be used for conventions, concerts, and other public events, but considerable
6. Choice of Grapes for New Vineyard. A 2017 survey of sommeliers ranked the Finger Lakes region of New York state as the top wine region to visit (Thrillist web site). Finger Lakes vineyards
5. Determining Which Video Game to Market. The computer-gaming market in the United States is estimated at $18.5 billion as of 2017 (VentureBeat web site). Consider the case of Video Tech, a
4. Air Service from Cleveland to Myrtle Beach. Myrtle Air Express decided to offer direct service from Cleveland to Myrtle Beach. Management must decide between a full price service using the
3. Market Segment Stock Market Returns. Investment advisors estimated the stock market returns for four market segments: computers, financial, manufacturing, and pharmaceuticals. Annual return
2. A decision maker faced with four decision alternatives and four states of nature develops the following profit payoff table.States of Nature Decision Alternative s1 s2 s3 s4 d1 14 9 10 5 d2 11 10
1. The following payoff table shows profit for a decision analysis problem with two decision alternatives and three states of nature.States of Nature Decision Alternative s1 s2 s3 d1 250 100 25 d2
47. Network TV Series Viewership. Nielsen Research provides weekly ratings of nationally broadcast television programs. The mean weekly number of viewers for the 207 prime-time programs broadcast by
46. Midterm and Final Exam Scores. A sample of 15 students received the following rankings on midterm and final examinations in a statistics course. Compute the Spearman rank-correlation coefficient
45. Instructor Course Evaluations. Course evaluation ratings for four college instructors are shown in the following table. Use a = .05 and test for a significant difference among the rating for
44. Evaluating Managerial Potential. A sample of 20 engineers employed with a company for three years has been rank ordered with respect to managerial potential. Some of the engineers attended the
43. Program Evaluation Methods Comparison. A client wants to determine whether there is a significant difference in the time required to complete a program evaluation with the three different methods
42. Weights of an Item Produced on Two Different Lines. The following data are product weights for the same items produced on two different production lines. Test for a difference between the product
41. Effectiveness of a New Poultry Feed. A study was designed to evaluate the weight-gain potential of a new poultry feed. A sample of 12 chickens was used in a six-week study.The weight of each
40. Prices of Brands of Refrigerators. Twelve homemakers were asked to estimate the retail selling price of two models of refrigerators. Their estimates of selling price are shown in the following
39. National Sales Prices for Single-Family Homes. According to the National Association of Realtors website
38. Survey on School Voucher Programs. A survey asked the following question: Do you favor or oppose providing tax-funded vouchers or tax deductions to parents who send their children to private
37. Quality of Teaching Assessments. A student organization surveyed both current students and recent graduates to obtain information on the quality of teaching at a particular university. An
36. Golfer Driving Distances and Putting Proficiency. The rankings of a sample of professional golfers in both driving distance and putting are shown. What is the rank correlation between driving
35. Technology Company Reputations and Investor Willingness to Purchase Stock. A national study by Harris Interactive, Inc., evaluated the top technology companies and their reputations. The
34. State Expenditure per Student and Student–Teacher Ratio. The following data show the rankings of 11 states based on expenditure per student (ranked 1 highest to 11 lowest) and student–teacher
33. Consider the following two sets of rankings for six items.Case One Case Two First Second First Second Item Ranking Ranking Item Ranking Ranking A 1 1 A 1 6 B 2 2 B 2 5 C 3 3 C 3 4 D 4 4 D 4 3 E 5
32. Consider the following set of rankings for a sample of 10 elements.Element x y Element x y 1 10 8 6 2 7 2 6 4 7 8 6 3 7 10 8 5 3 4 3 2 9 1 1 5 4 5 10 9 9a. Compute the Spearman rank-correlation
31. Calories in Popular Candies. The better-selling candies are often high in calories.Assume that the following data show the calorie content from samples of M&M’s, Kit Kat, and Milky Way candies.
30. Supervisory Skills Developed by Off-Site Training Courses. A large corporation sends many of its first-level managers to an off-site supervisory skills training course.Four different management
29. NFL Draft Positions by College Football Conference. The National Football League (NFL) holds its annual draft of the nation’s best college football players in April each year. Prior to the
28. Calories Burned During Different Types of Workouts. Forty-minute workouts of one of the following activities three days a week will lead to a loss of weight, assuming no change in calories
27. College Admission Test Prep Programs. Three admission test preparation programs are being evaluated. The scores obtained by a sample of 20 people who used the programs provided the following
26. Consumer Ratings for Three Products. A sample of 15 consumers provided the following product ratings for three different products. Five consumers were randomly assigned to test and rate each
25. Delayed Flights at Midway and BWI. Chicago Midway International Airport and Baltimore/Washington International Thurgood Marshall Airport were the U.S. airports with the worst percentage of
24. Microwave Oven Prices in Dallas vs. San Antonio. A certain brand of microwave oven was priced at 10 stores in Dallas and 13 stores in San Antonio. The data follow.Use a .05 level of significance
23. Crime in Winter vs. Summer. Police records show the following numbers of daily crime reports for a sample of days during the winter months and a sample of days during the summer months. Use a .05
22. P/E Ratios for Japanese and U.S. Companies. Each year Bloomberg Businessweek publishes statistics on the world’s 1000 largest companies. A company’s price/earnings (P/E) ratio is the
21. Chief Executive Officer Salaries. In 2018 a survey of 10,508 CEOs by PayScale.com, the range of annual salaries reported was from $73,187 to $336,550. But do CEO salaries differ across the two
20. Gender Earnings Gap. The gap between the earnings of men and women with equal education is narrowing but has not closed. Sample data for seven men and seven women with bachelor’s degrees are as
19. Beginning Salaries for Public Accountants and Financial Planners. Samples of starting annual salaries for individuals entering the public accounting and financial planning professions follow.
18. Fuel Additives and Mileage. Two fuel additives are being tested to determine their effect on gasoline mileage. Seven cars were tested with additive 1 and nine cars were tested with additive 2.
17. SAT Writing Scores. The Scholastic Aptitude Test (SAT) consists of three parts:critical reading, mathematics, and writing. Each part of the test is scored on a 200- to 800-point scale with a
16. Scores on the First Two Rounds in an LPGA Tournament. The Ladies Professional Golf Association (LPGA) ANA Inspiration tournament was held in April 2015 at the Mission Hills Country Club in Rancho
Showing 1 - 100
of 2867
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Last
Step by Step Answers