Questions and Answers of Business Statistics

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A second report by the National Center for Productivity analyzed the relationship between productivity and wages. They used the graph from Exercise

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A bootstrap test of the hypothesis in Exercise 56 produced the following distribution (shifted to center the histogram at the hypothesized mean of

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Pew Research published a study on Americans’ satisfaction with their current job (www .pewsocialtrends.org/2016/10/06/3-how-americans-viewtheir-

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It has been three years since Mohammed Al-Tamimi opened his computer repair business, Mo’s Mending Station. Unlike the well-known Nerd Squad of the

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It has been three years since Mohammed Al-Tamimi opened his computer repair business, Mo’s Mending Station. Unlike the well-known Nerd Squad of the

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Think of a question that you’d like to know the answer to that might be answered with a survey. What are the questions? Identify the variables and

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Look in the latest edition of your local newspaper and find examples of each level of measurement. Write a brief memo summarizing your findings.

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Consider again the post-1960 trend in U.S. GDP we examined in Exercise 57. Here are a regression and residual plot when we use the square root of GDP

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An experiment on laboratory rats finds that rats that are randomly assigned to higher levels of noise take longer to finish a maze than those that

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An observational study finds that the average number of years that people stay married differs by educational level with a P-value 60.0001. The

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Your manager asked you to fit many models to predict which customers will buy this holiday season. The firm is going to pick only one. What criteria

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Your manager wants to just find and use “the best” model, but you have found that a combined model (boosting) is better. Explain why boosting

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What are the pros and cons of combining multiple models to produce a prediction? Should we always combine models?

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Your manager wants to use the total accurate classification rate (percent of all cases properly classified) as the metric to evaluate the

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Is any one portion of the CRISP-DM more important than the others? Why?

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Your manager has read a couple of articles about data mining and artificial intelligence. He wants to use data mining to find the best customers.

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Your manager learned all about databases, and frequently makes queries such as: “What fraction of our customers who bought a product in the last

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Your manager is confused by Big Data. Explain what makes “big data”different than “data.”

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Heart disease is the leading cause of death for both men and women. According to the Centers for Disease Control and Prevention, as of 2013, about

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Tiffany was founded in 1837, when Charles Lewis Tiffany opened his first store in downtown Manhattan. Tiffany retails and distributes a selection of

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In 2016, 13.27 million people attended a Broadway show, paying an average of more than $100 per ticket. We’d like to understand this $1.4 billion

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The scatterplot shows the gross domestic product (GDP) of the United States in trillions of (2010) dollars plotted against years since 1960. (Data in

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Renewable sources of energy are of growing importance in the economy. The Energy Information Administration reports the amount of renewable energy

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The gross domestic product (GDP) per capita is a widely used measure of a country’s (or state’s) economy. It is defined as the total market value

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Here is a scatterplot showing the regression line, 95% confidence intervals, and 95% prediction intervals, using 2015 and 2016 male unemployment data

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The Worldwide Cost of Living Survey published by Numbeo.com provides an index that expresses the cost of living in other cities as a percentage of

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There are 168 hours in a week. If you spend all of it sleeping and having fun, you will earn very little money. On the other hand, if you spend much

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In 2014, cnet.com listed the battery life (in hours) and maximum luminous intensity (i.e., screen brightness, in cd>m2) for a sample of tablet

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Using unemployment data provided by the World Bank, investigate the association between the male unemployment rate in 2014 and 2017.a) Find a

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Every spring, Nenana, Alaska, hosts a contest in which participants try to guess the exact minute that a wooden tripod placed on the frozen Tanana

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The product manager at a subsidiary of Kraft Foods, Inc., is interested in learning how sensitive sales are to changes in the unit price of a frozen

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The U.S. Bureau of Economic Analysis provides information on the Gross Domestic Product Per Capita (GDP PC) in the United States by state

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Every year, Fortune magazine lists the 100 best companies to work for, based on criteria such as pay, benefits, days off, and diversity. In 2018, the

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A similar Pew poll in 2016 asked people how often they used the Internet. (Data in Income and internet)a) Under the usual null hypothesis, what are

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In 2010, the U.S. Congress passed the historic health care reform bill that will provide some type of coverage for the millions of Americans without

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American League baseball teams play their games with the designated hitter rule, meaning that pitchers do not bat. The league believes that replacing

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Most car engines need at least 87 octane to avoid “knocking” or “pinging,” terms used to describe the preignition that can happen when a

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Using the Paralyzed Veterans dataset, construct a 95% confidence interval for the mean age of a potential donor to the Paralyzed Veterans. Test the

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Exercise 55Here are the data from the researcher studying the reaction times of rats. He has a requirement that the maze take about a minute to

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According to www.marketingcharts.com/, the average 18–24-year old has 649 Facebook friends. The student who collected the survey data in Student

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Here are the data from the researcher studying the reaction times of rats. He has a requirement that the maze take about a minute to complete on

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Instead of advertising the percentage of customers who improve by at least 10 points, a manager suggests testing whether the mean score improves at

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A test preparation company claims that more than 50% of the students who take their GRE prep course improve their scores by at least 10 points.a) Is

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How far do professional golfers drive a ball? (For non-golfers, the drive is the shot hit from a tee at the start of a hole and is typically the

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A business statistics class conducted a student survey in which 299 students were randomly selected and asked a variety of questions. One of the

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The Framingham Heart Study recorded the cholesterol levels of more than 1400 participants in Framingham, MA (Data in Framingham). To find a bootstrap

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In 2011, when the Gallup organization polled investors, 34% rated gold the best long-term investment. But in April of 2017 Gallup surveyed a random

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Giant food stores serves two customer segments: “Budget Shoppers” and “Foodies.” Giant sends 1000 of each type of customer one of two

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Verizon Wireless wants to test new package deals. They are considering offering three levels of data per month (5 Gb, 10 Gb, Unlimited) and two

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Kraft foods wants to see whether a coupon will affect sales for macaroni and cheese. Kraft picks a single grocery store in Philadelphia in which to

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A small maker of video games designs a pricing experiment. They know that some teens self-identify as “gamers,” while others do not. They market

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Exercise 28A supermarket wants to see the effects of coupons on spending. They believe that male and female heads of households will respond

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A supermarket wants to see the effects of coupons on spending. They believe that male and female heads of households will respond differently to the

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GfK Roper Consulting conducts market research for multinational companies who want to understand attitudes in different countries so they can market

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The monthly exchange rates for the five-year period October 2012 to October 2017 between the euro (EUR) and the British pound (GBP) can be modeled by

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In the first quarter of 2017, a group of domestic equity mutual funds had a mean return of 6.2% with a standard deviation of 1.8%. If a Normal model

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Lifetimes of electronic components can often be modeled by an exponential model. Suppose quality control engineers want to model the lifetime of a

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Jeff, a sales manager of a car dealership, believes that his sales force sells a car to 35% of the customers who stop by the showroom. He needs the

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The U.S. Census Bureau’s 2012 Survey of Business Owners (www.census.gov/newsroom/press-releases/2015/ cb15-209.html) showed that 35.8% of all

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A Pew Research report on September 13, 2017, reported that 61% of 18–29 year olds watch TV using online streaming services. (By contrast, only 5%

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A global survey firm reports data from surveys taken in several countries. The data file Global holds data for 800 respondents in each of five

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Here are the number of domestic f lights flown in each year from 2000 to 2016 (www.transtats.bts .gov/homepage.asp):Year

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Here are engine size (displacement, in liters) and gas mileage (estimated combined city and highway) for a random sample of 35 2016 model cars (taken

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Concern over the weather associated with El Niño has increased interest in the possibility that the climate on Earth is getting warmer. The most

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Numbeo.com collects data from users in cities around the world on prices of a basket of goods and services and uses these data to determine a cost of

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Perhaps fans are just more interested in teams that win. The displays below are based on American League teams for the 2016 season. (Data in

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Is economic growth in Europe related to growth in the United States? Here’s a scatterplot of the average growth in the 19 European countries (% of

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Is economic growth in the developing world related to growth in the industrialized countries? Here’s a scatterplot of the growth (in % of Gross

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An economics student is studying the American economy and finds that the correlation between the inf lation-adjusted Dow Jones Industrial Average and

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The scatterplot shows, for 2015 cars, the carbon footprint (tons of CO2 per mile) vs. the new Environmental Protection Agency (EPA) highway mileage

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The 30 quarterbacks in Exercise 32 had an average Salary of $13,788,022 1SD = $8,130,5362. The correlation between Salary and Total QBR = 0.278. If a

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In 2016, the Los Angeles Dodgers spent nearly one quarter billion (!) dollars on salaries for their players (Spotrac). Is there a relationship

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Is there a relationship between total team salary and the performance of teams in the National Football League (NFL)? For the 2016–2017 season, a

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The average salary for 30 top NFL quarterbacks in 2017 was just over $13,000,000. A linear model to predict Salary from Total QBR (an overall measure

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According to the U.S. Securities and Exchange Commission (SEC), a mutual fund is a professionally managed collection of investments for a group of

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Rebekkah Greene, owner of Up with Life Café and Marketplace, is a true believer in the health and healing benefits of food. She offers her customers

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Here is a histogram of the monthly CPI as reported by the Bureau of Labor Statistics (www.bls.gov/cpi) from January 2007 through August 2017.Here is

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The histogram shows themonthly U.S. unemployment rate from January 2003 toAugust 2017.Here is the time series plot for the same data.a) What features

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Standard and Poor’s Case- Shiller Home Price Index measures the residential housing market in metropolitan regions across the United States. The

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The data set provided contains U.S. regular retail gasoline prices (cents/gallon) from 2007 to August 2017, from a national sample of gasoline

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In 2016, the mean tuition of private colleges and universities was $18,230, with a standard deviation of $7272. The mean tuition for public colleges

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The claims about climate change suggest two possible effects: more storms and bigger, stronger storms. Here are plots similar to those of Exercise

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The North Atlantic hurricane database, or HURDAT, is a database of all tropical storms and hurricanes for the Atlantic Ocean, Gulf of Mexico, and

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The data set provided contains 2016 (4th quarter) unemployment rates for 38 developed countries (www.oecd.org). Produce an appropriate graphical

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Established in Paris in 1961, the Organization for Economic Cooperation and Development (OECD) (www.oecd.org) collects information on many economic

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The U.S. Energy Information Administration (EIA) collects data on the total energy used per capita in transportation for each state and the District

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On December 30, 2016, the Standard and Poor’s (S&P) 500 index hit an all-time high. During 2016, the S&P returned 12.25%. Here is a

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The website LosAngelesGasPrices .com has current gasoline prices all over the United States. In the week of September 10, 2017, the following

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Pew research surveyed 25- to 34-yearold adults in 2013 and asked them how important it is “to you personally” to have a high-paying job? Here is

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In 2015, the following data were reported by the U.S. Census Bureau. The data show the number of people (in thousands) living above and below the

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The following table shows attendance data collected by the Motion Picture Association of America during the period 2014 to 2016. Figures are the

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The following table shows the number of films in each MPAA (www.mpaa.org) rating by year for each of the years between 2006 and 2015. (Data extracted

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Apple, Inc., divides their expenses into four categories: Cost of Revenue; Research & Development; Selling, General, & Administrative; and

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The government and many companies are interested in the number of people who lose their home because they are unable to pay. The process of losing a

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GE derives revenue from eight operating segments, including three iconic divisions: Power, Aviation, and Healthcare. The following table shows the

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Business-to-business sales are a huge fraction of the economy of every country. As a result, there is a whole industry dedicated to tracking the

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In 2014, Pew Research Center released the results of a survey among U.S. adults that asked nearly 2000 people how satisfied they are with their

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Corporations are also very interested in the value of their brand. The following chart displays the value of the top 6 carbonated soft drink brands

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Multinational corporations face stiff competition in the carbonated drink category (also known as soda or pop, depending on where you live). Data

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The data set from Dalia Research (you’ll learn more about Dalia in Chapter 2) contains 763 variables, including demographic information on the

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