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business statistics

Questions and Answers of Business Statistics

Seventy-eight percent of customers at the Holiday Inn hotel in Dover, Delaware, arrived before 6 PM last week.
The average American viewer watches 151 hours of TV per month.
The average Amazon.com rating of the book The Complete Idiot’s Guide to Statistics 2e, by 126 reviewers is 4.3 on a scale of 1 to 5.
Based on a random sample of hotels in Chicago and a random sample of hotels in Atlanta, it was concluded that the average cost of a hotel room in Chicago was greater than one in Atlanta.
The average salary of a random sample of 50 high school teachers in 2017 was $52,400.
Identify the time series data in the table. Which shows the number of photographs sold at Island Art, a retail store in Stone Harbor, New Jersey, by print-size over a four-year period: Year
Identify the cross-sectional data in the table. Which shows the number of photographs sold at Island Art, a retail store in Stone Harbor, New Jersey, by print-size over a four-year period: Year
Identify the cross-sectional data in the table. Which show the median usual weekly real earnings of full-time workers by gender over a five-year period: Year Men Women $372 $301 2012 $370 $303 2013
Identify the time series data in the table. Which show the median usual weekly real earnings of full-time workers by gender over a five-year period: Year Men Women $372 $301 2012 $370 $303 2013
The following table shows the average values of the stock market as measured by the Dow Jones Industrial Average during the second half of 2017:Date
The following table shows the closing price of the three major stock markets on March 29, 2018:Stock Market
S&P provides ratings for the creditworthiness of countries around the world on a letter scale from AAA (highest) to D (lowest). The following table shows the S&P rating for various countries
In order to promote the development of electric cars, the government has proposed rating passenger vehicles on a letter scale of A–D based on fuel efficiency and emissions. The following five
Movie ratings: G, PG, PG-13, RIdentify the type of data (qualitative/quantitative) and the level of measurement
SAT scores for graduating high school studentsIdentify the type of data (qualitative/quantitative) and the level of measurement
The state in which the respondents in a survey resideIdentify the type of data (qualitative/quantitative) and the level of measurement
Final exam scores for your statistics class on a scale of 0 to 100Identify the type of data (qualitative/quantitative) and the level of measurement
A list of the graduating high school seniors by class rankIdentify the type of data (qualitative/quantitative) and the level of measurement
The uniform number of each member on a sports teamIdentify the type of data (qualitative/quantitative) and the level of measurement
The performance rating of employees classified as Above Expectations, Meets Expectations, or Below ExpectationsIdentify the type of data (qualitative/quantitative) and the level of measurement
The ethnicity of the respondents in a survey classified as White, African American, Asian, or OtherIdentify the type of data (qualitative/quantitative) and the level of measurement
The voting intentions of the respondents in a survey classified as Republican, Democrat, or UndecidedIdentify the type of data (qualitative/quantitative) and the level of measurement
The years in which the respondents to a survey were bornIdentify the type of data (qualitative/quantitative) and the level of measurement
The genders of the respondents in a surveyIdentify the type of data (qualitative/quantitative) and the level of measurement
The ages of the respondents in a surveyIdentify the type of data (qualitative/quantitative) and the level of measurement
The marital status of survey respondentsStatus Number of
The average monthly rainfall in inches for the city of Wilmington throughout the yearIdentify the type of data (qualitative/quantitative) and the level of measurement
The average monthly temperature in degrees Fahrenheit for the city of Wilmington, Delaware, throughout the yearIdentify the type of data (qualitative/quantitative) and the level of measurement
For which one of the situations described in Exercise 4 would Spearman’s rho be appropriate?In ExerciseFor which one of the following situations would a Wilcoxon signed-rank test be appropriate?a)
A call centre receives calls from customers that are dealt with by agents. Records indicate that 4.2% of customers are not satisfied with the agent and ask to speak with a supervisor. The supervisor
Statistics Canada provides data on the number of cases in adult criminal court by type of sentence: “fine,” “restitution,” and “other.” In a recent year, the probability that property
When solar panels rated at 250 watts of power are manufactured, the power of the panels is not exactly 250 watts, but is Normally distributed with a mean of 250 watts and a standard deviation of 7.5
A corner store stocks Maclean’s magazine and on average 4.5 customers purchase the magazine each month. The store owner orders six copies of the magazine each month. What is the probability of
For which one of the situations described in Exercise 4 would a Kruskal-Wallis test be appropriate?In Exercise 4For which one of the following situations would a Wilcoxon signed-rank test be
For which one of the situations described in Exercise 3 would a Kendall’s tau be appropriate?In Exercise 3For which one of the following situations would a Wilcoxon signed-rank test be
It’s tough to find out how much people earn, but on September 3, 2011, The Economist reported that the average lawyer’s salary in Canada was $64,000. Suppose that today you interview a random
For which one of the situations described in Exercise 4 would Kendall’s tau be appropriate?In ExerciseFor which one of the following situations would a Wilcoxon signed-rank test be appropriate?a)
For which one of the situations described in Exercise 3 would Spearman’s rho be appropriate?In Exercise 3For which one of the following situations would a Wilcoxon signed-rank test be
A company offers vacations in the Caribbean including charter f lights from Toronto’s downtown airport at a range of prices per person assuming double occupancy. It plans to offer the same
Give examples of forecasting situations in which you would use (i) exponential smoothing, (ii) additive regression, and (iii) multiplicative regression. Describe whether these methods should be used
You’re working in the Marketing department of a financial institution and are preparing promotional materials for one of its mutual funds. Your boss has told you to prepare a graph showing how the
Many businesses are affected by the number of airline passengers, including the airlines themselves, plus hotels, restaurants, and the entertainment industry. It is therefore important to keep track
Return to the oil price data of Exercise 46.a) Find a linear model for this series.b) Find an exponential model for this series.c) Use these methods to forecast the crude oil price for March 2007.d)
Natural gas is a major Canadian export and hence a major source of foreign exchange. The data file contains monthly Canadian exports of natural gas from April 2006 to March 2009 in millions of
Trends in exports of industrial machinery are extremely important to Canada because of overseas competition from countries with lower wage rates. The data file contains monthly Canadian exports of
Canadian retail sales in dollars for September 2006 to August 2009 are shown in the graph for Exercise 33. An autoregressive model has been fitted with two independent variables at lags of 1 and 12,
Average annual interest rates (banks, prime lending) in the United States from 1980 through 2006 are shown in the following time series graph:a) What components do you see in this series? Here’s a
Canadian retail sales in dollars for September 2006–August 2009 are shown in the graph. The horizontal axis represents the number of months since August 2006.A linear regression analysis gives the
The graphs in Exercises 25 and 26 show Canadian wheat exports in dollars from January 2006 to May 2009. (Source: Based on Statistics Canada. [2011]. CANSIM Table 228-0001—Merchandise imports and
Suppose an autoregressive model is used for data in which quarterly sales in 2017 were 1.9, 1.7, 2.2, and 2.3 ($ billion).a) If a first-order autoregressive model is developed with estimated
The graph shows Canadian wheat exports in dollars, from January 2006 to May 2009, in light blue, together with two exponential smoothings. One exponential smoothing has thesmoothing parameter α =
The graph shows Canadian wheat exports in dollars from January 2006 to May 2009 in blue, together with two moving averages. One moving average is averaged over four data points and the other over
The following time series graph shows daily closing stock prices (adjusted for splits and dividends) for Google Inc. from January 1, 2008, through June 21, 2013.a) Which time series components are
The following time series graph shows daily closing stock prices for Toyota Motor Manufacturing from April 1, 2008, through June 21, 2013.a) Which time series components seem to be present? The
The Paralyzed Veterans of America (PVA) is a philanthropic organization sanctioned by the U.S. government to represent the interests of veterans who are disabled. To generate donations, the PVA sends
First Quantum Minerals Ltd., a mining and metals company based in Vancouver, produces copper, gold, and nickel. It’s listed on the Toronto and London stock exchanges. The data file
Each winter, many Canadians travel to the Caribbean for a winter vacation. Some people call them “snow birds,” including Jeff Mohammed who heads up a company offering all-inclusive packages. He
The Canadian exchange rate may be related to the TSX indices of performance of various sectors of the Canadian economy. The data file used in Exercise 25 contains monthly TSX indices for various
Exercise 27 raised some questions about the regression model built to understand the effect of OECD regulation on GDP/ Capita in 24 OECD countries. Let’s look more deeply. Here’s a histogram of
The following regression is based on weekly receipts from shows on Broadway in New York City:Dependent variable is: Receipts($M)R-squared = 93.3% R-squared (adjusted) = 93.1%s = 0.9589 with 92 = 88
Airlines strive to be on time, in part because customers can refer to government-published statistics to select f lights that are most often on time. We have data for 19 airlines for March 2006
A study by the U.S. Small Business Administration modelled the GDP per capita of 24 of the countries in the Organisation for Economic Co-operation and Development (OECD). One analysis estimated the
The price ($/lb) of lobster harvested in the Maine lobster fishing industry is an important factor in the profitability of the industry. Here is a regression model to predict the Price from the
A major sector in the Canadian economy is minerals. Growth in that sector is associated with an increase in the value of the Canadian dollar. The data set contains monthly data for the Canadian
Here are plots of two regression analyses of roller coaster Speed against Height. The first is for roller coasters that don’t have inversions and the second is for roller coasters that do.a) Would
Here is a scatterplot of the residuals from the regression in Exercise 16:a) For Behemoth, the data value for Speed is 123, and the predicted value is 130.15. If we change the data value to 124 and
Data on roller coasters at Canada’s Wonderland are available in the data file and include Speed, Height, and Number of Inversions. We performed a regression to investigate whetherSpeed is related
For the regression model in Exercise 8, the leverage values look like this:The movie with the highest leverage of 0.219 is Walt Disney’s John Carter, which grossed $66M but had a budget of $300M.
Professional sports, like many other professions, require a variety of skills for success. That makes it difficult to evaluate and predict success. Fortunately, sports provides examples we can use to
Aeroplan, the loyalty program of Air Canada, has been in operation since 1984. Travellers on Air Canada flights receive Aeroplan miles, which can be redeemed for free travel, vacations, or
Exercise 42 analyzes whether weekly earnings are related to employment opportunities in Canada. Other factors that might impact people’s weekly earnings are their number of years of education (ED)
You’ve probably heard that earnings are generally higher in urban areas than in rural areas. But why is this so? Perhaps it’s because urban areas attract a cluster of employers, producing any
EthicScan Canada monitors the social, labour, and environmental performance of 1500 companies in Canada, and makes comparisons between companies in the same industry sector. In the food industry, six
A study of the impact of the salary and stock options paid to executives of 77 Canadian companies on the company rating for corporate social responsibility (CSR) came up with the followingregression
Here are some plots of residuals for the regression of Exercise 14:Which of the regression conditions can you check with these plots? Do you find that those conditions are met? 0.30 - 0.15+ 0.00+
Here are some plots of residuals for the regression of Exercise 13:Which of the regression conditions can you check with these plots? Do you find that those conditions are met? 400 + 200 -200 + 400
In order to plan electric power generation, it is important to identify trends in generation from different sources, including wind. Statistics Canada reports the amount of renewable energy generated
A company based in Kingston, Ontario, has been installing solar modules on residential roofs in Kingston and Ottawa and is planning to expand its operation in the smaller communities along Highway
The altitude (in feet) of a Boeing 737 landing at Pearson International Airport in Toronto is shown as the average during consecutive one-minute intervals in the graph:Describe (without performing
Building permits are a leading indicator of economic growth. But do non-residential permits follow the same pattern as residential permits? Statistics Canada provides us with the requisite data in
How has the price of a lobster changed? Here’s a plot tracking the price of lobster per pound in constant year 2000 dollars:This plot isn’t straight. Would a transformation help? If so, which
How has the number of licensed lobster fishers changed? Here’s a plot of the number of Fishers vs. Year:This plot isn’t straight. Would a transformation help? If so, which one? If not, why not?
Many professions use tables to determine key quantities. The value of a log is based on the number of board feet of lumber the log may contain. (A board foot is the equivalent of a piece of wood 1
Probe a little deeper into the analysis in Exercise 49 as follows: a) Plot the data and the residuals, calculate the Durbin-Watson statistic and comment on what these imply for the regression
The data file gives quarterly gross domestic product (GDP) of Canada in billions of dollars for 1Q2000–2Q2015.a) Perform a linear regression analysis of this data.b) Interpret the slope, its
Lobster are caught in traps, which are baited and left in the open ocean. Licences to fish for lobster are limited, there is a small additional fee for each trap in use, and there are limits on the
A company selling wedding services needs to take into account the difference in age of the two partners when marketing its services. The graph shows the ages of both men and women at first marriage
The graph below shows the number of passengers travelling on major Canadian airlines month by month from November 2010 to September 2015. Time is shown as months since October 2010.a) Perform a
You probably hope your earnings will increase if you spend time studying, but by how much? Statistics Canada answers this question in the research paper from which we have reprinted the following
For the regression in Exercise 19: A student tries taking the reciprocal of customers and produces the plot shown below:a) Would you recommend this transformation? Why or why not?b) What would you
A quickly growing company shows the following scatterplot of customers vs. time (in months).a) What re-expression might you suggest for the number of customers?b) What power in the Ladder of Powers
One possible model for the manufacturing process of Exercise 17 is the following:Dependent variable is: Log (Cost per unit)R-squared = 90.1% R-squared (adjusted) = 89.3%s = 0.0841 with 15 - 2 = 13
A small company has developed an improved process for making solar panels. The company needs to set its prices and wants those prices to ref lect the efficiencies of producing larger batches. The
A study of homes that looked at the relationship between Age of a home and Price produced the following scatterplot. A regression was fit to the data, as shown:On the basis of this plot, would you
A scatterplot of Salary against Years Experience for some employees and the scatterplot of residuals against predicted Salary from the regression line are shown in the figures. On the basis of these
Trinus Pipes and Tubes, a small company in Barrie, Ontario, produces plastic pipes certified to meet the Canadian Standards Association C448 specification for use in geothermal systems. Trinus
A Canadian clothing retailer needs to test whether the content of the fabric, as stated on the label, is within acceptable limits. It outsources this work to a testing company that inspects the
Encana Corporation, whose name is an acronym for ENergy, CANada, and Alberta, is a natural gas company based in Calgary with five major natural gas operations in Canada: Bighorn, Coalbed Methane,
InterCon Travel Health is a Toronto-based company that provides services to health insurers of foreign tourists who travel to the United States and Canada.4 As described in the Guided Example in this
A treaty between the United States and Canada guarantees that one-third of the water in the Niagara River should f low over the falls. One-third can be removed from the river to generate

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