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business statistics

Questions and Answers of Business Statistics

Which probability assessment method was used in each of the following examples: empirical, theoretical, or subjective?a) A construction company bids on a contract to build a new bridge over a river
For the same kind of lottery as in Exercise 3, which of the following strategies can improve your chance of winning? If the method works, explain why. If not, explain why, using appropriate
The Mercer Human Resource Consulting website (www.mercer.com) lists prices of certain items in selected cities around the world. It also reports an overall cost of living index for each city compared
Companies marketing to consumers are very interested in statistics on retail sales. Statistics Canada puts out a monthly publication called “Retail Trade,” which is based on information from a
For his Master’s degree thesis in Metallurgy at McGill University, Larry developed an alloy that was f lexible but also very hard, making it ideal for piston rings in internal combustion engines.
The materials cost per kilometre of constructing a gas pipeline depends on the diameter of the pipe, and the table below summarizes such costs in thousands of dollars per kilometre for two recent
A building supply company provides bricks to retail chains and construction companies across Canada. The marketing department decides on the price at which bricks will be sold according to the design
After a successful business career, you decide to retire early and go into car racing, not as a driver yourself, but as an entrepreneur. You buy a car and a workshop and hire a celebrity driver who
A company makes high quality paper for use in the printing of glossy corporate reports. Its monthly sales in three Canadian provinces over the past year are:Next year, the company will give an
Leadership in Energy and Environmental Design (LEED) is a program that certifies that buildings meet a range of energy and environmental efficiency standards, including extra insulation to reduce
A commercial bakery produces gluten-free pizza dough and sells it to chains of retail stores across Canada. The product is profitable, although some has to be discarded as spoilage since it is too
An emerging technology known as concentrating photovoltaics (CPV) has recently been introduced into the market. Morgan Solar of Toronto specializes in CPV. The cost of new technology is related to
The global fertility rate (number of live births per woman) is given in the table as five-year averages from 1955 to
Executives at the same highend specialty supermarket in Exercise 35 are trying to determine the best location for a new store. They believe that sales are also related to the total number of housing
The following table shows the total sales for 10 high-end supermarket stores. These are the same stores that you examined in Exercises 35 and 36. In addition to the population of the towns in which
Take another look at the regression analysis of Sales and Population in Exercise 35.a) Estimate the Sales of a store located in a town with a population of 80,000.b) Interpret the meaning of the
A regional high-end specialty supermarket is considering opening a new store and is curious about the relationship between demographic data and store sales for its existing stores. For example, are
Consider the regression described in Exercise 27 again. The regression analysis gives the modela) Explain what the slope of the line says.b) If the unemployment Rate is 6.0%, how much do you predict
Consider the quarterly Home Depot Sales in Exercise 25 again. The regression analysis gives the modela) Explain what the slope of the line says.b) What would you predict for quarterly sales when
A linear model to predict the Price of a 2012 Honda Civic EX (in dollars) from its Mileage (in miles) was fit to 18 cars that were available during the week of March 1, 2013 (Kelly’s Blue
The linear model in Exercise 13 predicting Sales of frozen pizza (in kilograms) from Price ($/unit) has an R2 of 32.9% and a slope of -24,369.5.a) Interpret the meaning of R2.b) What is the
Sales are often related to economic indicators. One possible indicator is the unemployment rate. Data for a large retail store were used to obtain a linear regression model to predict quarterly Sales
House prices are subject to a variety of economic factors but are, to some extent, based on the living area of the house. Analysts examined the recent sales of 1000 homes and found the correlation to
Analysts at The Home Depot want to predict quarterly sales from housing and find the correlation is 0.70. They then examine the scatterplot and decide it is appropriate to fit a regression model to
You wish to explain to your boss what effect taking the base-10 logarithm of the salary in the company’s database will have on the data. As simple example values, you compare a salary of $10,000
A linear regression of the price of external hard drives against their capacity in terabytes had a correlation coefficient of 0.994. What is the value of R2 for this regression and how do you
For the following bookstore sales data, the correlation is 0.965.Number of Salespeople Working Sales (in
Not only is the cost of conventional solar modules declining, as shown in Figure 6.5, but a new solar technology, known as concentrating photovoltaics, or CPV, is emerging as a potentially lower cost
Is crime worse in larger cities? Many people think it is, but what do the data say? Of course there are many types of crime, with some worse than others. A large city might have more traffic offences
With the ever-increasing price of gasoline, both drivers and auto companies are motivated to raise the fuel efficiency of cars. There are many simple ways to increase fuel efficiency: Avoid rapid
IKEA sells a broad range of household products and offers a low-cost breakfast in its store restaurants to attract customers into the stores early in the day. Suppose you are the manager of a store
A big box retailer with 87 stores across Canada wants to reduce its water and electricity usage to reduce both dollar costs and its environmental footprint, and it needs to know whether these two
The online video streaming service of a Canadian cable company offers recommendations to viewers based on their past viewing choices. They monitor 1.7 million customers’ viewing habits by keeping
Consider the following two statements.(i) “The level of aluminum in the brain is higher in patients with Alzheimer’s disease than in other people.”(ii) “The ‘Alzheimer Severity Index,’
Although some women are colourblind, this condition is found primarily in men. An advertisement for socks—which were marked so that they were easy for someone who was colour-blind to
The instructor in your International Economics course asks your class to investigate factors associated with the gross domestic product (GDP) of nations. Each student examines a different factor
Analysts at a philanthropic organization want to predict who is most likely to give to their next fundraising campaign. They considered the potential donors’ Marital Status (single = 1, married =
The Organisation for Economic Co-operation and Development (OECD) monitors math, reading, and science performance of high school students in 64 countries using standardized scores. The scores for 10
Here is a scatterplot for the weekly sales of a brand of frozen pizza (in kilograms) for every fourth week vs. the unit price of the pizza for a sample of stores:a) Check the assumptions and
Regulators must keep an eye on the weights of trucks on major highways, but making trucks stop to be weighed is costly for both the regulators and the truckers. A transport department hoped to keep
There is a strong association between the logarithm of oil consumption and life expectancy across many countries of the world.a) Does this mean that consuming oil is good for health?b) What might
A customer shopping for a used car believes there should be a negative association between the kilometrage a used car has on it and the price of the car. Yet when she runs a correlation, it’s near
An investment analyst looking at the association between sales and assets of companies was surprised when she calculated the correlation. She had expected to find a fairly strong association, yet the
At a small company, the chief financial officer (CFO) is concerned about absenteeism among the employees and asks the head of human resources to investigate. The jobs are coded from 01 to 99, with 01
The head of the salesforce for a Canadian retail clothing chain is analyzing whether the company does better in some parts of the country than others. She examines a scatterplot of last year’s
Maybe the number of total Rooms in the house is associated with the price of a house. Here is the scatterplot for the same homes we examined in Exercise 29:a) Is there an association?b) Check the
Using a random sample of homes for sale, a prospective buyer is interested in examining the relationship between price and number of bedrooms. The graph shows the scatterplot for Price vs. number of
Instead of the age of a vineyard, considered in Exercise 27, perhaps the Size of the vineyard (in hectares) is associated with the price of the wines. Look at the scatterplot:a) The correlation is
Here is the scatterplot and correlation for Case Price of wines from 36 vineyards in the Finger Lakes region of New York State and the Age of those vineyards. Correlation = 0.16.a) Check the
Since 1980, average mortgage interest rates have fluctuated from a low of under 6% to a high of over 14%. Is there a relationship between the amount of money people borrow and the interest rate
The price of a diamond depends on its colour, cut, clarity, and carat weight. Here are data from a quality diamond merchant (so we can assume good cut) for diamonds of the best colour (D) and high
The relatives of a man recently diagnosed with Alzheimer’s disease are suing a company that sells drinks in aluminum cans, claiming damages. They say that the man consumed one to two of these
The altitude and speed of a Boeing 737 landing at Pearson Airport in Toronto are recorded at one minute intervals in the data file. Describe the strength, form, and direction of the relationship
Many people believe that the crime rate declines with age.a) Take data from the data file to verify whether this is true using a scatterplot.b) Is the relationship between crime rate and age strong,
Canadians derive income from investment, employment, and government. Regions with high employment income would be expected to have less income from government sources.a) Draw a scatterplot and use it
Insurance companies carefully track claims histories so that they can assess risk and set rates appropriately. The National Insurance Crime Bureau reports that Honda Accords, Honda Civics, and Toyota
A CEO announces at the annual shareholders’ meeting that the new see-through packaging for the company’s f lagship product has been a success. In fact, he says, “There is a strong correlation
A chain of beauty salons has recently hired staff who appear to be overqualified for the job. The human resources department checks the average salary of staff with different levels of formal
A biotechnology company wants to be sure that education level is rewarded by higher salary, and obtains the following table of average salary for number of years of formal education ranging from 12
A company that relies on internet-based advertising linked to key search terms wants to understand the relationship between the amount it spends on this advertising and revenue (in $).a) Which
The human resources department at a large multinational corporation wants to be able to predict average salary for a given number of years of experience. Data on salary (in $1000s) and years of
When asked this question in a survey, 70% (i.e., 21) of 30 people responded “yes”. Using a horizontal axis on which “driving ability” is rated on a scale from 1 (low) to 10 (high).a) Draw a
We are experiencing longer than “usual” wait times. I got this message on 75% (i.e., 24) of 32 calls for customer service. For simplicity assume the maximum wait time is 11 minutes and use 11
A major Canadian retailer with stores only in large cities includes food items in some stores but not in others. Selling food requires refrigeration equipment, which considerably increases the
Each year, the World Economic Forum produces a Global Gender Gap Index which measures the differences between men and women with regard to four factors: (i) health and survival, (ii) educational
The Real Property Association of Canada surveyed 82 office buildings as to their water usage and graphed the number of litres of water used per square foot of office space per year (L/ft2/yr) for
The Real Property Association of Canada surveyed 82 office buildings as to their water usage and obtained the following results in terms of the number of litres of water used per square foot of
A bank offers a guaranteed investment certificate (GIC) in which the interest rate is 0.5% in the first year, 1.2% in the second year, and 2.3% in the third year. Investors can withdraw their money
Production of copper from a mine in Quebec increased by 4% per year during the five years 2002-2006, by 7% per year during the three years 2007-2010, and by 21% per year during the 8 years 2010-2017.
Production of copper from a mine in Quebec increased by 4%, 7%, and 21% in the last three years, respectively. What is the average rate of increase over those three years?
Alfredo Wagar, an analyst, produced the graph below showing how Canadian government bond yields depend on the amount of time left until the maturity of the bond. He recommends “buying bonds with
The actual prices at the 17 gas stations referred to in Exercise 35 were as follows:Construct a stem-and-leaf diagram of this data and point out any unusual features that are not evident from the
The following histogram displays the monthly returns for a group of mutual funds considered aggressive (or high-growth) over a period of 22 years, from 1975 to 1997:Here is the time series plot for
The GDP per capita for 2007 in selected eurozone countries is given in the table. Calculate the mean, median, and standard deviation of this
A second report by the research centre analyzed the relationship between productivity and wages. Comment on the graph it used. * Productivity +Wages
A national productivity research centre releases information on the efficiency of workers. In a recent report, it included the following graph showing a rapid rise in productivity. What questions do
The discounts negotiated by the car buyers in Exercise 37 are classified by whether the buyer was male (code = 0) or female (code = 1). Compare the discounts of men and of women using an appropriate
A new hybrid car uses 3.8 litres of gasoline per 100 kilometres for city driving, according to websites advertising the car. Of course, not all of these cars are going to get the same fuel economy in
Here are boxplots of weekly gas prices at a service station in Alberta (in $/L):a) Compare the distribution of prices over the three years.b) In which year were the prices least stable (most
Statistics Canada’s National Housing Survey shows that, in 2013, median individual income was $27,600, 10% of individuals made more than $80,400, and the top 1% got more than $191,100. Why does
Calculate the median, quartiles, mean, standard deviation, and coefficient of variation of the Consumer Price Indexes of Canadian provinces in 2013, from the data in the following table. Comment on
Canadian average weekly earnings (in $) classified by province and territory are given in the table on the next page for 2013.a) Calculate the median earnings.b) Calculate the interquartile range.c)
The weekly prices of one brand of frozen pizza over a three-year period in Montreal are provided in the data file. Use the price data to answer the following questions:a) Find the five-number summary
The histogram that follows displays the 12-month returns (in percent) for a collection of mutual funds in 2017. Give a short summary of this distribution (shape, centre, spread, unusual features).
The histogram below shows the price of regular gas at 17 gas stations on a specific day in 2016. Describe the shape of the distribution and its centre and spread. 105 110 115 120 125 Gas Price
You wish to explain to your boss what effect taking the base-10 logarithm of the salary values in the company’s database will have on the data. As a simple example, you compare a salary of $10,000
Draw a time series plot of the percentage of the British Columbia population aged 65 years and older from 1956 to 2006. Describe the trends that emerge.The table below gives the percentage of the
Draw a time series plot of the percentage of the Ontario population aged 65 years and older from 1956 to 2006. Describe the trends that emerge.The table below gives the percentage of the Ontario and
Recall the distributions of the weekly sales for the regional stores in Exercise 25. Following are boxplots of weekly sales for this same food store chain for stores of similar size and location in
Calculate the 12th and 60th percentiles of the purchases of the customers in Exercise 2. Interpret the meaning of the 12th percentile. 39.05 2.73 32.92 47.51 37.91 34.35 64.48 51.96 56.95 81.58 47.80
Calculate the 10th and 80th percentiles of the ages of the customers in Exercise 1. Interpret the meaning of the 80th percentile. 20 32 34 29 30 30 30 14 29 11 38 22 44 48 26 25 22 32 35 32 35 42 44
Calculate the average age of females in the Canadian population in 2014, assuming that the average (midpoint) age of people over 100 is 103.The table below gives the age distribution of the Canadian
Calculate the average age of males in the Canadian population in 2014, assuming that the average (midpoint) age of people over 100 is 103.The table below gives the age distribution of the Canadian
In order to get to campus, a student has to walk to the bus stop and then take a bus to the university. She monitors how much time this journey takes for 55 days. The time taken in minutes for each
Data on the website traffic for KEEN Footwear, obtained from Google Analytics, are in the file ch04_MCSP_KEEN. Open the file using a statistics package and find data on Country of Origin, Top
Loblaw has three types of stores: corporate, franchised, and affiliated. The store banners for the corporate stores include Atlantic Superstore, Cash & Carry, Extra Foods, Loblaws, Loblaw
A study by Angus Reid Strategies shows different attitudes toward global warming (GW) (www.angus-reid.com/wp-content/uploads/archivedpdf/2008.06.25_GreenShift_1.pdf). The table that follows
Boston Consulting Group forecasts the percentage of labour costs that can be saved by 2025 from the adoption of advanced robotics. It projects that 24% of the labour costs in Canada can be saved in
Small biotechnology companies are research intensive and develop chemical compounds that may prove to be useful drugs, but they typically do not have the funding or global reach to test the compounds
In a certain hospital, knee surgeries are performed by either Dr. Almasri or Dr. Casio. Last year’s number of surgeries performed and number that were successful are given in the following tables

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