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business statistics

Questions and Answers of Business Statistics

Use Excel, MegaStat, or Minitab to perform a regression analysis of the Bonner Frozen Foods sales volume data in Table 14.5 on page 599 by using the model y = Î²0+ Î²1x1+
How do we model the interaction between two independent variables?
When does a scatter plot suggest the use of the quadratic regression model?
What is a qualitative independent variable?
Consider a hospital for which XRay = 56,194, BedDays = 14,077.88, and LengthStay = 6.89. A 95 percent prediction interval for the labor hours corresponding to this combination of values of the
Use the Bonner Frozen Foods sales volume data in Table 14.5 on page 599 and the model y = β0 + β1x1 + β2x2 + ε to find(1) A point estimate of and a 95 percent confidence interval for the mean
What is the purpose of the overall F test?
What is estimated by the mean square error, and what is estimated by the standard error?
When developing a regression model to predict a dependent variable y, it is best, if there are enough data, to €œbuild€ the model using one data set (called the training data
How do we check the normality assumption?
Explain what is meant by the population correlation coefficient ρ.
Use the real estate sales price data in Table 13.7 to find(1) A point estimate of and a 95 percent confidence interval for the mean sales price of all houses having a size of 20 (that is, 2,000
Use the sales volume data in Figure 3.22(a) to find (1) A point estimate of and a 95 percent confidence interval for the mean sales volume in all sales regions when advertising expenditure is 10
What does the simple coefficient of determination measure?
What is estimated by the mean square error, and what is estimated by the standard error?
What is the purpose behind summarizing data in the form of a two-way contingency table?
Consider the sample of 100 waiting times given in Table 1.9. Use these data to carry out a chi-square goodness-of-fit test to determine whether the population of all waiting times is normally
Consider the sample of 60 bottle design ratings given in Table 1.6. Use these data to carry out a chi-square goodness-of-fit test to determine whether the population of all bottle design ratings is
In an article in the Accounting Review, Brown and Solomon study the effects of two factors€”confirmation of accounts receivable and verification of sales transactions€”on account
What is a treatment in the context of a two-factor factorial experiment?
How can we test to determine if the blocks we have chosen are reasonable?
In your own words, explain why we sometimes employ the randomized block design.
Explain the assumptions that must be satisfied in order to validly use the one-way ANOVA formulas.
Suppose a company wishes to compare the hourly output of its employees before and after vacations. Explain how you would collect data for a paired difference experiment to make this comparison.
Why is a paired difference experiment sometimes more informative than an independent samples experiment? Give an example of a situation in which a paired difference experiment might be advantageous.
Explain how a paired difference experiment differs from an independent samples experiment in terms of how the data for these experiments are collected.
What assumption must hold to make statistical inferences about a population variance?
What condition must be satisfied in order for the methods of this section to be appropriate?
If we wish to test a hypothesis to provide evidence supporting the claim that fewer than 5 percent of the units produced by a process are defective, formulate the null and alternative hypotheses.
Explain what a p-value is, and explain how it is used to test a hypothesis.
Define a population total. Give an example of a population total that a business might estimate.
Discuss when it is appropriate to use the t-based confidence interval for μ.
For a fixed level of confidence, what happens to a confidence interval for μ when we increase the sample size?
For a fixed sample size, what happens to a confidence interval for μ when we increase the level of confidence?
Explain the meaning of the term “95 percent confidence.”
Describe the effect of increasing the sample size on the population of all possible sample proportions.
If the sample size n is large, the sampling distribution of p̂ is approximately a normal distribution. What condition must be satisfied to guarantee that n is large enough to say that p̂ is
The sampling distribution of p̂ is the probability distribution of a population. Describe this population.
What does the Central Limit Theorem tell us about the sampling distribution of the sample mean?
The sampling distribution of the sample mean x̅ is the probability distribution of a population. Describe this population.
If a normal probability plot has the appearance of a straight line, what should we conclude?
Explain the relationship between the Poisson and exponential distributions.
Under what condition may we use the normal approximation to the binomial distribution?
Explain why it might be convenient to approximate binomial probabilities by using areas under an appropriate normal curve.
Explain how to compute the z value corresponding to a value of a normally distributed random variable. What does the z value tell us about the value of the random variable?
What two properties must be satisfied by a continuous probability distribution (or probability curve)?
How do we use the continuous probability distribution (or probability curve) of a random variable x to find probabilities? Explain.
A discrete probability distribution assigns probabilities to individual values. To what are probabilities assigned by a continuous probability distribution?
Explain the meaning of a positive covariance.
Explain the meaning of a negative covariance.
In the context of the hypergeometric distribution, explain the meanings of N, r, and n.
Explain the logic behind the rare event approach to making statistical inferences.
When performing a chi-square goodness-of-fit test, explain why a large value of the chi-square statistic provides evidence that H0 should be rejected.
Suppose that x is a binomial random variable. Explain what the values of x represent. That is, how are the values of x defined?
What conditions must be satisfied by the probabilities in a discrete probability distribution? Explain what these conditions mean.
What is a discrete probability distribution? Explain in your own words.
Explain the concept of a random variable.
What sort of dependence seems to exist between whether U.S. residents believed that the amount of violent programming had increased and whether U.S. residents believed that the overall quality of
What proportion of the U.S. residents who believed that the overall quality of programming had decreased, believed that the amount of violent programming had increased?
What proportion of the U.S. residents who believed that the amount of violent programming had increased, believed that the overall quality of programming had decreased?
What proportion of the 1,000 U.S. residents believed that either the amount of violent programming had increased or the overall quality of programming had decreased over the past 10 years?
What proportion of the 1,000 U.S. residents believed that both the amount of violent programming had increased and the overall quality of programming had decreased over the past 10 years?
What proportion of the 1,000 U.S. residents believed that the overall quality of programming had decreased over the past 10 years?
What proportion of the 1,000 U.S. residents believed that the amount of violent programming had increased over the past 10 years?
A company employs eight people and plans to select a group of three of these employees to receive advanced training. How many ways can the group of three employees be selected?
A pop quiz consists of three true–false questions and three multiple choice questions. Each multiple choice question has five possible answers. If a student blindly guesses the answer to every
A credit union has two branches; each branch has two departments, and each department has four employees. How many total people does the credit union employ? If you work for the credit union, and one
Explain when it is appropriate to use the counting rule for combinations.
Explain when it is appropriate to use the counting rule for multiple-step experiments.
Explain why counting rules are useful.
Explain the purpose behind using Bayes’ theorem.
What is a prior probability? What is a posterior probability?
Explain the properties that must be satisfied by a probability.
Table 3.19 on the next page gives data concerning America€™s 30 largest private companies of 2014 as rated by Forbes magazine.a. Construct a box-and-whiskers display of the large company
Figure 3.37 gives five-number summaries comparing the base yearly salaries of employees in marketing and employees in research for a large company. Interpret these summaries. FIGURE 3.37 Five-Number
The XLMiner output of an association rule analysis of the DVD renters data using a specified support percentage of 40 percent and a specified confidence percentage of 70 percent is shown below.a.
In the previous XLMiner output, show how the lift ratio of 1.1111(rounded) for the recommendation of C to renters of B has been calculated. Interpret this lift ratio.
Discuss the meanings of the terms support percentage, confidence percentage, and lift ratio.
What is the purpose of association rules?
Table 3.14 shows the output of a factor analysis of the ratings of 82 respondents who were asked to evaluate a particular discount store on 29 attributes using a 7-point Likert scale. Interpret and
In Applied Multivariate Techniques (John Wiley and Sons, 1996), Subhash Sharma considers a study in which 143 respondents rated three brands of laundry detergents on 12 product attributes using a
Why does factor analysis do factor rotation?
What is the purpose of factor analysis?
In order to carry out a k-means cluster analysis, we can use Minitab, JMP, or XLMiner. For example, consider using XLMiner to carry out a k-means cluster analysis of the sports perception data in
In this exercise we consider a marketing research study concerning the similarities and differences between the 10 types of food shown in Table 3.11. Each type of food was given an integer rating of
Explain what complete linkage means.
Explain how hierarchical clustering and k-means clustering differ with respect to reassigning an item to a different cluster.
What is the difference between a classification tree and a regression tree?
Refer to Exercise 3.52. The values of the DJIA on the first day of trading in 2005, 2006, 2007, 2008, and 2009 were 10,729.43, 10,847.41, 12,474.52, 13,043.96, and 9,034.69.a. Calculate the geometric
The following table gives the value of the Dow Jones Industrial Average (DJIA), NASDAQ, and the S&P 500 on the first day of trading for the years 2010 through 2013.a. For each stock index,
If we know the initial value of an investment and its geometric mean return over a period of years, can we compute the ending value of the investment? If so, how?
In words, explain the interpretation of the geometric mean return for an investment.
The following is a frequency distribution summarizing earnings per share (EPS) growth data for the 30 fastest growing firms as given on Fortune magazine’s website on January 14, 2015.EPS Growth
Sound City sells the TrueSound-XL, a top-of-the-line satellite car radio. Over the last 100 weeks, Sound City has sold no radios in three of the weeks, one radio in 20 of the weeks, two radios in 50
When we perform grouped data calculations, we represent the measurements in a class by using the midpoint of the class. Explain the assumption that is being made when we do this.
Consider calculating a student’s grade point average using a scale where 4.0 represents an A and 0.0 represents an F. Explain why the grade point average is a weighted mean. What are the xi values?
Discuss how the least squares line is used to predict y on the basis of x.
On its website, the Statesman Journal newspaper (Salem, Oregon, 2005) reports mortgage loan interest rates for 30 year and 15-year fixed-rate mortgage loans for a number of Willamette Valley lending
Consider Exercise 3.20.a. Compute and interpret the z€“score for each total spending figure.b. Compute and interpret the z€“score for each spending per scholarship player figure.
Table 3.3 gives spending data for the football programs at the 10 universities that spent the most money on football in 2012. Calculate the population range, variance, and standard deviation of the

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