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business statistics

Questions and Answers of Business Statistics

The Empirical Rule for a normally distributed population and Chebyshev’s Theorem have the same basic purpose. In your own words, explain what this purpose is.
Discuss how the variance and the standard deviation measure variation.
The mean team operating income is the operating income each NBA team would receive if the NBAowners divided the total of their operating incomes equally among the 30 NBA teams. (Of course, some of
Compute the mean team operating income and the median team operating income, and explain the difference between the values of these statistics.In the National Basketball Association (NBA) lockout of
Construct a histogram and a stem-and-leaf display of the teams€™ operating incomes.In the National Basketball Association (NBA) lockout of 2011, the owners of NBA teams wished to change the
Compute the mean team player expense and the median team player expense and explain the difference between the values of these statistics.In the National Basketball Association (NBA) lockout of 2011,
Construct a histogram and a stem-and-leaf display of the teams€™ player expenses.In the National Basketball Association (NBA) lockout of 2011, the owners of NBA teams wished to change the
Compute the mean team revenue and the median team revenue, and explain the difference between the values of these statistics.In the National Basketball Association (NBA) lockout of 2011, the owners
Construct a histogram and a stem-and-leaf display of the teams€™ revenues.In the National Basketball Association (NBA) lockout of 2011, the owners of NBA teams wished to change the existing
Figure 2.43 was used in various Chevrolet magazine advertisements in 1997 to compare the overall resale values of Chevrolet, Dodge, and Ford trucks in the years from 1990 to 1997. What is somewhat
Table 2.24 presents data concerning the largest U.S. charities in 2014 as rated on the Forbes.com website on January 14, 2015.a. Construct a percent frequency histogram of each of(1) The
Develop a table of row percentages for the contingency table you set up in Exercise 2.76. Using these row percentages, construct a percentage frequency distribution of overall design quality rating
Construct a contingency table of automobile origin versus overall design quality rating. Set up rows corresponding to the United States, the Pacific Rim (Japan/Korea), and Europe (Germany/Italy/Great
Construct a contingency table of automobile origin versus overall mechanical quality rating. Set up rows corresponding to the United States, the Pacific Rim (Japan/Korea), and Europe
Construct a percentage pie chart of the overall design quality ratings for each of the following: automobiles of United States origin; automobiles of Pacific Rim origin (Japan/Korea); and automobiles
Construct a percentage bar chart of the overall mechanical quality ratings for each of the following: automobiles of United States origin; automobiles of Pacific Rim origin (Japan/Korea); and
Develop a relative frequency distribution of the overall design quality ratings. Describe the distribution.Based on the data in Table 2.23 (see page 100). This table gives the results of the J.D.
Develop a frequency distribution of the overall mechanical quality ratings. Describe the distribution.Based on the data in Table 2.23 (see page 100). This table gives the results of the J.D. Power
A company that produces and markets trash bags has developed an improved 30-gallon bag. The new bag is produced using a specially formulated plastic that is both stronger and more biodegradable than
Figure 2.5 gives a percentage pie chart of new vehicle market shares in the United States for 2014 as given by GoodCarBadCar.net. Use this pie chart and your results from Exercise 2.9 to write an
Figure 2.32 gives two more time series plots of the previously discussed mean nurses€™ salary increases. In Figure 2.32(a) the hospital administration has compressed the horizontal axis. In
In the treemap in Figure 2.41, dark blue represents the lowest ozone level and bright red represents the highest ozone level. Where is the ozone level higher, Chicago or New York City? Treemap of the
What is data drill down?
Discuss how each of the following is used: gauge, bullet graph, treemap, sparkline.
When we construct a bar chart or graph, what is the effect of starting the vertical axis at a value that is far above zero? Explain.
Table 2.15 reproduces the 100 waiting times for teller service that were originally given in Table 1.9.a. Construct a stem-and-leaf display of the waiting times.b. Describe the distribution of the
Discuss the relationship between a scatter plot and a time series plot.
Explain the purpose for constructing a scatter plot of y versus x.
A contingency table consists of several “cells.” Explain how we fill the cells in the table.
Explain the purpose behind constructing a contingency table.
Table 2.13 gives America€™s top 40 best small companies of 2014 as rated on the Forbes.com website on January 14, 2015.a. Develop a frequency distribution and a frequency histogram for the
If a data set consists of 1,000 measurements, would you summarize the data set by using a stem-and-leaf display or a histogram? Explain.
What are the advantages of using a stem-and-leaf display?
Explain the difference between a histogram and a stem-and-leaf display.
If a data set consists of 1,000 measurements, would you summarize the data set using a histogram or a dot plot? Explain.
When we construct a dot plot, what does the horizontal axis represent? What does each dot represent?
Table 2.12 gives the 2014 franchise value and revenues for each of the 30 teams in Major League Baseball as reported by Forbes magazine and as listed on the Forbes. com website on January 14, 2015.a.
Recall that Table 1.10 presents the breaking strengths of 40 trash bags selected during a 40-hour pilot production run. Figure 2.17 gives a percent frequency histogram of these breaking strengths.a.
Recall that Table 1.9 presents the waiting times for teller service during peak business hours of 100 randomly selected bank customers.Figure 2.16 above gives the Minitab output of a histogram of
Recall that Table 1.8 presents the satisfaction ratings for the XYZ-Box video game system that have been given by 65 randomly selected purchasers. Figure 2.15 gives the Excel output of a histogram of
Table 2.11 gives the 25 most powerful celebrities and their annual earnings as ranked by the editors of Forbes magazine and as listed on theForbes.comwebsite on January 14, 2015.a. Remove Dr. Dre
Explain how to compute the relative frequency and percent frequency for each class if you are given a frequency distribution.
Explain the purpose behind constructing a frequency or relative frequency distribution.
In the article €œAccelerating Improvement€ published in Quality Progress, Gaudard, Coates, and Freeman describe a restaurant that caters to business travelers and has a
According to the website of the American Association for Justice,14 Stella Liebeck of Albuquerque, New Mexico, was severely burned by McDonald€™s coffee in February 1992. Liebeck, who
Read the approximate predicted waiting times for Soarin€™ and Test Track at 8 p.m. off of the time series plots in Figure 1.9. Construct a hand-drawn bullet graph of these two predicted
When is cluster sampling used? Why do we describe this type of sampling by using the term cluster?
The time series plots in Figure 1.9 tell us that the predicted waiting times for Soarin€™ and Test Track at Epcot at 5 p.m. on February 21, 2015 were (approximately) 85 minutes and 60
Discuss the basic ideas ofa. Anomaly (outlier) detection.b. Association learning.c. Classification.d. Cluster detection.e. Prediction.f. Factor detection.
Explain each of the following terms:a. Descriptive analytics.b. Predictive analyticsc. Data mining.d. Prescriptive analytics.
A bank manager has developed a new system to reduce the time customers spend waiting to be served by tellers during peak business hours. Typical waiting times during peak business hours under
A company that produces and markets video game systems wishes to assess its customers€™ level of satisfaction with a relatively new model, the XYZ Box. In the six months since the
In the page margin, we list 15 companies that have historically performed well in the food, drink, and tobacco industries. Consider the random numbers given in the random number table of Table 1.4(a)
Explain each of the following terms:a. Descriptive statistics.b. Statistical inference.c. Random sample.d. Process.e. Statistical model.
(1) Define a population. (2) Give an example of a population that you might study when you start your career after graduating from college. (3) Explain the difference between a census and a sample.
Consider the five homes in Table 1.1. What do you think you would have to pay for a Diamond model on a lake lot? For a Ruby model on a lake lot? A Data Set Describing Five Home Sales OS HomeSales
Consider the five homes in Table 1.1. What do you think you would have to pay for a Ruby model on a treed lot? A Data Set Describing Five Home Sales OS HomeSales TABLE 1.1 Lot Type Selling Price Home
What is a data warehouse? What does the term big data mean?
Consider a medical study that is being performed to test the effect of smoking on lung cancer. Two groups of subjects are identified; one group has lung cancer and the other one doesn’t. Both are
(1) Discuss the difference between cross-sectional data and time series data.(2) If we record the total number of cars sold in 2015 by each of 10 car salespeople, are the data cross-sectional or time
Below we list several variables. Which of these variables are quantitative and which are qualitative? Explain.a. The dollar amount on an accounts receivable invoice.b. The net profit for a company
Define what we mean by a variable, and explain the difference between a quantitative variable and a qualitative (categorical) variable.
1. The probability that a random customer does not purchase any of the three products (bread, jelly, or peanut butter).2. The probability that a random customer purchases white bread.3. The
What is the principle behind random numbers?
List three incorrect methods that are often used to obtain a sample.
What purpose do random numbers play in simulation?
What happens when the number of repetitions is increased?
Besides random numbers, what other items can be used to perform simulation experiments?
Are you in favor of imposing a tax on tobacco to pay for health care related to diseases caused by smoking?
Fewer than one-half of all mothers are stay-at-home parents. Recent statistics indicate that 68.1% of all mothers with children under age 18 are in the labor force. Explain how to create a simulation
How often do you run red lights?
Two basketball players have a free-throw contest—one is a 70% shooter and the other is a 75% shooter. They each shoot 20 shots in groups of 5 shots each. Use technology to simulate the contest and
List the advantages and disadvantages of cluster sampling.
What improvements would you like to see in the gun control laws?
Do you think students who are not failing should not be tutored?
Thirty-five percent of U.S. households with at least one television set have premium cable service. Explain how to simulate this with random numbers. Use your method to select a random sample of 100
Do you approve of the mayor’s position on the new soft drink tax?
What role does the computer play in simulation?
Why should random numbers be used when you are selecting a random sample?
Given P(A) = 0.7 and P(B) = 0.8: (a) If A and B, are independent events, compute P(A and B). (b) If P(B I A) = 0.9, compute P(A and B).
If two events A and B are mutually exclusive, what is the value of P(A and B)?
Can two events that mutually exclusive occur together?
Consider the equation of a least-squares line ŷ = 3 + 2x based on data pairs (x, y). Which variable is the explanatory variable, and which is the response variable?
Consider the numbers(a) Compute the mode, median, and mean. (b) If the numbers represent codes for the colors of T-shirts ordered from a catalog, which average(s) would make sense? (c) If
If a data set has an even number of data, is true or false that the median is never equal to a value in the data set? Explain.
In a box-and-whisker plot, which measure of central tendency is displayed: mean, median, or mode?
Find the mean, median, and mode of the data set 8 2 7 2 6 5
How is the standard deviation related to the variance of a data set?
Find the mean median, and mode of the data set | 10 12 20 15
Consider the following symbols: s, a, z, g. Match each of the symbols to the appropriate name: (i) sample mean (ii) sample standard deviation (ii) population mean (iv) population standard
Find the mean, median,and mode of the data set 8 2 7 2 6
Consider the data set (a) Find the range.(b) Use the defining formula to compute the sample standard deviation s.(c) Use the defining formula to compute the population standard deviation
Clayton and Timothy took different sections of Introduction to Economics. Each section had a different final exam. Timothy scored 83 out of 100 and had a percentile rank in his class of 72. Clayton
Consider the data set (a) Find the range.(b) Use the defining formula to compute the sample standard deviation s.(c) Use the defining formula to compute the population standard deviation
Terminology If a numerical measure describes an aspect of a sample, is it a statistic or a parameter?
If a variable describes an individual by placing the individual in a category or group, is the variable quantitative or qualitative?
If data consist of names, labels, or categories with no implied criteria by which the data can be ordered from smallest to largest, what is the highest level of measurement for the data: nominal,
If it makes sense to say that one data measurement in a data set is twice that of another measurement in the set, what is the highest level of measurement for the data: nominal, ordinal, interval, or
Consider a sample of size n. If every sample of size n has equal chance of being selected, what is the type of sample: stratified, systematic, simple random, or cluster?
If a treatment is applied to subjects or objects in a study in order to observe a possible change in the variable of interest, is the study an observational study or an experiment?

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