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mathematics
introduction to business statistics

Questions and Answers of Introduction to business statistics

Following their manufacture, plastic shims are sampled at periodic intervals and their thickness (in millimeters) measured. Each sample consists of n = 3 shims, and the following data have been
In producing bulk rolls of paper for sale to newspapers, a firm wishes to control the quality of the paper by keeping track of how many discolored spots or other flaws are present in continuous
As a machine produces steel rods, accumulated deposits and mechanical wear cause the rod diameters to increase gradually over time. What type of control chart should be used in determining when the
A university is starting a new college of engineering, has extensive funding, and wants to use competitive benchmarking. What U.S. universities might be useful as objects of the competitive
Use the control chart limits developed in Exercise 20.40 and the following sample results to evaluate whether the process is in control: Sample 4 3 1 2 4 5 6 2.95 2.97 3.03 3.11 2.35 3.19 Mean
Use the control chart limits developed in Exercise 20.38 and the following sample results to evaluate whether the process is in control: Sample 2 3 4 3390 3447 3410 3466 3440 3384 Mean burst strength
In general, how will the upper and lower control limits change if a 2-sigma control chart is used instead of a 3-sigma control chart?
In the mean chart, what assumption is made about the distribution of individual measurements for the process that is being monitored?
In terms of random variation and assignable variation, what is meant by the statement, “The process is in control”?
What function is performed by a control chart’s upper and lower limits?
Differentiate between a variable and an attribute.
What is a control chart, and what purpose does it serve?
How can designed experiments facilitate the application of the Deming PDCA cycle?
What is a “check sheet,” and what is its role in total quality management?
What is the “80/20” rule, and how does it apply to total quality management?
What is a cause-and-effect diagram, and what role can it play in total quality management?
What is a process flow chart, and how can it contribute to the goals of total quality management?
What two elements are necessary for worker empowerment to be a successful tool in total quality management?
What is competitive bench marking, and how can it be used?
What is a quality audit, and for what purposes might one be performed?
In the Kaizen philosophy, what is the difference between “ongoing improvement” and “innovation”?
What is “Kaizen,” and how is it related to total quality management?
What is meant by the statement that total quality management has a “process orientation”?
What is the basic difference between total quality management and the traditional approach to quality management?
What is the Deming PDCA cycle, and how is it applicable to total quality management?
Statistical process control and acceptance sampling both rely on a sampling of products to make inferences. In what important way do the types of inferences differ?
A driver in the Indianapolis 500 auto race has the lead but is nearly out of fuel with eight laps remaining in the race. The second-place car is just 10 seconds behind and has plenty of fuel. The
Dennis Dunkwright is a former NBA player and free spirit whose face and unusual antics are well known to young Americans across the land. A marketer of athletic shoes is considering the possibility
An athletic director must order football programs well in advance of game day. She pays $0.50 for each program, and the selling price to fans is $3.00. Programs not sold at the game can be sold to
For Exercise 19.29, how many cod should be purchased if leftover fish can be sold to a fertilizer company for 20 cents each?
The manager of a fish market pays 60 cents each for cod and sells them for $1.00 each. Fish left over at the end of the day are discarded. The daily demand can be approximated by a normal
A newsstand manager must decide how many daily papers to stock. Past experience has shown that demand can be approximated by a normal distribution with a mean of 400 papers and a standard deviation
An investor intends to purchase stock in one of three companies. Company A is very sensitive to the overall national economy, company C is relatively insensitive to the economic environment, and
In Exercise 19.12, there is a 0.1 chance that a train will be using the railroad crossing. Given this information, which route should Fred select, and what is the expected number of minutes his trip
In Exercise 19.10, the probabilities for the three market conditions are estimated as 0.1, 0.6, and 0.3, respectively. Which design should be selected in order to maximize the firm’s expected
What is the most important difference between Bayesian and non-Bayesian decision criteria?
An antique collector is shipping $50,000 worth of items from Europe to America and must decide whether to insure the shipment for its full value. An insurance firm will provide this protection for a
When Fred takes the direct route to work, he gets there in 20 minutes if no train is at the railroad crossing. When a train is using the crossing, his travel time is 15 minutes longer. His
A trainee in a realty firm is being paid a straight salary, but has the opportunity to (a) continue with straight salary, (b) change to straight commission, or(c) change to a combination
A management consultant, unable to locate receipts or records for several business trips during the past year, makes some rough estimates of these expenditures and considers claiming them as business
Convert each of the following indexes so that the new base period will be 1997. 1994 101.3 100.0 1995 100.0 102.9 1996 103.4 104.7 105.6 1997 103.2 1998 107.9 107.5 1999 110.3 126.4 2000 116.2 122.1
From 1996 to 2004, the median weekly earnings of workers represented by unions went from $610 to $776, and the Consumer Price Index (1982–1984 = 100) went from 156.9 to 188.9. What was the
The Consumer Price Index from 1961 through 2004 is in file XR18085, with 1982–1984 = 100 and 1961 coded as t = 1. Construct a first-order autoregressive forecasting equation for these data,
The National Association of Railroad Passengers has reported the following data describing U.S. commuter train ridership.
The following data describe quarterly residential natural gas sales from 1991 through 1994. Determine the quarterly seasonal indexes, then use these indexes to deseasonalize the original data.
The following data show U.S. retail sales of canoes from 1980 through 1997, with data in thousands of boats.a. Construct a graph of the time series. Does the overall trend appear to be upward or
The annual number of Memorial Day travelers from 1992 through 1999 is shown here. Year
From 1990 through 1996, average monthly cable TV bills were as shown below.Year Average
SUBWAY has grown to include more than 20,000 restaurants worldwide since they opened their first one in 1965. The accompanying data show the number of SUBWAY restaurants worldwide from 1985 through
Fit a linear trend equation to the following data describing the number of active U.S. military personnel from 1994 through 2000. What is the trend estimate for 2010?
The Producer Price Index values for plumbing fixtures and brass fittings from 1996 through 2001 are shown below. Convert the index numbers so that the base period will be 1996 instead of 1982. 1999
An executive’s salary increased from $95,000 to $110,000 between 2000 and 2004, but the Consumer Price Index went from 172.2 to 188.9 during this time span. In terms of real income, what was the
The Consumer Price Index and average annual wages in selected industries were as shown in the table.From 1980 to 2001, the average wages went up for workers in all four industries. However, which
What is the Consumer Price Index and what does it reflect?
What is an index number, and what is its value for the base period?
According to the Investment Company Institute, total industry net assets (billions of dollars) for equity funds were as shown here for years 1981 (coded as ) through 1998. Construct a second-order
When autocorrelation of the residuals is present, what effect can this have on interval estimation and significance tests regarding the regression model involved?
The following data are the number of U.S. motorcycle thefts for 1992 through 1995. Given these data and the trend equations, use the MAD criterion to determine which equation is the better fit.
The following data are the wellhead prices for domestically produced natural gas, in dollars per thousand cubic feet, from 1987 through 1994. Given these data and the trend equations shown here, use
A firm predicts it will use 560,000 gallons of water next year. If the seasonal index of water consumption is 135 for the second quarter of the year, what is the forecast for water consumption during
The U.S. trade deficit with Canada (billions of dollars) from 1997 through 2004 is reported as shown in the table. Using exponential smoothing and the smoothing constant α =7, what deficit would
International Dairy Queen, Inc., a firm whose business is highly seasonal, has reported the following quarterly net income figures for 1991 through 1995.a. Construct the four-quarter centered moving
In determining seasonal indexes for the months of the year, a statistician finds the total of the “unadjusted” seasonal indexes is 1180 instead of 12 100, or 1200. What correction must be made
The following data describe U.S. manufacturers€™ shipments of general aviation jet aircraft from 1979 through 1998:a. Construct a graph of the time series. Does the overall trend appear to
According to the U.S. Energy Information Administration, a heating degree-day is a relative measurement of outdoor temperature that indicates how far the average daily temperature is below 65°
The following data show residential and commercial natural gas consumption (quadrillion Btu) from 1985 through 2000.a. Construct a graph of the time series, then superimpose a three-year centered
From 1997 through 2004, the value of U.S. exports to Mexico was as shown below. Data are in billions of dollars.a. Fit a linear trend equation to the time series. Using this equation, determine the
U.S. cellular phone subscribership has been reported as shown below for the 1993€“2004 period.a. Fit a linear trend equation to the time series. Using this equation, determine the trend
Fit a linear trend equation to these data showing the value of shipments of food products in billions of dollars. What is the trend estimate for 2012?Year:
The trend equation ý = 1200 + 35x has been fitted to a time series for industry worker days lost due to jobrelated injuries. If x = 1 for 1991, estimate the number of worker days lost during 2008.
The estimated trend value of community water consumption is 400,000 gallons for a given month. Assuming that the cyclical component is 120% of normal, with the seasonal and irregular components 70%
For each of the following, indicate which time series component is represented. Explain your reasoning.a. The proprietor of a movie theater finds Saturday is the most popular day of the week for
1. Provide further assistance to Sam Easton by carrying out and interpreting the results of an appropriate Easton Realty Company (B) business case Photodisc/Getty Images stepwise regression designed
1. Because the committee is very interested in using predicted first-year MBA grade point average in measuring the quality of applicants to its program, assist the members further by carrying out and
For the temperature and relative humidity data described in Exercise 17.63 and listed in file XR17063, fit a multiplicative model and use it to estimate the apparent temperature for a room in which
The American Bankers Association has reported the percentage of consumer loans in various categories that were at least 30 days overdue in the first quarter of each of the years shown in the table.
The data in file XR17063 include the “apparent temperature,” how warm it “feels” at different combinations of room temperature (degrees Fahrenheit), and relative humidity (%). For y =
The data below show the number of years it took for selected technological innovations to spread to 25% of the U.S. population. The data are also in file XR17062. For y = years to spread and x =
Dun & Bradstreet have reported the number of business starts and the employment they have provided for the years shown here. The data are also in file XR17060. Generate a scatter diagram and
For 1985€“1995, production in the energy sector included the quantities shown here. The variables and their units are total nonrenewable energy production (quadrillion Btu), crude oil
Circulation (millions) for Sunday newspapers versus morning and evening daily papers for 1996€“2004 are shown here. The data are also in file XR17044. With Sunday circulation as the
Four predictor variables are being considered for use in a linear regression model. Given the accompanying correlation matrix, does it appear that multicollinearity could be a problem? G Н х1 x2
A linear regression analysis was performed using x1 as a predictor variable. The p-value associated with the regression coefficient for x1 was 0.02, and the sign of the coefficient was
What is a correlation matrix, and what role does it play in multiple regression?
International Data Corporation has reported the following costs per gigabyte of hard-drive storage space for the period 1995€“2000. The data are also in file XR17008. Using x = 1 through 6
A test of 9 micro-size radar detectors included laboratory evaluation as well as the warning distance provided under various driving conditions. The following data represent over-the-hill trap
Given the printout in Exercise 16.15, (a) determine the 90% confidence interval for each partial regression coefficient, and (b) interpret each significance test in the context of that exercise.
Given the printout in Exercise 16.15, identify the coefficient of multiple determination and interpret its value in terms of that exercise.
What is the coefficient of multiple determination, and what does it tell us about the relationship between y and the independent variables?
Personnel director is using multiple regression analysis to examine employee absence records. He wants to find an estimation equation that will improve his understanding of variables that might
For y = annual household expenditure for auto maintenance and repair, what independent variables could help explain the amount of money a household spends per year for this purpose?
In multiple regression and correlation analysis, what is the purpose of the regression component? Of the correlation component?
What is the difference between simple linear regression and multiple regression? Under what circumstances would a multiple regression analysis be preferable?
A physical-fitness researcher tests 25 professional football players, finding that the time required to run 40 yards (y, in seconds) is related to weight (x, in pounds) by the least-squares equation
Given the data and regression analysis for Exercise 15.76, construct and interpret the 95% confidence and prediction intervals associated with 1.4 million housing starts. Year 1992 1993 1994 1995
Given the data and regression analysis for Exercise 15.73, construct and interpret the 90% confidence and prediction intervals associated with 9.0 million new-car registrations x = New-Car
As part of its ongoing testing and reporting program, The Insurance Institute for Highway Safety crashes vehicles into fixed objects at low speeds, then records the cost of repairs necessary to fix
The following data describe U.S. passenger car travel and fuel consumption from 1995 through 1999. The data represent billions of gallons consumed and billions of miles traveled, respectively.a.
The following data describe fuel consumption and flying hours for turboprop general aviation aircraft from 1992 through 1997. Fuel consumption is in millions of gallons; flying time is in millions of

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