1. Answer the following: Define Quantitative analysis What are the three categories of business analytics? Describe what it means for two events to be independent What is the variance, and what does it measure? How is it computed for a discrete probability distribution? Describe what is involved in the decision process. Discuss how the coefficient of determination and the coefficient of correlation are related and how they are used in regression analysis. rhrnednp'e Alice sells handcrafted decorations. The variable cost to make these is $20 each, and she sells them for $50. The cost to rent a kiosk in the local mall is $150. How many of these must Alice sell to break even? A class contains 30 students. 10 are female (F), and US citizens (U); 12 are male (M) and US citizens; 6 are female and non US citizens (N); 2 are male and non US citizens. A name is randomly selected from the class roster, and it is female. What is the probability that the student is a US citizen? Ken Brown is the principal owner of Brown Oil Co, which needs to invest in new equipment to keep up with the competition. His alternatives are shown below: Equipment Favorable Market Unfavorable Market Sub 100 300,000 -200,000 Oiler J 250,000 -100,000 Texan 75,000 -18,000 Ken's brother Bob, VP of finance is a pessimist about the oil industry business, and is likely will arrive at a different decision than his own optimistic decision. What decision criterion should Bob use and what alternative would he select? In the US South East coastal area studies have shown a rough association between approaching hurricanes and combined sales of bottled water, pop-tarts, tarpaulin sheets and hemp rope. The following table shows that relationship based on observations over the past 6 years: Combined Sales Days to impending hurricane (x $10 K) 6 3 8 4 9 6 5 4 4.5 2 9.5 5 Use MS-Excel Data Analysis to determine the regression model, then identify the key parameters, e.g. no. of independent variables, r-squared, SST, SSE, etc.. Show or write the derived equation on the spreadsheet and label ..___.__At.w- .t- ..__..'A.t.'.._t.u