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A random sample of size 15 is taken from a normally
A random sample of size 15 is taken from a normally distributed population with a sample mean of 75 and a sample variance of 25. The upper limit of a 95% confidence interval for the population mean is… read more
Neo
Neo
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In a random sample of 125 large retailers, 90 used
In a random sample of 125 large retailers, 90 used regression as a method of forecasting. In an independent random sample of 160 small retailers, 80 used regression as a method of forecasting. Find a … read more
Homeworkexpert12
Homeworkexpert12
Freelance Homework Expert
Master's Degree
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I need the answer to the questions: 1. A consultant for Dell
1. A consultant for Dell was investigating computer usage among students at a particular university. 200 undergraduates and 100 postgraduates were chosen and asked if they owned a laptop. It was found that 81 of the undergraduates and 63 of the postgraduates owned a laptop. The consultant calculated that 48% (144 out of 300) of the students interviewed owned a laptop. Explain, with reasons, whether the figure of 48% would be a good estimate of the proportion of all students who own a laptop. Hint: The answer is ‘Well James, it depends!', but obviously reasons are required! (10 marks) 2. A 95% confidence interval for the mean income of shop assistants in a certain city, based on a random sample of n shop assistants, is found to be (£18,000, £21,000). Explain what this means briefly (in at most 2–3 sentences). Would a 90% confidence interval be better than a 95% confidence interval? Justify your answer. Hint: The answer is ‘Well James, it depends!', but obviously reasons are required! (10 marks) 3. For a certain variable, the standard deviation in a large population is equal to 16. How large a random sample is needed to be 99% confident that the sample mean is within 2 units of the population mean? Would you recommend a confidence level other than 99%? Hint 1: Use the confidence interval Excel utility. Hint 2: The answer is ‘Well James, it depends!', but obviously reasons are required! (10 marks) 4. An accounting firm wishes to test the claim that no more than 6% of a large number of transactions contain errors. In order to test this claim, they examine a random sample of 225 transactions and find that exactly 20 of these are in error. What conclusion should the firm draw? Use a 5% significance level. Hint: Use the hypothesis testing Excel utility (one population). 5. Explain (in no more than a paragraph for each) the purpose of: (a) sampling (b) hypothesis testing. Discuss any advantages and limitations of each. 2 (10 marks) (10 marks) 6. A lumber company makes plywood for the furniture industry. One product it makes is 3/4-inch panels. It is very important that the panels conform to specifications. One specification calls for the panels to be made to an average thickness of 0.75 inches. Each hour, 5 panels are selected at random and measured. After 20 hours, a total of 100 panels have been measured (so the sample size is n = 100). The data are in the file ‘Lumber.xls'. (a) Based on the sample data, what should the company conclude about the status of its product meeting the thickness specification? Test at a 1% significance level. Discuss your results in a brief ‘executive summary' to the production manager. Hint: Use the hypothesis testing Excel utility (one population). (b) The production manager has looked at the results of your test. He wishes to repeat this sampling process and wants a rule to compare future X ̄ values only. So, based just on a sample mean of any new random sample of panels, without having to conduct a formal hypothesis test, he wishes to decide whether the thickness specification is being met, again using a 1% significance level. Develop a suitable rule. Hint: Use the hypothesis testing Excel utility (one population). (c) The manager wishes to know what type of error in (a) could have been made and what the potential consequences of the error might be. (25 marks) 7. A bookstore samples its order record to examine the number of days between placing an order and receiving the goods. The results (in days) are shown below. Assess and comment on the differences between surface transportation and air freight. You may use Excel! The data are in the file ‘Bookstore.xls'. Hint: This question is deliberately open-ended. You may investigate the data any way you like, for example calculating some descriptive statistics. Surface transportation 18 20 24 23 28 32 24 39 18 29 25 27 19 24 21 19 24 27 33 37 15 20 26 21 17 26 25 23 25 35 Air freight 12 12 13 21 18 14 9 16 18 14 13 11 15 11 17 14 12 13 11 17 19 16 14 14 12 … read more
F. Naz
F. Naz
Bachelor's Degree
CA Finalist & Completed B.com
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1.BankChoice is concerned about stagnating profits and asks,
1.BankChoice is concerned about stagnating profits and asks, "How can profitability be improved?" This is an example of a(n) _____.research questioninvestigative questionmanagement questionmeasurement… read more
GLENN GILONGOS
GLENN GILONGOS
Master of Mathematics
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1. Suppose that the mean of the annual return for common stocks
1. Suppose that the mean of the annual return for common stocks from 2000 to 2012 was 14.37%, and the standard deviation of the annual return was 35.14%. Suppose also that during the same 12-year time… read more
R.R. Jha
R.R. Jha
Bachelor's Degree
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Business Tutor, I have one hundred questions comprises of
Business Tutor, I have one hundred questions comprises of quantitative, qualitative, measurement and samplings MULTIPLE CHOICE QUESTIONS. How much will be my cost?… read more
Expert
Expert
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Consider the formula used for any confidence interval.
Consider the formula used for any confidence interval and the elements included in that formula. What happens to the confidence interval if you (a) increase the confidence level, (b) increase the samp… read more
unvrs
unvrs
Lecturer of Mathematics
Master's Degree
36 satisfied customers
Suppose that 90%, 95%, 98%, and 99% confidence intervals are
Suppose that 90%, 95%, 98%, and 99% confidence intervals are computed (using the same sample) for a population proportion. Which confidence level will give the narrowest interval? Answer A)99% B)98% C… read more
Neo
Neo
Tutor
23,139 satisfied customers
Business Statistics:1) A random variable in a normally
Business Statistics: 1) A random variable in a normally distributed with μ = 300 pounds and σ = 50 pounds. How small can a simple random sample be if the standard error of the mean can be no more than… read more
unvrs
unvrs
Lecturer of Mathematics
Master's Degree
36 satisfied customers
A business wants to estimate the true mean annual income of
A business wants to estimate the true mean annual income of its customers. It randomly samples 200 of its customers. The mean annual income was $52,500 with a standard deviation of $1,800. Find a 95% … read more
AmandaR
AmandaR
Master's Degree
143 satisfied customers
1. Any characteristic of a population unit is called a
1. Any characteristic of a population unit is called a: measurement. sample. observation. variable. 2. A normal population has 99.73 percent of the population measurements within ___ standard deviatio… read more
SusanAthena
SusanAthena
Master's Degree
Master's Degree
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For Business Tutor Part C only.. 8.7 The Trash Bag Case Consider
For Business Tutor: Part C only.. 8.7 The Trash Bag Case Consider the trash bag problem. Suppose that an independent laboratory has tested trash bags and has found that no 30-gallon bags that are curr… read more
Expert
Expert
446 satisfied customers
For Business Tutor Part d Only... 8.7 The Trash Bag Case Consider
For Business Tutor: Part d Only... 8.7 The Trash Bag Case Consider the trash bag problem. Suppose that an independent laboratory has tested trash bags and has found that no 30-gallon bags that are cur… read more
Expert
Expert
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Hello Business Tutor. I can use your assitance with a quiz.
Hello Business Tutor. I can use your assitance with a quiz. Please inform me when a good time is for you?… read more
Expert
Expert
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Column A contains aluminum content data from a sample of 100
"Column A contains aluminum content data from a sample of 100 cans taken from your Akron plant. The Akron plant produces 2 billion cans every year. Hint: make sure you keep your units of measurement c… read more
SusanAthena
SusanAthena
Master's Degree
Master's Degree
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1) The weighted mean is a special case of the A. Median B.
1) The weighted mean is a special case of the: A. Median B. Mode C. Mean D. Geometric mean 2) A difference between calculating the sample mean and the population mean is: A. We divide the sum of the o… read more
SmartTutor
SmartTutor
Supervisor, Accounting and HR
Bachelor's Degree
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I need statistical verifaction of a process I have developed.
I need statistical verifaction of a process I have developed. I have a company with a online store locator. I need to select a sample of the stores from this locator and obtain an average drive time b… read more
SusanAthena
SusanAthena
Master's Degree
Master's Degree
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. A recent survey of 50 executives who were laid off from
. A recent survey of 50 executives who were laid off from their previous position revealed it took a mean of 26 weeks for them to find another position. The standard deviation of the sample was 6.2 we… read more
SuperiorTutor
SuperiorTutor
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