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Managerial Statistics

Business statistics is the science of good decision making in the face of uncertainty. It can be used in many disciplines, such as financial analysis, econometrics, auditing, production, and operations. Operations can include service improvement and marketing research.

Business statistics is a branch of applied statistics that deals with data collected as a by-product of doing business or by government agencies. Business statistics questions feature regular repetitive publication of series data. This makes time series important for this type of statistics. A typical Business Statistics course is intended for business majors. It covers statistical study, descriptive statistics (collection, description, analysis, and summary of data), probability, and binomial and normal distributions.

Here is an example of a Business Statistic question:

A professor of industrial relations believes that an individual's wage rate at a factory (Y) depends on his performance rating (X1) and the number of economics courses the employee successfully completed in college (X2). The professor randomly selects 6 workers and collects the following information:

Employee Y($) X1 X2
1 10 3 0
2 12 1 5
3 15 8 1
4 17 5 8
5 20 7 12
6 25 10 9

Referring to the table, for these data, what is the estimated coefficient for performance rating, b1?

Simplified Gauge Verification

I am using Apple Inc Consider the organization you selected for Module 1. Discuss the product or parts manufactured or used in this organization. Try to apply the Gauge Verification in this process. Show your understanding of how this Gauge Verification help you understand the randomness and errors. Collect your own data to

Network design using Linear programming

1. A company is trying to design its supply chain network in the United States. They are thinking about three possible locations for their warehouses in Denver, Memphis, and Richmond. They have three major markets at New York City, Los Angles and Chicago. If the company decides to have a warehouse at one location, there will be

Business Statistics: Correlation Coefficient and Linear Regression

I need help resolved the following problem. Thank you in advance! NOTE: I tried uploaded the data on my excel sheet but it continuously says uploading. I have done everything and it won't let me upload the sheet. Use the Student_Data.xls file to solve the following. Problem 1) Does studying really help with grades?

Proportion Test - Student Data

All I need is this one problem completed for me..... Thanks in advance!! Use the Student_Data.xls file(posted below) to solve the following. For each problem, be sure to state the direction of the test used, the decision to reject the null or not, and the conclusion in English.: Problem #1: Given the reasons why people

Confidence intervals for estimation of parameters

Question 1 1. A random sample of 100 students attending a concert spent an average of $142 on their tickets with a standard deviation of $47.50. Calculate the 90%, 95%, and 99% confidence intervals for the mean amount of money spent by all students attending the concert. Interpret your response within the context of the si

Decision Making with Utility Functions and Uncertainty

See attachment. ABC Company does subcontracting on government contracts. ABC Company is a small company with limited capital with a utility function described as follows: U(x) = -x/100-x^2/5,000 for x < -1,000 U(x) = x/100-170 for -1,000 ≤ x ≤ 10,000 U(x) = √x for x > 10,000 Part 1 Suppose ABC Company is conside

Probability Distribution for Traffic Accidents

The follow table contains the probability distribution for the number of traffic accidents daily in a small city. See attached. a. Compute the mean number of accidents per day. b. Compute the standard deviation.

Statistical Analysis of Calories and Certificate of Deposit

See the attachments. 2.49 The file VeggieBurger contains data on the calories and total fat (in grams per serving) for a sample of 12 veggie burgers. a. Construct a scatter plot with calories on the X axis and total fat on the Y axis. b. What conclusions can you reach about the relationship between the calories and total fa

Determining the confidence interval for means

A packaged goods supplier designed a new package ("white") that it thought was more appealing than its old package ("blue"). It conducted a 10-week trial of the two packages in selected "matched" stores with the results shown below (sales in thousands of dollars). Week Blue White 1 8.4 9.2 2

Utilizing MS Excel and SPSS in Managerial Decision-Making

Research Microsoft Excel, the statistical package for the social sciences (SPSS), and the legal and ethical aspects of surveys and data collection. Answer the following questions separately and completely: •Describe ways in which MS Excel can be used by a manager of an organization as a tool for interpreting data. •What a

Sample Solution: Using Hypothesis Testing In Decision Making

Using survey responses from the attachment below: TEST #1 Perform the following two-tailed hypothesis test, using a .05 significance level: • Intrinsic by Gender • State the null and an alternate statement for the test • Use Microsoft Excel (Data Analysis Tools) to process your data and run the appropriate test. Cop

Learning Curve Calculations

1) The first unit required 9800 hours to manufacture. The company expects to experience an 85% unit learning curve. Estimate the cost of the 20th unit. Round intermediate calculations to 4 decimal places. a) 5408 hours b) 4855 hours c) 23112 hours d) 4155 hours 2) Given the following information, determine the equa

Cost vs Power

You are estimating the cost ($K) of optical sensors based on the power output of the sensor. Using the preliminary calculations from a data set of 8 sensors, determine the equation of the line. (Round your intermediate calculations to 3 decimal places) ΣY = 2575 ΣX=680 ΣXY=241400 ΣX2=62600 A) Cost = 6.763 +

Manufacturing Process Statistical Analysis

An Introduction to Gage R & R - Simplified Gauge Verification Sir/ Ma'am, I understand the basic premise that Gage R&R helps determine the magnitude of the variation in a measurement system as well as the sources of this variation. I also see that while the sources of variation can be numerous, three of these sources are fu

Inspection result probablitlites

Management of a golf ball company has carefully screened and selected 12 dozen golf balls, and it is agreed that this sample contains 15 nonconforming balls (all for various cosmetic reasons). The balls are given to an inspector for classification into "good" and "bad" piles. The inspector ends up rejecting 7 good balls, and ac

Yearly Savings Calculations

Assume that you would like to purchase a home in the next 5 years. Also assume that you have already saved $50,000 so far and the approximate cost of the house is $250,000. Calculate how much you need to save for the next five years to purchase this home and put down 20% as a down payment. Using the following Web site: http://ww

Learning Curve

1) Given the following information, determine the equation for the unit formulation. (Round intermediate calculations to 4 decimal places) Unit Number (X) Unit Cost(Y) 1 $900.00 2 780.00 3 717.37 4 676.00 - Y = (900)(X

T-tests and Regressions

I need some answering these questions on T-tests and Regressions: 1) You are estimating the cost of optical sensors based on the POWER OUTPUT of the sensor. You decide to calculate the coefficient of determination (R2) as part of determining the goodness of fit of an equation. Using the preliminary calculations below, calcul

Data analysis

The program office budgets $30,000 per program review at the contractor's site. Your concern for "end of year" spending drills is that you have budgeted enough for the reviews (i.e. you are only concerned if the actual costs are higher than the $30,000 target). A sample of 16 trips yielded a mean of $32,500 and a standard deviat

Basic Interval Statistics

Gorman Industries, LLC wants to give a short survey to a sample of hires who have been with the company for less than one year, roughly several thousand employees. They want to be able to establish a confidence interval for the proportion of new hires that are happy with Gorman Industries. Plan 1: The HR manager will wait at

Statistics: Calculating Z-Scores

Using the data collected in Week 2, perform the following: - Calculate the z-scores for each subject for two variables—hours worked per week and satisfaction with income. - Compute the mean and the standard deviation for the population for the two variables. - Starting with the z-score formula, show all the steps of the c

Analyzing Descriptive Statistics

1. Use the appropriate descriptive statistics from W2 A2. 2. Assuming that the sample statistics you computed are exactly equivalent to the corresponding population parameters, identify the following: - What score on recall at Time1 would correspond to an extremely high score? - What score on recall at Time1 would corresp

Prepares SPC Chart Data

Complete the following actions, using the Excel file "Optional Problem Data Student File" for the actions involve Excel: 1. Prepare an SPC chart in Excel for each concourse using the data collected during the period 8/4 to 8/13 (data provided below). 2. Paste each SPC chart into a separate slide in a PowerPoint presentation

M&A Success

Please see the attached article, "What We Know about M&A Success: A Research Agenda for the Lodging Industry" by Linda Canina, Jin-Young Kim and Qingzhong Ma. Critique the merger and acquisition article in order to highlight gaps in the literature review, the method of analysis used in the methodology, and the reasons for fa

Decision Science Chapter 11 Probability and Statistics

16. A metropolitan school system consists of two districts, east and west. The east district contains 35% of all students, and the west district contains the other 65%. A vocational aptitude test was given to all students; 10% of the east district students failed, and 25% of the west district students failed. Given that a studen

Statistics Problems: Stock Prices and Customer Databases

Please answer the following questions with the information provided in the attached files. 1. Data on stock prices of Citigroup at the beginning of each month for the period from 1/3/1977 to 1/2/2013 are provided in the first attachment. Please construct a line graph demonstrating the closing stock prices of Citigroup at the

Company research outline

Select a company you are familiar with. Prepare a 1- to 2-page detailed outline. Include information on the following topics: - What forecasting techniques does this company use? - How does your selected organization prepare budgets? - What MRP concepts do you see with regard to your organization?

Establishing a WBS, Baseline, EVM, etc.

Use at least one project you have been a team member of, or a project manager for, as an example to contextualize the topics below: a) The importance of work packages to support the creation and use of the WBS. b) How to establish a cost and schedule performance measurement baseline. c) Provide exam