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Contingency and probability tables & business report

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Category: Statistics > Misc/Other

Subject: Need contingency and probability tables & business report

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Solution Summary

The National Ski Association studied the financial impact of location on the 850 ski resorts in the USA. (Forbes, May, 1966) The purpose was to determine whether a resort located close to an urban center attracted more skiers or enjoyed higher profits than one in a more isolated locale. The comparison also included resorts situated quite close to other similar resorts - called cluster resorts. Michael Berry, president of the National Ski Assoc. was quoted as saying "Many ski areas face a high probability of bankruptcy in the upcoming seasons."
Based on this study, it is possible to identify those resorts whose financial positions are more likely to exhibit a downhill trend and to allow them to take corrective action that might lift their economic fortunes.
As a consultant hired by Berry, you have the job of providing a comparative evaluation of the future of these resorts and their potential for success. This task will require all your newly acquired expertise in the principles of probability.

You are retained by Berry to analyze the financial conditions of the 850 ski resorts in the nation. Barry provides you with the following information, which he has collected:
1) none of the urban resorts are facing bankruptcy,
2) 635 of all resorts are urban,
2) 17 of the isolated resorts are facing bankruptcy,
3.) 765 of all resorts are not facing bankruptcy,
4.) 60 of all the resorts are located in solated areas.
Using this limited data set, provide a response to Berry containing all the relevant facts you can contribute to his efforts to improve financial conditions for the resorts. The report should contain a contingency table and a probability table. What conclusions can you reach and what specific results do you think would be most useful to Berry? Berry is especially interested in which location is more likely to suffer bankruptcy.
Formalize your results in the form of a business report. Need an 1) Introduction, Methodology which specifies the statistical tools used to complete the study. Also need Findings, which contains actual statisfucal calculations. Then a section which discusses and interpretes the findings. Final Section is conclusion and recommendation. I need to recommend to the President of the Ski Assoc. which ski resorts in which areas are most likely to go bankrupt.

Solution provided by:
  • BSc , Wuhan Univ. China
  • MA, Shandong Univ.
Recent Feedback
  • "Your solution, looks excellent. I recognize things from previous chapters. I have seen the standard deviation formula you used to get 5.154. I do understand the Central Limit Theorem needs the sample size (n) to be greater than 30, we have 100. I do understand the sample mean(s) of the population will follow a normal distribution, and that CLT states the sample mean of population is the population (mean), we have 143.74. But when and WHY do we use the standard deviation formula where you got 5.154. WHEN & Why use standard deviation of the sample mean. I don't understand, why don't we simply use the "100" I understand that standard deviation is the square root of variance. I do understand that the variance is the square of the differences of each sample data value minus the mean. But somehow, why not use 100, why use standard deviation of sample mean? Please help explain."
  • "excellent work"
  • "Thank you so much for all of your help!!! I will be posting another assignment. Please let me know (once posted), if the credits I'm offering is enough or you ! Thanks again!"
  • "Thank you"
  • "Thank you very much for your valuable time and assistance!"
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