1) When is "mode" the better measure? Think about what you have learned and how you can relate it to your profession, your daily life, or a realistic hypothetical situation. 2) Then, create (invent) a realistic small dataset that can be best described by mode and poorly described by mean. 3) List the dataset. 4)
• Warren Buffett is the Chairman and CEO of Berkshire Hathaway. Even though the firm has approximately 200,000 employees, Mr. Buffett has a staff of under twenty at the Omaha corporate headquarters. Do you believe that more companies should be run in this matter? Why or why not? • Additionally, Warren Buffett typically do
For each of the following situations, find the critical value for Z. a)   H0: P = 0.05 vs. HA: P > 0.05 at α = 0.05. b)  H0: P = 0.6 vs. HA: P ≠0.6 at α = 0.01. c)   H0: P = 0.5 vs. HA: P < 0.5 at α = 0.01; n = 500. d)  H0: P = 0.2 vs. HA: P < 0.2 at α = 0.01.
Time Period Actual Number of Units Sold 1 33 2 36 3 32 4 35 5 33 6 36 7 34 8 38 9 37 10 36 11 38 12 38 13 37 14 39 15 35 16 38 17 37 18 39 19 37 20 35 21 37 22 34 23 35 24 36 1. Based upon using mean absolute deviation (MAD) as a measure of forecast accuracy, which of the forecast models would be the p
//See attached for formatted version// 1.The marketing manager of a large supermarket chain would like to use shelf space to predict the sales of pet food. A random sample of 12 equalized stores is selected, with the following results. Store Shelf Space(X) Weekly sales(Y) 1 5 160 2 5 220 3 5 140 4 10 190 5 10 240 6 1
20 students' heights were measured for statistic analysis, with the following results: female 5'6, female 5'8, male 5'9, male 5'6, female 5'7, female 5'5, female 5'6, male 5'10, male 5'8, female 5'4, female 5'4, male 5'9, female 5'1, female 5'5, male 5'11, male 5'7, female 5'6, female 5'8, male 6'1. male 5'9 Please return
1. If X bar = 85, σ = 8, and n = 64, construct a 95% confidence interval estimate for the population mean, µ. Show work! That is draw the a) normal curve, b) put in the given information(mean and standard deviation), c) identify the area to be solved, d) show the Z conversion of the X values, e) use the Standardized normal T
Question 1: Why is an interval estimate for the population preferred to a point estimate? Question 2: In real business practices, is information about the population mean available? Discuss
What is the Central Limit Theorem? How large should the sample size be if the underlying distribution of the population values are: a. Normally distributed (discuss). b. Non-normally distributed. (discuss) 2. What is the difference, if any, between the standard deviation of the sample and the standard error of the mean
Table 1 An insurance company evaluates many numerical variables about a person before deciding on an appropriate rate for automobile insurance. A representative from a local insurance agency selected a random sample of insured drivers and recorded, X, the number of claims each made in the last 3 years with the following results
A. Select a topic of interest - preferably College related such the height of students or the number of hours they take to prepare for classes. B. Choose 2 variables to observe: 1) Female and 2) Male C. Collect 20 data points on each variable 1. Perhaps, you may design a questionnaire to collect you data 2. The design of you
Identifying the discriptive and inferential statistics in the research article (article link below): http://ptjournal.apta.org/content/89/12/1275.full.pdf+html
In this exercise, you are playing the role of a researcher that is testing new medication designed to improve cholesterol levels. When examining cholesterol in clinical settings, we look at two numbers: low-density lipoprotein (LDL) and high-density lipoprotein (HDL). You may have heard these called "good" (HDL) and "bad" (LDL)
In this activity, we are interested in finding out whether participation in a creative writing course results in increased scores of a creativity assessment. For this part of the activity, you will be using the data file "Activity 4a.sav". In this file, "Participant" is the numeric student identifier, "CreativityPre" contains cr
Please provide a brief definition of descriptive statistics and their usage in everyday life.
A personnel manager for a large corporation feels that there may be a relationship between absenteeism and age and would like to use the age of a worker to develop a model to predict the number of days absent during a calendar year. A random sample of 10 workers was selected with the results presented below: Age Da
A sample of 75 information system managers had an average hourly income of $40.75 with a standard deviation of $7.00. What is the 95% confidence interval for the average hourly wage of all information system managers?
The following information regarding a dependent variable Y and an independent variable X is provided S = SUM (SX means Sum of x values) SX = 90 S (Y - nar008-1.jpg)(X - nar008-2.jpg) = -156 SY = 340 S (X - nar008-3.jpg)2 = 234 n = 4 S (Y - nar008-4.jpg)2 = 1974 SSR = 104 The slope of the regression equation is
Random samples of size 81 are taken from an infinite population whose mean and standard deviation are 200 and 18, respectively. The distribution of the population is unknown. The mean and the standard error of the mean are?
The following information regarding a dependent variable Y and an independent variable X is provided S = SUM (SX means Sum of x values) SX = 90 S (Y - nar008-1.jpg)(X - nar008-2.jpg) = -156 SY = 340 S (X - nar008-3.jpg)2 = 234 n = 4 S (Y - nar008-4.jpg)2 = 1974 SSR = 104 Find the slope of the regression equati
Please see attachment for the data to be used when answering these questions. a. Develop a 95% confidence interval for the mean number of miles driven until transmission failure for the population of automobiles with transmission failure. Provide a managerial interpretation of the interval estimate. b. Discuss the implicat
Assuming a linear relationship between X and Y, if the coefficient of correlation (r) equals - 0.30, a. there is no correlation b. the slope (b1) is negative C. Variable X is larger than variable Y D. The variance of x is negative
An economist is interested in studying the incomes of consumers in a particular region. The population standard deviation is known to be $1,000. A random sample of 50 individuals resulted in an average income of $15,000. What sample size would the economist need to use for a 95% confidence interval if the width of the interval s
The head librarian at the Library of Congress has asked her assistant for an interval estimate of the mean number of books checked out each day. The assistant provides the following interval estimate: from 740 to 920 books per day. If the head librarian knows that the population standard deviation is 150 books checked out per da
First, explain in your own words (no direct quotes, please) what a dummy variable is and its purpose in regression analysis. Secondly, provide an example of where you might use a dummy variable from your own professional experience. Thirdly, briefly describe how you would implement a dummy variable in a data table you intend to
Drug manufacturer knows that for a certain antibiotics, the average number of doses ordered for a patient is 20. Steve Simmons, a salesman for the company, after looking at 1 day's prescription orders for the drug in his territory, announced that the sample mean for this drug should be lower. He said, "For any sample, the mean s
Let x be a random variable representing dividend yield of Australian bank stocks. We may assume that x has a normal distribution with f$sigma f$ = 2.8%. A random sample of 16 Australian bank stocks has a sample mean dividend yield of 8.91%. For the entire Australian stock market, the mean dividend yield is f$mu f$ = 6.4%. If
The marketing manager of a large supermarket chain would like to use shelf space to predict the sales of pet food. For a random sample of 12 similar stores, she gathered the following information regarding the shelf space, in feet, devoted to pet food and the weekly sales in hundreds of dollars. Store 1 2 3 4 5 6 Shelf
Examine the differences between descriptive and inferential statistics. Address the following items: Describe the functions of statistics. Define descriptive and inferential statistics. Provide at least one example of the relationship between descriptive and inferential statistics.
A company has observed that there is a linear relationship between indirect labor expense (ILE) , in dollars, and direct labor hours (DLH). Data for direct labor hours and indirect labor expense for 18 months are given in the file ILE_and_DLH.xlsx Treating ILE as the response variable, use regression to fit a straight line t