1. True or false. a. The decision to use z-scores or Student's t-scores depends first on the size of the sample. b. When there is correlation between two data sets, there is always an underlying cause. c. The probability of an event plus the probability of the complementary event always equals 1. d. The population parame
Probability & Statistics Questions: 15 true/false questions, 10 multiple choice questions, 10 fill-in-the-blank questions
See attached file for full problem description. Part 1: True/False 1. Subjective concept of probability is the likelihood (probability) assigned by an individual, based on whatever information is available to a particular event happening. 2. An operational definition is a definition stated in terms of specific testing
The marketing department of a soft-drink company wishes to determine the maximum expected payoff from introducing a new crystal-clear drink. Assume that the marketing department works in a risk taking company. Which decision would they likely pursue? (MaxiMax) Calculate the opportunity lost table. Assume that the mark
See the attached file. Your firm is planning a new style of advertising and figures that the probability of increasing the number of customers is 0.63, while the probability of increasing sales given an increase in the number of customers is 0.651. Also assume that when there is no increase in the number of customers, there is
A sample of 2,000 licensed drivers revealed the following number of speeding violations. Number of Violations Number of Drivers 0 1,910 1 46 2 18 3 12 4 9 5 or more 5 Total 2,000 What is the experiment? List one possible event? What is the probability that a particular drive had exactly two
1. What is the value of the binomial coefficient: combination 100 and zero? 2. If 60 percent of US households live with one or more pets and 4 of these US households are selected at random without replacement, what is the probability that the number of households has one or more pets, at most three? 3. A quantitative data set
See attached file for full problem description. 15. Captain D's tuna is sold in cans that have a net weight of 8 ounces. The weights are normally distributed with a mean of 8.025 ounces and a standard deviation of 0.125 ounces. You take a sample of 36 cans. Compute the probability that the sample would have a mean: a.
11. A statistics instructor collected data on the time it takes the students to complete a test. The test taking time is uniformly distributed within a range of 35 minutes to 55 minutes. a. Determine the height. b. How long does the typical test taking time? c. Determine the standard deviation of the test taking time.
What is probability? How is probability concept used in making business decisions? Please explain with real life examples.
14. On a standard measure of hearing ability, the mean is 300 and the standard deviation is 20. Give the Z scores for persons who score (a) 340, (b) 310, and (c) 260. Give the raw scores for persons whose Z scores on this test are (d) 2.4, (e) 1.5, (f) 0, and (g) _4.5. 15. A person scores 81 on a test of verbal ability an
Tri-States Mining has been forced to terminate 10% of its work force because of low market prices for the ore it produces. A group of recently terminated employees (age 55 and older) has filed a lawsuit claiming that age discrimination was practiced by the company during the termination process. Analysts have determined that 1
In his wardrobe at home, a businessman has 7 suits and 8 ties. From those suits and ties he has on hand, he plans to take 3 of the 7 suits and 2 of the 8 ties with him to a conference in San Francisco. How many different possible suit-ties combinations can he choose from to wear PRIOR TO LEAVING FOR HIS TRIP? Consider:
See attached file for full problem description. The Baldwin Sisters from the Walton's TV series had a family recipe for moonshine (a strong, home-distilled alcoholic beverage)? Anyway, the Sister's made a slight modification in their father's recipe for moonshine. They conducted a test of taste preference between the new reci
1. Suppose that the R&B Beverage Company has a soft drink product that has a constant annual demand rate of 3600 cases. A case of the soft drink costs R&B $3. Ordering costs are $20 per order and holding costs are 25% of the value of the inventory per year. R&B has 250 working days per year and the lead time is 5 days. Identi
1) A test consists of 690 true or false questions. If the student guesses on each question, what is the mean number of correct answers? A) 0 B) 138 C) 345 D) 690 2) IQ test scores are normally distributed with a mean of 101 and a standard deviation of 13. An individual's IQ score is found to be 103. Find the z-score corres
Setting goals for your sales force is a balancing act: the goal should be high enough to be challenging but not so high that there is little chance of making it - that will just depress the sales force. In telemarketing sales, only one "completed contact" (the telemarketer gets to finish the pitch on the phone) in 20 ends up t
Suppose that WPC is only considering going directly to the national market or not (ignore the test market for right now). Which of these two alternatives has the highest expected return?
2. The WP Company (hereinafter, WPC) is trying to decide whether to market a new product. As in many new product situations, there is considerable uncertainty about whether the new product will eventually "catch on" (a technical marketing term meaning "sell a lot"). WPC believes it might be smart to introduce the product in a
Question 6 A manager must select 2 people from a list of 13 specialized employees to form a special group. In how many ways can the manager choose to select 2 people? [Hint: Fundamental counting principle] Question 7 57% of families say that their children have an influence on their vacation destinations. Consider a random
11. Find the area under the normal curve to the right of z - = -1.66 a. 0.9515 b. 0.9525 c. 0.0485 d. 0.0475 12. Find the area under the standard normal curve between z= 0 and z=3 a. 0.0010 b. 0.4987 c. 0.4641 d. 0.9987 13. Find the area under the standard normal curve between z =1 and z = 2. a. 0.5398 b. 0.
Data on the 30 largest bond funds provided one-year and five-year percentage returns for the period ending March 31,2000. Suppose we consider a one-year return in excess of 2% to be high and a five-year return in excess of 44% to be high. One-half of the finds had a one-year return in excess of 2%, 12 of the funds had a five-yea
1) Need to create a statistical table & chart in EXCEL with corresponding verbiage that describes them - with at least 5 different visuals with verbiage. See the attached example [You may need PHStat2]. 2) Need a single word file containing the excel output and written descriptions, and the verbiage that would go with des
Customers at the ASU bookstore spend varying amounts of money on "non-book" items. Historical data show that the amount spent per customer is normally distributed with a mean of $85 and a standard deviation of $30. a. What proportion of customers spend at least $100 on non-book items? b. If the proportion you found in part
An investment broker at your brokerage house tells you that he has found a mutual fund that has beaten the S&P market index in 16 of the past 25 weeks. Has he really found a winner or could this be due to chance? What is the probability that this result is due to chance? (By "due to chance," we mean that there is a 50-50 chan
The monthly spending on food of a family of three in Puerto Rico for the year 2000 is estimated in an average of $420.00/month with a standard deviation of $80.00. Assuming that the monthly spending in food is distributed normally (when presenting the processes, you need to include the corresponding graphs.): a) What proportion
1.) The probability of your doctor being late for the appointment is .4 and the probability the HMO will pay for your prescription is .7 and these events are independent of each other. a) Use the letters D and H to describe the "plain" events. D=" H=" b) Write correct probability statements for the following probabilit
Here is the scenario: You have four people sitting in jail. One has committed a terrible crime. They have made the following statements: Anita says: "Kitty did it." Kitty says: "Robin did it." Ed says: "I didn't do it." Robin says: "Kitty lied." Your favorite snitch tells you that only one person is telling the
1.) Listed below is the percent increase in sales for the MG Corporation over the last 5 years. Determine the geometric mean percent increase in sales over the period. (See attached) 2.) In 1996 a total of 14,968,000 taxpayers in the United States filed their individual tax returns electronically. By the year 2002 the numbe
A. What is the probability that a subscriber rented a car for personal or business reasons? b. What is the probability that a subscriber rented did not rent a car for either personal or business reasons?
A survey of magazine subscribers showed that 55.8% rented a car during the last 12 months for business reasons, 44% rented a car for personal reasons, and 25% rented a car for both business and personal reasons. a. What is the probability that a subscriber rented a car for personal or business reasons? b. What is the probab
1. Describe exactly what information is provided by a Z-score 2. A distribution has a standard deviation of Ï?=4. Find the z-score for each of the following locations in the distribution. a. Above the mean by 4 points b. Above the mean by 12 points c. Above the mean by 2 points d. Above the mean by 8 points 3. A distr
These problems are Waiting Line Models. (1,2,3) The problems I need work out are: Problem 14, 19, and 20. See attached file for full problem description.