Statistics: Various Problems
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For questions 1, 3 and 4, please refer to the attached document for numerical information.
1. Mr. James McWhinney, president of Daniel-James Financial Services, believes there is a relationship between the number of client contacts and the dollar amount of sales. To document this assertion, Mr. McWhinney gathered the attached sample information. The X column indicates the number of client contacts last month, and the Y column shows the value of sales ($ thousands) last month for each client sampled.
a. Determine the regression equation.
b. Determine the estimated sales if 40 contacts are made.
2. Refer to Exercise 1. (Above)
a. Determine the standard error of estimate.
b. Suppose a large sample is selected (instead of just 10). About 95 percent of the predictions regarding sales would occur between what two values?
3. The attached table gives the annual amount of scrap produced by Machine Products, Inc. Determine the least squares trend equation. Estimate the amount of scrap for the year 2003.
4. Victor Anderson, the owner of Anderson Belts, Inc., is studying absenteeism among his employees. His workforce is small, consisting of only five employees. For the last three years he recorded the attached number of employee absences, in days, for each quarter. Determine a typical seasonal index for each of the four quarters.
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Solution Summary
This solution is comprised of a detailed response which addresses the variation of statistics problems being asked in this inquiry. In order to view the solution, a Word document needs to be opened. The accompanying Excel output is also provided.
Education
- 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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