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Reliable Finance Academic Support

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QNT 351 Final Exam Guide (New) For more classes visit www.snaptutorial.com Q1 The Director of Golf for a local course wants to study the number of rounds played by members on weekdays. He gathered the sample information shown below for 520 rounds. At the .05 significance level, is there a difference in the number of rounds played by day of the week? 2An auditor for American Health Insurance reports that 20% of policyholders submit a claim during the year. 15 policyholders are selected randomly. What is the probability that at least 3 of them submitted a claim the previous year? 3When a class interval is expressed as 100 up to 200, _________________________. 4A coffee manufacturer is interested in whether the mean daily consumption of regular-coffee drinkers is less than that of decaffeinated-coffee drinkers. A random sample of 50 regular-coffee drinkers showed a mean of 4.35 cups per day, with a standard deviation of 1.2 cups per day. A sample of 40 decaffeinated coffee drinkers showed a mean of 5.84 cups per day, with a standard deviation of 1.36 cups per day. What is your computed z-statistic? 5 You perform a hypothesis test at the .05 level of significance. Your computed p-value turns out to .042. What is your decision about the hypothesis? 6 In a distribution, the second quartile corresponds with the __________. 7 The MacBurger restaurant chain claims that the waiting time of customers for service is normally distributed, with a mean of 3 minutes and a standard deviation of 1 minute. The quality-assurance department found in a sample of 50 customers at the Warren Road MacBurger that the mean waiting time was 2.75 minutes. When you perform a test of hypothesis, what would be the resulting p-value? 8 The first card selected from a standard 52-card deck was a king. If it is returned to the deck, what is the probability that a king will be drawn on the second selection? 9 An example of a qualitative variable is _________________. 10 When statisticians analyze sample data in order to draw conclusions about the characteristics of a population, this is referred to as: 11 The ages of all the patients in the isolation ward of the hospital are 38, 26, 13, 41, and 22. What is the population standard deviation? 12 Consider the following regression analysis between sales (Y in $1,000) and social media advertising (X in dollars). 13 The tread life of tires mounted on light-duty trucks follows the normal probability distribution with a mean of 60,000 miles and a standard deviation of 4,000 miles. Suppose you bought a set of four tires, what is the likelihood the mean tire life of these four tires is between 57,000 and 63,000 miles? 14 University officials say that at least 70% of the voting student population supports a fee increase. If the 95% confidence interval estimating the proportion of students supporting the fee increase is [0.75, 0.85], what conclusion can be drawn? 15 A study by the National Park Service revealed that 50% of the vacationers going to the Rocky Mountain region visit Yellowstone Park, 40% visit the Grand Tetons, and 35% visit both. What is the probability that a vacationer will visit at least one of these magnificent attractions? 16 The distribution of a sample of the outside diameters of PVC pipes approximates a symmetrical, bell-shaped distribution. The arithmetic mean is 14.0 inches, and the standard deviation is 0.1 inches. About 68% of the outside diameters lie between what two amounts? 17 A group of women tried five brands of fingernail polish and ranked them according to preference. What level of measurement is this? 18 What is the range of values for a coefficient of correlation? 19 Which approach to probability assumes that the events are equally likely? 20 What is the median of 26, 30, 24, 32, 32, 31, 27, and 29? 21 Sales at a fast-food restaurant average $6,000 per day. The restaurant decided to introduce an advertising campaign to increase daily sales. To determine the effectiveness of the advertising campaign, a sample of 49 days of sales was taken. It found that the average daily sales were $6,400 per day. From past history, the restaurant knew that its population standard deviation is about $1,000. The value of the test statistic is _______. 22 The mean of a normal distribution is 400 pounds. The standard deviation is 10 pounds. What is the probability of a weight between 415 pounds and the mean of 400 pounds? 23 Which of the following is true regarding the normal distribution? 24 A time series trend equation for Hammer Hardware is Yu2019 = 5.6 1.2t, where sales are in millions of dollars and t increases by one unit for each year. If the value of sales in the base year of 2016 is $5.6 million, what would be the estimated sales amount for 2018? 25 A research firm conducted a survey to determine the mean amount steady smokers spend on cigarettes during a week. A sample of 64 smokers revealed that uf7c3 = $20 and S = $5. What is the 95% confidence interval for u03bc? 26 A weight-loss company wants to statistically prove that its methods work. They randomly selected 10 clients who had been on the weight loss program for between 55 and 65 days. They looked at their beginning weights and their current weight. The statistical test they should utilize is: 27 As the size of the sample increases, what happens to the shape of the distribution of sample means? 28 Each month the National Association of Purchasing Managers publishes the NAPM index. One of the questions asked on the survey to purchasing agents is: Do you think that the economy is expanding? Last month, of the 300 responses, 160 answered u201cyesu201d to the question. This month, 170 of the 290 responses indicated that the economy is expanding. If youu2019re testing to find if a larger proportion of agents believe that the economy is expanding this month, what is your computed test statistic? 29 A group of 100 students was surveyed about their interest in a new International Studies program. Interest was measured in terms of high, medium, or low. In the study, 30 students responded high interest, 40 students responded medium interest, and 30 students responded low interest. What is the relative frequency of students with high interest? 30 A hypothesis regarding the weight of newborn infants at a community hospital is that the mean is 6.6 pounds. A sample of seven infants is randomly selected and their weights at birth are recorded as 9.0, 7.3, 6.0, 8.8, 6.8, 8.4, and 6.6 pounds. What is the alternate hypothesis? ***************************************************** QNT 351 Final Exam Guide For more classes visit www.snaptutorial.com 1) The main purpose of descriptive statistics is to 2) The general process of gathering, organizing, summarizing, analyzing, and interpreting data is called 3) The performance of personal and business investments is measured as a percentage, return on investment. What type of variable is return on investment? 4) What type of variable is the number of robberies reported in your city? 5) What level of measurement is the number of auto accidents reported in a given month? 6) The names of the positions in a corporation, such as chief operating officer or controller, are examples of what level of measurement? 7) Shoe sizes, such as 7B, 10D, and 12EEE, are examples of what level of measurement? 8) Monthly commissions of first-year insurance brokers are $1,270, $1,310, $1,680, $1,380, $1,410, $1,570, $1,180, and $1,420. These figures are referred to as 9) A small sample of computer operators shows monthly incomes of $1,950, $1,775, $2,060, $1,840, $1,795, $1,890, $1,925, and $1,810. What are these ungrouped numbers called? 10) The sum of the deviations of each data value from this measure of central location will always be 0 11) For any data set, which measures of central location have only one value? 12) A sample of single persons receiving social security payments revealed these monthly benefits: $826, $699, $1,087, $880, $839, and $965. How many observations are below the median? 13) A dot plot shows 14) The test scores for a class of 147 students are computed. What is the location of the test score associated with the third quartile? 15) The National Center for Health Statistics reported that of every 883 deaths in recent years, 24 resulted from an automobile accident, 182 from cancer, and 333 from heart disease. Using the relative frequency approach, what is the probability that a particular death is due to an automobile accident? 16) If two events A and B are mutually exclusive, what does the special rule of addition state? 17) A listing of all possible outcomes of an experiment and their corresponding probability of occurrence is called a 18) The shape of any uniform probability distribution is 19) The mean of any uniform probability distribution is 20) For the normal distribution, the mean plus and minus 1.96 standard deviations will include about what percent of the observations? 21) For a standard normal distribution, what is the probability that z is greater than 1.75? 22) A null hypothesis makes a claim about a 23) What is the level of significance? 24) Suppose we test the difference between two proportions at the 0.05 level of significance. If the computed z is -1.07, what is our decision? 25) Which of the following conditions must be met to conduct a test for the difference in two sample means? 26) Which of the following statements about the two sample sizes is NOT true? Assume the population standard deviations are equal. 27) What is the chart called when the paired data (the dependent and independent variables) are plotted? 28) What is the variable used to predict the value of another called? 29) Twenty randomly selected statistics students were given 15 multiple-choice questions and 15 open-ended questions, all on the same material. The professor was interested in determining on which type of questions the students scored higher. This experiment is an example of 30) The measurements of weight of 100 units of a product manufactured by two parallel processes have same mean but the standard of process A is 15 while that of B is 7. What can you conclude? ***************************************************** QNT 351 Week 1 Connect Problems For more classes visit www.snaptutorial.com QNT 351 Week 1 Connect Problem 1. Which of the following is an example of a continuous variable? 2. The incomes of 50 loan applicants are obtained. Which level of measurement is income? 3. The members of each basketball team wear numbers on their jerseys. What scale of measurement are these numbers considered? 4. The reported unemployment is 5.5% of the population. What measurement scale is used to measure unemployment? 5. The Nielsen Ratings break down the number of people watching a particular television show by age. What level of measurement is age? 6. An example of a qualitative variable is _________________. 7. Two thousand two hundred frequent business travelers are asked which midwestern city they prefer: Indianapolis, Saint Louis, Chicago, or Milwaukee. 112 liked Indianapolis best, 452 liked Saint Louis, 1295 liked Chicago, and the remainder preferred Milwaukee. Develop a frequency table and a relative frequency table to summarize this information. 8. The Cambridge Power and Light Company selected a random sample of 20 residential customers. Following are the amounts, to the nearest dollar, the customers were charged for electrical service last month: a. Compute the arithmetic mean.(Round your answer to 2 decimal places.) b. Indicate whether it is a statistic or a parameter. 9. Consider these five values a population: 6, 3, 7, 3, and 7. a. Determine the mean of the population. b. Determine the variance of the population. 10. An investor buys 100 shares of AT&T stock and records its price change daily. Which concept of probability would you use to estimate the probability of an individual event? ***************************************************** QNT 351 Week 1 DQ 1 For more classes visit www.snaptutorial.com Week 1 DQ1 Where would you see descriptive statistics used in your work place? ***************************************************** QNT 351 Week 1 DQ 2 For more classes visit www.snaptutorial.com Week 1 DQ2 How would you define dependent and independent variables? What is their significance in research? Explain with examples. ***************************************************** QNT 351 Week 1 DQ 3 For more classes visit www.snaptutorial.com Week 1 DQ3 Develop five demographic questions to measure gender, age, years of experience, level of education, and ethnicity. Identify the level of measurement used for each ***************************************************** QNT 351 Week 1 DQ 4 For more classes visit www.snaptutorial.com Week 1 DQ4 How would you define a variable? What is the difference between a dependent and independent variable? Do you think both variables are used in every research? Explain why or why not. Provide examples. ***************************************************** QNT 351 Week 1 DQ 5 For more classes visit www.snaptutorial.com Week 1 DQ5 What is the importance of statistics in business decision making? Describe a business situation where statistics was used in making a decision. ***************************************************** QNT 351 Week 1 DQ 6 For more classes visit www.snaptutorial.com Week 1 DQ6 What are the four data measurement scales? Provide two examples and explain the importance of each in business research. ***************************************************** QNT 351 Week 1 Individual Assignment Statistics in Business (2 Sets) For more classes visit www.snaptutorial.com This tutorial contains 2 different Sets of papers Define statistics. Identify different types of statistics. Describe the role of statistics in business decision making. Write a 300-word summary providing at least three examples or problem situations in which statistics was used or could be used. ***************************************************** QNT 351 Week 1 Introduction to Statistical Thinking Worksheet For more classes visit www.snaptutorial.com Complete the Introduction to Statistical Thinking Worksheet. Format your assignment consistent with APA guidelines. Click the Assignment Files tab to submit your assignment. 1. There are 23 people at a party. Explain what the probability is that any two of them share the same birthday. 2. A cold and flu study is looking at how two different medications work on sore throats and fever. Results are as follows: u2022 Sore throat - Medication A: Success rate - 90% (101 out of 112 trials were successful) u2022 Sore throat - Medication B: Success rate - 83% (252 out of 305 trials were successful) u2022 Fever - Medication A: Success rate - 71% (205 out of 288 trials were successful) u2022 Fever - Medication B: Success rate - 68% (65 out of 95 trials were successful) Analyze the data and explain which one would be the better medication for both a sore throat and a fever. 3. The United States employed a statistician to examine damaged planes returning from bombing missions over Germany in World War II. He found that the number of returned planes that had damage to the fuselage was far greater than those that had damage to the engines. His recommendation was to enhance the reinforcement of the engines rather than the fuselages. If damage to the fuselage was far more common, explain why he made this recommendation. ***************************************************** QNT 351 Week 2 Connect Problems For more classes visit www.snaptutorial.com QNT 351 Week 2 Connect Problem 1. The director of admissions at Kinzua University in Nova Scotia estimated the distribution of student admissions for the fall semester on the basis of past experience. a. What is the expected number of admissions for the fall semester? b. Compute the variance and the standard deviation of the number of admissions. 2. The Internal Revenue Service is studying the category of charitable contributions. A sample of 28 returns is selected from young couples between the ages of 20 and 35 who had an adjusted gross income of more than $100,000. Of these 28 returns, 5 had charitable contributions of more than $1,000. Suppose 4 of these returns are selected for a comprehensive audit. a. You should use the hyper geometric distribution is appropriate. Because b. What is the probability exactly one of the four audited had a charitable deduction of more than $1,000? c. What is the probability at least one of the audited returns had a charitable contribution of more than $1,000? 3. According to the "January theory," if the stock market is up for the month of January, it will be up for the year. If it is down in January, it will be down for the year. According to an article in The Wall Street Journal, this theory held for 28 out of the last 34 years. Suppose there is no truth to this theory; that is, the probability it is either up or down is 0.5. What is the probability this could occur by chance? 4. Customers experiencing technical difficulty with their internet cable hookup may call an 800 number for technical support. It takes the technician between 150 seconds and 14 minutes to resolve the problem. The distribution of this support time follows the uniform distribution. a. What are the values for a and b in minutes? b-1. What is the mean time to resolve the problem? b-2. What is the standard deviation of the time? c. What percent of the problems take more than 5 minutes to resolve? d. Suppose we wish to find the middle 50% of the problem-solving times. What are the end points of these two times? 5. A normal population has a mean of 21 and a standard deviation of 6. a. Compute the z value associated with 24. b. What proportion of the population is between 21 and 24? c. What proportion of the population is less than 17? 6. Assume that the hourly cost to operate a commercial airplane follows the normal distribution with a mean of $2,100 per hour and a standard deviation of $250. What is the operating cost for the lowest 3% of the airplanes? 7. The manufacturer of a laser printer reports the mean number of pages a cartridge will print before it needs replacing is 12,400. The distribution of pages printed per cartridge closely follows the normal probability distribution and the standard deviation is 620 pages. The manufacturer wants to provide guidelines to potential customers as to how long they can expect a cartridge to last. How many pages should the manufacturer advertise for each cartridge if it wants to be correct 95 percent of the time? 8. A study of long-distance phone calls made from General Electric Corporate Headquarters in Fairfield, Connecticut, revealed the length of the calls, in minutes, follows the normal probability distribution. The mean length of time per call was 5.20 minutes and the standard deviation was 0.70 minutes. a. What fraction of the calls last between 5.20 and 6.00 minutes? b. What fraction of the calls last more than 6.00 minutes? c. What fraction of the calls last between 6.00 and 7.00 minutes? d. What fraction of the calls last between 5.00 and 7.00 minutes? e. As part of her report to the president, the director of communications would like to report the length of the longest (in duration) 4 percent of the calls. What is this time? 9. A population consists of the following five values: 13, 15, 17, 19, and 22. a. List all samples of size 3, and compute the mean of each sample. b. Compute the mean of the distribution of sample means and the population mean. 10. The mean age at which men in the United States marry for the first time follows the normal distribution with a mean of 24.4 years. The standard deviation of the distribution is 2.6 years. For a random sample of 57 men, what is the likelihood that the age at which they were married for the first time is less than 24.9 years? ***************************************************** QNT 351 Week 2 DQ 1 For more classes visit www.snaptutorial.com Week 2 DQ1 Can mean, median, or mode be calculated from all statistical data? Explain why or why not. When is the mean the best measure of central tendency? When is the median the best measure of central tendency? ***************************************************** QNT 351 Week 2 DQ 2 For more classes visit www.snaptutorial.com Week 2 DQ2 Describe a business situation, other than what has already been selected by fellow students or selected from the team assignment, where mean and standard deviation can be used in decision making. Describe how calculation of mean and standard deviation can help in making a decision. ***************************************************** QNT 351 Week 2 DQ 3 For more classes visit www.snaptutorial.com Week 2 DQ3 What level of data is a telephone number? Explain. ***************************************************** QNT 351 Week 2 DQ 4 For more classes visit www.snaptutorial.com Week 2 DQ4 Does all data have a mean, median, or mode? Why or why not? When is the mean the best measure of central tendency? When is the median the best measure of central tendency? ***************************************************** QNT 351 Week 2 DQ 5 For more classes visit www.snaptutorial.com Week 2 DQ5 Why is the population shape a concern when estimating a mean? What effect does sample size, n, have on the estimate of the mean? ***************************************************** QNT 351 Week 2 Excel Problem Graphical Technique For more classes visit www.snaptutorial.com Question 1 Plot a 100% stacked column chart for television sales by year. U.S. Television Sales, 2002 - 2005 ($ thousands) Projection TV LCD TV Plasma TV 2002 3,574 246 515 2003 4,351 664 1,590 2004 6,271 1,579 2,347 2005 5,320 3,295 4,012 Question 2 In a 2013 survey of employees conducted by Financial Finesse Inc., employees were asked about their overall financial stress levels. The following table shows the results of this survey (www.financialfinesse.com) Question 3 Given below are the ratings of the overall dining experience (Outstanding, Very Good, Good, Average, or Poor) of 30 randomly selected patrons at a restaurant on a Saturday evening. a) Using the Pivot table in Excel, construct a frequency distribution. Frequency Distribution is a table with two columns - Ratings and Frequency. b) Plot a bar chart using Pivot Chart. c) Plot a pie chart using Pivot Chart. Question 4 Given below is the revenue data for an organization. Plot Revenue on a line chart. Month Revenue Jan $4,510 Feb $10,430 Mar $8,950 Apr $12,300 May $5,300 Jun $12,430 Jul $11,900 Aug $12,230 Sep $10,480 Oct $10,500 Nov $12,870 Dec $11,400 Question 5 Refer to the chart below and answer the questions a. What is the name given to this type of chart? b. b. Suppose that 1,000 graduates will start a new job shortly after graduation. Estimate the number of graduates, whose first contact for employment occurred through networking and other connections ***************************************************** QNT 351 Week 2 Learning Team Assignment Data Collection (2 Sets) For more classes visit www.snaptutorial.com This tutorial contains 2 different Sets of papers Discuss with your team whether you have data from RES/351, and if your team would like to use one team memberu2019s data for the Learning Team assignments in this course. If using data from RES/351: Resources: Data collected from RES/351 Prepare a 700- to 1,050-word written report along with a 5- to 7-slide Microsoftu00ae PowerPointu00ae presentation for the senior management team or stakeholders of your RES/351 research project to present your findings. Address the following: u2022tPresent the chosen situation as an overviewu2014problem, purpose, research questions, and hypotheses. u2022tDescribe and the instrument used for data collection. u2022tIdentify types of datau2014quantitative, quantitative, or bothu2014and how the data is collected. u2022tIdentify the level of measurement for each of the variables involved in the study. u2022tCode the data if you have not done so. Describe how the data is coded and evaluate the procedure used. u2022tClean the data by eliminating the data input errors made. u2022tDraw conclusions about appropriateness of data to meet the purpose of the study. If you decide not to use your own data, you can use the Ballard Integrated Managed Services, Inc., case study overview: Resources: University of Phoenix Material: Ballard Integrated Managed Services, Inc., Part 1 Review the Ballard Integrated Managed Services, Inc. (BIMS) case study overview. Prepare a 700- to 1,050-word written report along with a 5- to 7-slide Microsoftu00ae PowerPointu00ae presentation for the senior management team to present your findings (see Exhibit D for the data set of the second survey). Address the following: u2022tPresent the BIMS situation as an overviewu2014problem, purpose, research questions, and hypotheses. u2022tDescribe the instrument used for data collection. u2022tIdentify types of data collectedu2014quantitative, qualitative, or bothu2014and how the data is collected. u2022tIdentify the level of measurement for each of the variables involved in the study. u2022tCode the data if you have not done so. Describe how the data is coded and evaluate the procedure used. u2022tClean the data by eliminating the data input errors made. u2022tDraw conclusions about appropriateness of data to meet the purpose of the study. Note. As consultants to BIMS, your Learning Team is expected to prepare and deliver a professional product addressing the client's needs. ***************************************************** QNT 351 Week 2 Probability Worksheet For more classes visit www.snaptutorial.com Complete the Probability Worksheet. Format your paper consistent with APA guidelines. Click the Assignment Files tab to submit your assignment. Maximum and Minimum Temperatures Search the Internet for U.S. climate data. Choose the city in which you live. Click on the tab that reads u201cDaily.u201d 1.tPrepare a spreadsheet with three columns: Date, High Temperature, and Low Temperature. List the past 60 days for which data is available. 2.tPrepare a histogram for the data on high temperatures and comment on the shape of the distribution as observed from these graphs. 3.tCalculate uf7c3 and S. 4.tWhat percentage of the high temperatures are within the interval uf7c3 u2013 S to uf7c3 S? 5.tWhat percentage of the high temperatures are within the interval uf7c3 u2013 2S to uf7c3 2S? 6.tHow do these percentages compare to the corresponding percentages for a normal distribution (68.26% and 95.44%, respectively)? 7.tRepeat Parts 2 to 6 for the minimum temperatures on your spreadsheet. Would you conclude that the two distributions are normally distributed? Why or why not? ***************************************************** 8.t QNT 351 Week 2 Team Assignment Descriptive Statistics Real Estate Data Part 1 (New) For more classes visit www.snaptutorial.com Search the Internet for a realty site. Select a hometown of someone on your team in the search section on the website you have chosen. When all of the listings populate, make sure that the sort criteria reads "New Listings." This ensures that you are searching a random cross-section of listings rather than favoring one price range. Review the new listings that populate. Create an Excelu00ae spreadsheet with 4 columns of the first 100 single family homes listed, not including condominiums or townhouses. Include each of the following categories in the spreadsheet: Property address, listing price, square footage, and number of bedrooms. Prepare a frequency distribution for listing prices, including relative frequencies. Create your frequency distribution as identified in Chapters 2, 3, and 4. Generate a histogram from your frequency distribution, again making sure you are consistent with the rules discussed in Chapter 2. Summarize your findings from your frequency distribution and your histogram. Create either a pie chart or a bar graph of the number of bedrooms in your 100 homes. Evaluate your visual aid. Calculate measures of central tendency for both listing prices and square footages. Those measures are mean, median, and mode. Determine the quartiles for both listing prices and square footages. Calculate measures of dispersion for both listing prices and square footages. Those measures are range, variance, and standard deviation. Apply Chebyshev's Theorem and the Empirical Rule to both sets of data. Compare your findings with your actual data. Conclude whether Chebyshev's or Empirical Rule is more accurate with each of listing prices and square footages. Format your assignment consistent with APA guidelines. Click the Assignment Files tab to submit your assignment. ***************************************************** QNT 351 Week 3 Connect Problems For more classes visit www.snaptutorial.com Award: 10 out of 10.00 points A sample of 43 observations is selected from a normal population. The sample mean is 30, and the population standard deviation is 3. Conduct the following test of hypothesis using the 0.05 significance level. a. Is this a one- or two-tailed test? b. What is the decision rule? (Round your answer to 3 decimal places.) c. What is the value of the test statistic? (Round your answer to 2 decimal places.) d. What is your decision regarding H0? e. What is the p-value? (Round your answer to 4 decimal places.) 2.At the time she was hired as a server at the Grumney Family Restaurant, Beth Brigden was told, u201cYou can average $86 a day in tips.u201d Assume the population of daily tips is normally distributed with a standard deviation of $3.81. Over the first 48 days she was employed at the restaurant, the mean daily amount of her tips was $87.07. At the 0.02 significance level, can Ms. Brigden conclude that her daily tips average more than $86? a. State the null hypothesis and the alternate hypothesis. b. State the decision rule. c. Compute the value of the test statistic. (Round your answer to 2 decimal places.) d. What is your decision regarding H0? e. What is the p-value? (Round your answer to 4 decimal places.) 3.The Rocky Mountain district sales manager of Rath Publishing Inc., a college textbook publishing company, claims that the sales representatives make an average of 43 sales calls per week on professors. Several reps say that this estimate is too low. To investigate, a random sample of 41 sales representatives reveals that the mean number of calls made last week was 44. The standard deviation of the sample is 2.9 calls. Using the 0.100 significance level, can we conclude that the mean number of calls per salesperson per week is more than 43? 1. Compute the value of the test statistic. (Round your answer to 3 decimal places.) 2. What is your decision regarding H0? 4. Award: 10 out of 10.00 points A United Nations report shows the mean family income for Mexican migrants to the United States is $27,150 per year. A FLOC (Farm Labor Organizing Committee) evaluation of 30 Mexican family units reveals a mean to be $29,500 with a sample standard deviation of $11,150. Does this information disagree with the United Nations report? Apply the 0.01 significance level. a. State the null hypothesis and the alternate hypothesis. b. State the decision rule for .01 significance level. (Negative amounts should be indicated by a minus sign. Round your answers to 3 decimal places.) c. Compute the value of the test statistic. (Round your answer to 2 decimal places.) d. Does this information disagree with the United Nations report? Apply the 0.01 significance level. 5.The following information is available. H0 : u03bc u2265 220 H1 : u03bc < 220 A sample of 64 observations is selected from a normal population. The sample mean is 215, and the population standard deviation is 15. Conduct the following test of hypothesis using the .025 significance level. a. Is this a one- or two-tailed test? b. What is the decision rule? (Negative amount should be indicated by a minus sign. Round your answer to 2 decimal places.) c. What is the value of the test statistic? (Negative amount should be indicated by a minus sign. Round your answer to 3 decimal places.) d. What is your decision regarding H0? e. What is the p-value? (Round your answer to 4 decimal places.) 6.Given the following hypotheses: H0 : u03bc u2264 10 H1 : u03bc > 10 A random sample of 10 observations is selected from a normal population. The sample mean was 12 and the sample standard deviation 3. Using the .05 significance level: a. State the decision rule. (Round your answer to 3 decimal places.) b. Compute the value of the test statistic. (Round your answer to 3 decimal places.) c. What is your decision regarding the null hypothesis? 7.Given the following hypotheses: H0 : u03bc = 400 H1 : u03bc u2260 400 A random sample of 12 observations is selected from a normal population. The sample mean was 407 and the sample standard deviation 6. Using the .01 significance level: a. State the decision rule. (Negative amount should be indicated by a minus sign. Round your answers to 3 decimal places.) b. Compute the value of the test statistic. (Round your answer to 3 decimal places.) c. What is your decision regarding the null hypothesis? ******************************************************** QNT 351 Week 3 DQ 1 For more classes visit www.snaptutorial.com Week 3 DQ1 What are the differences between probability and coincidence? Can the probability be more than 1 or less than 0? Explain why or why not. ***************************************************** QNT 351 Week 3 DQ 2 For more classes visit www.snaptutorial.com Week 3 DQ2 What is the role of probability concepts in business decision-making? Provide specific examples. ***************************************************** QNT 351 Week 3 DQ 3 For more classes visit www.snaptutorial.com Week 3 DQ3 What are the basic differences between a discrete and a continuous distribution? ***************************************************** QNT 351 Week 3 DQ 4 For more classes visit www.snaptutorial.com Week 3 DQ4 What are the characteristics of standard normal distribution? Explain how to calculate the z-test static. Explain how a z-value is used to calculate the area under the distribution and the meaning of P(0 to z) when z = 1.96. ***************************************************** QNT 351 Week 3 Excel Problems Measuring Salespeople Performance For more classes visit www.snaptutorial.com Week A B C D 1 1774 2205 1330 1402 2 1808 1507 1295 1665 3 1890 2352 1502 1530 4 1932 1939 1104 1826 5 1855 2052 1189 1703 6 1726 1630 1441 1498 Interpretation of Minimum and Maximum Interpretation of Mean and Median Interpretation of Standard Deviation and Variance Interpretation of the First and Third Quartiles ***************************************************** QNT 351 Week 3 Individual Assignment Real Estate Data For more classes visit www.snaptutorial.com Resources: Appendix A1 at the end of Basic Statistics for Business and Economics Answer question 68 in the Data Set Exercises from Ch. 3 of Basic Statistics for Business and Economics. Answer question 34 in the Data Set Exercises from Ch. 4 of Basic Statistics for Business and Economics. ***************************************************** QNT 351 Week 3 Team Assignment Sampling Distributions Real Estate Part 2 (New) For more classes visit www.snaptutorial.com Use the real estate data that you used for your learning team project that was due in Week 2. Complete the Sampling Distributions - Real Estate Part 2 worksheet. Format your assignment consistent with APA guidelines. Click the Assignment Files tab to submit your assignment. 1.tReview the data and for the purpose of this project please consider the 100 listing prices as a population. u2022 Explain what your computed population mean and population standard deviation were. 2. Divide the 100 listing prices into 10 samples of n=10 each. Each of your 10 samples will tend to be random if the first sample includes houses 1 through 10 on your spreadsheet, the second sample consists of houses 11 through 20, and so on. u2022 Compute the mean of each of the 10 samples and list them: 3. Compute the mean of those 10 means. u2022 Explain how the mean of the means is equal, or not, to the population mean of the 100 listing prices from above. 4. Compute the standard deviation of those 10 means and compare the standard deviation of the 10 means to the population standard deviation of all 100 listing prices. u2022 Explain why it is significantly higher, or lower, than the population standard deviation. 5. Explain how much more or less the standard deviation of sample means was than the population standard deviation. According to the formula for standard deviation of sample means, it should be far less. (That formula is u03c3uf7c3 = u03c3/u221an = u03c3/u221a10 = u03c3/3.16 ) Does your computed u03c3uf7c3 agree with the formula? ***************************************************** QNT 351 Week 3 Team Assignment Summarizing and Presenting Data (2 Sets) For more classes visit www.snaptutorial.com This tutorial contains 2 different Sets of papers If using RES/351 data: Revise the report submitted in Week Two based on the feedback provided by the instructor in the team assignment, and insight gained by reading. Summarize the data collected using descriptive statistics. Descriptive statistics should be in the forms of frequency distribution table, measures of mean, median, mode, standard deviation, and graphical display of data. Summarize the statistics in relation to the problem selected and research questions and draw conclusions. Prepare a 1,050- to 1,750-word report of conclusions drawn from the data and make recommendations to the management. Support recommendations by citing literature consistent with APA guidelines. If using the Ballard Integrated Managed Services, Inc., (BIMS) case study overview: Revise the report submitted in Week Two based on the feedback provided by the instructor in the team assignment, and insight gained by reading. Analyze the data included in BIMS case study Part 1 by computing descriptive statistics in the form of tables, charts, measures of central tendency, and variability. Prepare a 1,050- to 1,750-word report of conclusions drawn from the data and make recommendations to the management. Support recommendations by citing literature consistent with APA guidelines. ***************************************************** QNT 351 Week 4 Connect Problems For more classes visit www.snaptutorial.com QNT 351 Week 4 Connect Problem 1) The Production department of Celitronics International wants to explore the relationship between the number of employees who assemble a subassembly and the number produced. As an experiment, 2 employees were assigned to assemble the subassemblies. They produced 13 during a one-hour period, then 4 employees assembled them. They produced 22 during a one hour period. The complete set of paired observation follows a) The dependent variable is production; that is, it is assumed that different levels of production result from a different number of employees. b) A scatter diagram is provided below. Based on it, does there appear to be any relationship between the number of assemblers and production? c) Compute the correlation coefficient. 2) The following sample observation were randomly selected. X : 4 5 3 6 10 Y : 9.8 10.6 8 15.4 19.6 a) The regression equation is Y^ =? b) When X is 5.5 this gives Y^=? 3) Bi-io Appliance Super-store has outlets in several large metropolitian areas in New England. The general sales manager aired a commercial for a digital camera on selected local TV stations prior tp a sale starting on Saturday and editing Sunday. She obtained the information for Saturday-Sunday digital camera sales at the various outlets and paired it with number to times the advertisement was shown on the local TV stations. The Purpose is to find whether there is any relationship between the number of times the advertisement was aired and digital camera sales. The pairings are: a) What is the dependent variable? b) Determine the correlation coefficient c) Interpret these statistical measures. 4) The owner of Maumee Ford-Mercury-Volvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year. a) If we want to estimate selling price on the basis of the age car, which variable is the dependent variable and which is the independent variable? b) Determine the correlation coefficient? Determine the coefficient of determination? c) Interpret the correlation coefficient. Does it surprise you that the correlation coefficient is negative? 5) Pennsylvania refining Company is studying the relationship between the pump price of gasoline and the number of gallons sold. For a sample of 20 stations last Tuesday the correlation was 78. At the 0.1 significance level, is the correlation in the population greater than zero? ***************************************************** QNT 351 Week 4 DQ 1 For more classes visit www.snaptutorial.com Week 4 DQ1 What are some terms related to hypothesis testing with which you are already familiar? Why do null and alternative hypotheses have to be mutually exclusive? ***************************************************** QNT 351 Week 4 DQ 2 For more classes visit www.snaptutorial.com Week 4 DQ2 Why does the significance level differ among industries? Will the null hypothesis be more likely to be rejected at u03b1 = 0.01 than u03b1 = 0.10? As the significance level increases to u03b1 = 0.10 from u03b1 = 0.01, which type error is more likely to occur? What can be done to reduce the likelihood of incurring this error? ***************************************************** QNT 351 Week 4 DQ 3 For more classes visit www.snaptutorial.com Week 4 DQ3 Please explain the five steps used in hypothesis testing. How does the five-step procedure for hypothesis testing differ when comparing two groups using a t- or z-test? How is the process similar? ***************************************************** QNT 351 Week 4 DQ 4 For more classes visit www.snaptutorial.com Week 4 DQ4 Please explain terms related to hypothesis testing; please explain null and alternate hypotheses, explain the difference between two different test statistics, then define the equations used in both. Why do null and alternative hypotheses have to be mutually exclusive? ***************************************************** QNT 351 Week 4 Excel Problems Measures of Relative Standing and ProbabilityDistribution For more classes visit www.snaptutorial.com Problem 1 Figure below gives the boxplots comparing the base yearly salaries of employeesin marketing and employees in research for a large company. Identify the five number summaries. for each profession. Interpret them like we did in the class. Problem 2 An insurance company determines that in every 100 claims, 4 are fraudulent. What is the probability that the next claim the company processes will be fraudulent? Problem 3 A review of emergency room records at rural Millard FellmoreMemorial Hospital was performed to determine the probability distribution of the number of patients entering the emergency room during a 1-hour period. The following table lists this probability distribution. Problem 4 Find the missing probability in the following probability distribution. Problem 5 Determine whether the distribution given below are valid probability distributions or not. Problem 6 Determine whether the random variable x is discrete or continuous a. Let x represent the number of pumps in use at a gas station b. Let x represent the weight of a truck at a weigh station ***************************************************** QNT 351 Week 4 Individual Assignment Real Estate Data For more classes visit www.snaptutorial.com Resources: Appendix A1 at the end of Basic Statistics for Business and Economics Answer question 60 (both parts a. and b.) in the Data Set Exercises from Ch. 6 of Basic Statistics for Business and Economics. Answer question 54 (both parts a. and b.) in the Data Set Exercises from Ch. 7 of Basic Statistics for Business and Economics. ***************************************************** QNT 351 Week 4 Learning Team Reflection (2 Sets) For more classes visit www.snaptutorial.com QNT 351 Week 4 Learning Team Reflection This tutorial contains 2 different sets Discuss the following with your Learning Team: u2022tThe steps in testing a research hypothesis u2022tComparing the means of two or more groups u2022tCalculating the correlation between two variables Include the topics you feel comfortable with, any topics you struggled with, and how the weekly topics relate to application in your field. Prepare a 350- to 1,050-word paper detailing the findings of your discussion. Click the Assignment Files tab to submit your assignment. ***************************************************** QNT 351 Week 4 Two Population Means Worksheet For more classes visit www.snaptutorial.com A tomato farmer with a very large farm of approximately 2200 acres had heard about a new type of rather expensive fertilizer which would supposedly significantly increase his production. The frugal farmer wanted to test the new fertilizer before committing the large investment required to fertilize a farm of his size. He therefore selected 15 parcels of land on his property and divided them each into two portions. He bought just enough of the new fertilizer to spread over one half of each parcel and then spread the old fertilizer over the other half of each parcel. His yields in pounds per tomato plant were as follows: What if you were the fertilizer sales representative and your job was to prove the superiority of the new product to the farmer? (1) You should start by running the same test he did in which he came to the decision that he could not conclude a difference. (2) Perform the test as it should have been done and find if you come to a different conclusion. (3) Explain why the results were different and why your test was a stronger and more reliable test. ***************************************************** QNT 351 Week 5 Individual Assignment Real Estate Data For more classes visit www.snaptutorial.com Resources: Appendix A1 at the end of Basic Statistics for Business and Economics Answer question 58 in the Data Set Exercises from Ch. 10 of Basic Statistics for Business and Economics. Answer question 62 in the Data Set Exercises from Ch. 13 of Basic Statistics for Business and Economics. ***************************************************** QNT 351 Week 5 Learning Team Assignment Analyzing and Interpreting Data Paper and Presentation For more classes visit www.snaptutorial.com If using RES/351 data: Ask your instructor for specific information regarding the analysis you are required to perform for your data set. Combine your Week Two Learning Team assignment and Week Three findings with Week Five findings and make a recommendation to the research problem. Use the statistical tables given in the appendices of the textbook and a statistical analysis application: a Microsoftu00ae Excelu00ae spreadsheet, Minitabu00ae statistical software, or SPSSu2122 software. Prepare a 1,050- to 1,750-word written report along with a 7- to 9-slide Microsoftu00ae PowerPointu00ae presentation for the senior management team to present your findings. If using the Ballard Integrated Managed Services, Inc. (BIMS) case study overview: Read the University of Phoenix Material: Ballard Integrated Managed Services, Inc., Part 2. Your team acts as a consultant group that analyzes and interprets this second set of data. The intent is to increase senior managementu2019s understanding of the sources of employee dissatisfaction and to create a model that predicts employee resignation. Combine your Week Two Learning Team assignment and Week Three findings with Week Five findings and make a recommendation to BIMS. Use the statistical tables given in the appendices of the textbook and a statistical analysis application: a Microsoftu00ae Excelu00ae spreadsheet, Minitabu00ae statistical software, or SPSSu2122 software. Prepare a 1,050- to 1,750-word written report along with a 7- to 9-slide Microsoftu00ae PowerPointu00ae presentation for the senior management team to present your findings (see Exhibit D for the data set of the second survey). Note. As consultants to BIMS, your Learning Team is expected to prepare and deliver a professional product addressing the clientu2019s needs. ***************************************************** QNT 351 Week 5 Team Assignment Real Estate Regression Exercise (New) For more classes visit www.snaptutorial.com Complete the Real Estate Regression Exercise. Format your paper consistent with APA guidelines. Click the Assignment Files tab to submit your assignment. You are consulting for a large real estate firm. You have been asked to construct a model that can predict listing prices based on square footages for homes in the city youu2019ve been researching. You have data on square footages and listing prices for 100 homes. 1. Which variable is the independent variable (x) and which is the dependent variable (y)? 2. Click on any cell. Click on Insertu2192Scatteru2192Scatter with markers (upper left). To add a trendline, click Toolsu2192Layoutu2192Trendlineu2192Linear Trendline Does the scatterplot indicate observable correlation? If so, does it seem to be strong or weak? In what direction? 3. Click on Datau2192Data Analysisu2192Regressionu2192OK. Highlight your data (including your two headings) and input the correct columns into Input Y Range and Input X Range, respectively. Make sure to check the box entitled u201cLabelsu201d. (a) What is the Coefficient of Correlation between square footage and listing price? (b) Does your Coefficient of Correlation seem consistent with your answer to #2 above? Why or why not? (c) What proportion of the variation in listing price is determined by variation in the square footage? What proportion of the variation in listing price is due to other factors? (d) Check the coefficients in your summary output. What is the regression equation relating square footage to listing price? (e) Test the significance of the slope. What is your t-value for the slope? Do you conclude that there is no significant relationship between the two variables or do you conclude that there is a significant relationship between the variables? (f) Using the regression equation that you designated in #3(d) above, what is the predicted sales price for a house of 2100 square feet? *****************************************************

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