...Applied Business Statistics FINAL Examination 1. The t distribution A) assumes the population is normally distributed. B) approaches the normal distribution as the sample size increases. C) has more area in the tails than does the normal distribution. D) All of the above. 2. Suppose a 95% confidence interval for μ turns out to be (1,000, 2,100). Give a definition of what it means to be "95% confident" in an inference. A) In repeated sampling, the population parameter would fall in the given interval 95% of the time. B) In repeated sampling, 95% of the intervals constructed would contain the population mean. C) 95% of the observations in the entire population fall in the given interval. D) 95% of the observations in the sample fall in the given interval. 3. In the construction of confidence intervals, if all other quantities are unchanged, an increase in the sample size will lead to a wider interval. A) narrower B) wider C) less significant D) biased 4. 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 is the upper end point in a 99% confidence interval for the average income? A) $15,052 B) $15,141 See worksheet C) $15,330 D) $15,364 5. A prison official wants to estimate the proportion of cases of recidivism....
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...12 Course Project AJ DAVIS DEPARTMENT STORES PROJECT PART A In this course project, my aim is to present the statistical analysis of the data for Aj Davis departmental store chain, which has many credit customers and wants to find out more information about these customers. In analyzing the individual variable, using graphical illustrations I would be using histogram, bar chart and a pie chart because there are useful when using numerical comparison. The 3 individual variables 1) The 1st individual variable, I choose is the credit balance of the customers. Credit Balance Numerical Summary: | Credit Balance($) | Mean | 3970 | Median | 4090 | Mode | 3890 | Standard Deviation | 932 | Skewness | -0.15 | Range | 3814 | Minimum | 1864 | Sum | 198523 | Maximum | 5678 | Interpretation The mean credit balance of the customers is given as $3970. The standard deviation is given approximately as 932. The credit balance of the customers is more or less normally distributed with the peak of the bell shaped distribution lying in the range 3814. 2) The 2nd individual variable, I choose is the household size. Thus the number of people living in the households. SIZE Frequency Distribution | Size | Frequency | 1 | 5 | 2 | 15 | 3 | 8 | 4 | 9 | 5 | 5 | 6 | 5 | 7 | 3 | Interpretation The mean of the household size is known as 3 approximately as seen on Minitab. The median of the household size 3 and the mode would be 2. As...
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...Exploratory Data Analysis Course Project Part A Subject: Applied Managerial Statistics Faculty: Curtis Allen Brown Submitted by: Christian Oji Introduction Exploratory Data Analysis (EDA): Exploratory data analysis is an approach to analyze statistical data using a variety of techniques out of which many are graphical analyses. EDA is used to dissect the data and look for the hidden patterns and correlations. Some of the graphical methods include pie charts, bar graphs, histograms, frequency and relative frequency tables, box plot, scatter graph, stem-leaf diagram etc. There are also quantitative measures of data which include central tendencies like mean and median, measure of dispersion like standard deviation, minimum and maximum...
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...Introduction AJ DAVIS is a department store chain, which has many credit customers and wants to find out more information about these customers. A sample of 50 credit customers is selected with data collected on the following five variables: 1. Location (Rural, Urban, Suburban) 2. Income (in $1,000’s) 3. Size (Household size) 4. Years (the number of years that the customer has lived in the current location) 5. Credit balance (the customers current credit balance on the store’s credit card, in $ Dollars) Individual variables a. Location Location | Frequency | Relative Frequency | Rural | 13 | 0.26 | Suburban | 15 | 0.3 | Urban | 22 | 0.44 | n= | 50 | 1 | The table and the pie chart above, show the location of AJ Davis’ customers distributed in 3 areas: rural, suburban and urban. The majority of customers live in urban areas with 44% or 22 out of 50. Suburban areas with 30% or 15 out of 50 of customers are the second and rural areas have the least amount of customers with 26% or 13 out of 50. b. Income Variable Income ($1000) | | | | n=50 | | | | | | | | | | Mean= 43.74 | Std Dev=14.64 | | Q1=30 | Median=42 | | Min=21 | | Q3=55 | Mode=55 | | Max=67 | | Range=46 | Based on the table and histogram, the range of customer’s income is $46,000, with the highest income at $67,000 and the lowest at $21,000. The mean (average) income of a customer is $43,740. The median income is $43,000. Because the median is less than the...
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...giving researchers obvious ideas of the issues they may encounter while doing the investigation and the enhancements of concepts. Overall, the exploration of research will advance the research project. Exploring research is also important because some of the information researchers receive is so ambiguous that exploration is a necessity. In the exploratory stage of the research, researchers should achieve the following: 1) Increase your understanding of the management dilemma by observing the way others address these situations; 2) Enhance the research question by collecting background information on your specific issue; 3) Find and collect data to articulate investigative questions; 4) Identify resources to ask questions that may be applied as measurement questions, and 5) Gather records of likely participants that could be used in sample design. Literature search; an evaluation of books, articles in journals, or professional writing, that may pertain to your management dilemma, is usually the first phase in exploratory research. The examining of secondary sources can be extremely tricky and difficult for researchers. Researchers must shift from management questions to research questions, so they use internal and external secondary resources. There are five types of Internal Sources comprised of; 1) management documents; 2) Financial documents and databases; 3) Human resources documents and databases; operations documents, and 4) Databases and, marketing documents and...
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...MATH533: Applied Managerial Statistics Course project – part A I. Introduction. AJ DAVIS is a department store chain, which has many credit customers and wants to find out more information about these customers. A sample of 50 credit customers is selected with data collected on the following five variables: 1. Location (Rural, Urban, Suburban) 2. Income (in $1,000’s) 3. Size (Household size) 4. Years (the number of years that the customer has lived in the current location) 5. Credit balance (the customers current credit balance on the store’s credit card, in $) II. Individual variables. 1. Location Tally for Discrete Variables: Location Location Count Percent Rural 13 26.00 Suburban 15 30.00 Urban 22 44.00 N= 50 [pic] Interpretation: Look at the table and the pie chart above, we can see the location of AJ Davis’ customers is distributed in 3 areas: rural, urban and suburban. The majority of customer live in urban areas with 44%. Suburban areas with 30% of customers are the second and rural areas have the least amount of customers with 26%. 2. Income. Descriptive Statistics: Income ($1000) Total Variable Count Mean StDev Minimum Q1 Median Q3 Maximum Income ($1000) 50 43.74 14.64 21.00 30.00 43.00 55.00 67.00 Variable Range Income ($1000) 46.00 [pic] Interpretation: Based on the table and histogram, we have some comments as follow. The range of customer’s...
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...Statistics as a discipline is the development and application of methods, and a collection of mathematical techniques that help to collect, analyze, interpret, and present data. Modern statistical methods involve associated tasks such as the designing and analyzing of experiments and surveys, the quantification of biological, social and scientific phenomenon and the application of statistical principles to understand more about the world around us. Statistics can also imply a second meaning, which is the computed quantity with the help of statistical methods. Thus, it could be said that the main statistics of a particular study are the median age and income of the group. Thus statistics can imply a statistical parameter as well. Statistics can be applied to various different problems and situations but the underlying concepts all remain the same. It can also be broadly classified into descriptive statistics and inferential statistics. The ideas of presenting data and drawing relevant inferences are central to the successful use of statistical theory. In the end, the statistical analysis should be able to tell us something concrete about the sample that we are studying. A number of errors are possible in the interpretation of statistical results and a careful analysis needs to be made to prevent these errors. Basically, statistics is applicable in a variety of fields, and business is not exclusive. Decision making in business is a complex thing. It is not something like “I...
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...Statistics in Business QNT/351 Aug 21, 2013 Edward Balian Statistics Investopedia defines statistics as a type of mathematical analysis involving the use of quantified representations, models and summaries for a given set of empirical data or real world observations. Statistical analysis involves the process of collecting and analyzing data and then summarizing the data into a numerical form. ("Investopedia", 2013) Types and Levels Descriptive statistics, inferential statistics, ratio-level data, interval- level data, ordinal-level data, and nominal-level date are some types and levels of statistics. Descriptive statistics utilizes numerical and graphical methods to look for patterns in a data set, to summarize the information revealed in a data set, and to present the information in a convenient form. Inferential statistics utilizes sample data to make estimates, decisions, predictions, or other generalizations about a larger set of data. Business decision making When it comes to the role of statistics in business decision-making it is applied in many ways in terms of consumer preferences or even financial trends. For example, managers across any type of business formulate problems, they decide on a question relating to the problem and then form a statistical formulation of the question is used to determine answers to all of the above. An example of a business question may be how many calls are answered...
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...and statistics are two related but separate academic disciplines. Statistical analysis often uses probability distributions, and the two topics are often studied together. However, probability theory contains much that is of mostly of mathematical interest and not directly relevant to statistics. Moreover, many topics in statistics are independent of probability theory. Probability (or likelihood) is a measure or estimation of how likely it is that something will happen or that a statement is true. Probabilities are given a value between 0 (0% chance or will not happen) and 1 (100% chance or will happen). The higher the degree of probability, the more likely the event is to happen, or, in a longer series of samples, the greater the number of times such event is expected to happen. These concepts have been given an axiomatic mathematical derivation in probability theory (see probability axioms), which is used widely in such areas of study as mathematics, statistics, finance, gambling, science, artificial intelligence/machine learning and philosophy to, for example, draw inferences about the expected frequency of events. Probability theory is also used to describe the underlying mechanics and regularities of complex systems. Statistics is the study of the collection, organization, analysis, interpretation and presentation of data. It deals with all aspects of data, including the planning of data collection in terms of the design of surveys and experiments. The word statistics, when...
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...non-parametric inference tests are also described in the case where the data Sample distribution is not compatible with standard parameter distribution. Thirdly, using multiple resampling methods Computer -generated random sample finally introduced the characteristics of the distribution and estimate Statistical inference. The method of multivariate data processing of the following sections involved. method Clinical trials also briefly review process. Finally, the last section of statistical computer software discussion And through the collection of citations to adapt to different levels of expertise, and to guide readers theme. In this article, there are some methods such as descriptive statistic, probablity distruction, possion ditruction and multivariate methods. For the descriptive statistic, they are tabular, graphical and Numerical Methods basic characteristics of the sample It can be described. While these methods may be the same Used to describe the entire group, they more...
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...AMES Continuous Improvement Abstract This paper presents the continuous improvement efforts that Airborne Maintenance and Engineering Services implemented in January 2013. AMES has just passed one year under the new processes established by the continuous improvement team. The paper compares aircraft delivery times before and after continuous improvement efforts using a lower tail t Test of hypothesis for the mean. The null hypothesis is continuous improvement did not improve aircraft turn time. However an inference made from statistical hypothesis t-test is that the continuous improvement efforts improved the turn time of heavy maintenance aircraft. AMES Continuous Improvement The aircraft maintenance repair and overhaul (MRO) business is competitive on a global scale. To be competitive in this industry the MRO must produce a reliable aircraft on time at a low cost. These match the top three concerns of any MRO customer cost, schedule, and quality. Airborne Maintenance and Engineering Services (AMES) is an upstart MRO formed in 2009. AMES is known for excellent aircraft quality/reliability at a higher price and longer schedule. AMES currently has a strong revenue stream from 2 sister airlines under the same Air Transport Services Group (ATSG) umbrella. Looking forward into future growth AMES must maintain high reliability, improve turn time and not raise cost in the process. In 2012 ATSG hired Empower MX, a consulting firm to review AMES’s...
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...What I’ve Learned about Statistics Statistics is all around us that, in fact, it would be difficult to go through the day without being flooded with some sort of statistics or statistical information. It is so commonly used in everyday conversations – be it regarding customer surveys, weather forecasts, political polls, or sports statistics – that we find it difficult to differentiate flawed from actual valid claims. So many times we hear “9 out of 10 says…” or “99 percent of the people” that statistics has been labeled as the science of stating precisely what we do not really know. In this paper, I will break down what statistics actually is and its daily application in our lives, business and personal. Statistics and Its Importance Statistics is more than just a complex branch of mathematics. It is the collection, classification, analysis, and interpretation of numerical facts from data (Dunn & Fahey, 2005) that businesses use to evaluate trends and make estimates or forecasts critical to its success and/or failure. When done correctly, the use of historical data or trends can help make future business decisions leading to the success of your organization (Carden, 2013). In economics, for instance, relationships between supply and demand are found using statistical information. In this paper, I will use the Air Force Reserve Officer Training Corps (AFOQT) cadet life cycle information to explain some of the basic facets of statistics. Types of Statistical Data ...
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...STATISTICS TEST Length: 1090 words (3.1 double-spaced pages) Rating: Red (FREE) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Statistics are necessary for scientific research because they allow the researchers to analyze empirical data needed to interpret the findings and draw conclusions based on the results of the research. According to Portney and Watkins (2009), all studies require a description of subjects and responses that are obtained through measuring central tendency, so all studies use descriptive statistics to present an appropriate use of statistical tests and the validity of data interpretation. Although descriptive statistics do not allow general conclusions and allow only limited interpretations, they are useful for understanding the study sample and establishing an appropriate framework for the further analysis in the study. Further analysis using appropriate statistical methods allows the researchers to establish correlations between independent and dependent variables, define possible outcomes, and identify areas of potential study in the future accurately. Statistics is important for researchers because it allows them to investigate and interpret the data more accurately, and researchers will notice patterns in the data that would be overlooked otherwise and result in inaccurate and possibly subjective conclusions (Portney &ump; Watkins, 2009). Frequency distribution is a method used in descriptive statistics to arrange...
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...According to teenpregnancystatistics.org, the drop out rate among pregnant teens is 90% throughout the United States ("Drop Out Rates Among Pregnant Teens."). This rate is even higher for African American teens or teens from disadvantaged backgrounds. Hikiela Williams was in a constant battle against these statistics. As a teen parent, Hikiela had to demonstrate work ethic and determination in order to achieve her goal of becoming a nurse. Her early life was not easy and several different events influenced her to becoming a nurse. Hikiela not only strived to become a nurse to provide for her family, but also to deliver the compassion to others that she once received during her various times spent in the hospital. With the achievements she has made in her career, Hikiela has become an inspiration to several individuals. Hikiela Williams is an inspiration to all future nurses or students entering the medical field because she demonstrates hard work, provides for her family, and is truly passionate about her career. Living in the slums of New Jersey and being surrounded by careless people, Hikiela was not provided with the most fundamental childhood. At the age of four, she was hit by a car and rushed to the hospital. It was in that hospital in which Hikiela experienced compassion....
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...An assignment on Business statistics Submitted To: Nurun Nahar Department of Business Administration Northern University of Bangladesh Submitted By: Section: A Name | ID | Md. Ariful Islam | BBA120104462 | Md. Faruk Hossen | BBA11034268 | Md. Emran Hossen | BBA110304312 | Md. Mizanur Rahman | BBA11034254 | Date of submission: 17th September 2013 Definitions of statistics Singular sense Statistics can be defined in two sense i.e. singular and plural. In singular sense it may be defined as the various methods and techniques for attaining and analyzing the numerical information. Different economists have different view about statistics. According to Boddingtons Statistics is, “the science of estimates and probabilities”. The techniques and method means the collection of data, organization, presentation, analysis and interpretation of numerical data: Plural sense a plural sense, statistics means the aggregates of numerical facts collected systematically. The most popular and acceptable definition is given by Horace and Secrist. According to them, “Statistics means the aggregate of face affected to a market extent by multiplicity of course, numerically expressed, enumerated or estimated according to reasonable standard of accuracy collected in a systematic manner for pre-determined purpose and placed in relation to each other.” Definitions by A.L. Bowley: Statistics are numerical statement of facts in any department of enquiry placed in relation to each other...
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