...QNT 351 Final Exam Guide (New) For more course tutorials visit www.tutorialrank.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? 2. An 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? 3. When a class interval is expressed as 100 up to 200, _________________________. 4. A 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...
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...BIMS, Inc. Syed Dilwar QNT/351, June 01, 2015 Question 5: Descriptive Statistics: Your supervisor treated you fairly. Finding Data |Descriptive statistics | | | | | | | | | | | | | | | | | |Q5 | | | | | |cumulative | | | lower | |upper |midpoint |width | frequency |percent | frequency |percent | | |1 |< |2 |2 |1 |12 |15.4 |12 |15.4 | | |2 |< |3 |3 |1 |18 |23.1 |30 |38.5 | | |3 |< |4 |4 |1 |15 |19.2 |45 |57.7 | | |4 |< |5 |5 |1 |15 |19.2 |60 |76.9 | | |5 |< |6 |5 |1 |18 |23.1 |78 |100.0 | | | | | | | | | | | | | | | | | | |78 |100.0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |Descriptive Analysis Based on above survey question, the intention of descriptive analysis is to provide a clear understanding by use of graphical and numerical result to visualize unique trends of statistic data set. The survey question...
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...Ballard Integrated Managed Services, Inc., Part 1. Gill Johns QNT/351 Aug. 19, 2014 RANDALL ELKINS Schedule: Aug 08 - Sep 11, 2014 Use either the data one of your Learning Team members retained from RES/351 or the data from University of Phoenix Material: Ballard Integrated Managed Services, Inc., Part 1. Discuss with your team whether you have data from RES/351, and if your team would like to use one team member’s 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 Microsoft® PowerPoint® presentation for the senior management team or stakeholders of your RES/351 research project to present your findings. Address the following: • Present the chosen situation as an overview—problem, purpose, research questions, and hypotheses. • Describe the instrument used for data collection. • Identify types of data—quantitative, quantitative, or both—and how the data is collected. • Identify the level of measurement for each of the variables involved in the study. • Code the data if you have not done so. Describe how the data is coded and evaluate the procedure used. • Clean the data by eliminating the data input errors made. • Draw conclusions about appropriateness of the data to meet the purpose of the study. If you decide not to use your own data, you can use the Ballard Integrated...
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...Data Collection: Ballard Integrated Managed Services, Inc. QNT/351 Data Collection: Ballard Integrated Managed Services, Inc. Overview Ballard Integrated Managed Services, Inc. (BIMS) is a company that provides housekeeping and foodservices to large corporations and businesses. BIMS employs a total of 452 employees, including full-time and part-time workers as well as upper management employees. The average turnover rate for BIMS is typically 55 to 60%. During the past four months the turnover rate has increased to over 64%. Despite the efforts to get to the root of the issue causing the high turnover rate, management at BIMS has been unsuccessful. The morale is low at BIMS, and there has been an increase in the use of sick leave. The performance of workers has become inadequate, which has caused a number of complaints from clients. Data Collection Instrument A survey instrument was created in an attempt to allow the workers to express their views about their individual experiences at BIMS. The survey begins by asking questions about the employee’s feelings toward his or her position and the relationship he or she has with his or her boss. The survey also includes demographic questions that identifies the division they are assigned to and how long they have been employed. As the consulting group one can expect to find that the increase in turnover to be directly...
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...Statistics in Business Name QNT/351 Date Instructor Statistics in Business As defined by the text, “Statistics is the science of data. It involves collecting, classifying, summarizing, organizing, analyzing, and interpreting numerical information.” (McClave, Benson, & Sincich, 2011) Numbers, recorded as data, are gathered and then evaluated by professional statisticians who draw conclusions from the information. Two different types of statistics are descriptive and inferential. Descriptive statistics uses numbers and graphs to find patterns. The patterns presented in a form that is easy to read and understand to summarize the gathered data. In inferential statistics, decisions or predictions regarding larger data sets are done using sample data. There are four different levels to measurement in statistics: nominal, ordinal, interval, and ratio. In the first level, nominal measurement, numbers are used to classify data; words and numbers can also be used. In the second level, ordinal level, a type of relationships shows the compatibility between the numbers collected in the first level. In the third level, or the interval level, measurements are classified, ordered, and distances between each interval are defined. The fourth and final level, the ratio level, measurements can be a value of zero. It’s important to know that of the levels, the nominal level is the simplest where data is only classified. Levels of measurement in the interval and ratio levels are more...
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...Statistics in Business Adam Cavkic QNT/351 12/15/2014 Mark Alsakka Statistics in Business Statistics can be defined as the science of data; statistics consists of collecting, classifying, summarizing, organizing, analyzing, and interpreting numerical data. The different types and levels of statistics are descriptive and inferential statistics. Descriptive statistics are numerical and graphical methods used to look for patterns in a data set so that the information in the data set can be analyzed so that the information can be summarized in a convenient form for others to clearly understand the presented information. Inferential statistics are estimates, decisions, and predictions based on the study of sample data to summarize a larger set of data. The role of statistics in business decision making is crucial as statistics can give companies an idea of what the consumers want simply by observing the different goods and services that the company put out to see how much money was made and how much of a demand is there still for that particular good or service. Statistics in business decision making also consists of comparing present statistics with older previous statistics to see what area could be improved. Some examples or problem situations in which statistics were used or could be used would be Microsoft using earlier sale records of previous Xbox consoles released to make a prediction...
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...Statistics in Business Oswaldo Acosta-Villasenor University Of Phoenix QNT/351 ON14BSB02 7/14/15 Dr. JYOTIRMAY DEB Statistics in Business The Random House College Dictionary defines statistics as “the science that deals with the collection, classification, analysis, and interpretation of information or data.” Thus, a statistician isn’t just someone who calculates batting averages at baseball games or tabulates the results of a Gallup poll. Professional statisticians are trained in statistical science—that is, they are trained in collecting numerical information in the form of data, evaluating it, and drawing conclusions from it. Furthermore, statisticians determine what information is relevant in a given problem and whether the conclusions drawn from a study are to be trusted. Statistics is the science of data. It involves collecting, classifying, summarizing, organizing, analyzing, and interpreting numerical information. (Sincich, Benson,, & McClave, 2011, p. ). Many companies use statistics to make major business decisions, this can be financial, personnel, acquisitions, marketing and others. Another entity that benefits from statistics are government...
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...Data Collection QNT/351 Data Collection Ballard Integrated Managed Services, Inc. (BIMS) is a housekeeping and food service support company to businesses. BIMS, Inc. is known to be high above the competitive industry with employees that are part-time as well as full-time. The issue that has arise is the turnover rate has increased over 64% and the reason why has not been determined. The HR manager, Debbie Horner has given Barbara, HRM staff the responsibility to survey the employees to collect data and determine what is the cause of the high turnover in the company. The instrument used for data collection Debbie was chosen to develop a survey for collecting data about the employees of BIMS, Inc. Based on her background; Debbie has used this instrument of collection to ask basic questions regarding conditions with employee’s current positions. The survey collects some demographics to help identify what type of workers are reporting the conditions given, and if the turnover and morale issues have been coming from newer employees or those that are veteran staff. The questions and statements presented are basic to working conditions and include; “You enjoy your assigned shift, You are well trained for your work, How well do you enjoy working for BISM?” (Ballard Integrated Managed Services, Inc., Part 1 Exhibit A) Types of data collected The types of data collected are both quantitative and qualitative data, collected through an employee survey. According...
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...Statistics in Business Statistics is the collection of numerical information. Statistics collect and analyze the numerical information in large amount. There are many different types and levels of statistics. Statistics is separated into two groups’ descriptive statistic and inferential statistics. Descriptive statistics is the methods of classifying, summarizing, and giving information in an informative way. Inferential statistics method is used to estimate a property of a population on the basis of a sample. Statistics is a major factor in businesses decision making, statistics in business give them an idea of what customer they are trying to target and the amount of services and products that they will need to meet their goal Lind, Marchal, & Wathen (2011). There are many examples where statistics are used. For example when the census bureau sends out documents to fill out about your house they are gathering information to analyze the numbers to get a figure of what is going on with the population. Another example of statistics is when a certain amount of population tune in Sunday to watch the super bowl it was one of the most watch game in NFL history it was also a commercial that catch the eye of most of the viewers they went on social media to view their opinions about the commercial some find that it was not fit for that moment and some on the other hand find that it was ok. Another example of statistics is when the University of Phoenix takes a survey at the end of each...
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...Statistic’s is collecting, classifying, and summarizing of data for the business to understand what is going out and what might have to change to bring more profits in or just to get more attention from the public (University of Phoenix, 2011). There are two different ways to identify Statistic’s which are descriptive statistics and inferential statistics. Descriptive statistics usually rotate around graphs and numerical methods (University of Phoenix, 2011). Inferential statistics is simple date just to make estimates for bigger decisions and future plans (University of Phoenix, 2011). Statistic’s in very important in decision making. From the date collected. The business can take out the guesswork to make business more profitable in the long run. One of the most used statistics nationwide would be the elections poll. Pulling data from each state to figure out which President is getting most of the votes throughout the night, before all the data is gathered to figure out the winner. Second, would have to be an insurance company. Gathering data from states all the way down to the street their clients live on to base the payment amount and price. For example: I pay an extra 20 a month on my rental’s insurance because my neighborhood is new and the insurance company doesn’t know the crime rate. My third example of statistic would have to be disability payments from SSI. The government collects information from doctors, employment/unemployment, IRS, and even sometimes...
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...QNT/351: Quantitative Analysis for Business Individual Exercises Week One Statistics in Business October 2, 2013 Definition of Statistics Statistics, the mere mention of the “word” strikes fear in the hearts of students. Statistics is a subject that consumers are bombarded within the form of commercials, advertisements, work, and even political campaigns; however little thought is put into how the numbers are derived. A personal definition of statistics is a set of data that is arraigned to prove or disprove a point of view; this view may or may not be in line with one’s opinion. Personally, the belief that the numbers can be biased to benefit the originator of the study call into question the validity of statistical data, as an example, every make of toothpaste is recommended by nine out of 10 dentists. The textbook definition of statistics is the “science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making more effective decisions” (Lind, Marchal, & Wathen, 2011, p. 5). Types and levels of statistics There are two types of statistics, descriptive, and inferential. Descriptive statistics present data in an organized manner summarizes and presents the information in an informative way. Inferential statistics present data about a subject from information gained from the subject. The levels of measurement include Nominal, Ordinal, Interval, and Ratio. Role of statistics in business The primary purpose of...
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...Statistics in Business Alfred Lewis QNT/351 October 23, 2013 Victor Ornelas Statistics in Business In the book Lind, Marchal, and Warhen (2011), the field of study of data is what's called statistics . It includes classifying, collecting, organizing, summarizing, interpreting numerical information, and analyzing (Chapter 1). The different types, and levels of statistics.The use of graphical, and numerical systematic way to find a perceptual structure in data, to sum up the collection of facts discovered in data, and to deliver the collection of facts in accessible sorts is Descriptive statistics. Statistical Descriptive problems are sample of interest, and the grouping, variety of logical expressions that are researched, graphs, Tables, numerical summary tools, and the individuality of systematic way in data. Also there are statistics that are Inferential that uses data to come up with, decide, predict, or other ideas about data. The five conditions of inferential statistical problems: The collection of one or more facts(the character of the grouping units) that can be examined, the collection of units, the inferential about the collection based on data controlled in the sample, and the measurement of responsibility for the inferential system. 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...
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...Statistics Christopher Olson 23 Feb 2015 QNT/351 Statistics in its definitive form is “…the science of learning from data, and measuring, controlling, and communicating uncertainty; and it thereby provides the navigation essential for controlling the course of scientific and societal advances.” (Davidian, M. and Louis, T.A.) Statistics are used for a multitude of reasons in just as many different fields of study and profession. They can range from scientific research in fields of astronomy, engineering, and computer sciences to military strategic applications, and even in situations such as gambling and sports. As once stated by renowned Bell Labs and Princeton scholar John Tukey “The best thing about being a statistician is that you get to play in everyone else’s backyard.” Statistics often play a significantly large role in decision making within the business realm. Statistics are used to analyze trends, and patterns that shape the performance and the future direction of the company. If for instance a company is a production source for an item that is produced and shipped to a particular client, they would more than likely track and forecast production trends. It is noted that one week the facility will have a shortage of primary production employees due to a spike in vacation time being taken. In this situation, management would be able to determine the average production output, and factor in the shortfall that would occur with the employee shortage. From...
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...Statistics in Business J. Maynard Dill QNT/351 - Quantitative Analysis for Business Monday 11th, March 2013 Edward Heinz, instructor Statistics in Business The general statements made by people every day such as smoking is bad for one’s health, or the green house affect is causing the polar ice cap to melt are assertions made that can be either proven or disproven. This is accomplished by the systematic gathering, sorting, reviewing, categorizing, examining, and interpreting of data to draw objective conclusions that can be trusted, (Lind, Marchal & Wathen, 2011). This is the general meaning of statistics. With this in mind it is important to understand that there are differing types and levels of statistics. There are two basic types of statistics, descriptive and inferential. Using the data collected in an enlightening fashion that allows for better understanding is referred to as descriptive statistics, (McClave, Benson & Sincich, 2011). Inferential statistics is explained by (McClave, et al, 2011) as the technique used to approximate a certain quality of that being sampled referred to as population. But the term population is used very broadly and can refer to many groups of animate or inanimate subjects. These two types are further defined by four different levels of data collection, nominal, ordinal, interval, and ratio. These will determine how the data is arrived at and presented. Business is enhanced through statistics as the data collected on employee...
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...Statistics in Business QNT/351 Statistics are used to summarize data, based on a larger population of information collected. Statistics are facts or numbers that are assembled, classified, and tabulated to show significant information about a given subject. The kinds of statistics would be population verses sample, and discrete verses continuous. The population includes all objects of interest whereas the sample is only part of the population. There are several reasons why people do not like using populations. They are generally very large, and it is often impossible to get data for every object that is being studied. Discrete variables are usually obtained by counting. There is never a partial number used – you can't have part of a person – so the numbers are all whole numbers. Continuous variables are usually obtained by measuring – length, weight, and time. Since continuous variables are real numbers they usually get rounded. Statistics are important in business to review how the company is doing, and make changes to products, or procedures as needed to increase business. Statistics makes sense of the data that is gathered during normal business operations. The unemployment rate is statistical information that may or may not be accurate. In Illinois, the unemployment rate is based on how many individuals currently receive unemployment benefits. However, the problem with that, it is hard to accurately gauge the unemployment rate. The amount of...
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