In this scenario, the marketing team from the Mi Casa Front Porch restaurant is trying to determine the average bill for a party of two for lunch and dinner. The marketing team sampled a range of different bills from lunch and dinner and is trying to determine what price ranges they should use for advertising. Since they have acquired sample data, confidence intervals for lunch and dinner will provide the most accurate and realistic price ranges. I will assist the marketing team by calculating the
Words: 866 - Pages: 4
Average=22.16 or 22.2 3D) Show a frequency diagram for P/E using the following intervals. I answered it on Excel. 4A) Construct a frequency distribution. Answer in Excel 4B) Construct a relative frequency distribution. Answer in Excel 4C) Construct a cumulative frequency distribution. Answer in Excel 4D) Construct a relative cumulative frequency distribution. Answer in Excel 4E) What proportion of waiting times is below 46 minutes? Answer in Excel 5A) compute the mean, median and mode of the data
Words: 402 - Pages: 2
for Managers Week 3 APPLICATIONS OF DISTRIBUTIONS IN THE BUSINESS WORLD The Normal Distribution Here are examples of variables that might follow a normal distribution and for which the techniques of this chapter are useful: Manufacturing 1. Dollar value of inventory 2. Percent defective in manufacturing process 3. Number of days to receive shipments 4. Number of overtime hours per week 5. Hours of labor per unit 6. Weights of manufactured parts Marketing: 1. Ages of credit card holders 2. Numerical
Words: 522 - Pages: 3
provide nutrition to the poor children of Bangladesh which can able to fulfill their nutritional requirements. As they started their business they have faced lots of obstacles such as the lack of proper distribution, non-standardized management along with localization problem. Also, the distribution through women raised the fact of cultural barriers. The unplanned product and overstated pricing strategy also become a fact of their market loss. Various key factors like Product, Price, Promotion,
Words: 8806 - Pages: 36
This essay is based on the 2007 book The Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb (1960 - ). It is hardly an obscure tome, having been on the New York Times bestseller list for several weeks. Before I get to the essence of this essay I believe explaining what the term “Black Swan” means and saying a few words about the author would be in order. It was once thought in the Old World that only white swans existed. Then from Australia came the realization that there
Words: 3241 - Pages: 13
Lecture 7. Sampling Distributions. Statistical Inference: Using statistics calculated from samples to estimate the values of population parameters. Select Random Sample Sample for (statistic) Calculate to estimate Becomes Population Parameter. BASIC Example: Soft Drink Bottler μ=600, σ=10. Normal Distribution. What is P(X>598)? p(x<598) . Sampling Dist.of the Mean – Distribution of all Possible Sample Means if you select a sample of a certain size. μX= μ. μ = i=1NXiN (formula
Words: 4467 - Pages: 18
follows: 1 3 2 3 12 3 5 9 8 6 2 4 a. What is the mean and median number of food products bought by these customers? (5 marks) b. Based on your answer under (a), and considering the mode, describe the shape of the distribution of these data. (5 marks) The sample standard deviation is (approximately) 3.33. c. Give the 95% confidence interval for the number of food products that these twelve individual customers bought. (5 marks) d. What does this confidence interval tell
Words: 1080 - Pages: 5
Part I (Chapters 1 – 11) MBA 611 STATISTICS AND QUANTITATIVE METHODS Part I. A. Review of Basic Statistics (Chapters 1-11) Introduction (Chapter 1) Uncertainty: Decisions are often based on incomplete information from uncertain events. We use statistical methods and statistical analysis to make decisions in uncertain environment. Population: Sample: A population is the complete set of all items in which an investigator is interested. A sample is a subset of population values. & Example:
Words: 3688 - Pages: 15
Assignment Time to submit: 1wk Q1. State the Bayes’ Theorem. Explain its importance. Insurance Company believes that people can be divided into two classes, accident prone and non-accident prone. Their statistics show that an accident prone person will have accident within a year with probability 0.4, whereas probability decreases to 0.2 for a non-accident prone person. If 30% of population is accident prone, what is the probability that a new policy holder will have an accident within one
Words: 716 - Pages: 3
provide nutrition to the poor children of Bangladesh which can able to fulfill their nutritional requirements. As they started their business they have faced lots of obstacles such as the lack of proper distribution, non-standardized management along with localization problem. Also, the distribution through women raised the fact of cultural barriers. The unplanned product and overstated pricing strategy also become a fact of their market loss. Various key factors like Product, Price, Promotion,
Words: 8780 - Pages: 36
