sales forecaster’s predication to describe a normal probability distribution that can be used to approximate the demand distribution. Sketch the distribution and show its mean and standard deviation. Let's assume that the expected sales distribution is normally distributed, with a mean of 20,000, and 95% falling within 10,000 and 20,000. We know that +/- 1.96 standard deviations from the mean will contain 95% of the values. So, we can get the standard deviation by: z = (x - mu)/sigma = 1.96
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QUESTION 1 1. For the interval estimation of μ when σ is known and the sample is large, the proper distribution to use is | | the normal distribution | | | the t distribution with n degrees of freedom | | | the t distribution with n + 1 degrees of freedom | | | the t distribution with n + 2 degrees of freedom | 5 points QUESTION 2 1. An estimate of a population parameter that provides an interval of values believed to contain the value of the parameter is known as the
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Great Lakes Institute of Management(PGPM 2011-2012) Mid-Term Exam: Time 60 Minutes Statistical Methods for Decision Making Answer as many questions as possible Faculty: P.K. Viswanathan MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Researchers are concerned that the weight of the average American school child is increasing implying, among other things, that children's clothing should be manufactured and marketed in larger sizes. If X
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STAT 3321 – Final, Spring, 2007 – Green Exam - Printed Name_______________________ By signing below I state that I understand that academic dishonesty can result in punishment resulting in at least a zero on this test and could include expulsion from the university and that all the work on this exam is mine. Directions 1. Do not open exam until told. 2. Bubble in your last name, skip a space, and then your first name on the scantron. 3. Set all pagers and cell phones to silent and place
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Find the mean and standard deviation of the proportion p of the sample who say they drink the cereal milk. The mean is μp=p=0.7 and the standard deviation is σp=p(1-p)n=0.7×0.31012=0.0144. (b) Explain why you can use the formula for standard deviation of p in this setting (Rule of Thumb 1) The population (all U.S. adults) is clearly at least 10 times as large as the sample (the 1012 surveyed adults). (c) Check that you can use the Normal approximation for the distribution of p (Rule of Thumb
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ANALYSIS OF DATA Sessions 1-5 2 Basic Concepts-I • An experiment is an occurrence whose result, or outcome, is uncertain. • The set of all possible outcomes is called the sample space for the experiment. 3 Example 4 One Die Two Dice 5 Basic Concepts-II • Given a sample space S, an event E is a subset of S. • The outcomes in E are called the favourable outcomes. • We say that E occurs in a particular experiment if the outcome of that experiment is one of the
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BSc IT Basic Mathematics Semester - I 1 INTRODUCTION • Analysis of data is one of the important stages for experimenter to test out his hypothesis, draw conclusions and take decisions. Stages involved are: Collection Tabulating & Analysing data • i) ii) iii) Data analysis • Data analysis is a process of gathering, modeling, and transforming data with the goal of highlighting useful information, suggesting conclusions, and supporting decision making. Data analysis has multiple facets
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COURSE SYLLABUS AP STATISTICS Course Description: The purpose of this course is to introduce students to the major concepts and tools for collecting, analyzing, and drawing conclusions from data. Students are exposed to four broad conceptual themes: • Exploring Data: Describing patterns and departures from patterns • Sampling and Experimentation: Planning and conducting a study • Anticipating Patterns: Exploring random phenomena using probability and simulation • Statistical
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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
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revealed that the mean price was $1.52 per gallon and that the standard deviation was $0.05 per gallon. At the .05 significance level, can we conclude that the price of gasoline is higher in the Milwaukee area? Calculate the p-value and interpret. PROBLEM 2: (Weight 40 points). Suppose Babsie generated the following probability distribution: X p(x) 5 7 10 12 15 ! .25 .30 .25 .05 .15 a. b. c. d. Is this probability distribution discrete or continuous? Explain your reasoning. Calculate the
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