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QNT 351 Quantitative Analysis for Business
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QNT 351 Quantitative Analysis for Business
WEEK 1 Individual Assignment, Statistics in Business Discussion Questions 1, 2, 3, 4, 5, 6
WEEK 2 Individual Assignment: MyStatLab Team Assignment, Report - Data Collection Paper and Presentation Discussion Questions 1, 2, 3, 4, 5
WEEK 3 Individual Assignment, MyStatLab Individual Assignment, Real Estate Data Team Assignment, Summarizing and Presenting Data Discussion Questions 1, 2, 3, 4
WEEK 4 Individual Assignment – MyStatLab Individual Assignment, Real Estate Data Learning Team Reflection Discussion Questions 1, 2, 3, 4
WEEK 5 Individual Assignment, MyStatLab Individual Assignment, Real Estate Data Learning Team Reflection Data set Team Assignment, Analyzing and Interpreting Data Paper Team Assignment, Analyzing & Interpreting Data Presentation Individual Assignment - Final Examination
QNT 351 Week 2 Mystat Lab
DOWNLOAD ANSWERS 1.Choose the correct answer bellow:
2. Explain the difference between qualitative and quantitative data
3. Explain how populations and variables differ. Choose the correct answer bellow:
4. Define statistical thinking. Choose the correct answer bellow:
5. Suppose you’re given a data set that classifies each sample unit into one of four categories: A,B,C or D. You plan to create a computer database consisting of these data, and you decide to code the data as A=, B=, C=3, and D=4. Are the data consisting of the classifications A, B, C, and D qualitative or quantitative? After the data are input as 1, 2, 3, or 4, are they qualitative or quantitative?
6. A company tracked all credit card purchases during the year 2005 and measured two variables: (1) the cardholder’s town of residence, and (2) the amount (in dollars) of each monthly payment a. identify the type (qualitative or quantitative) of each variable measured b. does the data set collected represent a population or a sample?
7. Identify each of the following variables as qualitative or quantitative a. college major b. distance of commute to work c. number of pets in a family d. natural hair color
8. Identify each of the following variables as qualitative or quantitative a. Eye color b. Number of brothers and sisters c. Size of home d. Political party preference
9. A company surveyed a random sample of 10,000 employees in the region. One question the asked was, “ If your employer provides you with mentoring opportunities are you likely to remain in your job for the next five years?” The found that 730 members of the sample said yes. a. Identify the population of interest in the company b. Based on the question posed by the company what is the variable of interest? c. Is the variable quantitative or qualitative? d. Describe the sample
10. Identify each of the following variables as qualitative or quantitative • Amount one paid on taxes • Storage space on a computer drive • Nationality • Favorite baby name
QNT 351 Week 3 Mystat Lab
DOWNLOAD ANSWERS Week 3 Problems 1. An industrial group reports that there were approximately 122,000 industrial robots operating in a region last year. The graph shows the percentages of industrial robot units assigned to each of six task categories. Complete parts a through e bellow.
a. What type of graph is used to describe the data? b. Identify the variable measured for each of the 122,000 industrial robots c. Use the graph to identify the task that uses the lowest percentage of industrial robots d. How many of the 122,000 industrial robots are used for assembly? e. What percentage of industrial robots are used for either arc welding or dispensing/coating?
2. In one university, language professors incorporated a 10-week extensive readings program to improve students’ Japanese reading comprehension. The professor collected 262 books originally written for Japanese children and required their students to read at least 40 of them as part of the grade in course. The books were categorized into reading levels (color-coded for easy selection) according to length and complexity. Complete parts a trough c.
a. Compute the relative frequencies in each category. b. Construct a relative frequency bar graph for the data. Choose the correct graph bellow c. Convert the relative frequency bar graph into a Pareto diagram. Interpret the graph. Choose the correct graph bellow Use the diagram to identify the reading level that occurs more often. Choose the correct answer bellow
3. One organization estimates that there are 13,140 rhinoceroses living in the wild in a continent. A breakdown of the number of rhinos of each species is reported in the accompanying table. Complete parts a trough c.
a. One of the 13,140 rhinoceroses is selected and the species of the rhinoceros is determined. What type of data (quantitative or qualitative) is measured? b. Construct a frequency bar chart for the data. Choose the correct graph bellow. c. Convert the frequency bar chart, part b, into a Pareto diagram. Interpret the results The most populated species of rhinoceros appear to be the ________and the least most populated species seems to be the _________
4. One organization estimates that there are 13,090 rhinoceroses living in the wild in a continent. A breakdown of the number of rhinos of each species is reported in the accompanying table. Complete parts a through c. a. One of the 13,090 rhinoceroses is selected and the species of the rhinoceroses is determined. What type of data (qualitative or quantitative) is measured? b. construct a frequency bar chart for the data. Choose the correct graph bellow. c. Convert the frequency bar chart, part b, into a Pareto diagram. Interpret the results. Choose the correct graph bellow. Interpret the results The most populated species of rhinoceros appear to be________ and the least most populated species seems to be the _________
5. A government study found that the number of non-cash payments in a country reached 92.7 billion transactions during the year 2007. The pie chart to the right describes the proportions of these non-cash transactions that were made with credit cards (CC), debit cards (D), checks (C), electronic benefit transfers (EBT) cards, and automatic clearing house (ACH) payments. Complete parts a trough d. a. Describe the population of interest in the study. Choose the correct answer bellow. b. Estimate the number of non-cash payments in 2007 that were made with credit cards c. What percentage of all non-cash payments in 2007 were made with either credit or debit cards? d. Convert the pie chart into a Pareto diagram and interpret the figure. Choose the correct graph bellow Interpret the figure. Choose the correct answer bellow.
6. A group of marketing professors asked every fourth adult entrant to a mall to participate in a study. A total of 106 shoppers agreed to answer the question, “Made locally’ means what percentage of local labor and materials?” The responses of the 106 shoppers are summarized in the table to the right. Complete parts a trough c bellow. a. What type of data-collection method was used? b. What type of variable, quantitative or qualitative, is measured? c. Present the data in the table in graphical form. Which bar graph bellow correctly represents the data in the table?
7. Use the relative frequency table shown to the right to calculate the number of the 400 measurements falling into each of the measurement classes. Then graph a frequency histogram for these data. Calculate the number of measurements that fall into each class Choose the correct graph bellow 8. Use the relative frequency table shown to the right to calculate the number of the 400 measurements falling into each of the measurement classes. Then graph a frequency histogram for these data. Calculate the number of measurements that fall into each class Choose the correct graph bellow
9. Consider the stem-and-leaf display to the right: a. How many observations were in the original data set? b. In the bottom row of the stem-and-leaf display, identify the stem, and the numbers in the original data set represented by this stem and its leaves. c. Re-create all the numbers in the data set and construct a dot plot a. How many observations were in the original data set? b. In the bottom row of the stem-and-leaf display, identify the stem, and the numbers in the original data set represented by this stem and its leaves. c. Re-create all the numbers in the data set and construct a dot plot
10. Certain measurements are summarized in the histogram to the right. What percentage of the measurement are greater then 12? The histogram shows that 35% of the measurements are greater than 12 11. Calculate the mean and median of the following grade point averages. 12. Calculate the mean for samples for which the sample size and ∑x are given bellow a. n=10, ∑x=83 b. n=16, ∑x=352 c. n=45, ∑x=36 d. n=18, ∑x=238
13. Five banks have been ranked by the amount charged to credit and debit cards issued by the banks. The table to the right gives the total amount charged in 2007 for the top ranked banks.
a. Find the mean amount charged for the top five banks and practically interpret this value
b. Find the median amount charged for the top five banks and practically interpret this value.
a. The mean amount charged for the top five banks is $359.9 billion
Interpret this value. Choose the correct answer bellow
b. The median amount charged for the top five banks is $450.57 billion
Interpret this value. Choose the correct answer bellow
14. Calculate the range, variance, and standard deviation for the following sample
5, 2,1,0,1
15. Calculate the variance and standard deviation for samples with the following statistics a. n=12, ∑x²=83, ∑x=24 b. n=37, ∑x²=371, ∑x=90 c. n=19, ∑x²=19, ∑x=18
QNT 351 Week 4 Mystat Lab
CLICK TO GET ANSWERS Week 4 Problems 1. Determine whether the random variable is discrete or continuous. a. the number of textbook authors now sitting at a computer b. the weight of a T-bone steak c. the number of fish caught during a fishing tournament d. the time it takes to fly from city A to city B e. the number of points scored during a basketball game
2. Determine whether the random variable is discrete or continuous. In each case, state the possible values of the random variable. (a) the number of light bulbs that burn out in the next week in room with 17 bulbs (b) the amount of rain in City B during April
3. The random variable x has the following discrete probability distribution. Complete parts a trough f. a. List the values x may assume. b. What value of x is most probable? c. Display the probability distribution as a graph. Choose the correct graph bellow. d. Find P(x=8) e. Find P(x≥5) f. Find P(x>2)
4. A discrete random variable x can assume five possible values 2, 3, 5, 7, and 9. Its probability distribution is shown here. Complete parts a trough c. a. What is p(5)? b. What is the probability that x equals 2 or 9? c. What is p (x≤7)?
5. Toss three fair coins and let x equal the number of tails observed. a. Identify the sample points associated with this experiment and assign a value of x to each sample point b. Calculate p(x) for the values x=1 and x=2 c. Construct a graph for p(x) d. What is P(x=2 or x=3)?
6. Find the following probabilities for the standard normal random variable z. a. P(z>1.79) b. P(z< -1.46) c. P(0.54 ≤ z ≤ 2.67) d. P(- 2.34 < z > 1.77)
7. Find the area under the standard normal probability distribution between the following pairs of z – scores. a. z=0 and z=3.00 b. z=0 and z=1.00 c. z=0 and z=2.00 d. z=0 and z=0.62
8. Find the area under the standard normal probability distribution between the following pairs of z – scores. a. z=0 and z=1.00 b. z=0 and z=2.00 c. z=0 and z=3.00 d. z=0 and z=0.62
9. Find the following probability for the standard normal random variable z. P( - 1.5 ≤ z ≤ 1.5)
10. Suppose the random variable x is best described by a normal distribution with µ = 26 and = 5. Find the z score that corresponds to each of the following x – values. a. x=17 b. x=26 c. x=11 d. x=13 e. x=20 f. x=32
11. Suppose x is a normal distributed random variable with µ = 11 and = 2. Find each of the following probabilities. a. P(x≥14.5) b. P(x≤9) c. P(12.56≤x≤16.12) d. P(5.84≤x≤13.42)
12. The ages of a group of 50 women are approximately normally distributed with a mean of 48 years and a standard deviation of 5 years. One woman is randomly selected from the group, and her age is observed. a. Find the probability that her age will fall between 55 and 59 years. b. Find the probability that her age will fall between 47 and 53 years. c. Find the probability that her age will be less than 35 years. d. Find the probability that her age will exceed 41 years
13. Financial analysts who make forecasts of stock prices are categorized as either “buy-side” analysts or “sell-side” analysts. The mean and standard deviation of the forecast errors for both types of analysts are shown is the table to the right. Assume that the distribution of forecast errors are approximately normally distributed. a. Find the probability that a buy-side analyst has a forecast error of + 2.01 or higher b. Find the probability that a sell-side analyst has a forecast error of + 2.01 or higher
14. The mean gas mileage for a hybrid car is 57 miles per gallon. Suppose that the gasoline mileage is approximately normally distributed with a standard deviation of 3.5 miles per gallon. a. What is the probability that a randomly selected hybrid gets more than 62 miles per gallon? b. What is the probability that a randomly selected hybrid gets 50 miles per gallon or less? c. What is the probability that a randomly selected hybrid gets between 57 and 62 miles per gallon? d. What is the probability that a randomly selected hybrid gets less than 46 miles per gallon?
15. Resource Reservation Protocol (RSVP) was originally designed to establish signaling links for stationary networks. RSVP was applied to mobile wireless technology. A simulation study revealed that the transmission delay (measured is milliseconds) of an RSVP linked wireless device has an approximate normal distribution with mean µ=46.5 milliseconds and = 8.5 milliseconds. Complete part a and b.
Week 4 Problems 1. Determine whether the random variable is discrete or continuous.
2. Determine whether the random variable is discrete or continuous. In each case, state the possible values of the random variable.
3. The random variable x has the following discrete probability distribution. Complete parts a trough f.
4. A discrete random variable x can assume five possible values 2, 3, 5, 7, and 9. Its probability distribution is shown here. Complete parts a trough c.
5. Toss three fair coins and let x equal the number of tails observed.
6. Find the following probabilities for the standard normal random variable z.
7. Find the area under the standard normal probability distribution between the following pairs of z – scores. 8. Find the area under the standard normal probability distribution between the following pairs of z – scores.
9. Find the following probability for the standard normal random variable z.
10. Suppose the random variable x is best described by a normal distribution with µ = 26 and = 5. Find the z score that corresponds to each of the following x – values.
11. Suppose x is a normal distributed random variable with µ = 11 and = 2. Find each of the following probabilities. a. P(x≥14.5) b. P(x≤9) c. P(12.56≤x≤16.12) d. P(5.84≤x≤13.42)
12. The ages of a group of 50 women are approximately normally distributed with a mean of 48 years and a standard deviation of 5 years. One woman is randomly selected from the group, and her age is observed.
13. Financial analysts who make forecasts of stock prices are categorized as either “buy-side” analysts or “sell-side” analysts. The mean and standard deviation of the forecast errors for both types of analysts are shown is the table to the right. Assume that the distribution of forecast errors are approximately normally distributed.
14. The mean gas mileage for a hybrid car is 57 miles per gallon. Suppose that the gasoline mileage is approximately normally distributed with a standard deviation of 3.5 miles per gallon.
15. Resource Reservation Protocol (RSVP) was originally designed to establish signaling links for stationary networks. RSVP was applied to mobile wireless technology. A simulation study revealed that the transmission delay (measured is milliseconds) of an RSVP linked wireless device has an approximate normal distribution with mean µ=46.5 milliseconds and = 8.5 milliseconds.
QNT 351 Week 5 Mystat Lab
DOWNLOAD ANSWERS Week 5 Problems 1. Which hypothesis, the null or the alternative, is the status-quo hypothesis?
2. What is the level of significance of a test of hypothesis?
3. For each of the following rejection regions, sketch the sampling distribution for z and indicate the location of the rejection region, and determine the probability that a Type I error will be made.
4. A survey found that 55% of college professors believe that their online education courses are as good as or superior to courses that use traditional face-to-face instruction.
5. A university economist conducted a study of elementary school lunch menus. During the state-mandated testing period, school lunches averaged 881 calories. The economist claimed that after the testing period ended, the average caloric content of the school lunches increased significantly. Set up the null and alternative hypothesis to test the economist’s claim.
6. A random sample of 100 observations from a population with standard deviation 65 yielded a sample mean of 111. Complete parts a trough c. a. Test the null hypothesis that µ=100 against the alternative hypothesis that µ>100, using α=0.05. Interpret the results of the test. b. Test the null hypothesis that µ=100 against the alternative hypothesis that µ≠100, using α=0.05. Interpret the results of the test. c. Compare the results of the two tests you conducted. Explain why the results differ. Choose the correct answer bellow.
7. A study of n=59 hospital employees found that the number of latex gloves used per week by the sampled workers is summarized by x = 23.1 and s = 13.7. Let µ represent the mean number of latex gloves used per week by all hospitals employees. Consider testing H0: µ=27 against Ha: µ<27. a. Give the rejection region for the test at a significance level of α=0.01 b. Calculate the value of the test statistic c. Use the results, parts a and b, to make the appropriate conclusion
8. A satellite photograph of an urban area was divided into 4x4 meter areas (called pixels). Of interest is a numerical measurement of the distribution of gaps or hole sizes in the pixel, called lacunarity. The mean and standard deviation of the lucanarity measurements of 800 pixels randomly selected from a specific urban area are 223 and 19, respectively. It is known that the mean lacunarity measurements for all grassland pixels is 219. Do the data suggest that the area sampled is grassland? Test at α=0.01 What is the rejection region for the test? Choose the correct answer bellow. What is the value of the test statistic? What is the appropriate conclusion at a=0.01?
9. In order to compare the means of two populations, independent random sample of 390 observations are selected from each population, with the results found in the table to the right. Complete parts a trough e.
a. Use a 95% confidence interval. Select the correct answer from the options bellow. b. Test the null hypothesis H0:(µ1 - µ2) = 0 versus the alternative hypothesis Ha: (µ1-µ2)≠0. Give the significance level of the test, and interpret the result. c. Suppose the test in part b was conducted with the alternative hypothesis Ha:(µ1-µ2) > 0. How would you answer to part b change? d. Test the null hypothesis H0: (µ1-µ2) = 22 versus Ha: (µ1-µ2)≠22. Give the significance level, and interpret the results. e. What assumptions are necessary to ensure the validity of the inferential procedures applied in parts a-d?
10. To use the t-statistic to test for a difference between the means of two populations, what assumptions must be made about the two populations? About the two samples? What assumption must be made about the two populations? Select all that apply. What assumption must be made about the two samples? Select all that apply.
11. The data in the table to the right resulted from an experiment that utilized a completely randomized design. Use this information to complete parts a and b
12. A survey was conducted to determine the impact of contamination on property values. Home owners were randomly selected from each of seven states – A, B, C, D, E, F and G. Each homeowner was asked to estimate the property value of a home located in an area contaminated by a certain substance. The dependent variable of interest was the substance discount percentage ( the difference between the current home value and the estimated value after contamination , as a percentage ). The researchers were interested in comparing the mean substance discount percentages across the seven states. Complete parts a and b. a. Give the null and alternative hypotheses of interest to the researchers. Choose the correct answer bellow. b. An ANOVA summary table is shown to the right. Use the information provided to conduct the hypothesis test, part a. Use a = 0.10
What is the rejection region? Select the correct choice bellow and fill in the answer boxes to complete your choice. Determine the conclusion for the hypothesis test. Choose the correct answer bellow.
13. In the production of commercial eggs in a region, four different types of housing systems for the chickens are used: cage, barn, free range, and organic. The characteristics of eggs produced from the four systems were investigated. Twenty-five commercial grade A eggs were randomly selected from supermarket-10 of which were produced in cages, 5 in barns with free range, and 5 organic. A number of quantitative characteristics compared the means of the four housing systems, Minitab descriptive statics and AVONA pointouts for each characteristic are shown in the accompanying display. Fully interpret the results. Identify the characteristic for which housing systems differ.
14. Explain what each of the following sample correlation coefficients tells you about the relationship between the x and y values in the sample. a. r=1 b. r=-1 c. r=0 d. r=0.9 e. r=0.08 f. r= -0.97 a. What relationship exists between the x and y values in the sample? b. What relationship exists between the x and y values in the sample? c. What relationship exists between the x and y values in the sample? d. What relationship exists between the x and y values in the sample? e. What relationship exists between the x and y values in the sample? f. What relationship exists between the x and y values in the sample?
15. A study was conducted to determine if taller people earn more money over their career than short people. Using data collected from 2244 individuals from various careers, the researchers computed the correlation between average earnings over the past decade and height. The result are given in the table. Complete parts a through e below
QNT 351 Week 5 MyStat Lab Problems 1. Which hypothesis, the null or the alternative, is the status-quo hypothesis?
2. What is the level of significance of a test of hypothesis?
3. For each of the following rejection regions, sketch the sampling distribution for z and indicate the location of the rejection region, and determine the probability that a Type I error will be made.
4. A survey found that 55% of college professors believe that their online education courses are as good as or superior to courses that use traditional face-to-face instruction.
5. A university economist conducted a study of elementary school lunch menus. During the state-mandated testing period, school lunches averaged 881 calories. The economist claimed that after the testing period ended, the average caloric content of the school lunches increased significantly. Set up the null and alternative hypothesis to test the economist’s claim.
6. A random sample of 100 observations from a population with standard deviation 65 yielded a sample mean of 111. Complete parts a trough c.
7. A study of n=59 hospital employees found that the number of latex gloves used per week by the sampled workers is summarized by x = 23.1 and s = 13.7. Let µ represent the mean number of latex gloves used per week by all hospitals employees. Consider testing H0: µ=27 against Ha: µ<27.
8. A satellite photograph of an urban area was divided into 4x4 meter areas (called pixels). Of interest is a numerical measurement of the distribution of gaps or hole sizes in the pixel, called lacunarity. The mean and standard deviation of the lucanarity measurements of 800 pixels randomly selected from a specific urban area are 223 and 19, respectively. It is known that the mean lacunarity measurements for all grassland pixels is 219. Do the data suggest that the area sampled is grassland? Test at α=0.01
9. In order to compare the means of two populations, independent random sample of 390 observations are selected from each population, with the results found in the table to the right. Complete parts a trough e.
10. To use the t-statistic to test for a difference between the means of two populations, what assumptions must be made about the two populations? About the two samples?
11. The data in the table to the right resulted from an experiment that utilized a completely randomized design. Use this information to complete parts a and b
12. A survey was conducted to determine the impact of contamination on property values. Home owners were randomly selected from each of seven states – A, B, C, D, E, F and G. Each homeowner was asked to estimate the property value of a home located in an area contaminated by a certain substance. The dependent variable of interest was the substance discount percentage ( the difference between the current home value and the estimated value after contamination , as a percentage ). The researchers were interested in comparing the mean substance discount percentages across the seven states. Complete parts a and b.
13. In the production of commercial eggs in a region, four different types of housing systems for the chickens are used: cage, barn, free range, and organic. The characteristics of eggs produced from the four systems were investigated. Twenty-five commercial grade A eggs were randomly selected from supermarket-10 of which were produced in cages, 5 in barns with free range, and 5 organic. A number of quantitative characteristics compared the means of the four housing systems, Minitab descriptive statics and AVONA pointouts for each characteristic are shown in the accompanying display. Fully interpret the results. Identify the characteristic for which housing systems differ.
14. Explain what each of the following sample correlation coefficients tells you about the relationship between the x and y values in the sample. a. r=1 b. r=-1 c. r=0 d. r=0.9 e. r=0.08 f. r= -0.97
15. A study was conducted to determine if taller people earn more money over their career than short people. Using data collected from 2244 individuals from various careers, the researchers computed the correlation between average earnings over the past decade and height. The result are given in the table. Complete parts a through e below
QNT 351 Final Exam
QNT 351 Final Exam
QNT 351 Final Exam in$8 only
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…
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