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An insurance company suspects that there is a positive linear relationship between the dollar amount of fire damage in residential fires, and the distance between the residence and the nearest fire station. Data were collected on a random sample of 17 residential fires and the results are given below. The amount of fire damage (in thousands of dollars) is denoted as cost, and the distance between the residence and the nearest fire station (in miles) is denoted as distance. Cost Distance 26 1.5 27 2.6 28 3.7 37 3.8 38 4.3 47 4.5 48 4.9 50 5.8 52 6.5 57 6.8 59 7.5 68 7.6 70 8.4 83 8.5 84 9.3 96 9.4 98 9.9 a. Test the appropriate hypothesis at the .10 level of significance. Make sure that ALL the steps of the hypothesis testing process are clearly identified in the appropriate order. Note that the value of the test statistic has to be obtained from the Excel output, NOT calculated by hand. b. Using Excel, generate a 90% interval for the dollar amount of fire damage for a residence that is 5.7 miles from the nearest fire station. (You have to decide if the interval is a confidence interval or a prediction interval) From: __________________ To: ________________ c. Using Excel, generate a 99% interval for the average dollar amount of fire damage for residences that are 4.4 miles from the nearest fire station. (You have to decide if the interval is a confidence interval or a prediction interval) From: __________________ To: ________________ NOTE: The confidence or prediction intervals in parts b and c must be obtained from the Excel output, NOT calculated by hand.
Given a business situation word problem or case study, such as defective items or waiting lines, use discrete probability concepts to determine a course of action
Define opportunity loss. What decision-making criteria are used with an opportunity loss table? Explain how a scatter diagram can be used to identify the type of regression to use.
Draw out what this would look like as a histogram and describe the shape of the distribution - what would look like as a histogram
Generating the greatest good for the greatest number.
Perspective about the problem you are trying to analyze; in other words, you should review the literature concerning your subject. The library or the web will be a good source of information.
Normal distribution on the population to estimate the value of the mean spending per day - estimate for the mean amount spent per day by a family of four visiting Niagara Falls.
What is chance and what role does it play in the use of inferential statistics?
Clearly state your hypothesis and conclusions.
task 1hrh king of zamunda gathered gruesome data on deaths of his people from fire accidents in the last n2000 years
statistics1 an electronics company is about to launch a new product. if the serial number for eachnbsp piece produced
Find the upper and lower readings
Barrows Textile Mills produces two types of cotton cloth-denim and corduroy. Corduroy is a heavier grade of cotton cloth and, as such, requires 7.5 pounds of raw cotton per yard, whereas denim requires 5 pounds of raw cotton per yard. A yard of..
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