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The Target Corporation personnel director wants to estimate the number of employees within one year of retirement. A random sample of 120 employee records is selected, and 36 people are found to be within one year of retirement. Formulate an 84% interval estimate for the true proportion of employees within one year of retirement in the entire corporation.
A nationwide real estate company claims that its average time to sell a home is 57 days. Suppose it is known that the standard deviation of selling times is 12.3 days and that selling times are normally distributed.
In brief describe three situations in which the 'First In First Out' discipline rule is not applicable in queuing analysis. Provide examples of four situations in which there are limited, or finite population.
Based on these data, explain whether or not course attendance had any effect on determining of a restaurants violation of health code.
Mike works in a quality at a well known saw blade company. An inpsector on his team has uncovered an issue with the kerf dimension on the bandsaw blade line.
The intelligence Quotient test scores normally distributed with a mean of 100 and a standard deviation of 15.
Formulate and solve a 0-1 integer linear program model that can be used to find the minimum number of locations necessary to provide coverage to all areas. Clearly indicate your linear program model.
The standard deviation of the expenditure is $3. A simple random sample of 64 students is taken. What are the expected value, standard deviation, and shape of the sampling distribution of the sample mean?
It is interested in estimating a 99.97% worst case for percentage of loan that defaults on the portfolio. Show how this varies with the copula correlation.
Research results suggest that IQ scores for boys are more variable than IQ scores for girls (Arden & Plomin, 2006). A typical study looking at 10-year-old children classifies participants by gender and by low, average, or high IQ.
The statistical technique used in the regression analysis. The sum of squares is a mathematical approach to determining the dispersion of the data points.
Psychologists once measured 77 variables on a sample of schizophrenic people and a sample of people who were not schizophrenic. They compared the two samples using 77 separate significance tests.
Why is statistical significance not necessarily of practical important difference to a business decision? Provide an example and explain.
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