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Why is statistical significance not necessarily of practical important difference to a business decision? Provide an example and explain. Why do statisticians play only a limited role in deciding whether statistical significance requires a business action?
The manager fo the Petroco Service Station wants to forecast the demand for unleaded gasoline next month so that the proper number of gallons can be ordered from the distributor. Compute the two forecast by using MAPD and indicate which seems to be..
A study is made by an auto insurance company to determine if there is a relationship between the driver's age and the number of automobile accident claims submitted during a one-year period. From a sample of 300 claims, the following information w..
The 30 members of an orchestra were asked how many instruments each could play. The results are set out in the frequency distribution. Calculate the mean number of instruments played:
A confidence interval estimate for the population mean is given to be (41.16, 49.85). If the standard deviation is 16.290 and the sample size is 54, answer each of the following (show all work):
One of the most commonly used statistical techniques is the comparison of two means, also known as the t-test (for this you need quantitative, or interval level data).
Using a 1% level of significance, can the hypothesis that the distributions for the student's scores are identical be accepted?
Given a normal distribution of data, we know from the Empirical Rule that in between 2 standard deviations from the mean
Using the appropriate statistical procedure on the SPSS, test the between group means for a significant difference.
An average department store sells 350 men's suits per year. The men's suit departments at a particular national chain of stores claim they sell more than the industry average. In 35 of their stores, they sold, on the average, 430 suits per year wi..
Compute z values for each and comment on your findings.
For a normal distribution, the probability of randomly selecting a z-score greater than z = -2.00 is p = .0228.
Compute mean and standard deviation for sample of N = 8 females and sample of N = 8 for males.
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