Construct and interpret a 95% confidence interval

Assignment Help Operation Management

Reference no: EM13221519

As the automobile accident rate increases, insurers are forced to increase their premium rates. Companies such as Allstate have recently been running a campaign they hope will result in fewer accidents by their policyholders. For each six-month period that a customer goes without an accident, Allstate will reduce the customer's premium rate by a certain percentage. Companies like Allstate have reason to be concerned about driving habits, based on a survey conducted by Drive for Life, a safety group sponsored by Volvo of North America, in which 1,100 drivers were surveyed. Among those surveyed, 74% said that careless or aggressive driving was the biggest threat on the road. One-third of the respondents said that cell phone usage by other drivers was the driving behavior that annoyed them the most. Based on these data, assuming that the sample was a simple random sample, construct and interpret a 95% confidence interval estimate for the true proportion in the population of all drivers who are annoyed by cell phone users.

Reference no: EM13221519

Questions Cloud

How does a cmo view global markets : how does a CMO view Global Markets? Are global markets a "fact of life" for today's CMOs, product/brand managers?

How do marketers use the resultant data : How do marketers use the resultant data? What roles do "big data" and "data mining" play in gathering and analyzing marketing research data?

How does a cmo view competitors : How does a CMO view Competitors? How should CMOs deal with stronger competitors? How should CMOs deal with weaker competitors?

How to calculate the project to see if it is profitable : To finance the investment, your organization or business would have to take out a loan. Suppose the interest rate on the loan is 12%, the dollar amount of the investment is $100,000 and the projected annual return from the project is 14%,

Construct and interpret a 95% confidence interval : Based on these data, assuming that the sample was a simple random sample, construct and interpret a 95% confidence interval estimate for the true proportion in the population of all drivers who are annoyed by cell phone users.

Explain the techniques that these companies are applying : Look through several recent issues of a business magazine (Fortune, BusinessWeek, Fast Company, etc.) and find examples of 2 companies that are using approaches to busting bureaucracy. Explain the techniques that these companies are applying.

Determine total mass of carbon dioxide and water : 20 kg of gas burns with 83kg of oxygen produces how much total mass of carbon dioxide and water?

Compute the root-mean-square speed of ne atomes : Vessel A contains NH3 gas at 80 degrees celcuis and vessel B contains Ne gas at the same temperature. If the average kinetic energy of NH3 is 7.1x10^-21 J/molecules at 70 degrees celcius, calculate the root-mean-square speed of Ne atomes in m/s.

Discussing the advantages and disadvantages of outsourcing : Write an essay of between 750-1,000 words succintly discussing the advantages and disadvantages of outsourcing that you discern from the mini-case presented here. Try to answer the question as to why the university might have made the decision to ..

User Account

All Pages