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Write a 300-word summary that addresses the following criteria:
Define statistics. Identify different types and levels of statistics.
Describe the role of statistics in business decision making. Provide at least three examples or problem situations in which
statistics was used or could be used.
Answer to the student:
In business statistics is the most broadly used quantitative method.
It is concerned with extracting the most favorable information from data in order to help decision making (Wegner T, 2010).?
Find the equivalent Z score, the percentage of the area above the score, and the percentage of the area below the score.
In an ABCNews.com nationwide poll done in 2001, the proportion of respondents who thought that it should be illegal to use a hand held cell phone while driving a car was 69 %. The poll's sample was 1027.
Describe the use of normal probability plot to evaluate whether a set of data is normally distributed?
She wants to choose the passing grade such that the probability of passing a student who guesses on every question is less than 1/10. What score should she set as the lowest passing grade?
Jolly Blue Giant Health Insurance is concerned about rising lab test costs and would like to know. Determine the essential sample size?
Assume that the president is correct and p = 0.26. What is the sampling distribution of for this study? What is the probability that the sample proportion will be between .20 and .40 (to 4 decimals)?
In recent years, 3.4 children per year get sick with measles in Minnesota. If a recent year is taken at random, what is the probability that:
Construct a 99% confidence interval estimate of the population mean amount of paint in a 1-gallon can.
Calculation of Standard Deviation and Variance
a test consists of 10 true or false questions. to pass the test a student must answer at least eight questions
Suppose 100 randomly selected customers were asked to rate a particular service they recently had on a scale of 0 to 10. The sample mean rating was found to be 7.3.
Construct a 90 percent confidence interval for the true mean weight. (b) What sample size would be necessary to estimate the true weight with an error of ± 0.03 grams with 90 percent confidence?
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