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The product development team from PiggyBank was convinced by your presentation and has hired you to help them with their credit card decision. They have focused on three options for their credit card incentives:
A. cash back when the consumer makes an online purchase;B. cash back when the consumer makes a purchase at a clothing store; andC. entry into a sweepstakes whenever the consumer makes a purchase;
If they choose option C (the sweepstakes entry), they will award a prize to 1 in 1,000 purchases. Based on the frequency that consumers make purchases with their other credit cards, the PiggyBank team estimates that consumers will make an average of 52 purchases a year with the new card.
PiggyBank has asked you about the probability of each option being preferred by card holders. They have also asked the probability of an individual consumer receiving a prize over the course of a year. Share your determination of probability in each of the situations. Explain how these two ways of assessing probability are different and how they can help make decisions.
Can and how would you apply basic probability concepts to facilitate business decision making? Critically discuss the difference between discrete and continuous probability distributions?
In a recent year, 11th grade New York public school students taking an English test produced test scores that were normally distributed with a mean of 81 and a standard deviation of 6. Let x be a random variable that represents a test score.
A researcher is using a chi-square test to determine whether there are any preferences among four brands of cola. With alpha = .05 and a sample of n = 30, what is the boundary for the critical region for the hypothesis test.
A study suggested that personality type is related to heart disease. Specifically, type A people,who are competitive, driven, pressured, and impatient, are more prone to heart disease.
Do the six measurements present sufficient evidence to indicate that the average weight of the diamonds produced by the new process is in excess of 0.5 karat?
A normal distribution with a mean of 55 and a standard deviation of 6 is evaluated to solve a business problem.
At 0.05 level of significance, is there evidence of noteworthy difference in variation in sales among different aisle locations?
Create a 95% confidence interval for mean cost of repairs. Interpret this interval.
It is believed that population standard deviation is 15 days. If test is conducted using 0.05 level of significance, what conclusion must be reached?
According to the National Football League, the average salary for players for the 2010 season was about $1.9 million while the median salary is around $770,000. Why are both numbers reported? What might the difference between the two statistics me..
Suppose in an attempt to develop marketing materials Tyco marketers are interested in determining whether there is a significant difference in the cost of replacing pipeline seals in different countries.
Find the lowest possible score a candidate can score and still qualify. Assume the scores are normally distributed.
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