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Management of an airline knows that 0.5% of the airline's passengers lose their luggage on domestic flights. Management also knows that the average value claimed for a lost piece of luggage on domestic flights is $600. The company is considering increasing fares by an appropriate amount to cover expected compensation to passengers who lose their luggage. By how much should the airline increase fares? Why? Explain, using the ideas of a random variable and its expectation.
A restaurant claims that its speed of service time is less than 18 minutes. A random selection of 36 service times was collected, and their mean was calculated to be 17.1 minutes.
State the research question and statistical null and alternative hypotheses; and Explain why this test is appropriate and why the correlation, t-test, regression, or ANOVA is not appropriate.
Using a one-sided hypothesis test with a 90% confidence level, which of the following statements do these data support?
a) Do a test to see if workers attitudes on this matter have changed using a 90% alpha. b) Explain to management what your findings are and what this suggests about future decisions vs work options.
How large a sample would be necessary to estimate the population proportion with a margin of error of 0.05 at 95% confidence?
Which of the following statements isn't a property of the normal probability distribution? Please explain briefly why
Also, 72 percent of the managers have MBA degrees. Using the probability formulas, find the proportion of employees who either have MBAs or are managers.
The cell phone industry is growing at a rapid pace. Current estimates suggest that 60% of people have cell phones. Suppose 25 people were randomly and independently sampled.
A parent is deciding which babysitter to use in the neighborhood. Babysitter A charges $20 per hour and a base rate of $60 per day. Babysitter B charges a base rate of $50 per day and $25 per hour.
Barbara Flynn is in charge of maintaining hospital supplies at General Hospital. During the past year, the mean lead time demand for bandage BX-5 was 60 (and was normally distributed).
The results for college x was a mean of 5 hours and an estimated population variance of 2 hours: for college y, m= 4, s 2 =1.5; and for college Z, M= 6, s 2 =2.5 what should you conclude? Use the .5 level.
Illustrate out the term control chart? Critically discuss the grand mean, the UCL and the LCL of a control chart for the mean?
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