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An engineering firm is evaluating their back charges. They originally believed their average back charge was $1800. They are concerned that the true average is higher, which could hurt their quarterly earnings. They randomly select 40 customers, and calculate the corresponding sample mean back charge to be $1950. If the standard deviation of back charges is $500, and alpha = 0.04, should the engineering firm be concerned? Perform an appropriate hypothesis test, showing the necessary calculations and/or explaining the process used to obtain the results
he standard deviation of the sample proprortion is 5.3%. How large a sample (to the nearest person) would be required to reduce this standard deviation to 3.7%?
Develop a forecast for year 6, using two-year moving average and trend analysis. Identify which method is most appropriate for this data set
Laura wanted to build a multiple regression model based on advertising expenditures and coffee times price index. Based on the selection of all normal values she obtained the following:
Suppose 12% of these workers work more than 48 hours. Based on this percentage, what is the standard deviation of number of hours worked per week for those workers.
A manufacturer of batteries offers a two-year limited warranty. If the battery fails for any reason during the first two years, it is replaced. What percentage of the batteries is expected to fail within the warranty period?
Questions based on binomial distribution, variance of the binomial distribution, discrete random variable and continuous random variables.
Determine a 95% confidence interval for true mean cost to repair this type of car.
Give a mathematical expression for the probability density function of driving distance.
The level of significance selected is 0.01 and 26 accounts are sampled. What is the critical value? Based on a sample size of 25?
Explain how probability is used in that situation. Identify the type of probability your example best fits by explaining whether it is an independent event or dependent upon something else.
What are the assumptions regarding an ANOVA test and what Excel aid would you use to perform the test, Data Analysis or MacDoIt? What are the assumptions regarding a Chi-square test?
We want to estimate the population mean within 5, with a 99 percent level of confidence. The population standard deviation is estimated to be 15. How large a sample is required?
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