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o The standard deviation is probably one of the most important summary statistics. It can tell you a lot about how the data is organized. More specifically, what do we mean when we talk about the dispersion of data? Why is it important to understand the dispersion of data when making a decision? Would you deal with a situation differently if the data was tightly clustered around the center measurement than if it was very spread out? Try to come up with an example of a business decision that might be different depending on the spread of the data.
o The mean, median and mode are each uniquely suited for certain situations. Try to think of one business decision that could be based on the mean, another that could be based on the median and a third that could be based on the mode. Discuss the pros and cons of each as you consider the type of business decision.
o What does a standard deviation measure? Assume you are a manager of a call center. Customer service phone operators are asked to limit their phone calls to 7 minutes if possible. What would it mean if the standard deviation for these calls began to increase? How might you handle this as the manager? Is there ever a situation where you would hope to see larger standard deviations?
Explain the Empirical Rule in your own words.
grandma gertrudes chocolates a family owned business has an opportunity to supply its products for distribution through
A study of 80 white mice showed that their average weight was 3.7 ounces. The standard deviation of the population is 0.6 ounces.
1.assuming the population is large which sample size will give the smallest standard deviation to the statistic?a.n
What sample size would allow us to increase our confidence level to 95% while reducing the margin of error to only 3 hours? Round up to the nearest whole number
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suppose x has an exponential distribution with mean equal to 10. determine followinga px gt 10b px gt 20c px gt
Each year, Business Week publishes information and rankings of master of business administration (MBA) programs. The data file MBA Analysis contains data on several variables for eight reputable MBA programs as presented in the October 2, 2000
one institute mandates that for every 100 items scanned through the electronic checkout scanner at a retail store no
What is the z score for a cd player will break down during the guarantee period of 2 years? The statement that the cd player breaks during the 2-year.
Using the empirical rule, what is the approx percentage of cans of regular coke with weights between 0.80931 lbs. and 0.82433 lbs?
q2. deciles of normal distributionsthe deciles of any distribution are the 10th 20th... 90th percentiles respectively.a
a firm is accustomed to training operators who do certain tasks on a production line. those operators who attend the
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