Statistics homework help

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Statistics homework help. University of Cincinnati – Blue Ash
Spring 2020
BANA 2081-001: Business Analytics I
                                                       Final Exam                                           
 
NAME_______________________________________________________
 
NOTE: SHOW WORKING TOWARDS ANSWERS WHERE NECESSARY

  1. (a) (4 points) What are the two types of random variable?

 
 
 
 
(b) (16 points) The Yang-Meece Computer Company is considering a plant expansion to enable the company to begin production of a new computer product.  The company’s president must determine whether to make the expansion a medium- or large scale project.  Demand for the new product is uncertain, which for planning purposes may be low demand, medium demand, or high demand.  The probability estimates for demand are .20, .50, and .30, respectively.  Letting x and y indicate the annual profit in thousands of dollars, the firm’s planners developed the following profit forecasts for the medium- and large-scale expansion projects.

   
Medium-Scale Expansion Profit
 		  
Large-Scale Expansion Profit
x f(x) y f(y)
 
Demand		 Low 50 .20 0 .20
Medium 150 .50 100 .50
High 200 .30 300 .30

(i) (6 points) Compute the expected value for the profit associated with the two expansion alternatives.
(ii) (2 points) Which decision is preferred for the objective of maximizing the expected profit?
(iii) ( 6 points) Compute the variance for the profit associated with the two expansion alternatives.
(iv) (2 points) Which decision is preferred of the objective of minimizing the risk or uncertainty?
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  1. (a)(4 points) What are the two methods of estimation?

 
 
 
 
(b)(8 points)  The mean preparation fee H&R Block charged retail customers last year was $183. Use this price as the population mean and assume the population standard deviation of preparation fees is $50. What is the probability that the mean price for a sample of 50 H&R Block retail customers is within $8 of the population mean?
 
 
 
 
 
 
 
(c) (8 points) The following random sample was selected from a given population:4, 6, 3, 5, 9, 3.
The variance for this sample. Construct a 98% confidence interval for population mean .
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.(a) (4 points) What is  for a confidence interval for the mean μ with  94% confidence level?
 
 
(b)(4 points)  Name two existing sources of data.
 
 
 
 
 
(c) (3 points) Name three graphs that you could draw for a data set that is said to be quantitative.
 
 
 
 
 
 
(d) (3 points) Name three measures of variability in a data set.
 
 
 
 
(e)  ( 3 points) What are the three properties of point estimators?
 
 
 
 
(f) (3 points) Distinguish between a regular normal distribution and the standard normal distribution.
 
 
 
4(a) (4 points) The table below represents the conclusions and consequences for a statistical hypothesis testing. Complete the table:
Population Condition

Conclusion  True  False
Accept
 		    
Reject
 		    

 
(b) (8 points) The Federal Trade Commission (FTC) at Westley-Southwick, NY periodically conducts statistical studies designed to test the claims that manufacturers make about their products. FTC in this situation want the test the claim that the mean filling weight in a large can of coffee is at least 3 pounds. The population variance is assumed to be 0.64 pounds. If a random sample of 36 cans of coffee is selected, and the mean filling weight for this sample is 2.92 pounds, test this claim at  level of significance.
 
 
 
 
 
 
 
 
 
 
(c) (8 points) The Bursar at University of Cincinnati charges a certain amount for various items. The table below gives the amount that students were charged in 2012 for a sample of five items:

Items Amount Charged($)
Computer
Bus
Wireless Internet
Business Surcharge
Recreational		 25
23
19
30
28

The sample variance is 18.49. Perform a test of hypothesis to determine whether the mean amount charged by the bursar in 2012 on all items differs from 20. Use α=0.01 level of significance.
 
 
 
 
 
 
CIRCLE THE BEST ANSWER

  1. (4 points) In a test of hypothesis problem performed by the McFarland company, the p-value of the test is 0.05 and the level of significance of the test . What statistical decision could you make from this information?

(A) Reject the null hypothesis
(B) Do not reject the null hypothesis
(C) Inconclusive
(D) This situation can never happen
 

  1. (4 points) If Var(X)=3, Var(Y)=2, and , then the Var(2X+3Y) is

(A) 78
(B) 12
(C) 60
(D) 48
 

  1. (4 points) Data that are collected at the same time or approximately the same point in time are called

(A)Time Series Data
(B) Cross-Sectional Data
(C) Continuous Data
(D) Periodic Data
 

  1. (4 points) The skewness of a data set is said to be 0.7, then that data set is said to be

(A) Moderately skewed to the right
(B) Highly skewed to the left
(C) Highly skewed to the right
(D) Moderately skewed to the left
 

  1. (4 points) The process of using data obtained from a sample to make estimates and test hypotheses about the characteristics of a population is called

(A) Statistical Analysis
(B) Data Analysis
(C) Statistical Inference
(D)Data Mining
 
 

Statistics homework help