Project #25209 - Applied Decision Making

This assignment consists of two parts. Part A is two sets (5 questions per set) of short answer questions.  Part B is two sets (2 questions per set) of problems/applications involving excel sheets.

You MUST provide interpretation of results and describe conclusions.

Part A

Set one:

1.)  Explain the importance of statistics in business.

 

2.)  What is the difference between a population and a sample?

 

3.)  List the different types of charts available in Excel, and explain characteristics of data sets that make each chart most appropriate to use.

 

4.)  What statistical measures are used for describing dispersion in data? How do they differ from one another?

 

5.)  Explain the concept of correlation and correlation coefficient. How would you interpret correlation coefficients of:
+ 0.3,
0.0 [zero], and
-0.95

Set two:

1.)  Define probability and explain its three perspectives. Provide an example of each.

 

2.)  How is the standard normal distribution used to compute normal probabilities?

 

3.)  Explain the importance of sampling from a managerial perspective.

 

4.)  Explain the central limit theorem. Why is it important in statistical analysis?

 

5.)  Explain how a confidence interval changes with changes in the level of confidence and sample size.

Part B

Set one:

Ch1-prob 4 p27: Data from the 2000 U.S. Census show the following distribution of ages for residents of Ohio:

Total Households 4,445,773

Family households (families) 2,993,023

With own children under 18 years 1,409,912

Marriedâ€Âcouple family 2,285,798

With own children under 18 years 996,042

Female householder, no husband present 536,878

With own children under 18 years 323,095

Nonfamily households 1,452,750

Householder living alone 1,215,614

Householder 65 years and over 446,396


a. Construct a column chart to visually represent these data.

b. Construct a stacked bar chart to display the sub categories where relevant. (Note that you will have to compute additional subcategories, for instance, under Family households, the number of families without children under 18, so that the total of the subcategories equals the major category total. The sum of all categories does not equal the total.)

c. Construct a pie chart showing the proportion of households in each category.

Tip: You can check chart types in excel help or search you tube:

Column Charts:http://www.youtube.com/watch?v=Y2U0bmo91ys
Stacked Charts:http://www.youtube.com/watch?v=ztphRTL_rAw
Pie Charts:http://www.youtube.com/watch?v=5kyU3Nh7u38

ch2-prob 1 p54: A community health status survey obtained the following demographic information from the respondents:

Age Frequency

18–29 297

30–45 661

46–64 634

65 + 369

Compute the relative frequency and cumulative relative frequency of the age groups. Also, estimate the average age of the sample of respondents. What assumptions do you have to make to do this?

Tip:http://www.youtube.com/watch?v=DrtChy0dBuk

 

Please be sure your work is organized, legible, and your responses are substantive. You need to submit all details of your work including excel sheets used to arrive to the solution. It is not enough to attach your excel sheet. You MUST provide interpretation of results and describe conclusions.

 

Set two:

 

 

3-1: Consider the experiment of drawing two cards from a deck in which all picture cards have been removed and adding their values (with ace = 1).

a. Describe the outcomes of this experiment. List the elements of the sample space.

b. What is the probability of obtaining a total of 5 for the two cards?

c. Let A be the event “total card value is 5 or less.” Find P ( A ) and P ( A c ).

Tips: You have cards from 1-10 in four different types; spades, diamonds, clubs, and hearts. Tp get the sample space you need to consider all combinations of a certains sum; for example, sum value of 2 could be:
[1 spades + 1 diamonds], [1 spades+1 clubs], [1 spades+ 1 hearts],
1 diamonds + 1 clubs, 1 diamonds + 1 hearts, 1 diamonds + 1 spades,
1 clubs +1 hearts, 1 clubs +1 spades, 1 clubs + 1 diamonds,
1 hearts + 1 spades, 1 hearts + 1 diamonds, 1 hearts +1 clubs


as u see the total possibilities of sum 2 is 12. You will need top repeat same method for sum of 3, 4, etc.



3-5: An airline tracks data on its flight arrivals. Over the past six months, 25 flights on one route arrived early, 150 arrived on time, 45 were late, and 30 were cancelled.

a. What is the probability that a flight is early? On time? Late? Cancelled?

b. Are these outcomes mutually exclusive?

c. What is the probability that a flight is either early or on time?

Please be sure your work is organized, legible, and your responses are substantive. You need to submit all details of your work including excel sheets used to arrive to the solution. It is not enough to attach your excel sheet. You MUST provide interpretation of results and describe conclusions.

The reference text for these questions for this course is:

 

 

James R. Evans

ISBN-10: 0132744287
ISBN-13: 9780132744287

Publisher: Prentice Hall
Copyright: 2013
Format: Paper; 552 pp
Published: 01/18/2012

(more specifically Chapters 1-4)

Subject Business
Due By (Pacific Time) 03/16/2014 05:45 pm
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