4BUS1163 Understanding Data Assignment

Reference no: EM133041577

4BUS1163 Understanding Data - University of Hertfordshire

Normal probabilities & Confidence intervals; Correlation & Regression

Problem 1
Monthly sales of a breakfast cereal have a mean of 24704 and a variance of 7190356.
(i) What is the probability that sales in the next month exceed 24500?
(ii) What is the probability that sales in the next month are between 24600 and 24700?
(iii) What is the probability that sales in the next month are less than 24850?
If you need to round your answer, please give at least 3 decimal places.

The data were collected over 23 months. With the addition of this information, answer the following.
(iv) What is the lower limit for a 95% confidence interval for sales?
(v) What is the upper limit for a 95% confidence interval for sales?

Problem 2
Weekly visits to a top tourist attraction in Mustwilhamshire have a mean of 6545 and a standard deviation of 730.
(i) Find the probability that visits in the next week exceed 6750.
(ii) Find the probability that visits in the next week are between 6600 and 6900.
(iii) Find the probability that visits in the next week are less than 7050.
If you need to round your answer, please give at least 3 decimal places.
The data were collected over 16 weeks. With the addition of this information, answer the following.
(iv) What is the lower limit for a 90% confidence interval for weekly visits?
(v) What is the upper limit for a 90% confidence interval for weekly visits?

Problem 3 What is the correlation between sales and amount spent on marketing?

Problem 4 For a regression where sales is the dependent (y) variable and amount spent on marketing is the independent (x) variable, what is the intercept of the best fit line obtained by the Least Squares method?

Problem 5 For a regression where sales is the dependent (y) variable and amount spent on marketing is the independent (x) variable, what is the slope of the best fit line obtained by the Least Squares method?

Problem 6 What is the R2 value for the regression in questions 4 and 5?

Problem 7 From the regression in questions 4 and 5, what is a prediction for sales when 27652 is spent on marketing?

Problem 8 What is the standard error given by Excel from the regression in questions 4 and 5?

Problem 9 What is the lower limit for an approximate 95% confidence interval for the prediction in Problem 7 where the approximation of 2 × standard error is used?

Problem 10 What is the upper limit for an approximate 95% confidence interval for the prediction in Problem 7 where the approximation of 2 × standard error is used?

Attachment:- Understanding Data.rar

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Reference no: EM133041577

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