BALT 3301 Managerial Decision Making Under Uncertainty

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BALT 3301 Managerial Decision Making Under Uncertainty - Benedictine University

Problem #1 (from Section 6.1 "Statistical Sampling"): Number the rows in the Excel file Credit Risk Data (D2L Content > Datasets by Chapter> Chapter 6 > CreditRiskData.xlsx) to identify each record. The bank wants to sample from this database to conduct a more detailed audit. Use the Excel Sampling tool to find a simple random sample of 20 unique records.

Professor Cursio's hint: What we want to do is create an index/ID/key to the entire row as an observation. We cannot use the entire row because some columns contain non-numeric data, but if we just use this index as the random observation (for the Sampling tool), then we can later use VLOOKUP to find the rest of the data associated with the observation.

Problem #2 (from Section 6.2 "Estimating Population Parameters"): Find point estimates for the mean and standard deviation of the Months Customer data in the Credit Risk Data file (D2L Content > Datasets by Chapter > Chapter 6 > CreditRiskData.xlsx). Draw five random samples of sizes 50 and 250 from the data using the Sampling tool. Use the empirical rules to analyze the sampling error and state your conclusions.

Problem #3 (from Section 6.3 "Sampling Distributions"): Based upon extensive data from a national high school educational testing program, the standard deviation of national test scores for mathematics was found to be 120 points. If a sample of 225 students are given the test, that would be the standard error of the mean?

Problem #4 (from Section 6.3 "Sampling Distributions"): A popular soft drink is sold in 2-liter (2,000-millileter) bottles. Because of variation in the filling process, bottles have a mean of 2,000 milliliters and a standard deviation of 16, normally distributed. Part a: If the manufacturer samples 100 bottles, what is the probability that the mean fill of the sample is less than 1,995 milliliters? Part b: What mean fill will be exceeded only by 10% of the time for the sample of 100 bottles?

Problem #5 (from Section 6.4 "Interval Estimates"): A survey of 26 college freshmen found that they average 6.85 hours of sleep each night. A 90% confidence interval had a margin of error of 0.497. Part a: What are the lower and upper limits of the confidence interval? Part b: What was the standard deviation, assuming that the population standard deviation is known?

Problem #6 (from Section 6.4 "Interval Estimates"): A sample of 20 international students attending an urban US university found that the average amount budgeted for expenses per month was $1,612.50 with a standard deviation of $1,179.64. Find a 95% confidence interval for the mean monthly expense budget of the population of international students. Use the appropriate formula and verify your result using the Confidence Intervals workbook (D2L Content > Datasets by Chapter > Chapter 6 > ConfidenceIntervals.xlsx).

Problem #7 (from Section 6.4 "Interval Estimates"): A bank estimated that the standard error for a 95% confidence interval for the proportion of a certain demographic group may default on a loan is 0.31. the lower confidence limit was calculated as 0.15. What is the upper confidence limit?

Problem #8 (from Section 6.5 "Using Confidence Intervals for Decision Making"): A survey of 50 young professionals found that they spent an average of $19.31 when dining out, with a standard deviation of $12.11. Can you conclude statistically that the population means is greater than $18.00?

Problem #9 (from Section 6.4 "Interval Estimates"): A survey of 240 individuals found that one-third of them use their cell phones primarily for email. Can you conclude statistically that the population proportion who use cell phones primarily for email is less than 0.40?

Professor Cursio's hint: What the problem wants you to do is first create a confidence interval, and then compare 0.40 (aka 40%) against that interval?

Problem #10 (from Section 6.6 "Confidence Intervals and Sample Size"): A community hospital wants to estimate the body mass index (BMI) of its local population with an error of at most 1.0 at a 99% confidence level, what sample size should they use? The standard deviation based on available hospital data is 5.0.

Reference no: EM132983842

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