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The Armed Forces Credit Union wants to know what sample size is needed to be able to estimate the mean dollars that each card holder will spend each month. It wants a 98% confidence level within plus or minus ten dollars of the true mean. The standard deviation is thought to be $500.00 (CTU, 2010) The determination of the sample size must be figured out.
Using least squares regression analysis, what would you estimate demand to be for each month next year?
Chi-square test for independent of attributes - A random sample of students is interviewed to determine if there is an association between class and attitude toward corporations?
Total housing costs as a percent of monthly income, five years ago and now. The information is reported below. Is it reasonable to conclude the percent is less now than five years ago?
What is critical z-value which corresponds to confidence level of 88%.
Conduct a one-tailed hypothesis test given the information below. A certain brand of Green Energy light bulbs was advertised as having an average illumination life-span of 2,500 hours.
Describe the use of sensitivity analysis and postoptimality analysis in analyzing the results. Describe the characteristics of a Bernoulli process. How is a Bernoulli process associated with the binomial distribution?
Differentiate between descriptive statistics and inferential statistics. Provide an example for each. How does correlation analysis differ from regression analysis? What does a correlation coefficient reveal? Is correlation the same as causation?
A random sample of 100 students at Southern University was collected. The mean age was found to be 24.2 years, with a standard deviation of 3.4 years.
Scores on test form normal distribution with mean of µ = 150 and a standard deviation of σ = 25. Mean for sample is M = 158. Compute test statistics (z score) for sample.
The number customers who enter a supermarket each hour is normally distributed with a mean of 600 and a standard deviation of 200. The supermarket is open 16 hours per day.
Suppose that it is a presidential election year and Ohio is one of the 'swing' states. Your polling company wants to conduct a presidential preference poll of the citizens of Ohio to predict which candidate will win the election.
Assume a random sample of 50 architects and engineers is selected. How likely is it that the random sample contain five or fewer women in these positions.
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