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What is meant by a probability distribution? Discuss how you could use one of the text probability distribution at your workplace to help solve a business problem. Illustrate an example by performing a probability distribution calculation.
The director of admissions at Kinzua University in Nova Scotia estimated the distribution of student admissions for the fall semester on the basis of past experience.
Use a significance level of alpha = .05 to test the claim that p > .5. The sample is a simple random sample n = 50. Show how to calculate beta for the test and assume the true population proportion is .6.
Test whether there is a statistical difference between the two proportions at the 5% significance level.
Consider the following two columns that describe different types of data: A. Nominal 1. Qualitative B. Discrete 2. Quantitative C. Ordinal D. Continuous. The correctly paired groupings of the two columns is:
Compare value of test statistics F obtained in part(2) with value of t 2 , square of test statistic for testing H 0 : β 1 =0 that was needed in test null hypothesis that true slope is 0. Interpret the results of this test.
The table below lists the number of audience impressions (in hundreds of millions) listening to songs and the corresponding numbers of albums sold (in hundreds of thousands).
Using the basic informaion from above: If there are no additional customers waiting (or walking up to the counter) when a particular customer begins her transaction, what is the probability that no one will be waiting in line when her transaction ..
In a marketing study, 100 consumers were asked to select the best digital music player from the iPod, the iRiver, and the Magic Star MP3. To summarize the consumer responses with a frequency table, how many classes would the frequency table have?
How would you use the binomial distribution in making a business decision during a normal day of work in the career of your choice?
A survey of undergraduate students in the School of Business at Northern University revealed the following regarding the gender and majors of the students:
The participants in a television quiz show are picked from a large pool of applicants with approximately equal numbers of men and women.
What sample size would be needed to obtain an error of ±10 square millimeters with 99 percent confidence?
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