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Why is statistical significance not necessarily of practical important difference to a business decision? Give an example and explain. Why do statisticians play only a limited role in deciding whether statistical significance requires a business action?
A researcher claims that the average age of people who buy theatre tickets is 51. A sample of 30 is selected and their ages are recorded as shown below.
What is the purpose of using correlation analysis? How might correlation analysis be used in business decisions or in strategy formulation and implementation?
Pepsi wanted to test to determine if the males preferred Pepsi more than the females. (a) PConduct the appropriate test and describe the results (ick your own alpha value)
At.05 significance level is it reasonable to conclude that it takes longer to determination software issues? Determine the p-value?
The participants in a television quiz show are picked from a large pool of applicants with approximately equal numbers of men and women.
Using 5% level of significance, is there any difference in proportion of guests who would select the two resorts? What is your conclusion?
Perform the indicated test of hypothesis. HO: M 7, given x= 0.01, N=25, Xbar = 7.019 and SD is =.1681. Assume the sample is selected from a normally distributed population.
Microfracture knee surgery has a 75% chance of success on patients with degenerative knees. The surgery is performed on 5 patients. Find the probability of the surgery being successful on less than 3.
Explain the difference between testing a single mean and testing the difference between two means. What two assumptions must be met when one is using z test to test differences between two means?
Develop 3 regression models to forecast selling price based upon each of other factors individually. Which of these is best?
In a group of six professors selected at random, what is the expected number of extroverts? What is the standard deviation of the distribution?
At the .05 level, you are testing whether there is a significant difference in the proportions of college students and similar aged non college students having accidents during the two year period. What is the value of your test statistic.
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