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The Quality Control Department wants to estimate the true percentage of rework for electrical components to within ±4%, with 99% confidence. Based on similar past studies, the percentage of rework was found to be 12%. How many components should they sample?
Consider some decision-making situations in Business Management field of study, and describe two or more in which tests of one or more population variances are important.
For the following situations, would you be most interested in knowing the average value, the spread, or the maximum value for each dataset? Explain.
At a casino, people play the slot machines in hopes of hitting the jackpot, but most of the time, they lose their money. A certain machine pays out an average of $0.92 (for every dollar played), with a standard deviation of $120.
Answer the following three questions based on what you know about statistics now.
If research in the business/management area cannot be 100% scientific is there any use in doing it?Discuss this statement in class or in groups.
A state representative is reported as saying that about 10% of reported auto thefts involve owners whose cars have not really been stolen, but who are trying to defraud their insurance company.- What null and alternative hypotheses would be approp..
A math exam consists of 9 multiple- choice question and 6open-ended problems in which all work must be shown. If each person must answer 6 of the multiple-choice and 3 of the open-ended problems. In how many ways can the question and problems be ..
Find the minimum required sample size for estimating the average number of designer shirts sold per day to within 10 units with 90% confidence if the standard.
The following data represent survival time in days after a heart transplant and patient age in years at the time of transplant for 10 randomly selected patients.
Determine the variance of the number of oranges purchased by a customer.
What is the Keynesian approach to inflation? What is the Classical approach to inflation?
Assume gasoline prices for a region are normally distributed. Do the data you obtained provide enough evidence to reject the claim?
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