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The Store kept track of the number of paying customers it had during the noon hour each day for 100 days. The following are the resulting statistics rounded to the nearest integer: Mean = 95 Median = 97 Mode = 98 First quartile = 85 Third quartile = 107 Midrange = 93 Range = 56 Standard deviation = 12 For how many of the 100 days was the number of paying customers within three standard deviations of the mean ? Explain how you determined your answer.
She has a history of being successful at getting a donor on 55 percent of her calls. If June has a quota to get at least four donors each day.
Data collected by a child development scientist produced a 95% confidence interval for the mean age, μ (in weeks) at which babies began to craw as [21.4, 31.6]
Is sample of 25 papers large adequate to give a good estimate of mean score of all 42,000 students on this exam problem? Explain your answer.
Define correlation. Then give an example of a misleading correlation and an example of a meaningful correlation. With this describe the relationship between correlation and causation.
What is the distribution of X? State its mean and variance.
Discuss where this common statistical analysis technique might be useful in your business. Is it being used already? If not, how will you help introduce others to it?
This model is fit to the data using the method of least squares using statistical software, and the following parameter estimates and their standard errors are obtained.
An insurance company, based on past experience, estimates the mean damage for a natural disaster in its area is $5,000. After introducing several plans to prevent loss
At the 5% level of significance, can we infer that branch A has a significantly higher proportion of satisfied customers than branch B?
In order to determine the sum of squares the distance between each data point and the line of the best fit is squared and then all of the squares are summed up. The line of the best fit will minimize this value?
How would you choose an appropriate level of significance for your statistical test? What are the possible outcomes and limitations of your statistical test?
A soft drink bottling machine is set to dispense soft drink into containers labeled 16 ounces. While the actual quantities vary they are normally distributed with a mean of 16.1 ounces and a standard deviation of 0.015 ounces.
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