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As a person who understands and uses statistics to solve problems in business you know that you must use the right statistical tool to compare data against theories. If the data doesn't support the theory under investigation, you either reject or revise your theory. (You don't revise the data!)
However, you understand that pitfalls may exist in the data collection process and the reasoning process. For instance, you know to watch for:
Making conclusions about a large population from a small sample.
Making conclusions from nonrandom samples
Attaching importance to rare observations
Using poor survey methods explain/discuss each pitfall and how it might impact good problem solving in the business environment
The average salary of senior managers in the construction industry is $180,000 per year. Suppose we would like to take a sample of senior managers at a newly established company XYZ to see whether the mean annual salary is different from that ..
Pretend you are in charge of a packaging equipment company that is filling boxes of cereal. From past experience we know the population's mean weight of the filled boxes is 300 grams (and we know the distribution of grams is approximately normal).
M&M Milk Chocolate candies colors are not all the same proportion. Blue consist of 24% of the bag pieces while Brown & Red only 13% each. The following was found:
"You are running a chi-squared test. If you have 5 groups with 3 characteristics each, what would your critical value be with an alpha of .25? a . Between 0 and 3.0
Determine the probability of fatal accident over a lifetime? Describe your reasoning carefully. Hint: Suppose independent events. Why might the supposition of independence be violated?
Based on these results, a confidence interval for the population mean is found to be μ = 5.7 ± 4.4. Find the degree of confidence.
in an analysis in investigating the usefulness of pennies the cents portion of 100 randomly selected credit card
Use descriptive statistics to explain how parental involvement and interests in child's education can impact on educational attainment measured in terms of their numeracy (v24_7), literacy (v28_7) and creativity skills (v25_7 and v26_7)
To find weighted aggregate price index using Laspeyres and Paasche method.
An investigator wants to test if there is a difference in endotoxin levels in children who are exposed to endotoxin as a function of their proximity to operating farms.
a lottery offers one 1000 prize one 500 prize five 100 prizes and ten 10 prizes one thousand tickets are sold. what
the owner of the house of greens greenhouse wants to estimate the mean height that her seedlings grow. a sample of 11
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