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What are the mean, median, and mode of a set of data, and how do they differ from each other? What are the different type measures of dispersion? Provide examples of each from your experience.
A retailer has data on sales in its stores yesterday. It would like a range that has a 50% chance of covering the sales of a randomly selected store today. Which does the retailer need, a prediction interval or a confidence interval?
Based on these results, does quality appear to be associated with price? What was the sample size used.
Statistical Hypothesis testing - Frequency distribution
Suppose a study is conducted to test the claim, at a 0.01 significance level, that less than 75% of college students spend less than $250 per semester on text books. A survey of 700 students found that 71% spent less than $250 per semester on text..
You are making several runs of a simulation model, each with a different value of some decision variable.
Suppose the RESET test rejects its null hypothesis. What should you do?
A manufacturer uses a new production method to produce steel rods. A random sample of 17 steel rods resulted in lengths with a standard deviation of 21.1cm.
Your company asks you to compare a new advertising campaign and the old one. Sample data on the accounts as follows:
What is the expected number of audits for the 6 randomly selected individuals? What is the standard deviation for the number of audits for the 6 randomly selected individuals?
The importer randomly samples 60 bottles of the new wine and obtains a sample mean x¯ = 9.3%. Give a 90% confidence interval for the average percentage.
Based on this understanding, when would you use a one- or two-sample hypothesis test? Provide examples.
In a test of the independence of two variables, one of the variables has two possible categories and the other has three possible categories. What will be the critical value of chi-square if the test is to be carried out at the 0.025 level? At the..
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