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1. Can you think of an example where the analysis of variance (ANOVA) can be used? How is ANOVA being used in the workplace, or how should it be used?
2. Analysis of variance (ANOVA) is used to determine if there is a difference between the means of different populations. This is an example from a student in Prescott Arizona.A company was trying to sell her the feed they produced by aiming that if her hens ate their feed, the hens would produce more eggs. They offered her a study to read in which they demonstrated that their feed was the best. To support this, they conducted an experiment in which they fed four different types of food, including their own, to groups of hens. They wanted to show that on average hens that ate their food produced more eggs. They used analysis of variance. Can you think of a business-related example in the financial industry? can you think of any specifically related to operations management?
2. What are the differences between one-way and two-way ANOVA?
4. What are examples in which non-parametric tests are used to analyze business related problems in general, and more specifically, problems related to marketing?
5. How should surveys be constructed to facilitate collecting data to perform non-parametric tests?
The ________ is the probability of observing a sample value as extreme as, or more extreme than the value observed, given that the null hypothesis is true.
What is the point estimate of the mean planned expenditure by all Americans taking long summer vacations in 2002?
Consider a binomial distribution with 15 identical trials, and a probability of success of 0.5. Find the probability that x = 2 using the binomial tables
An election poll reported that a candidate had an approval rating of 48% with a margin of error E of 3%. Construct a confidence interval for the proportion of adults who approve of the candidate.
Mention the critical value of test statistic (Or give the p-value of the test.)
Use the table to determine whether the correlations are significant and how you would interpret the results. The correlation between speed and strength for 20 women is .567. Test these results at the .01 level using a one-tailed test.
Utilizing Excel data analysis calculate t distribution also deduce the result. Study of variance is used to investigate if there is a difference in the mean mileage of the three cars.
A student scored 84 points on a test where the mean score was 79 and the standard deviation was 4. The student's z score was:
An independent financial advisor claims an average rate of return, μ, on a particular investment is at least 7%. In testing her claim, the correct pair of hypotheses is:
The average weight of 40 randomly selected minivans was 4150 pounds. The standard deviation was 480 pounds. Find the 99% confidence interval of the true weight of the minivans.
A large industrial firm uses 3 local motels to provide overnight accommodations for its clients. From past experience it is known that 20% of the clients are assigned rooms at the Ramada Inn, 50% at the Sheraton, and 30% at the Holiday Inn.
Perform a parametric analysis by assessing the fractional change in the probability of failure with respect to a small change in the mean and standard deviation of selected variable.
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