What is the probability that professionals earn

Assignment Help Financial Accounting

Reference no: EM132893069 , Length: word count:2000

GEC4003 Quantitative Methods - Gulf College

This will develop the following skills:

- Analytical skills: The assignment enables the students to analyse and evaluate the benefits of the different activities done in the class.
- Research skills. This skill will eventually help them understand and evaluate the meaning, concept and solution of the measure of central tendency, probability and hypothesis testing.

In addition, the COURSEWORK will test the following learning outcomes:

- Measure probability
- Perform hypothesis tests

Assignment Task

Using references to relevant theories, concepts and appropriately chosen examples about statistics, probability and hypothesis testing, write an assignment of 2000 words for the following:

1. The median, midrange and mid-hinge of ungrouped data.

2. A group of professionals with normally distributed salaries earn an average of OMR 7,000 with a standard deviation of OMR 2,500.

a) What is the probability that the salary of the group of professionals is more than OMR 8,000?
a) What is the probability that professionals earn between OMR 6,500 and OMR 7,500?

3. Toyota Oman releases a report that 10% of the company's SUV cars sold in the market are 100% in running condition. To test its claim a random sample of 30 SUV cars is checked and 12 are found to be malfunctioning. Test at 1% significant level if the company's claim is supported by the sample evidence. Critical Value = 2.58

Your report should contain the following:

• Introduction - Overall plan of the assignment with reference to the extended concept of the median as a measure of central tendency, probability and its graph and rationale in hypothesis testing. (200 words equivalent)

• Solution and Discussion

Median, midrange and mid-hinge. Student needs to provide the meaning and concept of the median, midrange and mid-hinge. Student needs to provide one example for each how to identify or calculate the median, midrange and mid-hinge for an array of data as well as the discussion of their solutions. (400 words equivalent)

Probability and its graph. Student needs to answer question two (2) by calculating the probability with appropriate solution supported by graph and the inclusion of relevant and appropriate discussion. (500 words equivalent)

Testing hypothesis. Student needs to answer question three (3) and follow the six steps procedure supported by calculation and graph/curve. Discussion of the six steps procedure is necessary. (700 words equivalent)

• Conclusion - Student needs to summarise the key points in the discussion.(200 words equivalent)

Attachment:- Quantitative Methods.rar

Reference no: EM132893069

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