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The owner of a local construction company that specializes in outdoor structures desires to make a prediction regarding the next business year sales. Expansion of the business is one possible decision that could be made. It has been determined that the business needs to be at least $8 million dollars in annual sales before expansion could be considered. The following is data for the past 6 years. (Sales in millions of dollars.)
Year Sales Year Sales2004 7.45 2007 7.942005 7.83 2008 7.762006 8.07 2009 7.90
The statistical analysis of the data produced this least square trend equation.
Y' = 7.634 + 0.05457t
What should the owner's decision be regarding expansion in 2010?
What information is provided by the sign (= or -) of the Pearson correlation? What information is provided by numerical value of the Pearson correlation?
What is a hypothesis? Specifically, is it a statement about the population or the sample? What is the purpose of hypothesis testing?
Explain in your own words (no direct quotes, please) what it means when there is an interaction between two factors.
How many jackets should the store owner order if she wants to maximize her expected profit?
Time spent using e-mail per session is normally distributed, with μ = 8 minutes, and σ = 2 minutes. If you select a random sample of 25 sessions,
These can have a large impact on tenure and promotion decisions at many institutions. One particular instructor had ratings in 3 courses in one semester as given by the table below for the statement "The instructor is an excellent teacher.
Do you think this detection bias would strengthen or attenuate the association between vegetarian diet and learning disabilities? Defend your choice briefly.
A veterinary nutritionist developed a diet for overweight dogs. The total volume of food consumed remains the same, but one-half of the dog food is replaced with a low-calorie "filler" such as canned green beans.
A mean score on a standardized test is 50 with a standard deviation of 10. Answer the following:
The expense ratio of a mutual fund measures the percentage of the fund's assets used to pay for annual administrative overhead. Funds with higher ratios spend more of the fund's return to operate the fund.
Probability based on a random experiment - What is the probability of not randomly generating your cousin's telephone number?
Chi-square test for independent attributes - Are the opinions on the tax cut proposal independent of party affiliation? Use a = 0.01
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