Chapters 1-3:In order to control costs, a company wishes to study the amount of money its sales force spends entertaining clients. The following is a random sample of six entertainment expenses (dinner costs for four people) from expense reports submitted by members of the sales force. $157, $132, $109, $145, $125, $139. Calculate the mean and sample variance(s^2) and standard deviation. Mean = 807/6 = 134.5. Sample Variance = (109925 – (807^2/6)/6-1 = (109925 – 108541)/5 = 1384/5 = 276.8. Standard Deviation = √276.8 = 16.6373. ***the 109925 is all values of x individually squared and then summed together. ***the 6-1 is because it is a sample, if this were a population it would just be 6. ***the 807 is the sum off all x. Coefficient of Variation = (16.63/134.5)*100 = 12.3643. Calculate estimates of tolerance intervals containing 68.26, 95.44, and 99.73 percents. Mean ± 1 SD (68.26%) = 134.5 ± 16.63 = [117.87, 151.13]. Mean ± 2 SD (95.44%) = 134.5 ± 33.26 = [101.24, 167.76]. Mean ± 3 SD (99.73%) = 134.5 ± 49.89 = [84.61, 184.39]. Compute and interpret some of the Z-scores. (157-134.5)/16.63 = 1.35 standard deviations above the mean. (109-134.5)/16.63 = -1.53 standard deviations below the mean. Mean is the average of all the data. Mode is the number that occurs most frequently in the data set. Median is the middle value or average of the two middle values when the data is arranged in order from smallest to larges. Chapter 4: Basic Probability Concepts:In an organization of 30 people, we wish to elect 3 officers. How many different groups of officers are possible? 30*29*28=24,360 (if only 1 person per office). Or 30*30*30=27,000 (if 1 person can hold more than one office). Combinations: number of different combinations of N items taken n at a time: N!/n!(N-n)!. How many ways can we elect an executive committee of three from an organization of 30 members? 30!/3!(30-3)! = 24360/6 = 4060. We have four different flags and four slots on...

...averages last year is an example of what type of statistics? Determining the averages they can expect next year is an example of what type of statistics?
A. They are both examples of inferential statistics because averages are inferred in both instances.
B. Inferential statistics; descriptive statistics.
C. They are both examples of descriptive statistics because they deal with analyzing data.
D....

...LEAD 6341
Research Methods and Statistics
Midterm Exam
Part I: Calculations (Open Book)
Spring, 2013
Note: For the following computational exercises, show all steps of your work (when appropriate). Do NOT simply put an answer. Show or explain how you arrived at your answer.
1) Compute the mean, median, and mode for the following distribution: (5 pts)
1,2,2,3,3,3,3,3,3,4,4,5,6,7,7,8,8,8,8,8,8,9,9,10
The mean is what people call the average....

...Key Synthesis/Potential Test Questions (PTQs)
• What is statistics? Making an inference about a population from a
sample.
• What is the logic that allows you to be 95% confident that the confidence interval contains the population parameter?
We know from the CLT that sample means are normally distributed around the real population mean (). Any time you have a sample mean within E (margin of error) of then the confidence interval will contain . Since 95% of the sample...

...G036
* Yes because the p-value is less than 0.05 or No, because the p-value is greater than 0.05
* The coefficient of variation is the standard deviation of a data set, divided by the mean of the same data set.
* Z score = x -ms
* The Independent part is what you, the experimenter, changes or enacts in order to do your experiment. The dependent variable is what changes when the independent variable changes - the dependent variable depends on the outcome of the...

...Intervals
First you have to know three things:
Statistical inference: the process of using sample statistics to estimate population parameters.
Confidence level: the probability that a population parameter lies within a given confidence interval
Confidence interval: the range of values in which the population parameter is estimated to fall.
A statistic is an estimate of a parameter
But the statistic will rarely equal the parameter...

...Points Received: 1 of 1
Comments:
5. Question : The science of using a sample to make generalizations about the important aspects of a population is known as
Student Answer: Statistical Process Control.
Descriptive Statistics.
A random sample.
Statistical Inference.
Points Received: 1 of 1
Comments:
6. Question : The standardized value of any value in a population or sample is called
Student Answer:...

...Statistics 1
BusinessStatistics
LaSaundra H. – Lancaster
BUS 308 Statistics for Managers
Instructor Nicole Rodieck
3/2/2014
Statistics 2
When we hear about businessstatistics, when think about the decisions that a manager makes to help make his/her business successful. But do we really know what it takes to run a business on a...

...indicated to what kind of test was going to be used and since I claimed that the rural area were going to have a lower average number of beds it states that the shaded area on the critical value test will be less than zero.
Table 1. Descriptive statistics for the given null and alternative hypothesis that includes the sample, mean, median, standard deviation, maximum values, and minimum values.
Sample Size
Mean
Median
Standard Deviation
Maximum Value
Minimum Value
Rural Area...