I. Read The Wall Street Journal and The Economist daily.
II. Become intimate with Microsoft Excel.
III. Know the fundamentals of Accounting.
IV. Refresh working knowledge of Statistics.

Harvard Business School Dean Announces 5 New Priorities
What does this mean for you? During the interview, you will be asked to articulate why a particular school’s curriculum is a good fit for you and your professional goals. Make sure you understand the distinctions between different programs — which ones offer case-method learning, which ones offer a “mixed” teaching style, which offer greater flexibility, which have a greater range of courses available, etc. Make sure you don’t simply repeat the obvious in your essay; telling the schools what their curriculum consists of and stating that you admire it will not win you points in the admissions process. In your application essay, you should show why and how a specific curriculum will work for you. Also remember that you are applying to business school at a time when innovation, diversity, social consciousness, and civic awareness are becoming more important. In a time like this, you definitely do not want to come across as someone just “looking to get a ticket punched.” The bottom line. The MBA degree will continue to be an important fixture in the corporate world. Business schools are, in a sense, businesses themselves and will continue to ensure their relevance. Despite the debate about the worth of an MBA in today’s tough economic times, placement rates at the top programs are excellent this year (Tuck is nearly back to its pre-recession placement level). The MBA continues to signify to employers a knowledge of core business subjects and an ability to handle complex management issues. Also note that the Wharton School of Business, the Yale School of Management, the Stanford Graduate School of Business, and the Berkeley Haas School of Business have recently announced plans to revamp their curriculum as well....

...require that we know whether we have a sample or a population. 2. The following numbers represent the weights in pounds of six 7year old children in Mrs. Jones' 2nd grade class. {25, 60, 51, 47, 49, 45} Find the mean; median; mode; range; quartiles; variance; standard deviation. Solution: mean = 46.166.... median = 48 mode does not exist range = 35 Q1 = 45 Q2 = median = 48 Q3 = 51 variance = 112.1396 standard deviation =10.59 3. If the variance is 846, what is the standard deviation? Solution: standard deviation = square root of variance = sqrt(846) = 29.086 4. If we have the following data
34, 38, 22, 21, 29, 37, 40, 41, 22, 20, 49, 47, 20, 31, 34, 66 Draw a stem and leaf. Discuss the shape of the distribution. Solution: 2 3 4 5 6 | | | | | 219200 48714 0197 6
This distribution is right skewed (positively skewed) because the “tail” extends to the right. 5. What type of relationship is shown by this scatter plot?
45 40 35 30 25 20 15 10 5 0 0 5 10 15 20
Solution: Weak positive linear correlation 6. What values can r take in linear regression? Select 4 values in this interval and describe how they would be interpreted. Solution: the values are between –1 and +1 inclusive. -1 means strong negative correlation +1 means strong positive correlation 0 means no correlation .5 means moderate positive correlation etc. 7. Does correlation imply causation? Solution: No.
8. What do we call the r value. Solution: The correlation coefficient....

...
NormalDistribution
Student’s Name:
Instructorr:
Date ofSubmission:
The table 1 below shows a relationship between actual daily temperatures and precipitation in the month of January 2011. These data was adopted from a meterological station in the states of Alaska, in the United States. Normal distributed data aresymmetric with a single bell shaped peaks. Th maean of the data it significant in indication the point that the peak is likely to occur. In addition, standard deviation indicates the spread, which is usually referred to asthegirth of thebeell shapedcurve (Balakrishnan & Nevzorov, 2003).
Table 1: Relationship between actual daily temperatures and precipitation of January 2011
|Date |Actual Temperatures |Precipitation |
|Jan. 1 |30 |0 |
|Jan. 2 |25 |0 |
|Jan. 3 |31 |0 |
|Jan. 4 |33 |0 |
|Jan. 5 |29 |0 |
|Jan. 6 |36 |0.26 |
|Jan. 7 |36 |0 |
|Jan. 8 |37 |0.01 |
|Jan. 9 |32 |0.21 |
|Jan. 10 |28...

...
NormalDistributionNormaldistribution is a statistics, which have been widely applied of all mathematical concepts, among large number of statisticians. Abraham de Moivre, an 18th century statistician and consultant to gamblers, noticed that as the number of events (N) increased, the distribution approached, forming a very smooth curve.
He insisted that a new discovery of a mathematical expression for this curve could lead to an easier way to find solutions to probabilities of, “60 or more heads out of 100 coin flips.” Along with this idea, Abraham de Moivre came up with a model that has a drawn curve through the midpoints on the top of each bar in a histogram of normally distributed data, which is called, “Normal Curve.”
One of the first applications of the normaldistribution was used in astronomical observations, where they found errors of measurement. In the seventeenth century, Galileo concluded the outcomes, with relation to the measurement of distances from the star. He proposed that small errors are more likely to occur than large errors, random errors are symmetric to the final errors, and his observations usually gather around the true values. Galileo’s theory of the errors were discovered to be the characteristics of normaldistribution and the formula for...

...hours and a standard deviation of 2 hours to erect the Red Barn model. Assume the assembly times follow the normaldistribution.
a. Determine the z values for 29 and 34 hours. What percent of the garages take between 32 hours and 34 hours to erect?
z(29) = (29-32)/2 = -3/2
z(34) = (34-32)/2 = 1
z(32) = 0
P(32 < x < 34) = P(0< z < 1) = 0.34
b. What percent of the garages take between 29 hours and 34 hours to erect?
P(29 < x < 34) = P(-1.5 < z < 1) = 0.7745
c. What percent of the garages take 28.7 hours or less to erect?
z(28.7) = (28.7-32)/2 = -3.3
P(0 < x < 28.7) = P (-10 < z < -3.3) = 0.00048348...
d. Of the garages, 5 percent take how many hours or more to erect?
find the z-value corresponding to an area of 95% to the left and only
5% to the right under the curve.
Use your z-chart or InvNor(0.95) = 1.645 on your calculator.
Now find the x-value corresponding to that z-value.
1.645 = (x-32)/2
x-32 = 2*1.645
x= 35.29 hours
5% of the houses require 35.29 or more hours to erect.
Chapter 8 #21
What is a sampling error?
Sampling error is the expected chance difference, variation, or deviation between a random sample and the population.
Chapter 8 #34
Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $110,000. This distribution follows the normaldistribution with a standard deviation of...

...HOMEWORK 2
FROM CHAPTER 6 and 7, NORMALDISTRIBUTION AND SAMPLING
Instructor: Asiye Aydilek
PART 1- Multiple Choice Questions
____ 1. For the standard normal probability distribution, the area to the left of the mean is
a.
–0.5
c.
any value between 0 to 1
b.
0.5
d.
1
Answer: B
The total area under the curve is 1. The area on the left is the half of 1 which is 0.5.
____ 2. Which of the following is not a characteristic of the normal probability distribution?
a.
The mean and median are equal
b.
The mean of the distribution can be negative, zero, or positive
c.
The distribution is symmetrical
d.
The standard deviation must be 1
o
Answer:D
Normaldistribution is symmetric. So, mean=median
The mean could be any number.
The standard deviation is positive but it is not always 1.
____ 3. Larger values of the standard deviation result in a normal curve that is
a.
shifted to the right
c.
narrower and more peaked
b.
shifted to the left
d.
wider and flatter
Answer: D
The Total area under the curve is 1. If the standard deviation is larger, it means the curve is wider, but the height is lower.
____ 4. Which of the following is not a characteristic of the normal probability distribution?
a.
Symmetry
b.
The total area under the curve is always equal to 1.
c....

... =0.5 + 0.4830
= 0.9830
b) More than 1,004 boxes?
Answer:
P(x > 1004) = P(z > 2.72)
= 0.5 – p(0 Z 2.72)
= 0.5 – 0.4967
= 0.0033
c) Less than 650 boxes or greater than 950 boxes?
Answer:
P(x < 650) + P(x > 950) = P(z < –2) + P(z > 2)
= 0.0228 + (1 – 0.9772)
= 0.0456
d) The store orders cereal from a distributor weekly. How many boxes should the store order for a week to have only a 2.5 percent chance of running short of this brand of cereal during the week?
b P(x > k) = 0.025
According to the Standard Normal Table
k = 947 boxes of cereal
...

...range = 60
mode = 165
variance = 324
median = 170
The coefficient of variation equals
a. 0.1125%
b. 11.25%
c. 203.12%
d. 0.20312%
____3. In a binomial experiment, which one(s) of the following is (are) true?
(i) The probability of success in the second trial is dependent on the outcome in the first trial.
(ii) Only two outcomes are possible in each trial.
(iii) The probability of success in each trial is always equal to the probability of failure.
(iv) The expected value is always greater than or equal to the variance.
a. (ii) only
b. (ii) and (iv)
c. (iii) and (iv)
d. (i), (ii) and (iv).
____ 4. A normaldistribution with a mean of 0 and a standard deviation of 1 is called
a. a probability density function
b. an ordinary normal curve
c. a standard normaldistribution
d. none of these alternatives is correct
Exhibit 1
The student body of a large university consists of 60% female students. A random sample of 8 students is selected.
____ 5. Refer to Exhibit 1. What is the probability that among the students in the sample at least 7 are female?
a. 0.1064
b. 0.0896
c. 0.0168
d. 0.8936
Exhibit 2
The average price of personal computers manufactured by MNM Company is $1,200 with a standard deviation of $220. Furthermore, it is known that the computer prices manufactured by MNM are normally distributed.
____6. Refer to...

...standard deviation of the [pic] sampling distribution? Can we say that the shape of the distribution is approximately normal? Why or why not? (10 points)
(b) What is the probability that [pic] will be within 0.5 of the population mean? (5 points)
(c) What is the probability that [pic] will differ from the population mean by more than 0.7? (5 points)
4. In the library on a university campus, there is a sign in the elevator that indicates a limit of 16 persons. Furthermore, there is a weight limit of 2500 pounds. Assume that the average weight of students, faculty, and staff on campus is 150 pounds with a standard deviation of 27 pounds, and that the distribution of weights of individuals on campus is approximately normal. If a random sample of 16 persons from the campus is taken:
(a) What is the mean and standard deviation of the [pic] = sample mean distribution? Can we assume the [pic] distribution is normal? Explain. (10 points)
(b) What average weights of for a sample of 16 people will result in the total weight exceeding the weight limit of 2500 pounds? (5 points)
(c) What is the chance that a random sample of 16 persons on the elevator will exceed the weight limit? (5 points)
5. A random sample is to be selected from a population that has a proportion of...

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