Problems – Answer the following problems…BE SURE TO SHOW ALL WORK!!!. You can use excel, SPSS or word as the medium for generating solutions to the problems. I recommend you use excel and SPSS

1. The time at which the mailman delivers the mail follows a normal distribution with a mean of 2:00PM and a standard deviation of 15 minutes (20 pts)

a) What is the probability that the mail will arrive before 1:50PM? b) What is the probability that the mail will arrive after 2:30PM? c) What is the probability that the mail will arrive between 1:40PM and 2:20PM? d) Between what two times (equally before the mean and equally after the mean) accounts for the mail being delivered 95% of the time?

2. The income of junior executives in a large corporation are normally distributed with a standard deviation of $1200. A cutback is pending, at which time those who earn less than $28,000 will be discharged. If such a cut represents 10% of the junior executives, what is the current mean (average) salary of the group of junior executives? (10 points)

3. 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. It is found (a given condition) that plumbing is faulty at 5% of the rooms at the Ramada Inn, 4% of the rooms at the Sheraton, and 8% of the rooms at the Holiday Inn. What is the probability that: (10 pts)

a) A client will be assigned a room with faulty plumbing
b) A person with a room having faulty plumbing was assigned accommodations at the Holiday Inn

4. Suppose that four inspectors at a film factory are suppose to stamp the expiration date on each package of film at the end of the assembly line. John, who stamps 20% of the packages, fails to stamp the expiration date once in every 200...

...How many standard deviations is my hypothesis (sample mean) is away from the actual (null hypothesis population mean)
T – statistic
Rejecting the null may be a mistake = p –value
ONE SAMPLE
3 formulas
T.Dist.rt (t, sample size - 1 “df”) -> alternative that mu is bigger than a
1 – T.Dist.rt (t, sample size – 1) -> mu is less than a
T.Dist.2t(t,samplesize - 1) -> not equal to
p < significant level reject the null
NEVER accept null
TWO SAMPLE
directly get the p-value
chance that under the null hypthoesis, you have a difference in the sample mean that is as extreme or more as what you have now. If that probability is small, it is something in the nature not due to chance.
* Paired: T.Test (sample 1, sample 2, # of tails , 1)
* not equal to: number of tails = 2
* greater than or less than: number of tails = 1
* Type 1 = paired data (ex: every UNC mba student’s salary before they entered the program and salaries after graduate )
* salaries have a significant increase after mba?
*
* Independent: T.Test (sample 1, sample 2, # tails, 2)
* Type 2 = independent (ex: UNC mbas vs. DUKE mbas)
*
*
*
* Regression Coefficient:
*
* Null hypothesis: THIS regression coefficient = 0
* alternative hypothesis: THIS particular regression coefficient of interest is not 0
*
* (driver’s p-value and coefficient in ANOVA)
*
* THIS driver’s p-value is less than...

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Final Project: Nyke Shoe Company
Barbara Greczyn
STA 201 - Principles of Statistics
Instructor Alok Dihtal
April 26, 2015
Introduction
Nyke Shoe Company has been in business for over 50 years. Over the last five years, the company has been undergoing some financial hardship due to an erratic market and an inability to understand what the consumer actually needs. In a last ditch effort to avoid bankruptcy, they have adopted a new business model which entails the development of only one shoe size. In order to achieve this goal, statistical data must be utilized and applied to make the best choice. The data used will be explained to the fullest and a conclusion will be then obtained.
Methodology
A sample group of 35 participants was gathered, 18 females and 17 males. Their heights and shoe sizes were gathered and their data was processed in three categories: shoe size, height, gender. Descriptive statistics was applied to three separate data sets, one with all participants included, one sets with just female participants, and one with just male participants. Then a two sample t-test was conducted with the assumption that there were unequal variances amongst both male and female data sets.
Results
There is a normal distribution of the data with ranges in size from size 5 to size 14 amongst the participants. With these ranges, the mean is 9.142, with a standard deviation of 2.583 and a variance...

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Statistics
BUS308: Statistics for Mangers
Instructor:
Learning Statistics
Statistical data has become an item that we see all around us in our everyday lives, from television programs talking about selling products or politicians using data to show how they perform in their jobs, in hopes to be reelected. Throughout the course in Statistics for Managers, I have learned many things on how the use of statistical information can help me to understand these items and also to help me to perform my job and understand the day-to-day operation of the company. With the use of statistics, anyone can find out information and details on most anything, allowing them to understand a business better or to make better decisions in their everyday life. Because statistics is all around us, using and understanding this information is important to find answers to questions, to make better decisions, and understand how things work.
Some of the types of information I have learned to use is through the use of descriptive and inferential statistics. According to the textbook for statistics, “descriptive characteristics can provide a great economy when data sets are large. Inferential statistics are utilized when the sample’s characteristics are important for what they reveal about the entire population”. (Tanner & Youssef-Morgan,...

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HRM 595 FinalExam
1. Joe McDonald is the HR manager of ACME chemicals. His boss, Bill Jacobs, is concerned that the interactions between the various departments of the company are inconsistent and that there is too much competition between departments rather than cooperation. Bill has asked you about ways to improve the negotiations between business units. In your explanation to Bill, you need to explain the following: What are the three primary reasons that negotiations occur? What is the difference between bargaining and negotiation? Why must successful negotiations involve both tangible and intangible components? Do you think that ACME needs to pursue an integrative or a distributive approach to their future interdepartmental negotiations?
2. Define the term “conflict” and describe how it impacts the negotiation process. Your explanation should include the 4 levels of conflict and the dysfunctions that conflict can create. In your response, you need to also provide your opinion as to whether conflict is always a negative component in negotiations. If not, why?
3. Jack Johnson owns a 1998 Ford Mustang that he is looking to sell. He advertises in the Auto Trader. Mary Smith responds to his ad and expresses interest in purchasing the vehicle. Jack is asking $3500 for the car. Mary is looking to pay no more than $2500 for the vehicle. Would you describe this negotiation as a distributive or an...

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DOWNLOADACC 349 FinalExam
1) What is the best way to handle manufacturing overhead costs in order to get the most timely job cost information? 2) At the end of the year, manufacturing overhead has been over applied. What occurred to create this situation?3) Luca Company over applied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the over applied amount assuming the amount is material4) Which of the following would be accounted for using a job order cost system?5) Which one of the following is NEVER part of recording the issuance of raw materials in a job order cost system?6. What is unique about the flow of costs in a job order cost system?7) Which one of the following costs would be included in manufacturing overhead of a lawn mower manufacturer?8) What broad functions do the management of an organization perform?9) Which of the following represents the correct order in which inventories are reported on a manufacturer’s balance sheet?10) In traditional costing systems, overhead is generally applied based on11) An activity that has a direct cause-effect relationship with the resources consumed is a(n)12) A well-designed activity-based costing system starts with13) Which of the following factors would suggest a switch to activity-based costing?14) All of the following statements are correct EXCEPT that15) What sometimes makes implementation of activity-based costing difficult in...

...large company. The CEO is telling you about his or her job as a manager and how he or she spends time. Using the description below, which function of management is the CEO most likely describing in this example?
"My job, for some part of each day, is to empower our employees to think of things in new and different ways, not just to come to work and complete the tasks on a list."
A. Organizing
B. Leading
C. Controlling
D. Decision making
30) Suppose you are interviewing the CEO of a large company. The CEO is telling you about his or her job as a manager and how he or she spends time. Using the description below, which function of management is the CEO most likely describing in this example?
"Every six months or so, my senior management team and I meet to discuss the goals that will be achieved over the next year, three years, and beyond. We then make sure we are clear on who will take responsibility to see that the appropriate actions are undertaken to achieve our goals within the time frame we set."
A. Planning
B. Organizing
C. Leading
D. Decision making
...

...ECO 372 FinalExam 1).The largest source of household income in the U.S. is obtained from2) The market where business sell goods and services to households and the government is called the3) Real gross domestic product is best defined as4) Underemployment includes people5) The Bureau of Economic Analysis is responsible for which of the following6) The Federal Reserve provides which of the following data7) Consider if the government instituted a 10 percent income tax surcharge. In terms of the AS/AD model, this change should have8) If the depreciation of a countrys currency increases its aggregate expenditures by 20, the AD curve will9) Aggregate demand management policies are designed most directly to10) Suppose that consumer spending is expected to decrease in the near future. If output is at potential output, which of the following policies is most appropriate according to the AS/AD model11) According to Keynes, market economies12) The laissez-faire policy prescription to eliminate unemployment was to13) In the AS/AD model, an expansionary monetary policy has the greatest effect on the price level when it14) The Federal funds rate15) What tool of monetary policy will the Federal Reserve use to increase the federal funds rate from 1 to 1.2516) If the Federal Reserve increases the required reserves, financial institutions will likely lend out17) Suppose the money multiplier in the U.S. is 3. Suppose further that if the Federal Reserve changes...

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ECO 550 FINALEXAM
1. The degree of operating leverage is equal to the ____ change in ____ divided by the ____ change in ____.
2. The short-run cost function is:
3. Theoretically, in a long-run cost function:
4. Evidence from empirical studies of long-run cost-output relationships lends support to the:
5. In the linear breakeven model, the breakeven sales volume (in dollars) can be found by multiplying the
breakeven sales volume (in units) by:
6. In a study of banking by asset size over time, we can find which asset sizes are tending to become more prominent. The size that is becoming more predominant is presumed to be least cost. This is called:
7. Buyers anticipate that the temporary warehouse seller of unbranded computer equipment will
8. In the long-run, firms in a monopolistically competitive industry will
9. In the short-run for a purely competitive market, a manufacturer will stop production when:
10. A firm in pure competition would shut down when:
11. Asset specificity is largest when
12. Uncertainty includes all of the following except ____.
13. Experience goods are products or services
14. Declining cost industries
15. Of the following, which is not an economic rationale for public utility regulation?
16. ____ as practiced by public utilities is designed to encourage greater usage and therefore spread the fixed costs of the utility's plant over a larger...

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