Course   MATH 534 Applied Managerial Statistics Week 4 Discussion: Confidence Intervals in Business Consider when businesses might use confidence intervals to estimate values, such as in sales projections, marketing results, and so forth. Describe a business decision that could be helped with confidence intervals. Be specific! Then create a problem with numbers from which another student could calculate a confidence interval and make a decision. SOLUTION  Statistics can be ...

Course   MATH 534 Applied Managerial Statistics Week 4 Homework Problems Question: A random sample of 100 selected from a population with a standard deviation of 10 … a mean = 225. The mean and the standard deviation of the distribution of the sample means are __________. Question: Suppose a random sample of 49 is … from a population of size N = 500 with a standard deviation of 14. If the sample mean is 125, the 99% confidence interval to estimate the population mean is betwe...

Course   MATH 534 Applied Managerial Statistics Week 3 Discussion: Determining a Normal Distribution When trying to determine probabilities, one must first assess whether the variable would have a normal distribution. Using the tools from this course, what are some methods that could be used to determine whether a variable has a normal distribution? SOLUTION  Yes, it is true that we need to know if the data follows a normal distribution before we can attempt to calculate th...

Course   MATH 534 Applied Managerial Statistics Week 3 Homework Problems Question: Scores on a certain exam are normally … with a mean of 90 and a variance of 25. What is the z-value for a score of 80? Question: Scores on a certain exam are normally … with a mean of 90 and a variance of 25. What is the probability of obtaining a score less than 80? Question: Which one of the following is not a characteristic of a normal distribution? Question: If the z-value of a given ...

Course   MATH 534 Applied Managerial Statistics Week 2 Discussion: Changing Probabilities into Conditional Probabilities Describe a situation where you see probabilities or might see probabilities. Then present this probability as a conditional probability. In response, other students can make assumptions about the conditional probability table that could accompany such a situation and pose a question for a specific probability. Finally, a third student can show the work of solvin...

Course   MATH 534 Applied Managerial Statistics Week 2 Homework Problems Question: If the occurrence or non occurrence of one event does not affect the occurrence or non occurrence of another event, the two events are ___________ . Question: In any statistical experiment if the occurrence of one event precludes the occurrence of the other events, the events of the experiment are called _______ . Question: In the experiment of a single roll of a 6-faced die, if the outcome ...

Course   MATH 534 Applied Managerial Statistics Week 2 Course Project Part A – Exploratory Data Analysis Introduction Your instructor will provide you with a data file that includes data on five variables: SALES represents the number sales made this week. CALLS represents the number of sales calls made this week. TIME represents the average time per call this week. YEARS represents years of experience in the call center. TYPE represents the type of training the employee rece...

Course   MATH 534 Applied Managerial Statistics Week 1 Discussion: Study and Sample Design A company makes men’s button-up dress shirts and is considering changes to its design. How might the company go about finding a good sample of individuals? These decisions would include method of sampling, location of sampling, population to consider, and number in sample, in addition to any other considerations. SOLUTION  The size of the population is an obvious initial inquiry and da...

Course   MATH 534 Applied Managerial Statistics Week 1 Homework Problems Question: Suppose you are an operations manager for a plant that manufactures batteries. Give an example of how you could use descriptive statistics to make better managerial decisions. Give an example of how you could use inferential statistics to make better managerial decisions. Say whether this or that example describes the use of descriptive or inferential statistics. Question: Classify each of the ...