QNT561 QNT/561 Week 1 Practice Quiz Version Two - 23109

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Since every time you access the quiz the numbers change; try to exit and come back until you get the same version. Otherwise, message me and I can help with particular problem.

 

 

Grade on Business Statistics Exam

Frequency

Relative Frequency

A: 90-100

0.06

B: 80-89

36

C: 65-79

88

D: 50-64

38

F: Below 50

26

Total

200

1

Question 1: 

Question 2:

 

An industrial group reports that there were approximately 118,000 industrial robots operating in a region over the last year. The graph to the right shows the percentages of industrial robots assigned to each of six task categories. Complete parts a through e. Dispensing/Coating-31%; Assembly-35%; Arc Welding-8%; Spot welding-4%; Material removal-20%; Material Handling -2%.

Question 3:

Use the data table to complete parts a through c:

 

Interview 27; Observation and Participation 24; Observation only 19,  Grounded Theory 20, Total 90.

Question 4.

 

Certain measurements are summarized in the histogram to the right. What percentage of the measurements are greater than 12?

 Question 5.

 

Explain how the relationship between the mean and median provides information about the symmetry or skewness  of the data’s distribution.

Question 6.

Five banks have been ranked by the amount charged to credit and debit cards issued by the banks.

 

Bank/Card Issuer

Amount Charged ($ billions)

Bank A

466.35

Bank B

461.73

Bank C

450.16

Bank D

233.87

Bank E

181.41

Question 7.

Oil field pipes are internally coated in order to prevent corrosion.  Researchers investigated the influence that coating may have on the surface roughness of oil field pipes. A scanning probe instrument was used to measure the surface roughness of each in a sample of 20 sections of coated interior pipe.  The data in micrometers are below:

1.82

1.86

2.44

2.87

2.72

1.51

2.61

1.83

1.12

2.25

1.29

2.82

2.88

1.13

2.34

1.31

1.24

2.42

2.65

1.91

Question 8.

The salaries of superstar professional athletes receive much attention in the media. The multimillion dollar long-term contract is now commonplace among this elite group.

If a players’ association wanted to support its argument for higher “average salaries”  which measure of central tendency do you think it should use and why?

A.      To refute the argument which measure of central tendency should the owners apply to the players’ salaries and why?

Question 9.

A magazine published a study on the ammonia levels near the exit ramp of a highway tunnel. Daily ammonia concentrations on eight random days:

 

1.54

1.51

1.36

1.52

1.59

1.43

1.42

1.46

Question 10.

The data on age in years and title of 12 of the most powerful women in country A:

Rank

Age

Title

1

49

CEO/chairman

2

45

CEO/chairman

3

41

CEO/president

4

53

President

5

50

CEO/chairman

6

57

Chairman

7

42

Chairman

8

47

President

9

51

Treasurer

10

41

CEO/president

11

53

President

12

34

Chairman

Question 11.

Data on annual rainfall, maximum daily temperature, percentage of plant cover, and number of ant species recorded at each of 11study sites are given in the table. Complete parts a through c.

Question 12.

Determine whether a random variable is discrete or continuous:

a.       The number of hits to a website a day

b.      The number of light bulbs that burn out in the next week in a room with 16 bulbs

c.       The number of people with blood type A in a random sample of 33 people

d.      The number of statistics students now reading a book

The number of people in a restaurant that has a capacity of 200 

Question 13.

A discrete random variable x can assume 5 possible values 1,4,5,7, and 10. Its probability distribution is shown here. Complete parts a through c.

 

x

p(x)

1

0.17

4

0.09

5

-

7

0.24

10

0.25

Question 14.

In a driver-side “star” scoring system for crash-testing new cars, each crash-tested car is given a rating ranging from one star to five stars; the better is the level of crash protection in a head-on collision. A summary of the driver-side star ratings for 98 cars is reproduced in the table:

Rating

Count

Percent

2

7

7.14

3

14

14.29

4

56

57.14

5

21

21.43

N=

98

 

Question 15.

If x is binomial random variable, compute p(x) for each of the cases below.

a.       N=3, x=1, p=0.9; N=6, x=3, q=0.3;  N=5, x=2, p=0.4; N=3, x=0, p=0.8;   N=6, x=3, q=0.7; N=5, x=1, p=0.2. 

Question 16.

According to a consumer survey of young adults (18-24 years of age)who shop online, 32% own a mobile phone with internet access. In a random sample of 300 young adults who shop online , let x be the number who own a mobile phone with internet access.

 

a.       Explain why x is a binomial random variable  (to a reasonable degree of approximation).

a.       What is the value of p? Interpret this value.

a.       What is the expected value of x? Interpret this value.

Question 17.

Find a value of a standard normal random variable Z, call it Zo,  such that the following probabilities are satisfied (< and

 

a.       P(Z <Zo)=0.7396

a.       P(-Zo<Z<Zo)=0.8238

a.       P(-Zo<Z<0)=0.4552

a.       P(-2<Z<Zo)=0.6045

Question 18.

Financial analysts who make forecasts of stock prices are categorized as either “buy-side” or “sell-side” analysts. Assume the distribution of forecast errors are approximately normally distributed.

 

 

Buy-Side Analysts

Sell-Side Analysts

Mean

0.85

-0.04

Standard Deviation

1.95

0.82

 

a.       The probability that a “buy-side” analyst has a forecast error of +2.00 or higher  is

 

b.      The probability that a “sell-side” analyst has a forecast error of +2.00 or higher is 

 

 

 

 

 

 

Solution Description

Question 2:

An industrial group reports that there were approximately 118,000 industrial robots operating in a region over the last year. The graph to the right shows the percentages of industrial robots assigned to each of six task categories. Complete pa

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