Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Statistics and Probability Expert

Activity Instruction:

For this assignment, you will practice applying inferential statistical analysis to four business decision scenarios. Complete all of the given scenarios: Complete all of your scenario answers in one Word file and copy the Excel output, including graphics, into that document.

Scenario 1:

The average balance for customer accounts in The Reserve Fund at the time it was frozen by the Securities Exchange Commission (SEC) was $22,500, with a standard deviation of $7,500. The SEC overseers want to draw a sample of 100 accounts to help assess the impact of the fund's freeze on the account holders. Precisely (that is, by using specific numbers) what does the central limit theorem tell us regarding the sampling distribution of sample means for samples of this size from this population?

Scenario 2:

To complete this scenario, use the Sample Size Estimator Sheets A, B of this file.

In the early years of the twenty-first century, annual salaries for federal employees in the Upper Midwest averaged around $42,000, with a population standard deviation (σ) of $4,900. If we drew a random sample of 25 federal employees from this population:

  • What would the standard error of the mean be?
  • What is the probability that the sample mean would be between $41,000 and $43,000?
  • What is the probability that the sample mean would be between $41,000 and $43,000 if we increased the sample size to 100?

Scenario 3:

To complete this scenario, use the Confidence Interval Calculator Sheets 1,2,3 and the Area Gas Prices – Random Sample Excel file, linked in the Resources.

The Minneapolis Star Tribune newspaper has decided to prepare an article regarding gasoline prices in the Twin Cities area (Minneapolis and St. Paul). The paper has designed a survey and taken a simple random sample of regular, unleaded gas prices at 35 area stations. The results are in the Area Gas Prices – Random Sample Excel file. Use this data to develop a 95 percent confidence interval for the average price of regular, unleaded gasoline in the area.

Scenario 4:

To complete this scenario, use the Confidence Interval Calculator Sheets 1,2,3.

The Sacred Grounds coffee shop in Deadhorse, AK, is considering replacing its coffee brewing units with new German brewers. You have been assigned to investigate this proposal. Make a 99% confidence interval for the average yield (cups per pound) for the new German coffee brewer. The margin of error should be no bigger than .3 (three-tenths of a cup). Based on the experience with the current system, your best guess for the population standard deviation is 1.2 cups. How big a sample do you require?

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M91395

Have any Question? 


Related Questions in Statistics and Probability

1 a successive independent survey design and a longitudinal

1. A successive independent survey design and a longitudinal survey design both examine changes in responses over time. How do they differ in their approach? 2. Distinguish between demographic and epidemiological researc ...

A commuter airline flies airplanes that seat 14 passengers

A commuter airline flies airplanes that seat 14 passengers. From experience, they have learned that, on average, 85% of the passengers holding reservations for a particular flight actually show up for the flight. If they ...

Onenbspstudy based on responses 1014nbsprandomly

One study, based on responses 1,014 randomly selected teenagers, concluded that 39% of teenagers cite grades as their greatest source of pressure. Use a 0.05 significance level to test the claim that fewer than half of a ...

Define the confounds in the following list and tell why

Define the confounds in the following list and tell why each confound undermines the internal validity of an experiment: a. biased assignment of participants to conditions b. differential attrition c. pretest sensitizati ...

The mean sat score in mathematics is 515 the founders of a

The mean SAT score in mathematics is 515 . The founders of a nationwide SAT preparation course claim that graduates of the course score higher, on average, than the national mean. Suppose that the founders of the course ...

Packages of sugar bags for sweeter sugar inc have an

Packages of sugar bags for Sweeter Sugar Inc. have an average weight of 10 ounces and a standard deviation of 0.2 ounces. The weights of the sugar bags are normally distributed. What is the probability that 16 randomly s ...

These are pretty similarthe population standard deviation

These are pretty similar: The population standard deviation of the number of people who shop online is 3.1. If you want to be 99% confident that the sample mean is within 2% of the population mean, how many people must b ...

Let f be a social welfare function satisfying the

Let F be a social welfare function satisfying the independence of irrelevant alternatives property, and let a, b be two distinct alternatives. Let P N and QN be two strict preference profiles satisfying a> Pi b ⇔ a>Q i b ...

Thirteen students were randomly selected from the college

Thirteen students were randomly selected from the College of Public Health and their diastolic blood pressure was tested. The sample mean and standard deviation were 80.9 mmHg and 2.1 mmHg respectively. What is the obtai ...

Assume that the number of pieces of junk mail per day that

Assume that the number of pieces of junk mail per day that a person receives in their mail box follows the Poisson distribution and averages 3.5 pieces per day. What is the probability that this person will receive exact ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen