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

Asume that you plan to use a significance level of alpha

Assume that you plan to use a significance level of α = 0.05 to test the claim that p1 = p2. Use the given sample sizes and numbers of successes to find the P-value for the hypothesis test. n1 = 50 n2 = 50 x1 = 8 x2 = 7

Consider a repeated game with standard information where

Consider a repeated game with standard information, where each player maximizes his expected 8-discounted average payoff, for some 8 that is close to but less than 1. Payoffs at each round depend on the players' moves as ...

Consider the extensive-form game and the scenario shown in

Consider the extensive-form game and the scenario shown in given Figure. a. Compute belief probabilities that are consistent with this scenario. b. For each player, at each of his information states, compute the sequenti ...

Assignment1 assume the speed of vehicles along a stretch

Assignment 1. Assume the speed of vehicles along a stretch of I-10 has an approximately normal distribution with a mean of 71 mph and a standard deviation of 8 mph. The current speed limit is 65 mph. a. What proportion o ...

Question 67 of laguardia students are female a random

Question: 67% of LaGuardia students are female. A random sample of 6 students is to be selected. Let the random variable X be the number of female students in a sample. a.) Explain why X is a binomial random variable. (F ...

Discuss the radical reconstruction as a constitutional

Discuss the Radical Reconstruction as a Constitutional Revolution.

1 what are the most important threats to validity that

1. What are the most important threats to validity that occur in quasi experimental research designs when the research is conducted over a period of time? What techniques can be used to minimize these potential interpret ...

A war of attrition game two small grocery stores on the

A war of attrition game.) Two small grocery stores on the same block are feeling the effects of a large supermarket that was recently constructed a half-mile away. As long as both remain in business, each will lose $1000 ...

A cotton grower in south georgia produces cotton on farms

A cotton grower in South Georgia produces cotton on farms in Statesboro and Brooklet, ships it to cotton gins in Claxton and Millen where it is processed, and then sends it to distribution centers in Savannah, Perry, and ...

The premise a few years have passed and your survivor group

The premise: a few years have passed, and your survivor group has grown due to the merger with another group of survivors. You still maintain the position as the intellectual of the group because you are a historian.  Al ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

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