The directions are pretty simple. This is your final, therefore you do not have to turn this lab in. You will have some time to prepare for it, so think about your answers. Make sure you answer with the questions completely. Put yourself in the different situations. Decide what type of statistics (confidence interval, hypothesis test, regression, ect) would best serve your needs in these types of business situations. Then describe how you would obtain your data for the sample for each and finally, what effects it may have on your business.
- You are the manager of a Kum and Go gas station. You would like to know what types of candy bars sell the best.
- You are the accountant for a school. You would like to know if you serve more hot lunches on certain days of the week and if there is any statistical difference in those differences.
- You are the manager of a steakhouse. You would like to know if there is a correlation between the tip a person leaves and the total amount of their bill.
- You are a CEO of a battery company. You would like to set a warranty on your batteries so that at most you only give back 5% of the defective batteries. Assume the battery life is normal.
- You are a paper boy. You would like to know how long on average it takes you to do your paper route.
- You are the manager at a car dealership. You would like to know if your sales each week surpass or are below $300,000.