Questions from Business Statistics

Q: Your firm has decided to interview a random sample of 10 customers

Your firm has decided to interview a random sample of 10 customers in order to determine whether or not to change a consumer product. Your main competitor has already done a similar but much larger st...

Q: The length of time a system is “down” (ie

The length of time a system is “down” (ie, broken) is described(approximately) by the probability distribution in Table 7.6.2. Assume that these downtimes are exact...

Q: A manufacturing process produces semiconductor chips with a known failure rate of

A manufacturing process produces semiconductor chips with a known failure rate of 6.3%. Assume that chip failures are independent of one another. You will be producing 2,000 chips tomorrow. a. What is...

Q: Should you recommend that Wallace start looking for another job? If

Should you recommend that Wallace start looking for another job? If not, what do you suggest?

Q: You are planning to interview 350 consumers randomly selected from a large

You are planning to interview 350 consumers randomly selected from a large list of likely sales prospects, in order to assess the value of this list and whether you should assign salespeople the task...

Q: In order to earn enough to pay your firm’s debt this year

In order to earn enough to pay your firm’s debt this year, you will need to be awarded at least two contracts. This is not usually a problem, since the yearly average is 5.1 contracts. You may assume...

Q: A TV system is expected to last for 50,000 hours

A TV system is expected to last for 50,000 hours before failure. Assume an exponential distribution for the time until failure. a. Is the distribution skewed or symmetric? b. What is the standard devi...

Q: Your company is hoping to fill a key technical position and has

Your company is hoping to fill a key technical position and has advertised in hopes of obtaining qualified applicants. Because of the demanding qualifications, the pool of qualified people is limited...

Q: You can invest in just one of four projects on a lot

You can invest in just one of four projects on a lot of land you own. For simplicity, you have modeled the payoffs (as net present value in today’s dollars) of the projects as discrete distributions....

Q: Your automatic transmission factory has had some problems with quality. You

Your automatic transmission factory has had some problems with quality. You have decided to gather information from tomorrow’s production for careful evaluation. For each of the following sampling met...