Questions from Business Statistics

Q: You are a farmer about to harvest your crop. To describe

You are a farmer about to harvest your crop. To describe the uncertainty in the size of the harvest, you feel that it may be described as a normal distribution with a mean value of 80,000 bushels and...

Q: Assume that electronic microchip operating speeds are normally distributed with a mean

Assume that electronic microchip operating speeds are normally distributed with a mean of 2.5 GHz and a standard deviation of 0.4 GHz. What percentage of your production would you expect to be “superc...

Q: Although you do not know the exact total amount of payments you

Although you do not know the exact total amount of payments you will receive next month, based on past experience you believe it will be approximately $2,500 more or less than $13,000, and will follow...

Q: An investment will pay $105 with probability 0.7,

An investment will pay $105 with probability 0.7, and $125 with probability 0.3. Find the risk (as measured by standard deviation) for this investment.

Q: A new project will be declared “successful” if you achieve

A new project will be declared “successful” if you achieve a market share of 10% or more in the next 2 years. Your marketing department has considered all possibilities and decided that it expects the...

Q: What would you recommend that Harris and McRorie do to prepare for

What would you recommend that Harris and McRorie do to prepare for their presentation this afternoon?

Q: For the training level: Answer the parts of exercise 3.

For the training level: Answer the parts of exercise 3. Data from exercise 3: For the genders: a. Summarize by finding the percent of each category. b. Find the mode. What does this tell you?

Q: A union strike vote is scheduled tomorrow, and it looks close

A union strike vote is scheduled tomorrow, and it looks close. Assume that the number of votes to strike follows a binomial distribution. You expect 300 people to vote, and you have projected a probab...

Q: Reconsider the previous problem and answer each part, but assume that

Reconsider the previous problem and answer each part, but assume that 1,000 people will vote. (The probability for each one remains unchanged.) Data from Problem 32: A union strike vote is scheduled...

Q: Assume that if you were to interview the entire population of Detroit

Assume that if you were to interview the entire population of Detroit, exactly 18.6% would say that they are ready to buy your product. You plan to interview a representative random sample of 250 peop...