Questions from Business Statistics

Q: A consulting firm submitted a bid for a large research project.

A consulting firm submitted a bid for a large research project. The firm’s management initially felt they had a 50–50 chance of getting the project. However, the agency to which the bid was submitted...

Q: A local bank reviewed its credit card policy with the intention of

A local bank reviewed its credit card policy with the intention of recalling some of its credit cards. In the past approximately 5% of cardholders defaulted, leaving the bank unable to collect the out...

Q: Suppose an experiment has five equally likely outcomes: E1, E2

Suppose an experiment has five equally likely outcomes: E1, E2, E3, E4, E5. Assign probabilities to each outcome and show that the requirements in equations (4.3) and (4.4) are satisfied. What method...

Q: An experiment with three outcomes has been repeated 50 times, and

An experiment with three outcomes has been repeated 50 times, and it was learned that E1 occurred 20 times, E2 occurred 13 times, and E3 occurred 17 times. Assign probabilities to the outcomes. What m...

Q: A decision maker subjectively assigned the following probabilities to the four outcomes

A decision maker subjectively assigned the following probabilities to the four outcomes of an experiment: P(E1) = .10, P(E2) = .15, P(E3) = .40, and P(E4) = .20. Are these probability assignments vali...

Q: Simple random sampling uses a sample of size n from a population

Simple random sampling uses a sample of size n from a population of size N to obtain data that can be used to make inferences about the characteristics of a population. Suppose that, from a population...

Q: Consider the experiment of tossing a coin twice. a.

Consider the experiment of tossing a coin twice. a. List the experimental outcomes. b. Define a random variable that represents the number of heads occurring on the two tosses. c. Show what value the...

Q: The following data are for 30 observations involving two categorical variables,

The following data are for 30 observations involving two categorical variables, x and y. The categories for x are A, B, and C; the categories for y are 1 and 2. a. Develop a crosstabulation for the...

Q: A technician services mailing machines at companies in the Phoenix area.

A technician services mailing machines at companies in the Phoenix area. Depending on the type of malfunction, the service call can take 1, 2, 3, or 4 hours. The different types of malfunctions occur...

Q: Spectrum provides cable television and Internet service to millions of customers.

Spectrum provides cable television and Internet service to millions of customers. Suppose that the management of Spectrum subjectively assesses a probability distribution for the number of new subscri...