Question: The Excel file President’s Inn Guest

> Using the results of fitting the Home Market Value regression line in Example 8.4, compute the errors associated with each observation using formula (8.3) and construct a histogram

> Using the data in the Excel file Student Grades, construct a scatter chart for midterm versus final exam grades and add a linear trendline. What is the regression model? If a student scores 70 on the midterm, what would you predict her grade on the final

> Using the data in the Excel file Weddings construct scatter charts to determine whether any linear relationship appears to exist between(1) The wedding cost and attendance,(2) The wedding cost and the value rating, and(3) The couple’s income and wedding

> Use XLMiner and best subsets with stepwise selection to find the best model points per game for the National Football League data (see Problem 23).In Problem 23Use the p-value criterion to find a good model for predicting the number of points scored per

> For the Excel file Cereal Data, use XLMiner and best subsets with backward selection to find the best model

> The Excel file Investment Returns provides sample data for the annual return of the S&P 500, and monthly returns of a stock portfolio and bond portfolio. Construct histograms for each data set and use Analytic Solver Platform to find the best fitting dis

> Using the data in the Excel file Demographics, determine if a linear relationship exists between unemployment rates and cost of living indexes by constructing a scatter chart. Visually, do there appear to be any outliers? If so, delete them and then find

> Sort the data in the Excel file Automobile Quality from highest to lowest number of problems per 100 vehicles using the sort capability in Excel

> The Helicopter Division of Aerospatiale is studying assembly costs at its Marseilles plant. Past data indicates the following labor hours per helicopter:Helicopter Number __________Labor Hours1 ………………………………………………………………… 2,0002 ………………………………………………………………… 1

> Korey is a business student at State U. She has just completed a course in decision models, which had a midterm exam, a final exam, individual assignments, and class participation. She earned an 86% on the midterm, 94% on the final, 93% on the individual

> Suppose that a manufacturer can produce a part for $10.00 with a fixed cost of $5,000. The manufacturer can contract with a supplier in Asia to purchase the part at a cost of $12.00, which includes transportation.a. If the anticipated production volume i

> Elizabeth Burke wants some detailed statistical information about much of the data in the PLE database. In particular, she wants to know the following:a. The mean satisfaction ratings and standard deviations by year and region in the worksheets Dealer Sa

> Cost functions are often nonlinear with volume because production facilities are often able to produce larger quantities at lower rates than smaller quantities. Using the following data, apply simple linear regression, and examine the residual plot. What

> Use XLMiner to generate a simple random sample of 10 records from the Excel file Banking Data

> For the House Sales data described in Problem 25, develop a regression model for selling price as a function of lot cost and region, incorporating an interaction term. What would be the predicted price for a home in either the South or the Midwest with a

> A national homebuilder builds single-family homes and condominium-style townhouses. The Excel file House Sales provides information on the selling price, lot cost, type of home, and region of the country (M = Midwest, S = South) for closings during one m

> Use the p-value criterion to find a good model for predicting the number of points scored per game by football teams using the data in the Excel file National Football League

> The Excel file Golfing Statistics provides data for a portion of the 2010 professional season for the top 25 golfers.a. Find the best multiple regression model for predicting earnings/event as a function of the remaining variables.b. Find the best multip

> Using the data in the Excel file Freshman College Data, identify the best regression model for predicting the first year retention rate. For the model you select, conduct further analysis to check for significance of the independent variables and for mul

> A consumer products company has collected some data relating monthly demand to the price of one of its products:Price ______________Demand$11 ………………………………………. 2,100$13 ………………………………………. 2,020$17 ………………………………………. 1,980$19 ………………………………………. 1,875What type of

> Using the data in the Excel file Airport Service Times, determine if the airline can claim that its average service time is less than 2.5 minutes

> A community hospital wants to estimate the body mass index (BMI) of its local population. To estimate the BMI with an error of at most 1.0 at a 95% confidence level, what sample size should they use? The standard deviation based on available hospital pat

> A community hospital wants to estimate the body mass index (BMI) of its local population. To estimate the BMI with an error of at most 1.0 at a 95% confidence level, what sample size should they use? The standard deviation based on available hospital pat

> An Oregon wine association wants to determine the proportion of west coast consumers who would spend at least $30 on Willamette Valley pinot noir at a 99% confidence level. If they wish to have an error of no more than 5%, how large a sample must they ta

> If a manufacturer conducted a survey among randomly selected target market households and wanted to be 95% confident that the difference between the sample estimate and the actual market share for its new product was no more than ±2%, what sample size wo

> An important part of planning manufacturing capacity is having a good forecast of sales. Elizabeth Burke is interested in forecasting sales of mowers and tractors in each marketing region as well as industry sales to assess future changes in market share

> In each chapter of this book, we use a database for a fictitious company, Performance Lawn Equipment (PLE), within a case exercise for applying the tools and techniques introduced in the chapter. To put the database in perspective, we first provide some

> For the data in the Excel file Accounting Professionals, perform a chi-square test of independence to determine if age group is independent of having a graduate degree

> A bank developed a model for predicting the average checking and savings account balance as balance = -17,732 + 367 × age + 1,300 × years education + 0.116 × household wealth.a. Explain how to interpret the numbers in this model.b. Suppose that a custome

> The background for this case was introduced in Chapter 1. This is a continuation of the case in Chapter 6. For this part of the case, propose and test some meaningful hypotheses that will help Ms. Drout understand and explain the results. Include two-sam

> The background for this case was introduced in Chapter 1. For this part of the case, use appropriate charts to visualize the data. Summarize the data using frequency distributions and histograms for numerical variables, cross-tabulations, and other appro

> Jamie Drout is interested in perceptions of gender stereotypes within beauty product advertising, which includes soap, deodorant, shampoo, conditioner, lotion, perfume, cologne, makeup, chemical hair color, razors, skin care, feminine care, and salon ser

> For the DoorCo Corporation decision in Problem 2, suppose that the probabilities of the three scenarios are estimated to be 0.15, 0.40, and 0.45, respectively. Find the best expected value decision.In Problem 2The DoorCo Corporation is a leading manufact

> What decisions should be made using the average payoff strategy in Problems 2, 3, and 4?In Problems 2 The DoorCo Corporation is a leading manufacturer of garage doors. All doors are manufactured in their plant in Carmel, Indiana, and shipped to distribut

> For Slaggert Systems decision in Problem 4, compute the standard deviation of the payoffs for each decision. What does this tell you about the risk in making the decision?In Problem 4Slaggert Systems is considering becoming certified to the ISO 9000 seri

> The Excel File Rin’s Gym provides sample data on member body characteristics and gym activity. Create PivotTables to find:a. A cross-tabulation of gender and body type versus BMI classificationb. Average running times, run distance, weight lifting days,

> For the car-rental situation in Problem 3, compute the standard deviation of the payoffs for each decision. What does this tell you about the risk in making the decision?In Problem 3Suppose that a car-rental agency offers insurance for a week that costs

> For the DoorCo Corporation decision in Problem 2, compute the standard deviation of the payoffs for each decision. What does this tell you about the risk in making the decision?In Problem 2The DoorCo Corporation is a leading manufacturer of garage doors.

> Find the 20th and 80th percentiles of home prices in the Excel file Home Market Value

> An online bookseller is trying to determine whether customers’ gender is independent of the genre of books they most often purchase. A sample of customers revealed the following:What can the bookseller conclude?

> For the Excel file Closing Stock Prices,a. Apply both column and line sparklines to visualize the trends in the prices for each of the four stocks in the file.b. Compute the daily change in the Dow Jones index and apply a win/loss sparkline to visualize

> Slaggert Systems is considering becoming certified to the ISO 9000 series of quality standards. Becoming certified is expensive, but the company could lose a substantial amount of business if its major customers suddenly demand ISO certification and the

> Suppose that a car-rental agency offers insurance for a week that costs $75. A minor fender bender will cost $2,000, whereas a major accident might cost $16,000 in repairs. Without the insurance, you would be personally liable for any damages. What shoul

> MJ Logistics has decided to build a new warehouse to support its supply chain activities. They have the option of building either a large warehouse or a small one. Construction costs for the large facility are $8 million versus $3 million for the small f

> Hahn Engineering is planning on bidding on a job and often competes against a major competitor, Sweigart and Associates (S&A), as well as other firms. Historically, S&A has bid for the same jobs 80% of the time; thus the probability that S&A will bid on

> Dean Kuroff started a business of rehabbing old homes. He recently purchased a circa-1800 Victorian mansion and converted it into a three-family residence. Recently, one of his tenants complained that the refrigerator was not working properly. Dean’s cas

> The DoorCo Corporation is a leading manufacturer of garage doors. All doors are manufactured in their plant in Carmel, Indiana, and shipped to distribution centers or major customers. DoorCo recently acquired another manufacturer of garage doors, Wiscons

> Perform a sensitivity analysis of the Midwestern Hardware scenario (Problem 18). Find the optimal order quantity and optimal expected profit for probabilities of a harsh winter ranging from 0.2 to 0.8 in increments of 0.2. Plot optimal expected profit as

> Midwestern Hardware must decide how many snow shovels to order for the coming snow season. Each shovel costs $15.00 and is sold for $29.95. No inventory is carried from one snow season to the next. Shovels unsold after February are sold at a discount pri

> Create a PivotTable for the data in the Excel file Weddings to analyze the wedding cost by type of payor and value rating. What conclusions do you reach?

> A patient arrives at an emergency room complaining of abdominal pain. The ER physician must decide on whether to operate or to place the patient under observation for a non-appendix-related condition. If an appendectomy is performed immediately, the doct

> Using the data in the Excel file Freshman College Data, use ANOVA to determine whether significant differences exist in the mean retention rate for the different colleges over the 4-year period. Second, use ANOVA to determine if significant differences e

> Bev’s Bakery specializes in sourdough bread. Early each morning, Bev must decide how many loaves to bake for the day. Each loaf costs $1.25 to make and sells for $3.50. Bread left over at the end of the day can be sold the next day for $1.00. Past data i

> For the car-rental decision in Problems 3 and 10, construct a decision tree and compute the rollback values to find the best expected value decision.In Problems 10For the car-rental situation described in Problem 3, assume that you researched insurance i

> For the DoorCo Corporation decision in Problems 2 and 9, construct a decision tree and compute the rollback values to find the best expected value decision.In Problems 9For the DoorCo Corporation decision in Problem 2, suppose that the probabilities of t

> For the car-rental situation described in Problem 3, assume that you researched insurance industry statistics and found out that the probability of a major accident is 0.05% and that the probability of a fender bender is 0.16%. What is the expected value

> Use the Outsourcing Decision Model Excel file to compute the cost of in-house manufacturing and outsourcing for the following levels of demand: 800, 1000, 1200, and 1400. Use this information to set up a payoff table for the decision problem, and apply t

> Refer back to the college admission director scenario (Problem 36 in Chapter 11). Develop a spreadsheet model and identify uncertain distributions that you believe would be appropriate to conduct a Monte Carlo simulation. Based on your model and simulati

> Develop a realistic retirement planning simulation model for your personal situation. If you are currently employed, use as much information as you can gather for your model, including potential salary increases, promotions, contributions, and rates of r

> A survey handed out to individuals at a major shopping mall in a small Florida city in July asked the following:• Gender• Age• Ethnicity• Length of residency• Overall satisfaction with city services (using a scale of 1–5, going from poor to excellent)• Q

> Discuss how you might use business analytics in your personal life, such as managing your grocery purchasing, automobile maintenance, budgeting, sports, and so on. Be creative in identifying opportunities!

> A government agency is putting a large project out for low bid. Bids are expected from 10 different contractors and will have a normal distribution with a mean of $3.5 million and a standard deviation of $0.25 million. Devise and implement a sampling exp

> A formula in financial analysis is: Return on equity = net profit margin × total asset turnover × equity multiplier. Suppose that the equity multiplier is fixed at 4.0, but that the net profit margin is normally distributed with a mean of 3.8% and a stan

> Find the 10th and 90th percentiles and the 1st and 3rd quartiles for the time difference between the scheduled and actual arrival times in the Atlanta Airline Data Excel file

> Use formula (5.23) to obtain a sample of 25 outcomes for a game of Battleship™ as described in Problem 34. Find the average and standard deviation for these 25 outcomes.In Problem 34The time required to play a game of Battleship™ is uniformly distributed

> In the Excel file Cell Phone Survey, test the hypothesis that the mean responses for Value for the Dollar and Customer Service do not differ by gender

> Create useful dashboards for each of the following databases. Use appropriate charts and layouts (for example, Explain why you chose the elements of the dashboards and how a manager might use them.a. President’s Innb. Restaurant Salesc. Store and Regiona

> In the Excel file Weddings, find the averages and median wedding cost and the sample standard deviation. What would you tell a newly engaged couple about what cost to expect? Consider the effect of possible outliers in the data

> Examine the z-scores you computed in Problem 4 for the Atlanta Airline Data. Do they suggest any outliers in the data?

> For the Excel file Auto Survey,a. Find the best regression model to predict miles/gallon as a function of vehicle age and mileage.b. Using your result from part (a), add the categorical variable Purchased to the model. Does this change your result?c. Det

> The Excel file Unions and Labor Law Data reports the percent of public- and private-sector employees in unions in 1982 for each state, along with indicators whether the states had a bargaining law that covered public employees or right-to-work laws.a. Te

> The State of Ohio Department of Education has a mandated ninth-grade proficiency test that covers writing, reading, mathematics, citizenship (social studies), and science. The Excel file Ohio Education Performance provides data on success rates (defined

> A producer of computer-aided design software for the aerospace industry receives numerous calls for technical support. Tracking software is used to monitor response and resolution times. In addition, the company surveys customers who request support usin

> The director of human resources for a large bank has compiled data on about 70 former employees at one of the bank’s call centers (see the Excel file Call Center Data). For each of the following, assume equal variances of the two populations.a. Test the

> The Excel file Major League Baseball provides data on the 2010 season.a. Construct and examine the correlation matrix. Is multicollinearity a potential problem?b. Suggest an appropriate set of independent variables that predict the number of wins by exam

> Construct frequency distributions and histograms using the Excel Histogram tool for the Gross Sales and Gross Profit data in the Excel file Sales Data. First let Excel automatically determine the number of bins and bin ranges. Then determine a more appro

> A business school has a goal that the average number of years of work experience of MBA applicants is at least 3 years. Based on last year’s applicants, it was found that among a sample of 47, the average number of years of work experience is 2.57 with a

> In the Sales Transactions database, use Excel’s filtering capability to extract all orders that used PayPal, all orders under $100, and all orders that were over $100 and used a credit card

> The Excel file Salary Data provides information on current salary, beginning salary, previous experience (in months) when hired, and total years of education for a sample of 100 employees in a firm.a. Develop a multiple regression model for predicting cu

> Convert the Purchase Orders database to an Excel table. Use the techniques described in Example 3.11 to find:a. The total cost of all ordersb. The total quantity of airframe fasteners purchasedc. The total cost of all orders placed with Manley Valve

> The Excel file National Football League provides various data on professional football for one season.a. Construct a scatter diagram for Points/Game and Yards/Game in the Excel file. Does there appear to be a linear relationship?b. Develop a regression m

> Formulate and test hypotheses to determine if statistical evidence suggests that the graduation rate for (1) top liberal arts colleges or (2) research universities in the sample Colleges and Universities exceeds 90%. Do the data support a conclusion that

> Using the Excel file Weddings, apply the Excel Regression tool using the wedding cost as the dependent variable and the couple’s income as the independent variable, only for those weddings paid for by the bride and groom.a. Interpret all key regression r

> Using the Excel file Weddings, apply the Excel Regression tool using the wedding cost as the dependent variable and attendance as the independent variable.a. Interpret all key regression results, hypothesis tests, and confidence intervals in the output.b

> The managing director of a consulting group has the following monthly data on total overhead costs and professional labor hours to bill to clients:Overhead Costs ______Billable Hours$365,000 ……………………………………… 3,000$400,000 ……………………………………… 4,000$430,000 ………

> A business student has $2,500 available from a summer job and has identified three potential stocks in which to invest. The cost per share and expected return over the next 2 years is given in the table.a. Identify the decision variables, objective funct

> Burger Office Equipment produces two types of desks, standard and deluxe. Deluxe desks have oak tops and more-expensive hardware and require additional time for finishing and polishing. Standard desks require 70 board feet of pine and 10 hours of labor,

> The Excel file Accounting Professionals provides the results of a survey of 27 employees in a tax division of a Fortune 100 company.a. Test the null hypothesis that the average number of years of service is the same for males and females.b. Test the null

> Use the Histogram tool to develop a frequency distribution and histogram for the number of months as a customer of the bank in the Excel file Credit Risk Data. Use your judgment for determining the number of bins to use. Compute the relative and cumulati

> Data obtained from a county auditor in the Excel file Home Market Value provides information about the age, square footage, and current market value of houses along one street in a particular subdivision.a. Considering these data as a sample of homeowner

> The Excel file Atlanta Airline Data provides arrival and taxi-in time statistics for one day at Atlanta Hartsfield International airport. Find the average and standard deviation of the difference between the scheduled and actual arrival times and the tax

> For the Excel file Tablet Computer Sales, find the average number, standard deviation, and inter-quartile range of units sold per week. Show that Chebyshev’s theorem holds for the data and determine how accurate the empirical rules are

> A brand manager for ColPal Products must determine how much time to allocate between radio and television advertising during the next month. Market research has provided estimates of the audience exposure for each minute of advertising in each medium, wh

> Valencia Products makes automobile radar detectors and assembles two models: LaserStop and SpeedBuster. The firm can sell all it produces. Both models use the same electronic components. Two of these can be obtained only from a single supplier. For the n

> Gales Products manufactures ribbon for thermal transfer printing, which transfers ink from a ribbon onto paper through a combination of heat and pressure. Different types of printers use different sizes of ribbons. The company has forecasted demands for

> Joe is an active 26-year-old male who lifts weights 6 days a week. His rigorous training program requires a diet that will help his body recover efficiently. He is also a graduate student who is looking to minimize the cost of consuming his favorite food

> Van Nostrand Hospital must schedule nurses so that the hospital’s patients are provided with adequate care. At the same time, in the face of tighter competition in the health-care industry, careful attention must be paid to keeping cost

> The Gardner Theater, a community playhouse, needs to determine the lowest-cost production budget for an upcoming show. Specifically, they have to determine which set pieces to construct and which, if any, set pieces to rent from another local theater at

> Determine if there is evidence to conclude that the mean number of vacations taken by married individuals is less than the number taken by single/divorced individuals using the data in the Excel file Vacation Survey. Use a level of significance of 0.05.

> For the Brewer Services scenario described in this chapter, suppose that 11 permanent employees are hired. Find an optimal solution to minimize the number of part-time employees he needs to hire