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Stati Qns

This document provides instructions for completing 6 problems from textbook chapters 6 and 7 using 3 datasets. It requires calculating statistics like means, standard deviations, and probabilities for variables related to baseball stats, bus maintenance costs, and bank account balances. The problems must be done in an Excel file with computations shown and submitted for grading.

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205 views

Stati Qns

This document provides instructions for completing 6 problems from textbook chapters 6 and 7 using 3 datasets. It requires calculating statistics like means, standard deviations, and probabilities for variables related to baseball stats, bus maintenance costs, and bank account balances. The problems must be done in an Excel file with computations shown and submitted for grading.

Uploaded by

jaijohnk
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Complete the problems below from the textbook.

You will need to use the "Baseball 2016 Data," "Lincolnville


School District Bus Data," and the "Century National Bank Data" files for this assignment.
1. Chapter 6 – Problem 45

2. Chapter 6 – Problem 71
3. Chapter 7 – Problem 53

4. Chapter 7 – Problem 55
5. Chapter 7 – Problem 76

6. Chapter 7 Case A – Century National Bank

For problems requiring computations, please ensure that your Excel file includes the associated cell computations
and/or statistics output. This information is needed in order to receive full credit on these problems.

Submit output in one Excel file.

45. An auditor for Health Maintenance Services of Georgia reports 40% of policyholders 55 years or older submit a claim during the year.
Fifteen policyholders are randomly selected for company records.

a. How many of the policyholders would you expect to have filed a claim within the last year?

b. What is the probability that 10 of the selected policyholders submitted a claim last year?

c. What is the probability that 10 or more of the selected policyholders submitted a claim last year?

d. What is the probability that more than 10 of the selected policyholders submitted a claim last year?

71. Refer to the Baseball 2016 data. Compute the mean number of home runs per game. To do this, first find the mean number of home runs
per team for 2016. Next, divide this value by 162 (a season comprises 162 games). Then multiply by 2 because there are two teams in each
game. Use the Poisson distribution to estimate the number of home runs that will be hit in a game. Find the probability that: a. There are no
home runs in a game. b. There are two home runs in a game. c. There are at least four home runs in a game.

53. Management at Gordon Electronics is considering adopting a bonus system to increase production. One suggestion is to pay a bonus on
the highest 5% of production based on past experience. Past records indicate weekly production follows the normal distribu-tion. The mean
of this distribution is 4,000 units per week and the standard deviation is 60 units per week. If the bonus is paid on the upper 5% of production,
the bonus will be paid on how many units or more?

55. Best Electronics Inc. offers a “no hassle” returns policy. The daily number of customers returning items follows the normal distribution.
The mean number of customers return-ing items is 10.3 per day and the standard deviation is 2.25 per day.a. For any day, what is the
probability that eight or fewer customers returned items? b. For any day, what is the probability that the number of customers returning items
is between 12 and 14? c. Is there any chance of a day with no customer returns?

76. Refer to the Lincolnville School District bus data.a. Refer to the maintenance cost variable. The mean maintenance cost for last year is
$4,552 with a standard deviation of $2332. Estimate the number of buses with a maintenance cost of more than $6,000. Compare that with
the actual number. Create a frequency distribution of maintenance cost. Is the distribution normally distributed?b. Refer to the variable on the
number of miles driven since the last maintenance. The mean is 11,121 and the standard deviation is 617 miles. Estimate the number of
buses traveling more than 11,500 miles since the last maintenance. Compare that number with the actual value. Create a frequency
distribution of miles since mainte-nance cost. Is the distribution normally distributed?

Case A

A. Century National BankRefer to the Century National Bank data. Is it reasonable that the distribution of checking account balances approx-
imates a normal probability distribution? Determine the mean and the standard deviation for the sample of 60 customers. Compare the actual
distribution with the theo-retical distribution. Cite some specific examples and com-ment on your findings. Divide the account balances into
three groups, of about 20 each, with the smallest third of the balances in the first group, the middle third in the second group, and those with
the largest balances in the third group. Next, develop a table that shows the number in each of the cat-egories of the account balances by
branch. Does it ap-pear that account balances are related to the branch? Cite some examples and comment on your findings.

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