QNT 561 Final Exam Guide (Score 29/30 New, 2017)
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1. James Desreumaux, VP of Human Resources of American First Banks (AFB), is reviewing the employee training programs of AFB banks. His staff randomly selected personnel files for 100 tellers in the Southeast Region and determined that their mean training time was 25 hours. Assume that the population standard deviation is 5 hours. The 95% confidence interval for the population mean of training times is
2. If x is a binomial random variable with n=10 and p=0.8, the mean value of x is______
3. According to the central limit theorem, for samples of size 64 drawn from a population with µ =800 and σ = 56, the standard deviation of the sampling distribution of sample means would equal ______
4. Life tests performed on a sample of 13 batteries of a new model indicated: (1) an average life of75 months, and (2) a standard deviation of 5 months. Other battery models, produced by similar processes, have normally distributed life spans. The 98% confidence interval for the population mean life of the new model is _________
5. A large national company is considering negotiating cellular phone rates for its employees Human Resource department would like to estimate the proportion of its employee population who own an Apple iPhone. A random sample of size 250 is taken and 40% of the sample own and iPhone.. The 95% confidence interval to estimate the population proportion is _______
6. The number of bags arriving on the baggage claim conveyor belt in a 3 minute time period would best be modeled with the ________
7. The weight of a USB flash drive is 30 grams and is normally distributed. Periodically, quanlity control inspectors at Dallas Flash Drives randomly select a sample of 17 USB flash drive. If the mean weight of the USB flash drives is too heavy or too light the machinery is shut down for adjustment; otherwise, the production process continues. The last sample showed a meanand standard deviation of 31.9 and 1.8 grams, respectively. Using a = 0.10, theappropriate decision is_______
8. Elwin Osbourne, CIO at GFS, Inc., is studying employee use of GFS email for nonbusiness communications. He plans to use a 95% confidence interval estimate of the proportion of email messages that are nonbusiness; he will accept a 0.05 error. Previous studies indicate that approximately 30% of employee email is not business related. Elwin should sample _______ email messages
9. The following frequency distribution was constructed for the wait times in the emergency room The frequency distribution reveals that the wait times in the emergency room are _______
10. The number of cars arriving at a toll booth in fiveminute intervals is Poisson distributed with a mean of 3 cars arriving in fiveminute time intervals. The probability of 5 cars arriving over a fiveminute interval is ________
11. The number of finance majors within the School of Business is an example of _______
12. According to the central limit theorem, for samples of size 64 drawn from a population with µ = 800 and σ = 56, the mean of the sampling distribution of sample means would equal _______
13. Consider the following null and alternative hypotheses Ho: m ≤ 67 Ha: m > 67 These hypotheses ___________
14. A market research team compiled the following discrete probability distribution on the numberof sodas the average adult drinks each day. In this distribution, x represents the number of sodas which an adult drinks
x
P(x)
0
0.30
1
0.10
2
0.50
3
0.10
The mean (average) value of x is ______________
15. A researcher wants to determine the sample size necessary to adequately conduct a study to estimate the population mean to within 5 points. The range of population values is 80 and the researcher plans to use a 90% level of confidence. The sample size should be at least ______
16. The mean life of a particular brand of light bulb is 1200 hours. If you know that at about 95% of this brand of bulbs will last between 1100 and 1300 hours, then what is the standard deviation of the light bulbs’ life?
17. Completion time (from start to finish) of a building remodeling project is normally distributed with a mean of 200 workdays and a standard deviation of 10 workdays. To be 99% sure that we will not be late in completing the project, we should request a completion time of ______ workday.
18. A large industrial firm allows a discount on any invoice that is paid within 30 days. Of all invoices, 10% receive the discount. In a company audit, 10 invoices are sampled at random. The probability that fewer than 3 of the 10 sampled invoices receive the discount is approximately_______________.
19. Suppose a population has a mean of 400 and a standard deviation of 24. If a random sample of size 144 is drawn from the population, the probability of drawing a sample with a mean less than 402 is _______
20. If x is a binomial random variable with n=10 and p=0.8, what is the probability that x is equal to 4 ?
21. The normal distribution is used to test about a population mean for large samples if the population standard deviation is known. "Large" is usually defined as _______
22. Lucy Baker is analyzing demographic characteristics of two television programs, Americandol (population 1) and 60 Minutes (population 2). Previous studies indicate no difference in the ages of the two audiences (The mean age of each audience is the same.) Lucy plans to test this hypothesis using a random sample of 100 from each audience. Her null hypothesis is
23. Maureen McIlvoy, owner and CEO of a mail order business for wind surfing equipment and supplies, is reviewing the order filling operations at her warehouses. Her goal is 100% of orders shipped within 24 hours. In previous years, neither warehouse has achieved the goal, but the East Coast Warehouse has consistently outperformed the West Coast Warehouse. Her staff randomly selected 200 orders from the West Coast Warehouse (population 1) and 400 orders from the East Coast Warehouse (population 2), and reports that 190 of the West Coast Orders were shipped within 24 hours, and the East Coast Warehouse shipped 372 orders within 24 hours. Maureen's alternate hypothesis is _______
24. Ophelia O'Brien, VP of Consumer Credit of American First Banks (AFB), monitors the default rate on personal loans at the AFB member banks. One of her standards is "no more than 5% of personal loans should be in default." On each Friday, the default rate is calculated for a sample of 500 personal loans. Last Friday's sample contained 30 defaulted loans. Ophelia's null hypothesis is _______.
25. Catherine Chao, Director of Marketing Research, is evaluating consumer acceptance of a new toothpaste package. Her staff reports that 17% of a random sample of 200 households prefers the new package to all other package designs. If Catherine concludes that 17% of all households prefer the new package, she is using _______.
26. The empirical rule says that approximately what percentage of the values would be within 2 standard deviations of the mean in a bell shaped set of data
27. Medical Wonders is a specialized interior design company focused on healing artwork. The CEO, Kathleen Kelledy claims that artwork has healing effects for patients staying in a hospital, as measured by reduced length of stay. Her current client is a children’s cancer hospital. Kathleen is interested in determining the effect of three different pieces of healing artwork on children. She chooses three paintings (a horse photo, a bright abstract, and a muted beach scene) and randomly assigns six hospital rooms to each painting. Kathleen's null hypothesis is _____________
28. The expected (mean) life of a particular type of light bulb is 1,000 hours with a standard deviation of 50 hours. The life of this bulb is normally distributed. What is the probability that a randomly selected bulb would last fewer than 940 hours
29. The mean life of a particular brand of light bulb is 1200 hours and the standard deviation is 75 hours. Tests show that the life of the bulb is approximately normally distributed. It can be concluded that approximately 68% of the bulbs will last between _______.
30. A market researcher is interested in determining the average income for families in San Mateo County, California. To accomplish this, she takes a random sample of 300 families from the county and uses the data gathered from them to estimate the average income for families of the entire county. This process is an example of _______.
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What are differences between dependent and independent samples? Provide examples. What are implications for determining the tests used to analyze data?
..

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What is the value of performing hypotheses tests to solve problems related to business and operations management? Provide specific examples.
..

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1. Consider the pairs of measurements shown to the right.
2. Researchers investigated the effect of tablet surface area to volume on the rate at which a drug is released in a controlledrelease dosage. For six similarly shaped tablet..

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What is the importance of pretesting questions and instruments? What are risks of not doing this? Provide an example.
..

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does technological advancement affect the ability to collect data? Provide examples. Does this advancement increase the chance for errors? Explain.
..

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1. Researchers conducted a survey of a representative sample of over 1,000 drivers. Based on how often each driver engaged in road behaviour, a road rage score was given. The drivers were also grouped by annual income. The data were subjected to an analysis of varian..

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You observe female sales representatives having lower customer defections than male sales representatives. What concepts and constructs would you use to study this phenomenon? How might the concepts or constructs relate to explanatory hypotheses? Explain.
..

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In your organization’s management development program, there was a heated discussion between people who claimed that theory is impractical and not effective, and others who claimed that effective theory is the most practical approach to problems. What position would you take and why?
..

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1. Which hypothesis, the null or the alternative, is the statusquo hypothesis?
2. A university economist conducted a study of elementary school lunch menus. During the statemandated testing period, school lunches averaged 890 calor..

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What is the purpose of sampling? What are some concerns and dangers of sampling? How important is the sample design to data validity? Explain. Provide an example where a sample might misrepresent data validity. For example, reflect on the current political campaign and the pollsters!
..

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What are some examples of operational definitions in research design within your profession? For example, in the education field, graduation rate and retention rate are important operational definitions to measure progress of students. Likewise other professions have common metrics and defin..

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1. A random sample of 87 observations produced a mean = 25.7 and a standard deviation s = 2.6.
2. Health care workers who use latex gloves with glove powder on a daily basis are particularly susceptible to developing a latex al..

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When would you use Chebyshev’s theorem and the empirical rule in business? How are they calculated? Provide one reallife example that requires Chebyshev’s theorem and one that requires the empirical rule.
..

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How may variance and standard deviation be applied to a realworld businessrelated problem? Provide a specific application in which these measures are useful.
..

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1. What is statistics?
2. Explain the difference between descriptive and inferential statistics.
3. Explain the difference between qualitative and quantitative data.
4. &nb..

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QNT 561 Week 1 Assignment Statistics Concepts and Descriptive Measures Instructions (Financial Data)
QNT 561 Week 1 Assignment Statistics Concepts and Descriptive Measures Instructions (Consumer Food)
QNT 561 Week 2 Case Study MBA Schools in Asia Pacific (2 Papers)
..

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This Tutorial contains 2 Sets of Report and Presentation
Complete the cumulative Business Research Report in approx. 1,500 words by collaborating with your team to include the following:
Revised tables or figures based on prior instructor feedback
The description or interpretati..

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This Tutorial contains 2 different sets
Administer the survey.
In a paper in the APA format describe the following:
Determine the sample process including sample contact, survey distribution, and survey collection.
Organize, prepare, and describe the data.
Include tabl..

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Create a Microsoft® Excel® spreadsheet with the two variables from a dataset for your choosing.
Analyze the data with MegaStat®, StatCrunch®, Microsoft® Excel®or other statistical tool(s), including:
(a) Descriptive stats for each numeric variable
and
(b) Histogram for e..

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This Tutorial contains 2 different sets
Create a draft of the survey.
Conduct a pilot pretest having another Learning Team in the class to provide feedback for your team. Chet will create a message thread for each team to place their survey in the Class Discussion Tab.&nb..

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This Tutorial contains 2 different Papers
Develop a plan for your Business Research Project in approx. 800 words.
Revise the research questions based on instructor feedback from the previous week.
Identify population and samples for your research.
Describe w..

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Identify an organization or business for your Learning Team research project.
Describe the products or services it provides.
Identify a problem or dilemma faced by the organization that could be addressed by research.
Discuss the problem as a team..

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Identify an organization from any member in your Learning Team or an organization with which your team is familiar. If an actual company is used, disguise its name with a pseudonym.
Identify one independent variable and one dependent variable based on the business. Operation..

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Chapter 13:
Ex 6) The owner of Maumee FordMercuryVolvo wants to study the relationship between the age of a car and its selling price. Listed below is a random sample of 12 used cars sold at the dealership during the last year.
a. If we wan..

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Chapter 10:
Ex 2) A Sample of 36 observations is selected from a normal population. The sample mean is 12, and the population standard deviation is 3. Conduct the following test of hypothesis using the 0.01 significance level.
EX. 10) Given the following hypotheses:
..

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Chapter 8:
Ex 2) The following is a list of 29 hospitals in the Cincinnati (Ohio) and Northern Kentucky region. The hospitals are identified by numbering them 00 through 28. Also included is whether the hospital is a general medical/surgical hospital (M/S) or a specialty hospital (..

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Chapter 5:
Ex 4) A large company must hire a new president. The Board of Directors prepares a list of five candidates, all of whom are equally qualified. Two of these candidates are members of a minority group. To avoid bias in the selection of the candidate, the company decides to..

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Chapter 2:
Ex 4) Two Thousand three hundred frequent business travelers are asked which Midwestern city they prefer: Indianapolis, Saint Louis, Chicago or Milwaukee. 388 liked Indianapolis best, 450 liked Saint Louis, 1212 liked Chicago and the remainder prefers Milwaukee. Develop ..

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Chapter 18:
EX.2) Listed Below is the number of movie tickets sold at the Library CinemaComplex, in thousands, for the period from 2001 to 2013. Compute a fiveyear weighted moving average using weights of 0.15, 0.15, 0.25, 0.16, and 0.29, respectively. Describe the trend in yield..

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Review the Case Study: MBA Schools in AsiaPacific and the Case Study: MBA Schools in AsiaPacific data set.
Prepare a 1,050word managerial report for your boss.
Use the following questions for guidelines and directions on what to include in the report:
1. &nbs..

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Purpose of Assignment
The purpose of this assignment to orient students to the key concepts in statistics. This assignment will introduce students to the language of statistics. Students will also get a chance to warmup on evaluating some basic descriptive statistics using Excel® prior to th..

QNT 561 Week 1 Assignment Statistics Concepts and Descriptive Measures Instructions (Financial Data)
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Purpose of Assignment
The purpose of this assignment to orient students to the key concepts in statistics. This assignment will introduce students to the language of statistics. Students will also get a chance to warmup on evaluating some basic descriptive statistics using Excel® prior to th..

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Individual Paper Signature Assignment
About Your Signature Assignment
This signature assignment is designed to align with specific program student learning outcome(s) in your program. Program Student Learning Outcomes are broad
statements that describe what students should know and be abl..

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Week 5
Learning team Paper
Part A : OneSample Hypothesis Testing Cases
Purpose of Assignment
The purpose of this assignment is to develop students' abilities to combine the knowledge of descriptive statistics covered in Weeks 1 and 2 and onesample hypothesis testing to mak..

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Week 5
Individual Paper
· Spicy Wings Case
Purpose of Assignment
The purpose of this assignment is to develop students' abilities to combine the knowledge of descriptive statistics covered in Weeks 1 and 2 and onesample hypoth..

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Individual Paper
Purpose of Assignment
The purpose of the assignment is to develop students' abilities in using datasets to apply the concepts of sampling distributions and confidence intervals to make management decisions.
Assignment Steps
Resources: Micros..

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Learning team paper
Purpose of Assignment
This assignment has two cases. The first case is on expansion strategy. Managers constantly have to make decisions under uncertainty. This assignment gives students an opportunity to use the mean and standard deviation of probability distribut..

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Individual Paper:
Purpose of Assignment
The purpose of this assignment is for students to learn how to make managerial decisions using a case study on Normal Distribution. This case uses concepts from Weeks 1 and 2. It provides students an opportunity to perfor..

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1. James Desreumaux, VP of Human Resources of American First Banks (AFB), is reviewing the employee training programs of AFB banks. His staff randomly selected personnel files for 100 tellers in the Southeast Region and determined that their mean training time ..

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QNT 561 Final Exam Guide (New, 2017)
QNT 561 Week 1 Assignment Statistics Concepts and Descriptive Measures Instructions (Financial Data)
QNT 561 Week 1 Assignment Statistics Concepts and Descriptive Measures Instructions (Consumer Food)
QNT 561 Week 2 Case Study..

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Individual Paper Signature Assignment
About Your Signature Assignment
This signature assignment is designed to align with specific program student learning outcome(s) in your program. Program Student Learning Outcomes are broad
statements that describe what students should know and be abl..

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After reading chapter 12, explain how ANOVA could help to explain the association between two variables. Give an example.
After reading chapter 13, how ANOVA could help to understand the expansion of the hypothesis testing of two variables?
After reading chapter 18, ..
