# BUSU610 – Decision Making Problems-Compute the Average of the following numbers 1 567 3874 2081 74 -88

June 8, 2016

Question
1 Compute the Average of the following numbers 1 567 3874 2081 74 -88

2 Name the following numbers as a range “Test1” 84 88 188 881 38 60 12 -38 659

3 Place the Square Root of each of these numbers below it 12 89 36 89 10 38

User the SQRT() function Answer

4 Insert a line Graph in the indicated location

X Axis (horizontal) Jan Feb Mar Apr Jun Jul Aug Sept Oct Nov Dec

Y Axis (Vertical) 600 650 675 790 821 888 901 1028 1150 1200 1333

5 Create and display the Data Analysis Descriptive Statisics for the following numbers:

What is the difference in the Standard Deviation of the two columns?

Col 1 Col 2

78 750

79 788

82 901

86 1600

88 1700

89 1800

90 1900

94 2560

98 2800

103 2900

111 3000

128 3050

139 3051

160 3052

190 3053

6 In the Answer cell, calculate the value “True” if column 1 has a higher standard deviation, and “False” if column 2 has higher standard deviation. Use the IF function.

7 Create a Pie chart for the following data with the segments labelled correctly

Red 40

Blue 21

Green 12

Yellow 9

White 9

Orange 9

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Ten percent of the meals served in Brent’s Deli are incorrectly priced.

What is the probability (using the Binomial calcuations) that out of a sample of 10 meals

a. Exactly one is priced wrong?

b. Exactly 5 are priced wrong?

Mortorcycle pass an intersection at a rate of one every ten minutes

According to Poisson calculations, what is the probability I see

a. Exactly 8 motorcycles in one hour

b. At least 6 motorcycles in one hour

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1 According to the IRS the mean tax refund for the year 2009 was \$3333

The standard deviation of the population of returns is \$551, and the amounts follow the normal distribution

Using Norm.Dist

a What percent of the returns are more than \$2000?

b What percent of the returns are more than \$5000?

c. What percent of the returns are between \$3000 and \$5000?

2 Create an approximate line graph of this normal distribution with \$3333 as the mean

You can make a table of values from which to create the graph

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The daily sales of Burger Baby restaurants follow the normal distribution with a standard deviation of \$4000.

a. A sample is taken of 50 restaurants and the average sales were \$40,000/day.

What is the 99% confidence interval for the average restaurant sales?

b What is the probability that the average sales are really \$36,000 or less per day?

Assume the actual population average is \$40,000 per day

A sample of the sales at 50 Haute Dog restaurants is taken and the sample mean is \$30,000 per day

with a sample standard deviation of \$2000. The population standard deviation is not known.

a What is the 90% confidence interval for the daily sales at all restaurants.

b What is the probability that the average sales are really \$32,000 or more per day?

Assume that the population average is \$30,000 per day and the std. Deviation is \$2k.

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1 List the 5 steps in Hypothesis testing

2 A tire company makes 5000 tires an hour on average with a known standard deviation of 50

A sample is taken last hour and 5100 tires were made

Spell out the null and alternate hypotheses that the mean is different than 5000

Evaluate the hypothesis (Accept or Reject) at the following significance levels:

a. 0.01

b. 0.05

3 Samples of a car company’s output is taken and 490 cars are made in a day with a known standard deviation of 16 cars

Spell out the null and alternate hypotheses that the average production of the car company is less than 475 cars

Evaluate the hypothesis (Accept or Reject) at the following significance levels

a. 0.001

b. 0.1