Essentials of Modern Business Statistics with Microsoft Excel 6th Edition by David R. Anderson - Test Bank Instant Download - Complete Test Bank With Answers Sample Questions Are Posted Below Multiple Choice 1. A numerical description of the outcome of an experiment is called a a. descriptive statistic b. …
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Essentials of Modern Business Statistics with Microsoft Excel 6th Edition by David R. Anderson – Test Bank
Instant Download – Complete Test Bank With Answers
Sample Questions Are Posted Below
| Multiple Choice |
1. A numerical description of the outcome of an experiment is called a
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2. A random variable that can assume only a finite number of values is referred to as a(n)
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3. A continuous random variable may assume
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4. An experiment consists of making 80 telephone calls in order to sell a particular insurance policy. The random variable in this experiment is the number of sales made. This random variable is a
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5. The number of customers that enter a store during one day is an example of
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6. An experiment consists of measuring the speed of automobiles on a highway by the use of radar equipment. The random variable in this experiment is speed, measured in miles per hour. This random variable is a
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7. The weight of an object, measured in grams, is an example of
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8. The weight of an object, measured to the nearest gram, is an example of
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9. A description of how the probabilities are distributed over the values the random variable can assume is called a
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10. Which of the following is(are) required condition(s) for a discrete probability function?
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11. Which of the following is not a required condition for a discrete probability function?
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12. Which of the following statements about a discrete random variable and its probability distribution are true?
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13. A measure of the average value of a random variable is called a(n)
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14. A weighted average of the value of a random variable, where the probability function provides weights is known as
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15. The expected value of a random variable is the
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16. The expected value of a discrete random variable
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17. Excel’s __________ function can be used to compute the expected value of a discrete random variable.
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18. Variance is
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19. The variance is a weighted average of the
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20. Excel’s __________ function can be used to compute the variance of a discrete random variable.
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21. The standard deviation is the
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22. x is a random variable with the probability function: f(x) = x/6 for x = 1,2 or 3. The expected value of x is
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23. The number of electrical outages in a city varies from day to day. Assume that the number of electrical outages (x) in the city has the following probability distribution.
The mean and the standard deviation for the number of electrical outages (respectively) are
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| Exhibit 5-1 The following represents the probability distribution for the daily demand of microcomputers at a local store.
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24. Refer to Exhibit 5-1. The expected daily demand is
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25. Refer to Exhibit 5-1. The probability of having a demand for at least two microcomputers is
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| Exhibit 5-2 The probability distribution for the daily sales at Michael’s Co. is given below.
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26. Refer to Exhibit 5-2. The expected daily sales are
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27. Refer to Exhibit 5-2. The probability of having sales of at least $50,000 is
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| Exhibit 5-3 The probability distribution for the number of goals the Lions soccer team makes per game is given below.
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28. Refer to Exhibit 5-3. The expected number of goals per game is
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29. Refer to Exhibit 5-3. What is the probability that in a given game the Lions will score at least 1 goal?
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30. Refer to Exhibit 5-3. What is the probability that in a given game the Lions will score less than 3 goals?
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31. Refer to Exhibit 5-3. What is the probability that in a given game the Lions will score no goals?
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| Exhibit 5-4 A local bottling company has determined the number of machine breakdowns per month and their respective probabilities as shown below.
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32. Refer to Exhibit 5-4. The expected number of machine breakdowns per month is
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33. Refer to Exhibit 5-4. The probability of at least 3 breakdowns in a month is
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34. Refer to Exhibit 5-4. The probability of no breakdowns in a month is
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| Exhibit 5-5 AMR is a computer-consulting firm. The number of new clients that they have obtained each month has ranged from 0 to 6. The number of new clients has the probability distribution that is shown below.
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35. Refer to Exhibit 5-5. The expected number of new clients per month is
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36. Refer to Exhibit 5-5. The variance is
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37. Refer to Exhibit 5-5. The standard deviation is
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| Exhibit 5-6 Probability Distribution
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38. Refer to Exhibit 5-6. The expected value of x equals
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39. Refer to Exhibit 5-6. The variance of x equals
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| Exhibit 5-7 A sample of 2,500 people was asked how many cups of coffee they drink in the morning. You are given the following sample information.
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40. Refer to Exhibit 5-7. The expected number of cups of coffee is
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41. Refer to Exhibit 5-7. The variance of the number of cups of coffee is
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42. Which of the following is a characteristic of a binomial experiment?
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43. In a binomial experiment, the
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44. Which of the following is not a characteristic of an experiment where the binomial probability distribution is applicable?
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45. Which of the following is not a property of a binomial experiment?
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46. A probability distribution showing the probability of x successes in n trials, where the probability of success does not change from trial to trial, is termed a
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47. The binomial probability distribution is used with
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48. If you are conducting an experiment where the probability of a success is .02 and you are interested in the probability of 4 successes in 15 trials, the correct probability function to use is the
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49. In a binomial experiment the probability of success is 0.06. What is the probability of two successes in seven trials?
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50. Four percent of the customers of a mortgage company default on their payments. A sample of five customers is selected. What is the probability that exactly two customers in the sample will default on their payments?
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51. A production process produces 2% defective parts. A sample of five parts from the production process is selected. What is the probability that the sample contains exactly two defective parts?
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52. Excel’s BINOM.DIST function can be used to compute
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53. Excel’s BINOM.DIST function has how many inputs?
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54. When using Excel’s BINOM.DIST function, one should choose TRUE for the fourth input if
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55. The expected value for a binomial probability distribution is
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56. The variance for the binomial probability distribution is
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57. The standard deviation of a binomial distribution is
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58. Assume that you have a binomial experiment with p = 0.5 and a sample size of 100. The expected value of this distribution is
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59. Assume that you have a binomial experiment with p = 0.4 and a sample size of 50. The variance of this distribution is
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60. Twenty percent of the students in a class of 100 are planning to go to graduate school. The standard deviation of this binomial distribution is
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| Exhibit 5-8 The student body of a large university consists of 60% female students. A random sample of 8 students is selected. |
61. Refer to Exhibit 5-8. What is the random variable in this experiment?
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62. Refer to Exhibit 5-8. What is the probability that among the students in the sample exactly two are female?
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63. Refer to Exhibit 5-8. What is the probability that among the students in the sample at least 7 are female?
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64. Refer to Exhibit 5-8. What is the probability that among the students in the sample at least 6 are male?
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| Exhibit 5-9 Forty percent of all registered voters in a national election are female. A random sample of 5 voters is selected. |
65. Refer to Exhibit 5-9. What is the random variable in this experiment?
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66. Refer to Exhibit 5-9. The probability that the sample contains 2 female voters is
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67. Refer to Exhibit 5-9. The probability that there are no females in the sample is
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| Exhibit 5-10 The probability that Pete will catch fish on a particular day when he goes fishing is 0.8. Pete is going fishing 3 days next week. |
68. Refer to Exhibit 5-10. What is the random variable in this experiment?
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69. Refer to Exhibit 5-10. The probability that Pete will catch fish on exactly one day is
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70. Refer to Exhibit 5-10. The probability that Pete will catch fish on one day or less is
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71. Refer to Exhibit 5-10. The expected number of days Pete will catch fish is
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72. Refer to Exhibit 5-10. The variance of the number of days Pete will catch fish is
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| Exhibit 5-11 The random variable x is the number of occurrences of an event over an interval of ten minutes. It can be assumed that the probability of an occurrence is the same in any two time periods of an equal length. It is known that the mean number of occurrences in ten minutes is 5.3. |
73. Refer to Exhibit 5-11. The random variable x satisfies which of the following probability distributions?
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74. Refer to Exhibit 5-11. The appropriate probability distribution for the random variable is
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75. Refer to Exhibit 5-11. The expected value of the random variable x is
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76. Refer to Exhibit 5-11. The probability that there are 8 occurrences in ten minutes is
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77. Refer to Exhibit 5-11. The probability that there are less than 3 occurrences is
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78. The Poisson probability distribution is a
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79. The Poisson probability distribution is used with
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80. When dealing with the number of occurrences of an event over a specified interval of time or space and when the occurrence or nonoccurrence in any interval is independent of the occurrence or nonoccurrence in any other interval, the appropriate probability distribution is a
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81. Excel’s POISSON.DIST function can be used to compute
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82. Excel’s POISSON.DIST function has how many inputs?
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83. When using Excel’s POISSON.DIST function, one should choose TRUE for the third input if
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84. In the textile industry, a manufacturer is interested in the number of blemishes or flaws occurring in each 100 feet of material. The probability distribution that has the greatest chance of applying to this situation is the
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85. When sampling without replacement, the probability of obtaining a certain sample is best given by a
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86. The key difference between the binomial and hypergeometric distribution is that with the hypergeometric distribution the
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87. Excel’s HYPGEOM.DIST function can be used to compute
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88. Excel’s HYPGEOM.DIST function has how many inputs?
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89. When using Excel’s HYPGEOM.DIST function, one should choose TRUE for the fifth input if
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90. The binomial probability distribution is most symmetric when
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91. If one wanted to find the probability of ten customer arrivals in an hour at a service station, one would generally use the
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92. The _____ probability function is based in part on the counting rule for combinations.
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93. To compute the probability that in a random sample of n elements, selected without replacement, we will obtain x successes, we would use the
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94. Experimental outcomes that are based on measurement scales such as time, weight, and distance can be described by _____ random variables.
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95. Which of the following properties of a binomial experiment is called the stationarity
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96. The function used to compute the probability of x successes in n trials, when the trials are dependent, is the
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97. The expected value of a random variable is the
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98. In a binomial experiment consisting of five trials, the number of different values that x (the number of successes) can assume is
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99. A binomial probability distribution with p = .3 is
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100. In a Poisson probability problem, the rate of defects is one every two hours. To find the probability of three defects in four hours,
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101. Experiments with repeated independent trials will be described by the binomial distribution if
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102. In order to compute a binomial probability we must know all of the following except
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103. A property of the Poisson distribution is that the mean equals the
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104. A discrete probability distribution for which the relative frequency method is used to assign probabilities is the
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105. A name closely associated with the binomial probability distribution is
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| Subjective Short Answer |
106. The probability distribution for the rate of return on an investment is
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107. A random variable x has the following probability distribution:
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108. For the following probability distribution:
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109. A company sells its products to wholesalers in batches of 1,000 units only. The daily demand for its product and the respective probabilities are given below.
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110. The demand for a product varies from month to month. Based on the past year’s data, the following probability distribution shows MNM company’s monthly demand.
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111. The probability distribution of the daily demand for a product is shown below.
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112. The random variable x has the following probability distribution:
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| 113. The probability function for the number of insurance policies John will sell to a customer is given by f(x) = .5 − (x/6) for x = 0, 1, or 2
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114. Thirty-two percent of the students in a management class are graduate students. A random sample of 5 students is selected. Using the binomial probability function, determine the probability that the sample contains exactly 2 graduate students?
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115. A production process produces 2% defective parts. A sample of 5 parts from the production is selected. What is the probability that the sample contains exactly two defective parts? Use the binomial probability function and show your computations to answer this question.
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116. When a particular machine is functioning properly, 80% of the items produced are non-defective. If three items are examined, what is the probability that one is defective? Use the binomial probability function to answer this question.
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117. The records of a department store show that 20% of its customers who make a purchase return the merchandise in order to exchange it. In the next six purchases,
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118. Ten percent of the items produced by a machine are defective. Out of 15 items chosen at random,
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119. In a large university, 15% of the students are female. If a random sample of twenty students is selected,
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120. Seventy percent of the students applying to a university are accepted. What is the probability that among the next 18 applicants
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121. Twenty percent of the applications received for a particular position are rejected. What is the probability that among the next fourteen applications,
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122. Fifty-five percent of the applications received for a particular credit card are accepted. Among the next twelve applications,
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123. In a southern state, it was revealed that 5% of all automobiles in the state did not pass inspection. Of the next ten automobiles entering the inspection station,
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124. Only 0.02% of credit card holders of a company report the loss or theft of their credit cards each month. The company has 15,000 credit cards in the city of Memphis. What is the probability that during the next month in the city of Memphis
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125. Two percent of the parts produced by a machine are defective. Forty parts are selected. Define the random variable x to be the number of defective parts.
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126. A manufacturing company has 5 identical machines that produce nails. The probability that a machine will break down on any given day is 0.1. Define a random variable x to be the number of machines that will break down in a day.
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127. In a large corporation, 65% of the employees are male. A random sample of five employees is selected.
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128. In a large university, 75% of students live in the dormitories. A random sample of 5 students is selected.
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129. A production process produces 90% non-defective parts. A sample of 10 parts from the production process is selected.
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130. The student body of a large university consists of 30% Business majors. A random sample of 20 students is selected.
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131. A local university reports that 3% of their students take their general education courses on a pass/fail basis. Assume that fifty students are registered for a general education course.
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132. Twenty-five percent of the employees of a large company are minorities. A random sample of 7 employees is selected.
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133. Twenty-five percent of all resumes received by a corporation for a management position are from females. Fifteen resumes will be received tomorrow.
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134. A salesperson contacts eight potential customers per day. From past experience, we know that the probability of a potential customer making a purchase is 0.10.
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135. An insurance company has determined that each week an average of nine claims are filed in their Atlanta branch. What is the probability that during the next week
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136. John parks cars at a hotel. On the average, 6.7 cars will arrive in an hour. Assume that a driver’s decision on whether to let John park the car does not depend upon any other person’s decision. Define the random variable x to be the number of cars arriving in any hour period.
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137. The average number of calls received by a switchboard in a 30-minute period is 15.
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138. A life insurance company has determined that each week an average of seven claims is filed in its Nashville branch.
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139. General Hospital has noted that they admit an average of 8 patients per hour.
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140. Shoppers enter Hamilton Place Mall at an average of 120 per hour.
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141. Compute the hypergeometric probabilities for the following values of n and x. Assume N = 8 and r = 5.
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142. A retailer of electronic equipment received six HDTVs from the manufacturer. Three of the HDTVs were damaged in the shipment. The retailer sold two HDTVs to two customers.
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| 143. Waters’ Edge is a clothing retailer that promotes its products via catalog and accepts customer orders by all of the conventional ways including the Internet. The company has gained a competitive advantage by collecting data about its operations and the customer each time an order is processed.
Among the data collected with each order are: number of items ordered, total shipping weight of the order, whether or not all items ordered were available in inventory, time taken to process the order, customer’s number of prior orders in the last 12 months, and method of payment. For each of the six aforementioned variables, identify which of the variables are discrete and which are continuous.
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| 144. June’s Specialty Shop sells designer original dresses. On 10% of her dresses, June makes a profit of $10, on 20% of her dresses she makes a profit of $20, on 30% of her dresses she makes a profit of $30, and on 40% of her dresses she makes a profit of $40. On a given day, the probability of June having no customers is .05, of one customer is .10, of two customers is .20, of three customers is .35, of four customers is .20, and of five customers is .10.
a. What is the expected profit June earns on the sale of a dress?
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| 145. The salespeople at Gold Key Realty sell up to 9 houses per month. The probability distribution of a salesperson selling x houses in a month is as follows:
a. What are the mean and standard deviation for the number of houses sold by a salesperson per month? b. Any salesperson selling more houses than the amount equal to the mean plus two standard deviations receives a bonus. How many houses per month must a salesperson sell to receive a bonus?
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| 146. Sandy’s Pet Center grooms large and small dogs. It takes Sandy 40 minutes to groom a small dog and 70 minutes to groom a large dog. Large dogs account for 20% of Sandy’s business. Sandy has 5 appointments tomorrow.
a. What is the probability that all 5 appointments tomorrow are for small dogs?
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147. Ralph’s Gas Station is running a giveaway promotion. With every fill-up of gasoline, Ralph gives out a lottery ticket that has a 25% chance of being a winning ticket. Customers who collect four winning lottery tickets are eligible for the “BIG SPIN” for large payoffs. What is the probability of qualifying for the big spin if a customer fills up: (a) 3 times; (b) 4 times; (c) 7 times?
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| 148. The number of customers at Winkies Donuts between 8:00a.m. and 9:00a.m. is believed to follow a Poisson distribution with a mean of 2 customers per minute.
a. During a randomly selected one-minute interval during this time period, what is the probability of 6 customers arriving to Winkies?
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| 149. During lunchtime, customers arrive at Bob’s Drugs according to a Poisson distribution with λ = 4 per minute.
a. During a one minute interval, determine the following probabilities: (1) no arrivals; (2) one arrival; (3) two arrivals; and, (4) three or more arrivals.
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| 150. Telephone calls arrive at the Global Airline reservation office in Louisville according to a Poisson distribution with a mean of 1.2 calls per minute.
a. What is the probability of receiving exactly one call during a one-minute interval?
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| 151. Before dawn Josh hurriedly packed some clothes for a job-interview trip while his roommate was still sleeping. He reached in his disorganized sock drawer where there were five black socks and five navy blue socks, although they appeared to be the same color in the dimly lighted room. Josh grabbed six socks, hoping that at least two, and preferably four, of them were black to match the gray suit he had packed. With no time to spare, he then raced to the airport to catch his plane.
a. What is the probability that Josh packed at least two black socks so that he will be dressed appropriately the day of his interview?
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| 152. Consider a Poisson probability distribution in a process with an average of 3 flaws every 100 feet. Find the probability of
a. no flaws in 100 feet b. 2 flaws in 100 feet c. 1 flaws in 150 feet d. 3 or 4 flaws in 150 feet
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153. After a severe winter, potholes develop in a state highway at the rate of 5.2 per mile. Thirty-five miles of this highway pass through Washington County.
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| 154. A manufacturer of computer disk drives has a historical defective rate of .001. What is the probability that in a batch of 1000 drives, 2 would be defective?
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155. For a binomial distribution, compare P(x = 3) when n = 10 and p = .4, to P(x = 7) when n = 10 and p = .6.
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| 156. A rental store has two video cameras available for customers to rent. Historically, demand for cameras has followed this distribution. The revenue per rental is $40. If a customer wants a camera and none is available, the store gives a $15 coupon for snacks.
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| 157. A calculus instructor uses computer aided instruction and allows students to take the midterm exam as many times as needed until a passing grade is obtained. Following is a record of the number of students in a class of 20 who took the test each number of times.
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| 158. A pet ownership survey was conducted by Stanton Marketing for Dollar Department Store. Out of 400 families surveyed, 260 owned no pet, 120 owned dogs and 50 owned cats.
a) On the basis of this information, find the probability distribution for the random variable x, where x = 1 if own no pet, x = 2 if own dog(s) only, x = 3 if own cat(s) only, and x = 4 if own dog(s) and cat(s). b) Dollar Department Stores is considering opening a pet department if the expected number of families owning pets shopping at its store exceeds 4,000. If Dollar expects to serve 12,000 families, should it open a pet department?
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| 159. Sandy’s Pet Center grooms large and small dogs. It takes Sandy 40 minutes to groom a small dog and 70 minutes to groom a large dog. Large dogs account for 20% of Sandy’s business. Sandy has 5 appointments on August 15.
a) What is the probability that all 5 dogs are small? b) What is the probability that two of the dogs are large? c) What is the expected amount of time to finish all five dogs?
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| 160. June’s Specialty Shop sells designer original dresses. On 10% of her dresses, June makes a profit of $10, on 20% of her dresses she makes a profit of $20, on 30 of her dresses she makes a profit of $30, and on 40% of her dresses she makes a profit of $40.
a) What is the expected profit June earns on the sale of a dress? b) On a given day, the probability of June having no customers is .05, one customer is .10, two customers is .20, three customers is .35, four customers is .20, and five customers is .10. June’s daily operating cost is $0 per day. Using your answer to (a), find the expected net profit June earns per day. (Hint: To find the expected daily gross profit, multiply the expected profit per dress by the expected number of customers per day.) c) June is considering moving to a larger store. She estimates that doing so will double the expected number of customers. If the larger store will increase her operating costs to $100 per day, should she make the move?
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| 161. Chez Paul is an exclusive French restaurant that seats only 10 couples for dinner. Paul is famous for his “truffle salad for two” which must be prepared one day in advance. The probability of any couple ordering the salad is .4 and each couple orders independently of other couples.
a) What is the expected number of “truffle salads for two” that Paul serves per dinner? What is the variance? b) What is the probability that on a given evening, at most three couples want a “truffle salad for two”? c) How many salads should Paul prepare if he wants the probability of not having enough salads for all customers who desire one to be no greater than .10? d) There is a 70% chance a couple will order coffee after dinner. What is the probability that on a given evening, exactly eight of the ten couples will order coffee? (Again assume that couples order independently of each other.)
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Original price was: $30.00.$20.00Current price is: $20.00.
Original price was: $30.00.$20.00Current price is: $20.00.
Original price was: $30.00.$20.00Current price is: $20.00.
Original price was: $30.00.$20.00Current price is: $20.00.
Original price was: $30.00.$20.00Current price is: $20.00.
Original price was: $30.00.$20.00Current price is: $20.00.
