BS2001_Assessment_CH

docx

School

Walden University *

*We aren’t endorsed by this school

Course

2001

Subject

Statistics

Date

Apr 3, 2024

Type

docx

Pages

Uploaded by ElderNeutron13465

BS2001 Assessment Template Prepared by: Michael Cockroft Date: 26-Mar-2024 Walden University, CBE Business Statistics, Probability Theory, Use probability theory to predict outcomes

Probabilities and Probability Theory How Statistics Can Be Used Replace this text with your response to the following in 75–150 words (1–2 paragraphs): Explain at least one way that statistics can be used by an organization or a professional in a business context. Additionally, explain how statistics can be used in another context, such as in education, in the community, or in recreational activities. Statistical Questions Replace this text with your response to the following in 75–150 words (1–2 paragraphs): Consider the following questions:  How much does milk cost on the East Coast of the United States?  How many minutes does it take to drive 30 miles at an average speed of 55 miles per hour?  What is the age difference between you and your siblings?  How many hours of sleep do teenagers get during the school year compared to summer vacation? Define each question as being—or not being—a statistical question, and then explain why. Permutations and Combinations Replace this text with your response to the following in 75 words (1 paragraph): Explain why there should be more permutations than combinations when the two methods are used to determine the number of ways that events can occur. Mean, Median, Sample Variance, and Standard Deviation Replace this text with your response to the following in 300 words (4 paragraphs): Joan Horton is a building contractor whose company builds many homes every year. In planning for each job, Joan needs some idea about the direct labor hours per square foot required to build a home. She has collected sample information on the labor hours for 10 jobs during the past year Job 1 2 3 4 5 6 7 8 9 10 Hours 245 291 353 118 152 402 351 242 595 173  Calculate the mean for this sample. How can Joan use this information?  Calculate the median from this sample. If Joan had to select the mean or the median as the estimate of direct labor hours, what factors about each statistic should she consider before making the decision?  Calculate the sample variance and standard deviation. How can Joan use these values in planning future jobs?  One of Joan’s competitors, J.M. Sawyer, has numbers claiming that his crews average 350 hours per square foot, with a standard deviation of 50. Sawyer further claims that his company is more consistent in direct labor hours applied to houses than Horton’s company. Who is right, and why? Page 2 of 4

Range, Variance, and Standard Deviation Replace this text with your response to the following in 75–150 words (1–2 paragraphs): The weekly total of hours for the servers and the cooks for a small restaurant are listed below. Find the range, variance, and standard deviation for each set. Which set of data is more variable? Week 1 2 3 4 5 6 7 8 9 10 Servers 823 837 858 791 812 814 832 862 833 826 Cooks 752 764 754 774 771 745 736 816 792 793 Probabilities Replace this text with your response to the following in 75 words (1 paragraph): The following chart shows the number of customer complaints from three regions of an organization for two separate years. Region 2018 2017 Northeast 6,493 3,401 Southeast 732 2,513 Central 3,706 1,082 Find the probability for each question.  What is the probability that a complaint was from the Southeast region given it was in 2017?  What is the probability that a complaint was from the Central region given it was in 2018?  What is the probability that a given complaint did not occur in 2018 and was not from the Southeast region?  What is the probability that two complaints chosen at random were both from the Northeast region? Probabilities Replace this text with your response to the following in 75 words (1 paragraph): A management consulting team needs a team of four to analyze the operations of a new client. The team should comprise an accountant, a production specialist, a finance specialist, and a management specialist. On its staff, the consulting firm has available six accountants, five production specialists, three finance specialists, and eight management specialists. How many different teams could be formed from the available individuals? Probabilities and Decision Making Replace this text with your response to the following in 75 words (1 paragraph): The management team of a call center is making some reductions to staff. They must decide between two outbound salespeople, and they plan to make their decision based on who has a higher probability of making sales. They know that in the sales business repeat calls to close a sale are common, so the management team will consider the total success rate of up to four calls. Bert has a record of closing on the first call 70% of the time, with the probability of a sale dropping 10% with each successive call. Riley has a record of closing on the first call 56% of the time, with the probability of a sale dropping 5% with each successive Page 3 of 4

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

call. If Bert and Riley make their sale on the fourth call to any given client, what is the probability of a sale? Based on their results, whom should management let go and whom should they keep? Probabilities and Decision Making Replace this text with your response to the following in 75 words (1 paragraph): Dave has just left an interview with a prospective employer. The hiring manager told Dave that she will tolerate one mistake during his first year but will fire him if he makes two mistakes. Based on Dave’s research and understanding of the job, he estimates that he will have to make five critical decisions during the year and, with his knowledge of the processes, figures that he will have about an 80% chance of making any of those five decisions correctly. Dave does not want to run any more than a 25% chance of being fired. If each of the decisions is independent of the others, should Dave risk taking the job if offered? Explain why or why not. Probabilities and Predictions Replace this text with your response to the following in 75 words (1 paragraph): A steel mill produces alloy sheets used for the bodies of automobiles. The mill produces sheets with an average thickness of 0.517 inches and a standard deviation of 0.037 inches. A new car model requires alloy sheets between 0.495 and 0.525 inches thick. What percentage of the sheets made by the mill will be suitable for the new car model? Explain your answer. References Include appropriately formatted references to scholarly sources to support the statements made in your report. Please refer to the Academic Writing Expectations Checklist for more information. Page 4 of 4

BS2001_Assessment_CH

Related Documents