SAT scores have an average of 1200 with a standard deviation of 60. A sample of 36 scores is selected. What is the probability that the sample mean will be less than 1230? A 0.999 B 0.222 C 0.899 D 1 Please solve for: Apply this questionaire to excel. find the probability(P(X<)] Z= Probability[P(Z<)] / Normal distributionShow work on how you solved the problem

SAT scores have an average of 1200 with a standard deviation of 60. A sample of 36 scores is selected. What is the probability that the sample mean will be less than 1230? A 0.999 B 0.222 C 0.899 D 1 Please solve for: Apply this questionaire to excel. find the probability(P(X<)] Z= Probability[P(Z<)] / Normal distributionShow work on how you solved the problem

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter10: Introduction To Simulation Modeling

Section10.2: Probability Distributions For Input Variables

Problem 6P: Use @RISK to draw a binomial distribution that results from 50 trials with probability of success...

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Use @RISK to draw a binomial distribution that results from 50 trials with probability of success 0.3 on each trial, and use it to answer the following questions. a. What are the mean and standard deviation of this distribution? b. You have to be more careful in interpreting @RISK probabilities with a discrete distribution such as this binomial. For example, if you move the left slider to 11, you find a probability of 0.139 to the left of it. But is this the probability of less than 11 or less than or equal to 11? One way to check is to use Excels BINOM.DIST function. Use this function to interpret the 0.139 value from @RISK. c. Using part b to guide you, use @RISK to find the probability that a random number from this distribution will be greater than 17. Check your answer by using the BINOM.DIST function appropriately in Excel.
Suppose that a regional express delivery service company wants to estimate the cost of shipping a package (Y) as a function of cargo type, where cargo type includes the following possibilities: fragile, semifragile, and durable. Costs for 15 randomly chosen packages of approximately the same weight and same distance shipped, but of different cargo types, are provided in the file P13_16.xlsx. a. Estimate a regression equation using the given sample data, and interpret the estimated regression coefficients. b. According to the estimated regression equation, which cargo type is the most costly to ship? Which cargo type is the least costly to ship? c. How well does the estimated equation fit the given sample data? How might the fit be improved? d. Given the estimated regression equation, predict the cost of shipping a package with semifragile cargo.
An antique collector believes that the price received for a particular item increases with its age and with the number of bidders. The file P13_14.xlsx contains data on these three variables for 32 recently auctioned comparable items. Estimate a multiple regression equation using the given data. Interpret each of the estimated regression coefficients. Is the antique collector correct in believing that the price received for the item increases with its age and with the number of bidders? Interpret the standard error of estimate and the R-square value for these data.
Dilberts Department Store is trying to determine how many Hanson T-shirts to order. Currently the shirts are sold for 21, but at later dates the shirts will be offered at a 10% discount, then a 20% discount, then a 40% discount, then a 50% discount, and finally a 60% discount. Demand at the full price of 21 is believed to be normally distributed with mean 1800 and standard deviation 360. Demand at various discounts is assumed to be a multiple of full-price demand. These multiples, for discounts of 10%, 20%, 40%, 50%, and 60% are, respectively, 0.4, 0.7, 1.1, 2, and 50. For example, if full-price demand is 2500, then at a 10% discount customers would be willing to buy 1000 T-shirts. The unit cost of purchasing T-shirts depends on the number of T-shirts ordered, as shown in the file P10_36.xlsx. Use simulation to determine how many T-shirts the company should order. Model the problem so that the company first orders some quantity of T-shirts, then discounts deeper and deeper, as necessary, to sell all of the shirts.
A trucking company wants to predict the yearly maintenance expense (Y) for a truck using the number of miles driven during the year (X1) and the age of the truck (X2, in years) at the beginning of the year. The company has gathered the data given in the file P13_13.xlsx. Note that each observation corresponds to a particular truck. Estimate a multiple regression equation using the given data. Interpret each of the estimated regression coefficients. Also, interpret the standard error of estimate and the R-square value for these data.
Management of a home appliance store would like to understand the growth pattern of the monthly sales of Blu-ray disc players over the past two years. Managers have recorded the relevant data in the file P13_33.xlsx. a. Create a scatterplot for these data. Comment on the observed behavior of monthly sales at this store over time. b. Estimate an appropriate regression equation to explain the variation of monthly sales over the given time period. Interpret the estimated regression coefficients. c. Analyze the estimated equations residuals. Do they suggest that the regression equation is adequate? If not, return to part b and revise your equation. Continue to revise the equation until the results are satisfactory.
The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?
The file P13_19.xlsx contains the weekly sales of a particular brand of paper towels at a supermarket for a one-year period. a. Using a span of 3, forecast the sales of this product for the next 10 weeks with the moving averages method. How well does this method with span 3 forecast the known observations in this series? b. Repeat part a with a span of 10. c. Which of these two spans appears to be more appropriate? Justify your choice.
The management of a technology company is trying to determine the variable that best explains the variation of employee salaries using a sample of 52 full-time employees; see the file P13_08.xlsx. Estimate simple linear regression equations to identify which of the following has the strongest linear relationship with annual salary: the employees gender, age, number of years of relevant work experience prior to employment at the company, number of years of employment at the company, or number of years of post secondary education. Provide support for your conclusion.
A GMAC MBA new-matriculants survey provided the following data for 2018 students. Excel File: data04-53.xlsx Applied to More Than One School Yes No 23 and under 207 201 24-26 299 379 Age Group 27-30 185 268 31-35 66 193 36 and over 51 169 a. Given that a person applied to more than one school, what is the probability that the person is 24 - 26 years old (to 2 decimals)? b. Given that a person is in the 36 and over age group, what is the probability that the person applied to more than one school (to 4 decimals)? c. What is the probability that a person is 24 - 26 years old or applied to more than one school (to 4 decimals)? d. Suppose a person is known to have applied to only one school. What is the probability that the person is 31 or more years old (to 4 decimals)? e. Is the number of schools applied to independent of age? Explain. Select your answer -
The average weekly earnings of bus drivers in a city are $950 (that is μ) with a standard deviation of $45 (that is σ). Assume that we select a random sample of 81 bus drivers. What is the probability that the sample mean will be greater than $960? 0.99 0.66 0.023 1 Sample: n= Mean= SD= Probability[P(X>)]= z= Probability[P(Z)]= Answer: Graph:
The average weekly earnings of bus drivers in a city are $950 (that is μ) with a standard deviation of $45 (that is σ). Assume that we select a random sample of 81 bus drivers. What is the probability that the sample mean will be greater than $960? (Keep 4 digits of the result)