Periodically, Merrill Lynch customers are asked to evaluate Merrill Lynch financial consultants and services (2000 Merrill Lynch Client Satisfaction Survey). Higher ratings on the client satisfaction survey indicate better service with 7 the maximum service rating. Independent samples of service ratings for two financial consultants are summarized here. Consultant A has 10 years of experience, whereas consultant B has 1 year of experience. Use = .05 and test to see whether the consultant with more experience has the higher population mean service rating. Consultant A Consultant B = 16 = 10 = 6.82 = 6.25 = 0.58 = 0.7 State the null and alternative hypotheses.H0: 1 - 2 Selectgreater than 0greater than or equal to 0less than 0less than or equal to 0equal to 0not equal to 0Item 1Ha: 1 - 2 Selectgreater than 0greater than or equal to 0less than 0less than or equal to 0equal to 0not equal to 0Item 2 Compute the value of the test statistic (to 2 decimals). What is the p-value? Use z-table.The p-value is Selectless than .005between .005 and .01between .01 and .025between .025 and .05between .05 and .10between .10 and .20greater than .20Item 4 What is your conclusion?SelectThe consultant with more experience has a higher population mean ratingCannot conclude the consultant with more experience has a higher rating

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Description: Periodically, Merrill Lynch customers are asked to evaluate Merrill Lynch financial consultants and services (2000 Merrill Lynch Client Satisfaction Survey). Higher ratings on the client satisfaction survey indicate better service with 7 the maximum

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Periodically, Merrill Lynch customers are asked to evaluate Merrill Lynch financial consultants and services (2000 Merrill Lynch Client Satisfaction Survey). Higher ratings on the client satisfaction survey indicate better service with 7 the maximum service rating. Independent samples of service ratings for two financial consultants are summarized here. Consultant A has 10 years of experience, whereas consultant B has 1 year of experience. Use = .05 and test to see whether the consultant with more experience has the higher population mean service rating.

Consultant A		Consultant B
= 16		= 10
= 6.82		= 6.25
= 0.58		= 0.7

State the null and alternative hypotheses.
H₀: ₁ - ₂ Selectgreater than 0greater than or equal to 0less than 0less than or equal to 0equal to 0not equal to 0Item 1
H_a: ₁ - ₂ Selectgreater than 0greater than or equal to 0less than 0less than or equal to 0equal to 0not equal to 0Item 2
Compute the value of the test statistic (to 2 decimals).
What is the p-value? Use z-table.
The p-value is Selectless than .005between .005 and .01between .01 and .025between .025 and .05between .05 and .10between .10 and .20greater than .20Item 4
What is your conclusion?
SelectThe consultant with more experience has a higher population mean ratingCannot conclude the consultant with more experience has a higher rating

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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