Business Analytics
3rd Edition
ISBN: 9780135231678
Author: Evans, James R. (james Robert)
Publisher: PEARSON EDUCATION (COLLEGE)
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 2, Problem 17PE
a.
To determine
Find the average amount of savings for all new car loans obtained for single females in the Credit Risk database.
b.
To determine
Find the average amount of savings for all furniture loans obtained for single individuals who rent in the Credit Risk database.
c.
To determine
Find the average amount of savings for all educational loans obtained by unskilled workers in the Credit Risk database.
d.
To determine
Find the average amount of savings for all used car loans obtained by individuals who are employed 12 months or less in the Credit Risk database.
e.
To determine
Find the average amount of savings for all car (new or used) loans obtained by males who have been employed at least 36 months in the Credit Risk database.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Bob and Teresa each collect their own samples to test the same hypothesis. Bob’s p-value turns out to be 0.05, and Teresa’s turns out to be 0.01.
Why don’t Bob and Teresa get the same p-values?
Who has stronger evidence against the null hypothesis: Bob or Teresa?
Review a classmate's Main Post.
1. State if you agree or disagree with the choices made for additional analysis
that can be done beyond the frequency table.
2. Choose a measure of central tendency (mean, median, mode) that you
would like to compute with the data beyond the frequency table. Complete
either a or b below.
a. Explain how that analysis can help you understand the data better.
b. If you are currently unable to do that analysis, what do you think you
could do to make it possible? If you do not think you can do
anything, explain why it is not possible.
0|0|0|0
-
Consider the time series X₁ and Y₁ = (I – B)² (I – B³)Xt. What transformations were
performed on Xt to obtain Yt?
seasonal difference of order 2
simple difference of order 5
seasonal difference of order 1
seasonal difference of order 5
simple difference of order 2
Chapter 2 Solutions
Business Analytics
Ch. 2 - Explain the difference between a data set and a...Ch. 2 - For the Monthly Product Sales Excel file, use the...Ch. 2 - For the Monthly Product Sales Excel file, use the...Ch. 2 - What does the term filtering mean in the context...Ch. 2 - Convert the Credit Risk database to an Excel...Ch. 2 - Sort the data in the purchase orders database from...Ch. 2 - Prob. 2.4CYUCh. 2 - Prob. 3.1CYUCh. 2 - Prob. 3.2CYUCh. 2 - Prob. 3.3CYU
Ch. 2 - Prob. 4.1CYUCh. 2 - In the Purchase Orders database, what will =...Ch. 2 - Prob. 4.3CYUCh. 2 - Prob. 5.1CYUCh. 2 - Prob. 5.2CYUCh. 2 - Prob. 5.3CYUCh. 2 - Prob. 5.4CYUCh. 2 - Prob. 6.1CYUCh. 2 - Prob. 6.2CYUCh. 2 - Prob. 6.3CYUCh. 2 - The Excel file MBA Motivation and Salary...Ch. 2 - Prob. 2PECh. 2 - The Budget Forecasting database shows estimated...Ch. 2 - Convert the Store and Regional Sales database to...Ch. 2 - Convert the Purchase Orders database to an Excel...Ch. 2 - Prob. 6PECh. 2 - The Excel file Corporate Default Database...Ch. 2 - Open the Excel file Store and Regional Sales...Ch. 2 - In the Excel file Automobile Quality, search for...Ch. 2 - In the Purchase Orders database, conduct a Pareto...Ch. 2 - Conduct a Pareto analysis for the number of...Ch. 2 - Prob. 12PECh. 2 - In the Sales Transactions database, use Excels...Ch. 2 - Filter the data in the Bicycle Inventory database...Ch. 2 - Use the Excel file Credit Risk Data that was...Ch. 2 - Apply the Advanced Filter to the Credit Risk Data...Ch. 2 - Prob. 17PECh. 2 - Prob. 18PECh. 2 - Modify the data in the Base Data worksheet in the...Ch. 2 - Prob. 20PECh. 2 - Figure 2.41 shows the 2016 U.S. federal income tax...Ch. 2 - For the Bicycle Inventory database, write a...Ch. 2 - Prob. 23PECh. 2 - A manager needs to identify some information from...Ch. 2 - The Excel file SP 500 provides open, high, low,...Ch. 2 - Enhance the Sales Transactions database file to...Ch. 2 - Prob. 27PECh. 2 - For this exercise, use the Purchase Orders...Ch. 2 - Use INDEX and MATCH functions to fill in a table...Ch. 2 - Prob. 30PECh. 2 - Prob. 31PECh. 2 - Prob. 32PECh. 2 - Prob. 33PECh. 2 - Prob. 34PECh. 2 - A college graduate who is living in Cincinnati...Ch. 2 - The Excel file Payroll Data provides hourly...Ch. 2 - Construct PivotTables showing the counts of gender...Ch. 2 - Prob. 38PECh. 2 - Prob. 39PECh. 2 - Prob. 40PECh. 2 - Prob. 2.1C
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Similar questions
- Calculate the 90% confidence interval for the population mean difference using the data in the attached image. I need to see where I went wrong.arrow_forwardMicrosoft Excel snapshot for random sampling: Also note the formula used for the last column 02 x✓ fx =INDEX(5852:58551, RANK(C2, $C$2:$C$51)) A B 1 No. States 2 1 ALABAMA Rand No. 0.925957526 3 2 ALASKA 0.372999976 4 3 ARIZONA 0.941323044 5 4 ARKANSAS 0.071266381 Random Sample CALIFORNIA NORTH CAROLINA ARKANSAS WASHINGTON G7 Microsoft Excel snapshot for systematic sampling: xfx INDEX(SD52:50551, F7) A B E F G 1 No. States Rand No. Random Sample population 50 2 1 ALABAMA 0.5296685 NEW HAMPSHIRE sample 10 3 2 ALASKA 0.4493186 OKLAHOMA k 5 4 3 ARIZONA 0.707914 KANSAS 5 4 ARKANSAS 0.4831379 NORTH DAKOTA 6 5 CALIFORNIA 0.7277162 INDIANA Random Sample Sample Name 7 6 COLORADO 0.5865002 MISSISSIPPI 8 7:ONNECTICU 0.7640596 ILLINOIS 9 8 DELAWARE 0.5783029 MISSOURI 525 10 15 INDIANA MARYLAND COLORADOarrow_forwardSuppose the Internal Revenue Service reported that the mean tax refund for the year 2022 was $3401. Assume the standard deviation is $82.5 and that the amounts refunded follow a normal probability distribution. Solve the following three parts? (For the answer to question 14, 15, and 16, start with making a bell curve. Identify on the bell curve where is mean, X, and area(s) to be determined. 1.What percent of the refunds are more than $3,500? 2. What percent of the refunds are more than $3500 but less than $3579? 3. What percent of the refunds are more than $3325 but less than $3579?arrow_forward
- A normal distribution has a mean of 50 and a standard deviation of 4. Solve the following three parts? 1. Compute the probability of a value between 44.0 and 55.0. (The question requires finding probability value between 44 and 55. Solve it in 3 steps. In the first step, use the above formula and x = 44, calculate probability value. In the second step repeat the first step with the only difference that x=55. In the third step, subtract the answer of the first part from the answer of the second part.) 2. Compute the probability of a value greater than 55.0. Use the same formula, x=55 and subtract the answer from 1. 3. Compute the probability of a value between 52.0 and 55.0. (The question requires finding probability value between 52 and 55. Solve it in 3 steps. In the first step, use the above formula and x = 52, calculate probability value. In the second step repeat the first step with the only difference that x=55. In the third step, subtract the answer of the first part from the…arrow_forwardIf a uniform distribution is defined over the interval from 6 to 10, then answer the followings: What is the mean of this uniform distribution? Show that the probability of any value between 6 and 10 is equal to 1.0 Find the probability of a value more than 7. Find the probability of a value between 7 and 9. The closing price of Schnur Sporting Goods Inc. common stock is uniformly distributed between $20 and $30 per share. What is the probability that the stock price will be: More than $27? Less than or equal to $24? The April rainfall in Flagstaff, Arizona, follows a uniform distribution between 0.5 and 3.00 inches. What is the mean amount of rainfall for the month? What is the probability of less than an inch of rain for the month? What is the probability of exactly 1.00 inch of rain? What is the probability of more than 1.50 inches of rain for the month? The best way to solve this problem is begin by a step by step creating a chart. Clearly mark the range, identifying the…arrow_forwardClient 1 Weight before diet (pounds) Weight after diet (pounds) 128 120 2 131 123 3 140 141 4 178 170 5 121 118 6 136 136 7 118 121 8 136 127arrow_forward
- Client 1 Weight before diet (pounds) Weight after diet (pounds) 128 120 2 131 123 3 140 141 4 178 170 5 121 118 6 136 136 7 118 121 8 136 127 a) Determine the mean change in patient weight from before to after the diet (after – before). What is the 95% confidence interval of this mean difference?arrow_forwardIn order to find probability, you can use this formula in Microsoft Excel: The best way to understand and solve these problems is by first drawing a bell curve and marking key points such as x, the mean, and the areas of interest. Once marked on the bell curve, figure out what calculations are needed to find the area of interest. =NORM.DIST(x, Mean, Standard Dev., TRUE). When the question mentions “greater than” you may have to subtract your answer from 1. When the question mentions “between (two values)”, you need to do separate calculation for both values and then subtract their results to get the answer. 1. Compute the probability of a value between 44.0 and 55.0. (The question requires finding probability value between 44 and 55. Solve it in 3 steps. In the first step, use the above formula and x = 44, calculate probability value. In the second step repeat the first step with the only difference that x=55. In the third step, subtract the answer of the first part from the…arrow_forwardIf a uniform distribution is defined over the interval from 6 to 10, then answer the followings: What is the mean of this uniform distribution? Show that the probability of any value between 6 and 10 is equal to 1.0 Find the probability of a value more than 7. Find the probability of a value between 7 and 9. The closing price of Schnur Sporting Goods Inc. common stock is uniformly distributed between $20 and $30 per share. What is the probability that the stock price will be: More than $27? Less than or equal to $24? The April rainfall in Flagstaff, Arizona, follows a uniform distribution between 0.5 and 3.00 inches. What is the mean amount of rainfall for the month? What is the probability of less than an inch of rain for the month? What is the probability of exactly 1.00 inch of rain? What is the probability of more than 1.50 inches of rain for the month? The best way to solve this problem is begin by creating a chart. Clearly mark the range, identifying the lower and upper…arrow_forward
- Problem 1: The mean hourly pay of an American Airlines flight attendant is normally distributed with a mean of 40 per hour and a standard deviation of 3.00 per hour. What is the probability that the hourly pay of a randomly selected flight attendant is: Between the mean and $45 per hour? More than $45 per hour? Less than $32 per hour? Problem 2: The mean of a normal probability distribution is 400 pounds. The standard deviation is 10 pounds. What is the area between 415 pounds and the mean of 400 pounds? What is the area between the mean and 395 pounds? What is the probability of randomly selecting a value less than 395 pounds? Problem 3: In New York State, the mean salary for high school teachers in 2022 was 81,410 with a standard deviation of 9,500. Only Alaska’s mean salary was higher. Assume New York’s state salaries follow a normal distribution. What percent of New York State high school teachers earn between 70,000 and 75,000? What percent of New York State high school…arrow_forwardPls help asaparrow_forwardSolve the following LP problem using the Extreme Point Theorem: Subject to: Maximize Z-6+4y 2+y≤8 2x + y ≤10 2,y20 Solve it using the graphical method. Guidelines for preparation for the teacher's questions: Understand the basics of Linear Programming (LP) 1. Know how to formulate an LP model. 2. Be able to identify decision variables, objective functions, and constraints. Be comfortable with graphical solutions 3. Know how to plot feasible regions and find extreme points. 4. Understand how constraints affect the solution space. Understand the Extreme Point Theorem 5. Know why solutions always occur at extreme points. 6. Be able to explain how optimization changes with different constraints. Think about real-world implications 7. Consider how removing or modifying constraints affects the solution. 8. Be prepared to explain why LP problems are used in business, economics, and operations research.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
MATLAB: An Introduction with ApplicationsStatisticsISBN:9781119256830Author:Amos GilatPublisher:John Wiley & Sons Inc
Probability and Statistics for Engineering and th...StatisticsISBN:9781305251809Author:Jay L. DevorePublisher:Cengage Learning
Statistics for The Behavioral Sciences (MindTap C...StatisticsISBN:9781305504912Author:Frederick J Gravetter, Larry B. WallnauPublisher:Cengage Learning
Elementary Statistics: Picturing the World (7th E...StatisticsISBN:9780134683416Author:Ron Larson, Betsy FarberPublisher:PEARSON
The Basic Practice of StatisticsStatisticsISBN:9781319042578Author:David S. Moore, William I. Notz, Michael A. FlignerPublisher:W. H. Freeman
Introduction to the Practice of StatisticsStatisticsISBN:9781319013387Author:David S. Moore, George P. McCabe, Bruce A. CraigPublisher:W. H. Freeman
MATLAB: An Introduction with Applications
Statistics
ISBN:9781119256830
Author:Amos Gilat
Publisher:John Wiley & Sons Inc
Probability and Statistics for Engineering and th...
Statistics
ISBN:9781305251809
Author:Jay L. Devore
Publisher:Cengage Learning
Statistics for The Behavioral Sciences (MindTap C...
Statistics
ISBN:9781305504912
Author:Frederick J Gravetter, Larry B. Wallnau
Publisher:Cengage Learning
Elementary Statistics: Picturing the World (7th E...
Statistics
ISBN:9780134683416
Author:Ron Larson, Betsy Farber
Publisher:PEARSON
The Basic Practice of Statistics
Statistics
ISBN:9781319042578
Author:David S. Moore, William I. Notz, Michael A. Fligner
Publisher:W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:9781319013387
Author:David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:W. H. Freeman
Mod-01 Lec-01 Discrete probability distributions (Part 1); Author: nptelhrd;https://www.youtube.com/watch?v=6x1pL9Yov1k;License: Standard YouTube License, CC-BY
Discrete Probability Distributions; Author: Learn Something;https://www.youtube.com/watch?v=m9U4UelWLFs;License: Standard YouTube License, CC-BY
Probability Distribution Functions (PMF, PDF, CDF); Author: zedstatistics;https://www.youtube.com/watch?v=YXLVjCKVP7U;License: Standard YouTube License, CC-BY
Discrete Distributions: Binomial, Poisson and Hypergeometric | Statistics for Data Science; Author: Dr. Bharatendra Rai;https://www.youtube.com/watch?v=lHhyy4JMigg;License: Standard Youtube License