Essentials of Business Analytics (MindTap Course List)

2nd Edition

ISBN: 9781305627734

Author: Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher: Cengage Learning

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

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Textbook Question

Chapter 6, Problem 6P

In this chapter we showed how a simple random sample of 30 EAI employees can be used to develop point estimates of the population mean annual salary, the population standard deviation for annual salary, and the population proportion having completed the management training program.

a. Use Excel to select a simple random sample of 50 EAI employees.
b. Develop a point estimate of the mean annual salary.
c. Develop a point estimate of the population standard deviation for annual salary.
d. Develop a point estimate of the population proportion having completed the management training program.

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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Chapter 6, Problem 5P

Chapter 6, Problem 7P

Chapter 6 Solutions

Essentials of Business Analytics (MindTap Course List)

Ch. 6 - The American League consists of 15 baseball teams....Ch. 6 - The U.S. Golf Association is considering a ban on...Ch. 6 - A simple random sample of 5 months of sales data...Ch. 6 - Morningstar publishes ratings data on 1,208...Ch. 6 - One of the questions in the Pew Internet &...Ch. 6 - In this chapter we showed how a simple random...Ch. 6 - The College Board reported the following mean...Ch. 6 - Prob. 8P Ch. 6 - The Economic Policy Institute periodically issues...Ch. 6 - The state of California has a mean annual rainfall...

Ch. 6 - The president of Doerman Distributors, Inc.,...Ch. 6 - Prob. 12P Ch. 6 - People end up tossing 12% of what they buy at the...Ch. 6 - Prob. 14P Ch. 6 - The International Air Transport Association...Ch. 6 - Prob. 16P Ch. 6 - Health insurers are beginning to offer...Ch. 6 - The average annual premium for automobile...Ch. 6 - Prob. 19P Ch. 6 - According to Thomson Financial, last year the...Ch. 6 - The Pew Research Center Internet Project conducted...Ch. 6 - For many years businesses have struggled with the...Ch. 6 - The manager of the Danvers-Hilton Resort Hotel...Ch. 6 - The manager of an automobile dealership is...Ch. 6 - A production line operation is designed to fill...Ch. 6 - Because of high production-changeover time and...Ch. 6 - Duke Energy reported that the cost of electricity...Ch. 6 - Prob. 28P Ch. 6 - Carpetland salespersons average 8,000 per week in...Ch. 6 - Suppose a new production method will be...Ch. 6 - Prob. 31P Ch. 6 - A shareholders’ group, in lodging a protest,...Ch. 6 - Prob. 33P Ch. 6 - Prob. 34P Ch. 6 - Prob. 35P Ch. 6 - According to the National Automobile Dealers...Ch. 6 - What percentage of the population live in their...Ch. 6 - Prob. 38P Ch. 6 - Ten years ago 53% of American families owned...Ch. 6 - Prob. 40P Ch. 6 - Prob. 41P Ch. 6 - Prob. 42P Ch. 6 - The Port Authority sells a wide variety of cables...Ch. 6 - The Port Authority also wants to determine if the...Ch. 6 - Prob. 1C

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Solution Summary: The author explains how to obtain a simple random sample of 50 EAI Employees.

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Chapter 6 Solutions