Math 533 ( Applied Managerial Statistics ) Final Exam Answers

MATH 533 ( Applied Managerial Statistics ) Final Exam Answers
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MATH 533 Final Exam Set 1

1. (TCO D) PuttingPeople2Work has a growing business placing out-of-work MBAs. They claim they can place a client in a job in their field in less than 36 weeks. You are given the following data from a sample.
Sample size: 100
Population standard deviation: 5
Sample mean: 34.2
Formulate a hypothesis test to evaluate the claim. (Points : 10)
Ho: µ = 36; Ha: µ ≠ 36
Ho: µ ≥ 36; Ha: µ < 36
Ho: µ ≤ 34.2; Ha: µ > 34.2
Ho: µ > 36; Ha: µ ≤ 36
Ans. b.
H0 must always have equal sign, < 36 weeks

2. (TCO B) The Republican party is interested in studying the number of republicans that might vote in a particular congressional district. Assume that the number of voters is binomially distributed by party affiliation (either republican or not republican). If 10 people show up at the polls, determine the following:
Binomial distribution
10 n
0.5 p

X P(X) cumulative
probability
0 0.00098 0.00098
1 0.00977 0.01074
2 0.04395 0.05469
3 0.11719 0.17188
4 0.20508 0.37695
5 0.24609 0.62305
6 0.20508 0.82813
7 0.11719 0.94531
8 0.04395 0.98926
9 0.00977 0.99902
10 0.00098 1.00000
What is the probability that no more than four will be republicans? (Points : 10)
38%
12%
21%
62%
Ans. a
look at x=4, cumulative probability

3. (TCO A) Company ABC had sales per month as listed below. Using the Minitab output given, determine:
(A)   Range (5 points);
(B)   Median (5 points); and
(C)   The range of the data that would contain 68% of the results. (5 points).
Raw data: sales/month (Millions of $)
23
45
34
34
56
67
54
34
45
56
23
19
Descriptive Statistics: Sales
Variable Total...