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Analysis of Probability Distributions and Statistical Estimations Using Normal and Binomial Distributions

A solved assignment analyzing probability distributions in statistics.

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    Analysis of Probability Distributions and Statistical Estimations Using Normal and Binomial Distributions 1. Open the Excel fi le GolfIncome.xlsx. The data represent income (in thou - sands of dollars) earned by a population of 40 professional golfers from their endorsement deals. Assume that the data follow a normal distribution. Using the NORM.DIST and NORM.INV functions, determine the following: (a) What is the probability that a golfer earned more than 3, 000 thousand dollars? The required probability = 0.6873 (b) What is the probability that a golfer earned between 4,000 and 6,000 thousand dollars? The required probability = 0. 2978 (c) How much did a golfer have to earn to be in the top 25% of the income bracket? The required cut - off value = $5,893.592 thousands = $5,893,592 d. What is the probability that a golfer earned less than 2, 000 thousand dollars? The required probability = 0. 1867 2. (Comparing random samples and populations). Open the Excel fi le EAI.xlsx. The data show the annual salary for all 2, 500 managers in one company. Construct a random sample of 100 managers and answer the following questions. (a) Find a point estimate of the mean annual salary from the random sample you have constructed. The point estimate of the mean annual salary from the random sample constructed is the sample mean. 𝝁 ෝ = 𝑿 ΰ΄₯ = $ πŸ“πŸ , πŸ“πŸπŸ• . πŸπŸ— (b) Find a point estimate of the population standard deviation for annual salary from the random sample you have constructed. The point estimate of the population standard deviation for annual salary from the random sample constructed is the sample standard deviation .

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