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Statistical Analysis and Hypothesis Testing: A Comprehensive Assessment of Sales, Probabilities, Confidence Intervals, and Hypothesis Tests

Covers probability, confidence intervals, and hypothesis testing in sales.

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    Statistical Analysis and Hypothesis Testing: A Comprehensive Assessment of Sales, Probabilities, Confidence Intervals, and Hypothesis Tests 1. (TCO A) Seventeen salespeople reported the following number of sales calls completed last month. 72 93 82 81 82 97 102 107 119 86 88 91 83 93 73 100 102 a. Compute the mean, median, mode, and standard deviation, Q1, Q3, Min, and Max for the above sample data on number of sales calls per month. The required values are given below, b. In the context of this situation, interpret the Median, Q1, and Q3. (Points : 33) The median is the middlemost value of the ordered data. Here the median is 91 which tells us that 50%(or more) of the values are less than equal to 91 and 50%(or more) are more than equal to the value 91 for the given data. Similarly for Q1, 25% (or more) are less than equal to 82 and 7 5%(or more) are more than equal to 82. And for the 3 rd quartile or Q3 the interpretation is same (its 75% less than and 25% more than). 2. (TCO B) Consider the following data on newly hired entry - level employees in relation to how many previous positions they have held and which part of the country they were born. Mean 91.2353 Median 91 Mode 93 Standard Deviation 12.3770 Q1 82 Q3 100 Min 72 Max 119

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    If you choose one person at random, then find the probability that the person a. had 0 previous positions. Required Probability = 11 50 b. is from the West and had three or more previous positions. Required Probability = 5 50 = 0 . 1 c. had only one previous position, given that the person is from the Midwest. (Points : 18) Required Probability = 9 18 = 0 . 5 3. (TCO B) SILCHIPS corporation is a larger manufacturer of widgets. Historically, they have maintained a defective rate of 1.8%. You purchase 100 widgets (which represents a random sample). Find the probability that a. exactly three are defective. Required Probability = 0 . 1607 b. at least five are defective. Required Probability = 0 . 0364 c. fewer than four are defective. (Points : 18) Required Probability = 0 . 8913 4. (TCO B) At a local supermarket the monthly customer expenditure follows a normal distribution with a mean of $495 and a standard deviation of $121. a. Find the probability that the monthly customer expenditure is less than $300 for a randomly selected customer. East Midwest West Total 0 3 7 1 11 1 5 9 7 21 2 2 2 8 12 3 or more 1 0 5 6 Total 11 18 21 50

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