# Solution Manual for Essentials of Business Analytics 3rd Edition

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## Solution Manual for Essentials of Business Analytics 3rd Edition by Camm

##### CHAPTER 1 SM NOT EXISTENTChapter 2

Descriptive Statistics

Case Problem:  Heavenly Chocolates Website Traffic

1. Descriptive statistics for the time spent on the website, number of pages viewed, and amount spent are shown below.

 Time (min) Pages Viewed Amount Spent (\$) Mean 12.8 4.8 68.13 Median 11.4 4.5 62.15 Standard Deviation 6.06 2.04 32.34 Range 28.6 8 140.67 Minimum 4.3 2 17.84 Maximum 32.9 10 158.51 Sum 640.5 241 3406.41

The mean time a shopper is on the Heavenly Chocolates website is 12.8 minutes, with a minimum time of 4.3 minutes and a maximum time of 32.9 minutes.  The following histogram demonstrates that the data are skewed to the right.

The meannumber of pages viewed during a visit is 4.8 pages with a minimun of 2 pages and a maximum of 10 pages A histogram of the number of pages viewed indicates that the data are slightly skewed to the right.

The mean amount spent for an on-line shopper is \$68.13 with a minimum amount spent of \$17.84 and a maximum amount spent of \$158.51.  The following histogram indicates that the data are skewed to the right.

1. Summary by Day of Week

 Day of Week Frequency Total Amount Spent (\$) Average Amount Spent (\$) Sunday 5 218.15 43.63 Monday 9 813.38 90.38 Tuesday 7 414.86 59.27 Wednesday 6 341.82 56.97 Thursday 5 294.03 58.81 Friday 11 945.43 85.95 Saturday 7 378.74 54.11 Total 50 3406.41 68.13

The above summary shows that Monday and Friday are the best days in terms of both the total amount spent and the averge amount spent per transaction. Friday had the most purchases (11) and the highest value for total amount spent (\$945.43). Monday, with nine transactions, had the highest average amount spent per transaction (\$90.38).  Sunday was the worst sales day of the week in terms of number of transactions (5), total amount spent (\$218.15), and average amount spent per transaction (\$43.63). However, the sample size for each day of the week are very small, with only Friday having more than ten transactions. We would suggest a larger sample size be taken before recommending any specific stratgegy based on the day of week statistics.

1. Summary by Type of Browser

 Browser Frequency Total Amount Spent (\$) Average Amount Spent (\$) Firefox 16 1228.21 76.76 Chrome 27 1656.81 61.36 Other 7 521.39 74.48

Chrome was used by 27 of the 50 shoppers (54%).But, the average amount spent spent bycustomers who used Chrome (\$61.36)is less than the average amount spent by customers who used Firefox (\$76.76) or some other type of browser (\$74.48). This result would suggest targeting special promotion offers to Firefox users or users of other types of browsers. But, before recommending  any specific strategies based upon the type of browser, we would suggest taking a larger smaple size.

1. A scatter diagram showing the relationship between time spent on the website and the amount spent follows:

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## Solution Manual for Essentials of Business Analytics 3rd Edition by Camm

##### CHAPTER 1 SM NOT EXISTENT Chapter 2
Descriptive Statistics   Case Problem:  Heavenly Chocolates Website Traffic
1. Descriptive statistics for the time spent on the website, number of pages viewed, and amount spent are shown below.

 Time (min) Pages Viewed Amount Spent (\$) Mean 12.8 4.8 68.13 Median 11.4 4.5 62.15 Standard Deviation 6.06 2.04 32.34 Range 28.6 8 140.67 Minimum 4.3 2 17.84 Maximum 32.9 10 158.51 Sum 640.5 241 3406.41
The mean time a shopper is on the Heavenly Chocolates website is 12.8 minutes, with a minimum time of 4.3 minutes and a maximum time of 32.9 minutes.  The following histogram demonstrates that the data are skewed to the right.   The meannumber of pages viewed during a visit is 4.8 pages with a minimun of 2 pages and a maximum of 10 pages A histogram of the number of pages viewed indicates that the data are slightly skewed to the right.       The mean amount spent for an on-line shopper is \$68.13 with a minimum amount spent of \$17.84 and a maximum amount spent of \$158.51.  The following histogram indicates that the data are skewed to the right.
1. Summary by Day of Week

 Day of Week Frequency Total Amount Spent (\$) Average Amount Spent (\$) Sunday 5 218.15 43.63 Monday 9 813.38 90.38 Tuesday 7 414.86 59.27 Wednesday 6 341.82 56.97 Thursday 5 294.03 58.81 Friday 11 945.43 85.95 Saturday 7 378.74 54.11 Total 50 3406.41 68.13
The above summary shows that Monday and Friday are the best days in terms of both the total amount spent and the averge amount spent per transaction. Friday had the most purchases (11) and the highest value for total amount spent (\$945.43). Monday, with nine transactions, had the highest average amount spent per transaction (\$90.38).  Sunday was the worst sales day of the week in terms of number of transactions (5), total amount spent (\$218.15), and average amount spent per transaction (\$43.63). However, the sample size for each day of the week are very small, with only Friday having more than ten transactions. We would suggest a larger sample size be taken before recommending any specific stratgegy based on the day of week statistics.
1. Summary by Type of Browser

 Browser Frequency Total Amount Spent (\$) Average Amount Spent (\$) Firefox 16 1228.21 76.76 Chrome 27 1656.81 61.36 Other 7 521.39 74.48
Chrome was used by 27 of the 50 shoppers (54%).But, the average amount spent spent bycustomers who used Chrome (\$61.36)is less than the average amount spent by customers who used Firefox (\$76.76) or some other type of browser (\$74.48). This result would suggest targeting special promotion offers to Firefox users or users of other types of browsers. But, before recommending  any specific strategies based upon the type of browser, we would suggest taking a larger smaple size.
1. A scatter diagram showing the relationship between time spent on the website and the amount spent follows:

## Test Bank for Essentials of Psychiatric Mental Health Nursing 3rd Edition by Varcarolis

Unit I: Essential Theoretical Concepts for Practice 1. Practicing the Science and the Art of Psychiatric Nursing 2. Mental Health and Mental Illness 3. Theories and Therapies 4. Biological Basis for Understanding Psychopharmacology 5. Settings for Psychiatric Care 6. Legal and Ethical Basis for Practice Unit II: Tools for Practice of the Art 7. Nursing Process and QSEN: The Foundation for Safe and Effective Care 8. Skills: Medium for All Nursing Practice 9. Therapeutic Relationships and the Clinical Interview Unit III: Caring for Patients with Psychobiological Disorders 10. Stress and Stress-Related Disorders 11. Anxiety, Anxiety Disorders, and Obsessive-Compulsive Disorders 12. Somatic Symptom Disorders and Related Disorders 13. Personality Disorders 14. Eating Disorders 15. Mood Disorders: Depression 16. Bipolar Spectrum Disorders 17. Schizophrenia Spectrum Disorders and Other Psychotic Disorders 18. Neurocognitive Disorders 19. Substance-Related and Addictive Disorders Unit IV: Caring for Patients Experiencing Psychiatric Emergencies 20. Crisis and Mass Disaster 21. Child, Partner, and Elder Violence 22. Sexual Violence 23. Suicidal Thoughts and Behaviors 24. Anger, Aggression, and Violence 25. Care for the Dying and Those Who Grieve Unit V: Age-Related Mental Health Disorders 26. Children and Adolescents 27. Adults 28. Older Adults

## Solution Manual for Business Statistics 3rd Edition by Jaggia

Chapter 01 - Statistics and Data 1-1 Solution Manual for Business Statistics  © 2019 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. Chapter 1. Statistics and Data Solutions 1. a. The population is all iPhone 4 users. b. Sample statistics 2. The value 35 is the estimated average age of the population. It is both costly and time consuming (likely impossible) to take a census of all video game players and compute the actual average age. 3. a. The population is all students enrolled in the accounting class. b. The value 3.29 represents the population parameter since we are not choosing a sample but drawing results from the actual population. 4. a. The population is all marketing managers. b. No, the average salary is a sample statistic computed from a sample, not the population. 5. a. The population is all elderly people. The sample consists of 949 elderly people. b. 22% and 17% represent the sample statistics. Chapter 01 - Statistics and Data 1-2 © 2019 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. 6. Date Adj. Close Price 1/4/2016 27.99 2/1/2016 28.26 3/1/2016 30.83 4/1/2016 29.82 5/2/2016 29.31 6/1/2016 30.76 7/1/2016 30.43 8/1/2016 30.52 9/1/2016 29.17 10/3/2016 28.65 11/1/2016 30.29 12/1/2016 31.35 Source: Monthly Adj Close Price in 2016 from http://www.finance.yahoo.com. Retrieved March 19, 2017. These numbers represent time series data. The adjusted close price of the stock grew over this 12-month period, ranging from a low of \$27.99 in January and increasing to \$31.35 by December. 7. Note: Individual answers will vary. This is an example of what an answer may look like. Accommodation Monthly Expenses Dorm \$435 Dorm \$480 Rental \$505 Other \$50 Rental \$600 Dorm \$425 Rental \$525 Other \$550 Other \$325 Dorm \$385 Rental \$475 Dorm \$400 Dorm \$485 Rental \$485 Other \$475 Dorm \$425 Rental \$500 Dorm \$375 Rental \$625 Other \$350 Chapter 01 - Statistics and Data 1-3 © 2019 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. This data is cross-sectional data because it can be assumed to be taken at the same point in time. The monthly lodging expenses ranges from a low of \$50 to a high of \$625. The average expense is \$443.75. 8. Note: The data for this website changes regularly. Therefore, individual answers will differ depending on the date the data is retrieved. This is an example of what the table may look like: Homes Price Number of Beds Square Feet Built 1 \$374,900.00 3 3073 2004 2 \$112,000.00 4 1788 2005 3 \$190,000.00 3 1467 2009 4 \$160,000.00 4 1891 2000 5 \$30,000.00 3 1026 1977 6 \$317,000.00 4 3465 2004 7 \$62,000.00 3 1362 1973 8 \$120,000.00 3 2005 2002 9 \$289,324.00 3 1705 2008 10 \$355,000.00 4 3648 2001 11 \$65,000.00 2 1296 1976 12 \$33,000.00 4 1696 1987 13 \$110,000.00 3 1376 2000 14 \$310,000.00 5 3716 2001 15 \$75,000.00 3 1230 2004 16 \$60,000.00 3 1285 2004 17 \$140,000.00 4 2217 2003 18 \$178,000.00 4 1967 1998 19 \$226,000.00 1 533 2006 20 \$128,000.00 3 1483 2006 Source: http://zillow.com/; Retrieved August 20, 2012. The data above is cross-sectional data. The data represents characteristics of homes sold at approximately the same time of the year. 9. DATE GPSAVE Q1.2012 3631.8 Q2.2012 3667.5 Q3.2012 3653.8 Q4.2012 3750.2 Q1.2013 3417.8 Q2.2013 3252.1 Chapter 01 - Statistics and Data 1-4 The Morningstar’s based rating system is measured on an ordinal scale. The values can be ranked and categorized but the differences between ranks are meaningless. The data shows that 25 of the 30 (approximately 83%) of the companies have a two or three-star rating. Only 5 of the 30 companies have a four-star rating. None of the companies has a one-star or a five-star rating. c. The Stock Price data is measured on a ratio scale. This type of scale is the strongest form of measurement. There is a true zero point which allows for the calculation of meaningful ratios between values.

## Solution Manual for The Practice of Statistics for Business and Economics 4th Edition by Moore

Chapter 1 The Demand for Audit and Other Assurance Services
•  The Practice of Statistics for Business and Economics  Concept Checks

1. 8

1. To do an audit, there must be information in a verifiable form and some standards (criteria) by which the auditor can evaluate the information. Determining the degree of correspondence between information and established criteria is determining whether a given set of information is in accordance with the established criteria. For an audit of a company’s financial statements the criteria are U.S. generally accepted accounting principles or International Financial Reporting Standards.

1. The four primary causes of information risk are remoteness of information, biases and motives of the provider, voluminous data, and the existence of complex exchange transactions.
The three main ways to reduce information risk are:
1. User verifies the information.
2. User shares the information risk with management.
3. Audited financial statements are provided.

1. 16

1. The three main types of audits are operational audits, compliance audits, and financial statement audits. The table below summarizes the purposes and nature of each type of audit.
Concept Checks (continued)
 OPERATIONAL AUDITS COMPLIANCE AUDITS AUDITS OF FINANCIAL STATEMENTS USERS OF AUDIT REPORT Management of organization Authority that established rules, regulations, and procedures, either internal or external to auditee Different groups for different purposes — many outside entities NATURE Highly nonstandard; often subjective Not standardized, but specific and usually objective Highly standardized PERFORMED BY: CPAs Frequently Occasionally Almost universally GAO AUDITORS Frequently Frequently Occasionally IRS AUDITORS Never Universally Never INTERNAL AUDITORS Frequently Frequently Frequently*
* Internal auditors may assist CPAs in the audit of financial statements. Internal auditors may also audit internal financial statements for use by management.
1. The major differences in the scope of audit responsibilities for CPAs, GAO auditors, IRS agents, and internal auditors are:

• CPAs perform audits of financial statements prepared using S. GAAP or IFRSin accordance with auditing standards.
• GAO auditors perform compliance or operational audits in order to assure the Congress of the expenditure of public funds in accordance with its directives and the law.
• IRS agents perform compliance audits to enforce the federal tax laws as defined by Congress, interpreted by the courts, and regulated by the IRS.
• Internal auditors perform compliance or operational audits in order to assure management or the board of directors that controls and policies are properly and consistently developed, applied, and

## Solution Manual for Statistical Techniques in Business and Economics, 17th Edition

Statistical Techniques in Business Other ISBNs of this Book: Statistical Techniques in Business and EconomicsISBN10: 1259924084 | ISBN13: 9781259924088 Statistical Techniques in Business and EconomicsISBN10: 1260152642 | ISBN13: 9781260152647 Statistical Techniques in Business and EconomicsISBN10: 1260044750 | ISBN13: 9781260044751 Contents 1. What Is Statistics? 2. Describing Data: Frequency Tables, Frequency Distributions, and Graphic Presentation 3. Describing Data: Numerical Measures 4. Describing Data: Displaying and Exploring Data 5. A Survey of Probability Concepts 6. Discrete Probability Distributions 7. Continuous Probability Distributions 8. Sampling Methods and the Central Limit Theorem 9. Estimation and Confidence Intervals 10. One-Sample Tests of Hypothesis 11. Two-Sample Tests of Hypothesis 12. Analysis of Variance 13. Correlation and Linear Regression 14. Multiple Regression Analysis 15. Nonparametric Methods: Nominal Level Hypothesis Tests 16. Nonparametric Methods: Analysis of Ordinal Data 17. Index Numbers 18. Time Series and Forecasting 19. Statistical Process Control and Quality Management 20. An Introduction to Decision Theory
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