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
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
Solution Manual for The Practice of Statistics for Business and Economics 4th Edition by Moore
Chapter 1: Examining Distributions Practice of Statistics for Business and Economics
1.1 The value of the coupon is computed by subtracting the DiscPrice from the RegPrice. It is quantitative
because arithmetic operations, like the average value, would make sense.
1.2 The regular price for the Smokey Grill Ribs coupon is 20, the discount price is 11.
1.3 Who: The cases are coupons, there are 7 cases. What: There are 6 variables—ID, Type, Name, Item,
RegPrice, and DiscPrice. Only RegPrice and DiscPrice have units in dollars. Why: The data might be
used to compare coupons to one another to see which are better. We would not want to draw conclusions
about other coupons not listed.
1.4 The cases are apartments. There are 5 variables: Monthly rent-quantitative, Fitness center-categorical,
Pets allowed-categorical, # of Bedrooms-quantitative, Distance to campus-quantitative.
1.5 (a) If you were interested in attending a large college, you would want to know the number of
graduates. (b) If you were interested in making sure you graduate, you would want to know the
1.6 (a) The cases are summer jobs. (b) Variables might include: position, company, hourly wage, whether
the job is on or off campus, hours per week, other answers are possible. (c) position—categorical,
company-categorical, hourly wage-quantitative, on or off campus-categorical, hours per weekquantitative, other answers are possible. (d) We could use a number as a label. The reason for doing so is
there could be several jobs with the same company or position that you would need to differentiate from
one another. (e) Who: part (a) answer, What: part (b) and (c), Why: To compile a list of available summer
jobs and possibly compare them. We would not want to draw conclusions about other jobs not listed.
1.7 (a) The cases are employees. (b) Employee identification number—label, last name—label, first
name—label, middle initial—label, department—categorical, number of years—quantitative, salary—
quantitative, education—categorical, age—quantitative. (c) Sample data would vary.
1.8 Answers will vary.
1.9 (a) Quantitative. (b) Quantitative. (c) Quantitative. (d) Quantitative. (e) Categorical. (f) Categorical.
For all quantitative variables, numerical summaries would be meaningful; for categorical variables,
numerical summaries are NOT meaningful.
2 Chapter 1 Examining Distributions
1.10 Answers will vary. 1. Rate the customer service of the restaurant—quantitative 2. Is this your first
visit to our restaurant—categorical 3. If not, how many times per month do you visit our restaurant—
quantitative 4. Would you recommend our restaurant to a friend—categorical 5. Do you think our dish
prices are expensive, about right, inexpensive—categorical 6. Rate the taste quality of food you ate
today—quantitative. For all quantitative variables numerical summaries would be meaningful, for
categorical variables, numerical summaries are NOT meaningful.
1.11 Answers will vary. 1. How many hours per week do you study—quantitative, hours 2. How many
nights per week do you study usually—quantitative, nights 3. Do you usually study alone or with
others—categorical 3. Do you feel like you study too much, about right, not enough—categorical.
1.12 Answers and reasons will vary. Examples include: current enrollment, average time to graduate,
graduation rate, job placement percentage, etc.
1.13 (a) The states are the cases. (b) The name of the state is the label variable. (c) Number of students
from the state who attend college—quantitative, number of students who attend college in their home
state—quantitative. (d) Answers will vary. This would tell you which states have large percentages of
students that like to stay “at home” versus small percentages, which indicate students’ preference to leave
home to attend college.
1.14 Each state could be divided as a percentage of the total of the nation’s fatalities to show state
differences; the disadvantage is that states with more population would have a higher number of fatalities.
Instead, each state’s fatalities could be divided by the state population to get a percentage for each state;
this would be a better way to compare state-to-state rates of drunk driving fatalities.
1.15 Answers may vary. The pie chart does a better job because it shows the dominance of Google as a
source, filling almost three-quarters of the pie.
1.16 Answers may vary. It is probably a good idea to round; most of the time we just need an idea of what
the data are telling us.
1.17 The Cost Centers would include, Parts and materials, Manufacturing equipment, Salaries,
Maintenance, and Office lease. We need to include Office lease even though it gives more than 80%,
because otherwise we would only have the top 75% according to the data. So, to get the other 5%, we
need to put Office lease in, giving us 82.12% total.
Solution Manual for The Practice of Statistics for Business and Economics 4th Edition by Moore
The Demand for Audit and Other Assurance Services
- The Practice of Statistics for Business and Economics Concept Checks
- 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.
The three main ways to reduce information risk are:
- 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.
- User verifies the information.
- User shares the information risk with management.
- Audited financial statements are provided.
Concept Checks (continued)
- 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.
* Internal auditors may assist CPAs in the audit of financial statements. Internal auditors may also audit internal financial statements for use by management.
|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
||Highly nonstandard; often subjective
||Not standardized, but specific and usually objective
- 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 Modern Business Statistics with Microsoft Excel 6th Edition by Anderson
Descriptive Statistics: Tabular and Graphical Displays
Case Problem 1: Pelican Stores
- There were 70 Promotional customers and 30 Regular customers. Percent frequency distributions for many of the variables are given.
|No. of Items
|7 or more
|0.00 - 24.99
|25.00 - 49.99
|50.00 - 74.99
|75.00 - 99.99
|100.00 - 124.99
|125.00 - 149.99
|150.00 - 174.99
|175.00 - 199.99
|200 or more
|Method of Payment
These percent frequency distributions provide a profile of Pelican's customers. Many observations are possible, including:
- A large majority of the customers use National Clothing’s proprietary credit card.
- The percent frequency distribution of net sales shows that 61% of the customers spent $50 or more.
- Customers are distributed across all adult age groups.
- The overwhelming majority of customers are female.
- Most of the customers are married.
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Solution Manual for Business Statistics 9th Edition by Black
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CHAPTER 1 SM NOT EXISTENT
Case Problem: Heavenly Chocolates Website Traffic
- Descriptive statistics for the time spent on the website, number of pages viewed, and amount spent are shown below.
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 $158.51. The following histogram indicates that the data are skewed to the right.
||Amount Spent ($)
- Summary by Day of Week
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 ($43.63). However, the sample size for each day of the week are very small, with only Friday having more than ten transactions. We would suggest a larger sample size be taken before recommending any specific stratgegy based on the day of week statistics.
||Day of Week
||Total Amount Spent ($)
||Average Amount Spent ($)
- Summary by Type of Browser
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 ($74.48). This result would suggest targeting special promotion offers to Firefox users or users of other types of browsers. But, before recommending any specific strategies based upon the type of browser, we would suggest taking a larger smaple size.
||Total Amount Spent ($)
||Average Amount Spent ($)
- A scatter diagram showing the relationship between time spent on the website and the amount spent follows: