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The document contains 7 questions about business statistics concepts. It includes questions about analyzing data from files on compact SUVs, median household income by state, and NFL team values. The questions cover topics like identifying variable types, calculating probabilities, constructing charts, and working with binomial distributions.

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7 views

Assignment

The document contains 7 questions about business statistics concepts. It includes questions about analyzing data from files on compact SUVs, median household income by state, and NFL team values. The questions cover topics like identifying variable types, calculating probabilities, constructing charts, and working with binomial distributions.

Uploaded by

rida84377
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Institute of Business Administration, University of the Punjab

BBA202: BUSINESS STATISTICS -I


Course Instructor: Dr. Humaira Asad
ASSIGNMENT: 01; SUBMISSION DEADLINE: 19 April 2024

Q1. Consumer Reports evaluates products for consumers. The file CompactSUV (file is
attached) contains the data shown in Table 1.8 for 15 compact sports utility vehicles (SUVs)
from the 2018 model line (Consumer Reports website). The file contains data on the
following variables:
Make—manufacturer
Model—name of the model
Overall score—awarded based on a variety of measures, including those in this data set
Recommended—Consumer Reports recommends the vehicle or not
Owner satisfaction—satisfaction on a five-point scale based on the percentage of owners
who would purchase the vehicle again (- -, -, 0, +, + +).
Overall miles per gallon—miles per gallon achieved in a 150-mile test trip Acceleration (0–60
sec)—time in seconds it takes vehicle to reach 60 miles per hour from a standstill with the
engine idling
a. How many variables are in the data set?
b. Which of the variables are categorical, and which are quantitative?
c. What percentage of these 15 vehicles are recommended?
d. What is the average of the overall miles per gallon across all 15 vehicles?
e. For owner satisfaction, construct a bar chart similar to Figure 1.4.
f. Show the frequency distribution for acceleration using the following intervals:
7.0–7.9, 8.0–8.9, 9.0–9.9, and 10.0–10.9. Construct a histogram similar to Figure 1.5.

Q2. Many service companies collect data via a followup survey of their customers. For
example, to ascertain customer sentiment, Delta Air Lines sends an e-mail to customers
immediately following a flight. Among other
questions, Delta asks:
How likely are you to recommend Delta Air Lines to others?
The possible responses are:
Definitely Probably May or May Probably Will Definitely Will

Will ❍ Will ❍ Not ❍ Not ❍ Not❍


a. Are the data collected by Delta in this example quantitative or categorical?
b. What measurement scale is used?

Q3. The file MedianHousehold (file is attached) contains the median household income for a
family with two earners for each of the fifty states (American Community Survey, 2013).
a. Construct a frequency and a percent frequency distribution of median household income.
Begin the first class at 65.0 and use a class width of 5.
b. Construct a histogram.
c. Comment on the shape of the distribution.
d. Which state has the highest median income for two-earner households?

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e. Which state has the lowest median income for two-earner households?

Q4. In 2014, the 32 teams in the National Football League (NFL) were worth, on average,
$1.17 billion, 5% more than in 2013. The following data show the annual revenue ($ millions)
and the estimated team value ($ millions) for the 32 NFL teams in 2014 (Forbes website).
Data is provided in the file NFLTeamValue.
a. Develop a scatter diagram with Revenue on the horizontal axis and Value on the vertical
axis. Does there appear that there is any relationship between the two variables?
b. What is the sample correlation coefficient? What can you say about the strength of the
relationship between Revenue and Value?

Q5. A financial manager made two new investments— one in the oil industry and one in
municipal bonds. After a one-year period, each of the investments will be classified as either
successful or unsuccessful. Consider the
making of the two investments as an experiment.
a. How many sample points exist for this experiment?
b. Show a tree diagram and list the sample points.
c. Let O = the event that the oil industry investment is successful and M = the event that the
municipal bond investment is successful. List the sample points in O and in M.
d. List the sample points in the union of the events (O ⋃ M).
e. List the sample points in the intersection of the events (O ⋂ M).
f. Are events O and M mutually exclusive? Explain.

Q6. An oil company purchased an option on land in Alaska. Preliminary geologic studies
assigned the following prior probabilities. P(high-quality oil) = 0.50; P(medium-quality oil) =
0.20; P(no oil) = 0.30
a. What is the probability of finding oil?
b. After 200 feet of drilling on the first well, a soil test is taken. The probabilities of finding the
particular type of soil identified by the test follow.
P(soil | high-quality oil) = 0.20; P(soil | medium-quality oil) = 0.80; P(soil | no oil) = 0.20
How should the firm interpret the soil test? What are the revised probabilities, and what is the
new probability of finding oil?

Q7. Consider a binomial experiment with n = 20 and p = 0.70.


a. Compute f(12).
b. Compute f (16).
c. Compute P(x ≥ 16).
d. Compute P(x ≤15).
e. Compute E(x).
f. Compute Var(x) and σ.

End of Assignment Questions.


Attached Data Files:
1. CompactSUV (Chap 1)
2. MedianHousehold (Chap 2)
3. NFLTeamValue (Chap 3)

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