BUS 308 (Statistics For
Managers) NEW Complete Course - Latest 2013
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WEEK 1 BUS 308 new Week 1 Problem Set Week One: The performances of a group of interns are evaluated by their supervisors at the end of their internships. Their scores are: 55, 47, 62, 27, 50, 49, 66, 53, 50, 44, 63, 59. Complete the calculations below using this data. Show all of your work and clearly label each of your calculations. The mean the median the range the standard deviation the variance.
Scores Mean Standard Error Median Mode Standard Deviation Sample Variance Kurtosis Skewness
49.5833 3.2994 50 50 11.4293 130.6288 0.3125 -0.6775
Range Minimum Maximum Sum Count
39 27 66 595 12
BUS 308 new Week 1 Quiz:
1. Question : Student Answer:
Data on the city from which members of a board of directors come represent interval data. True
Answer found in section 1.3 Instructor Types of Data Scales inStatistics Explanation: for Managers Points Received: Comments:
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Answer found in section 1.4 Instructor Describing or Inferring?, Explanation: inStatistics for Managers Points Received: Comments:
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Data Scales BUS 308 new Week 1 DQ 1 Data Scales: A marketing agency is interested in the buying habits of those who shop online versus those who shop in person. In your discussion post, address each of the following and explain your reasoning as to why you picked the specific scale:
A database is created and shoppers are classified as online or in-person shoppers. Such classifications represent data of which scale? Explain your reasoning. 2. Online and in-person shoppers are to be compared on their relative incomes. Income data represent data of which scale? Explain your reasoning. 3. If shoppers are also ranked from the most to the least frequent shoppers, those rankings represent data of which scale? Explain your reasoning. 4. Shoppers are asked to complete a customer satisfaction survey. In response to each question on the survey, the shoppers circle one of five answers: strongly agree, agree, neutral, disagree, or strongly disagree. Their responses are data of which scale? Explain your reasoning. 5. What measure(s) of central tendency will be most informative for each of the above data? Justify why each measure is most informative. 6. What would be more critical for the marketing agency to utilize; descriptive or inferential statistics? Why? BUS 308 new Week 1 DQ 2 Probability Probability
The manager of a sandwich shop gathers data on what people spend on lunch on a particular day of the week. The results are $4.20, $4.22, $2.35, $4.32, $5.25, $6.48, $6.78, $8.59, $6.95, $5.52, $6.83, $7.35, $4.36, $9.39, $6.42. To the degree that this represents the population of all those who eat lunch at sandwich shops, what percentage of customers spend:
1. 2. 3.
less than $4.34? between $3.50 and $4.80? less than $2.35? Imagine that you are the manager of a sandwich shop. Based on your calculations, what do you think is the best pricing point for your shop? What would you do to increase sales at the sandwich shop? For additional information on calculating probability refer to the Week One Recommended Resources. Guided Response: Review several of your classmatesâ€™ postings. Respond to at least two classmates by commenting on the probabilities that are being illustrated. Do you agree or disagree with the analysis of what the manager should do to increase sales? Support your position. WEEK 2 COMPLETE WORK BUS 308 new Week 2 Journal: Statistics can sometimes be incorrect. In this case a personâ€™s future relied on the statistical facts that were presented in a serious court case. Statistics can be misleading because the statistics can be data and subjects that are that range far on scale to the next. BUS 308 new Week 2 Problem Set:
Suppose that an automotive parts and accessories chain is experimenting with a new sales promotion. Two similar stores are selected for the experiment. For Store 1, nothing changes. This store constitutes the control group. For Store 2, the treatment group, the promotion is implemented. Sales in hundreds of dollars over a five-day period are as follows:
Control: 6, 6, 7, 10, 12, 9, 6, 5, 5, 7 Treatment: 2, 5, 2, 4, 7, 1, 2, 3, 4, 5
Hypothesis test: Null Hypothesis :m1³m2 against H1 : m1<m2 (One tailed)
The null hypothesis is declined based on :the P(T<=t) one tail = p-value = 0.00036 which is less than 0.05 level of significance. BUS 308 New Week 2 DQ 1 t-Tests: t-Tests Imagine a shift manager at a manufacturing plant is gathering data on the number of units workers assemble during two different shifts over 10 different days. If the number of units assembled by each shift varies greatly from day to day, what impact will that have on the likelihood of a significant difference between the two shifts? Explain and support your response. BUS 308 New Week 2 DQ 2 ANOVA Testing: ANOVA Testing The manager of an agency providing temporary employees to city offices is analyzing the number of days temporary hires typically work in various types of industries. The data are as follows:
1. 2. 3.
Legal clerical: 2, 1, 4, 4, 2, 5, 6 Accounting firms: 3, 6, 4, 5, 5, 7, 8 Insurance: 5, 4, 7, 9, 9, 8, 11
Using the data above, answer the following questions: Are there significant differences in the length of time temporary employee’s work in the different industries? How much of the differences can be explained by the industry? Which groups are significantly different from others? Why would a manager be focused on measuring the number of days that a temporary works each week? WEEK 3 Complete Work BUS 308 new Week 3 Assignment Evaluation of Correlations: 1) What’s the most appropriate procedure for evaluating the relationship between tenure and divorce? In this case the Correlation analysis is the best method that can be used in evaluating the relationship between tenure and divorce. 1) What is the correlation and how can it be interpreted in terms of magnitude, direction and practical importance? (Figure 1) table showing how tenure is related to divorce rate. BUS 308 new Week 3 DQ 1 Interval Data
A courier service in a large city tracks the number of deliveries they are asked to make by 10 clients both before and after offering a progressive discount for repeat business. Their goal is to assess the effects of the discount.
1. 2. 3.
What is the most appropriate statistical test in this situation? Why? Are there significant differences in the number of deliveries? If the goal is to promote repeat business, should the discount be continued? BUS 308 new Week 3 DQ 2 Correlation Correlation An employment agency gathers the following data on its clients:
1. 2. 3. 4. 5.
Age Gender Educational level (no high school, high school, associate’s, bachelor’s, master’s) Years of past experience Whether or not they have been successfully placed in employment by the agency
Additionally, the following data is gathered for those who have been successfully placed:
1. 2. 3.
Starting salary Current salary Tenure in months WEEK 4 COMPLETE WORK
BUS 308 new Week 4 Problem Set;
Scatter Plot and Line Plot:
SUMMARY OUTPUT Regression Statistics Multiple R R Square
Adjusted R Square Standard Error Observations
0.7782 10.2100 12
Intercept Number of People
Coefficients Standard Errort Stat P-value 16.4085687 -3.22993 0.009022 52.99851522 6.29313 6.064587973 0.9636828 8.99E-05 7
(The fitted regression line is Y = a + b*X, where Y :Drink Costs and X : number of people.) (Drink Cost = -52.9985 + 6.064588 * Number of people)
From the above regression output, as the p-value for intercept and number of people is less than 0.05, the intercept and the coefficient for number of people is significantly different from zero.
BUS 308 new Week 4 Quiz
1. Question : Student Answer:
With reference to problem 1, what statistic determines the correlation of experience with productivity, controlling for age in experience? The regression coefficient.
The standard error of the estimate. The semi-partial correlation. The multiple correlation. Answer found in section 10.2 SemiInstructor partial Correlation, in Statistics for Explanation: Managers Points Received: Comments:
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In a problem where interest rates and growth of the economy are used to predict consumer spending, which of the following will increase prediction error?
More homogeneous data.
A small sample. Reducing the number of predictors. Adding more data on interest rates. Answer found in section 10.4 Instructor Determining the Error in a Explanation: Regression Solution, inStatistics for Managers
BUS 308 new Week 4 DQ 1 Simple Regression Analysis Use the data in the chart to answer the questions below. The data indicates the number of â€œsick daysâ€? appliance installers take during a three month period, and the number of complaints filed by customers during the same interval. Use the Analysis Toolpak in Excel to perform this simple regression and answer the questions.
Is the correlation between number of sick days and number of customer complaints statistically significant? What is the best prediction for the number of complaints that will be registered for an installer who takes five sick days during the period? BUS 308 NEW Week 4 DQ 2 Multiple Regressions Analysis: Develop a multiple linear regression equation that describes the relationship between tenure and the other variables in the chart above. Use the Analysis Toolpak located in Excel to perform this multiple regression. Do these two variables explain a reasonable amount of the variation in the dependent variable? Estimate the tenure of someone that could have $5.8($k) and 15 years of job satisfaction. Make sure to state your multiple regression equation in your example. What are some of things that you can estimate from the model? How effective is evaluating the R-squared of the model? What is the relationship between the independent and dependent variables?
WEEK 5 COMPLETE WORK BUS 308 new Week 5 DQ 1 Confidence Intervals: A hardware retailer has average sales of $64,235 with a standard deviation of $5,918 for a 12-month period. The mean monthly sales for all retailers in the chain are $59,844. Is this hardware retailerâ€™s sales significantly different from all retailers in the chain at p= .05? Are they significantly different at p= .01? Calculate a .95 confidence interval for the data in problem. Explain your findings and determine what question the confidence interval answers.
BUS 308 new Week 5 DQ 2 Correlation and Confidence Intervals; A car dealer is using the number of years customers have owned their vehicles to predict how long it will be before they elect to replace them. The correlation between the two is rxy = -.723 (the longer they have owned their present vehicles, the more quickly they are expected to replace them). The other relevant data are as follows for 32 customers:
BUS 308 new Week 5 Final Paper PREDICTIVE SALES REPORT
A retail store has recently hired you as a consultant to advice on economic conditions. One important indicator that the retail store is concerned about is the unemployment rate. The retail store has found that an increase in the unemployment rate will cause a lack of consumer spending in their stores. Retail stores use the unemployment rate to estimate how much inventory to keep at their stores, which is important in maintaining cost effectiveness. In this consultant role you will apply calculations and research to create a predictive sales report.