RES 341 Week 5

Individual Exercises From the E-Text

Resources: Ch. 8 Applied Statistics in Business and Economics

Prepare answers to the following exercises in Ch. 8 of Applied Statistics in Business and Economics:

Chapter Review questions 5 and 6

Chapter Exercises 8.46 and 8.62

Note. Methods of computation could include the usage of Microsoft Excel, SPSS, Lotus, SAS, Minitab, or by hand computation.

Learning Team Final Conclusions Memo

Compute the confidence intervals of your data from the Week 4 Learning Team paper.

Based on your confidence intervals, determine if you would change the conclusions given in your Week 4 Learning Team paper.

Write a 350- to 700-word memo in which you discuss the confidence intervals and how they affect your business decision.

Learning Team Final Research Project Presentation

Prepare 8-10 Microsoft PowerPoint slides with speaker notes, illustrating your Research Project.

Include any final edits to the Week 4 Learning Team paper and the following items

Purpose of the research

Research question

Research hypothesis, developed from the research question

Review of literature

Sampling design

Data collection

Data analysis using descriptive statistics

Conclusions

Confidence intervals

Final recommendations based on your findings

Discussion Questions

What is a control chart? What are the grand mean, the UCL, and the LCL of

a control chart for the mean? Why do you suppose 3 standard errors are used

in control charts and not two or even one standard error? Explain.

A significance test is used to prevent a machine from under filling or overfilling quart bottles. On the basis of a sample, the null hypothesis is rejected and the machine is shut down for inspection. A thorough examination reveals that there is nothing wrong with the filling machine. From a statistical standpoint, was there a type error made? If yes, which type? Explain.

Suppose that you perform a significance test regarding a population mean and that the evidence does not warrant rejection of the null hypothesis. When formulating the conclusion to the test, why is the phrase fail to reject the null hypothesis more accurate than the phrase accept the null hypothesis? Why can the null hypothesis not be proved? Explain.