SYM 506 Grand Canyon University Business Probability and Statistics Questions

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Sym 506

Grand Canyon University

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Data Set 3 --Lincolnville School District Bus Data ID 10 396 122 751 279 500 520 759 714 875 600 953 101 358 29 365 162 686 370 887 464 948 678 481 43 704 814 39 699 75 693 989 982 321 724 732 880 193 884 57 Manufacturer Keiser Thompson Bluebird Keiser Bluebird Bluebird Bluebird Keiser Bluebird Bluebird Bluebird Bluebird Bluebird Bluebird Bluebird Keiser Keiser Bluebird Keiser Bluebird Bluebird Keiser Keiser Keiser Bluebird Bluebird Bluebird Bluebird Bluebird Bluebird Keiser Keiser Bluebird Bluebird Keiser Keiser Keiser Thompson Bluebird Bluebird Engine Type (0=diesel) 1 0 1 0 0 1 0 0 0 0 0 0 0 0 1 0 1 0 1 0 1 0 0 1 1 0 0 1 1 0 1 0 0 0 0 0 1 0 0 0 Capacity 14 14 55 14 55 55 55 55 42 55 55 55 55 55 55 55 55 55 55 55 55 42 55 6 55 55 55 55 55 55 55 55 55 42 42 42 55 14 55 55 Maintenance Cost 4646 1072 9394 1078 1008 5329 4794 3952 3742 4376 4832 5160 1955 2775 5352 3065 3143 1569 7766 3743 2540 4342 3361 3097 8263 4218 2028 5821 9069 3011 9193 4795 505 2732 3754 4640 8410 5922 4364 3190 Age 5 2 10 2 2 5 10 8 7 9 10 10 4 6 6 6 3 3 8 8 3 9 7 3 9 8 4 6 9 6 9 9 1 6 8 9 9 11 9 7 Odometer Miles 54375 21858 116580 22444 22672 50765 119130 87872 73703 97947 119860 117700 41096 70086 69438 63384 31266 34674 86528 93672 34530 97956 75229 34362 102969 83424 40824 69444 98307 71970 101889 106605 10276 70122 91968 101196 97065 128711 92457 79240 731 61 135 833 671 692 200 754 540 660 353 482 398 984 977 705 767 326 120 554 695 9 861 603 156 427 883 168 954 768 490 725 45 38 314 507 40 918 387 418 Bluebird Keiser Bluebird Thompson Thompson Bluebird Bluebird Keiser Bluebird Bluebird Keiser Bluebird Thompson Bluebird Bluebird Keiser Keiser Bluebird Keiser Bluebird Bluebird Keiser Bluebird Keiser Thompson Keiser Bluebird Thompson Bluebird Bluebird Bluebird Bluebird Keiser Keiser Thompson Bluebird Bluebird Bluebird Bluebird Bluebird 0 0 0 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 1 0 0 1 0 0 1 0 1 0 42 55 55 14 14 55 55 14 55 55 55 55 6 55 55 42 55 55 42 42 55 55 55 14 14 55 55 14 42 42 55 55 55 14 6 55 55 55 55 55 3213 4139 3560 3920 6733 3770 5168 7380 3656 6213 4279 10575 4752 3809 3769 2152 2985 4563 4723 1826 1061 3527 9669 2116 6212 6927 1881 7004 5284 3173 10133 2356 3124 5976 5408 3690 9573 2470 6863 4513 6 9 7 8 8 8 10 14 4 6 4 10 9 8 7 4 6 9 10 4 2 4 10 4 12 7 2 7 10 7 10 5 6 6 11 7 10 5 8 9 68526 103536 76426 90968 89792 93248 103700 146860 45284 64434 45744 116534 95922 87664 79422 47596 71538 107343 110320 44604 23152 46848 106040 44384 140460 73423 20742 83006 101000 71778 106240 57065 60102 61662 128117 72849 118470 53620 89960 104715 Miles 11973 11969 11967 11948 11925 11922 11896 11889 11837 11814 11800 11798 11789 11782 11781 11778 11757 11707 11704 11698 11698 11691 11668 11662 11615 11610 11576 11533 11518 11462 11461 11418 11359 11358 11344 11342 11336 11248 11231 11222 Variables ID = Bus identification number Manufacturer = Source of the bus (Bluebird, Keiser, or Thompson) Engine type = If the engine is diesel then engine type = 0; if the engine is gasolin Capacity = number of seats on the bus Maintenance cost = dollars spent to maintain a bus last year Age = number of years since the bus left the manufacturer Odometer Miles = total number of miles traveled by a bus Miles = number of miles traveled since last maintenance 11168 11148 11127 11112 11100 11048 11018 11003 10945 10911 10902 10802 10802 10760 10759 10755 10726 10724 10674 10662 10633 10591 10551 10518 10473 10355 10344 10315 10235 10227 10210 10209 10167 10140 10128 10095 10081 10075 10055 10000 ine type = 0; if the engine is gasoline, then engine type = 1) Balance 1756 748 1501 1831 1622 1886 740 1593 1169 2125 1554 1474 1913 1218 1006 2215 137 167 343 2557 2276 1494 2144 1995 1053 1526 1120 1838 1746 1616 1958 634 580 1320 1675 789 1735 1784 1326 2051 1044 1885 1790 765 1645 32 1266 890 2204 2409 1338 ATM Services 13 9 10 10 14 17 6 10 6 18 12 12 6 10 12 20 7 5 7 20 15 11 17 10 8 8 8 7 11 10 6 2 4 4 6 8 12 11 16 14 7 10 11 4 6 2 11 7 14 16 14 4 2 1 4 6 3 3 8 4 6 6 7 5 3 4 3 2 4 2 7 4 2 3 7 4 4 6 5 2 4 2 7 1 5 7 4 7 5 8 4 5 6 4 3 9 0 7 1 5 8 4 Debit Interest 0 1 0 0 0 0 0 1 0 0 1 1 0 1 0 1 0 0 0 1 1 0 0 0 1 0 1 1 0 1 1 1 0 1 1 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 1 0 0 0 0 0 0 1 0 0 0 0 1 1 0 1 0 0 1 0 0 0 City 2 1 1 3 4 1 3 1 4 2 3 1 1 1 1 4 3 4 1 4 3 1 3 2 3 2 3 3 2 2 2 4 1 1 2 4 3 1 3 4 1 2 3 4 4 3 4 1 2 2 2 2076 1708 2138 2375 1455 1487 1125 1989 2156 12 13 18 12 9 8 6 12 14 5 3 5 4 5 4 4 3 5 1 1 0 0 1 1 1 0 1 0 0 1 0 1 0 0 1 0 2 1 4 2 3 4 2 2 2 Team League Opened Team Salary Attendance Arizona National 1998 65,80 2080145 Atlanta National 1996 89,60 2001392 Baltimore American 1992 118,90 2281202 Boston American 1912 168,70 2880694 National 1914 117,20 2959812 American 1991 110,70 1755810 Cincinnati National 2003 117,70 2419506 Cleveland American 1994 87,70 1388905 Colorado National 1995 98,30 2506789 Detroit American 2000 172,80 2726048 Houston American 2000 69,10 2153585 Kansas City American 1973 112,90 2708549 LA Angels American 1966 146,40 3012765 LA Dodgers National 1962 230,40 3764815 Miami National 2012 84,60 1752235 National American 2001 2010 98,70 108,30 2542558 2220054 National 2009 100,10 2569753 NY Yankees American 2009 213,50 3193795 Oakland American 1966 80,80 1768175 Philadelphia National 2004 133,00 1831080 Pittsburgh National 2001 85,90 2498596 San Diego National 2004 126,60 2459742 San Francisco National 2000 166,50 3375882 Seattle American 1999 123,20 2193581 St. Louis National 2006 120,30 3520889 Tampa Bay American 1990 74,80 1287054 Texas American 1994 144,80 2491875 Toronto American 1989 116,40 2794891 National 2008 174,50 2619843 Chicago Cubs Chicago White Sox Milwaukee Minnesota NY Mets Washington Wins ERA BA HR Year 79 4,04 0,264 154 2000 67 4,41 0,251 100 2001 81 4,05 0,25 217 2002 78 4,31 0,265 161 2003 97 3,36 0,244 171 2004 76 3,98 0,25 136 2005 64 4,33 0,248 167 2006 81 3,67 0,256 141 2007 68 5,04 0,265 186 2008 74 4,64 0,27 151 2009 86 3,57 0,25 230 2010 95 3,73 0,269 139 2011 85 3,94 0,246 176 2012 92 3,44 0,25 187 2013 71 4,02 0,26 120 2014 68 83 4,28 4,07 0,251 0,247 145 156 2015 90 3,43 0,244 177 87 4,05 0,251 212 68 4,14 0,251 146 63 4,69 0,249 130 98 3,21 0,26 140 74 4,09 0,243 148 84 3,72 0,267 136 76 4,16 0,249 198 100 2,94 0,253 137 80 3,74 0,252 167 88 2,24 0,257 172 93 3,8 0,269 232 83 3,62 0,251 177 2016 Average Salary 1,99 2,26 2,38 2,56 2,49 2,63 2,87 2,94 3,15 3,24 3,3 3,31 3,44 3,65 3,95 4,25 4,4 Team = Team’s name League = American or National League Year Opened = First year the team’s stadium was used Team Salary = Total team salary expressed in millions of dollars Attendance = Total number of people attending regular season games Wins = Number of regular season games won ERA = Team earned run average BA = Team batting average HR = Team home runs Year = Year of operation Average salary = Average annual player salary in dollars compute the mean and the standard deviation of this distribution. b. Create a probability distribution for the number of bathrooms. Compute the mean and the standard deviation of this distribution. 71. FILE Refer to the Baseball 2016 data. Compute the mean number of home runs per game. To do this, first find the mean number of home runs per team for 2016. Next, divide this value by 162 (a season comprises 162 games). Then multiply by 2 because there are two teams in each game. Use the Poisson distribution to estimate the number of home runs that will be hit in a game. Find the probability that: a. There are no home runs in a game. b. There are two home runs in a game. c. There are at least four home runs in a game. DATA JL. e É w 225 of 890 DISCRETE PROBABILITY DISTRIBUTIONS O freo 45. An auditor for Health Maintenance Services of Georgia reports 40% of policyholders years or older submit a claim during the year. Fifteen policyholders are randomly selected for company records. a. How many of the policyholders would you expect to have filed a claim within the last year? b. What is the probability that 10 of the selected policyholders submitted a claim last year? c. What is the probability that 10 or more of the selected policyholders submitted a claim last year? d. What is the probability that more than 10 of the selected policyholders submitted a claim last year? 46. Tire and Auto Supply is considering a 2-for-1 stock split. Before the transaction is final- ized, at least two-thirds of the 1.200 company stockholders must approve the proposal To evaluate the likelihood the proposal will be approved, the CFO selected a sample of 18 stockholders. He contacted each and found 14 approved of the proposed split. What is the likelihood of this event, assuming two-thirds of the stockholders approve? 47. A federal study reported that 7.5% of the U.S. workforce has a drug problem. A drug enforcement official for the state of Indiana wished to investigate this statement. In her sample of 20 employed workers a. How many would you expect to have a drug problem? What is the standard deviation? din nroblem? tual number. Comment on the accuracy of your estimate. b. The mean team salary was $121 million, with a standard deviation of $40.0 million. Use the normal distribution to estimate the number of teams with a team salary of more than $ 100 million. Compare that estimate with the actual number. Comment on the accuracy of the estimate. 76. Refer to the Lincolnville School District bus data. a. Refer to the maintenance cost variable. The mean maintenance cost for last year is $4,552 with a standard deviation of $2332. Estimate the number of buses with a maintenance cost of more than $6,000. Compare that with the actual number. Create a frequency distribution of maintenance cost. Is the distribution normally distributed? b. Refer to the variable on the number of miles driven since the last maintenance. The mean is 11,121 and the standard deviation is 617 miles. Estimate the number of buses traveling more than 11.500 miles since the last maintenance. Compare that number with the actual value. Create a frequency distribution of miles since mainte- nance cost. Is the distribution normally distributed? OF CHAPTERS 5-7 section consider methods of dealing with uncertainty. In Chapter 5, we describe the concept of prob- is a value between 0 and 1 that expresses the likelihood a particular event will occur. We also looked alate probabilities using rules of addition and multiplication; presented principles of counting, including combinations, and described situations for using Bayes' theorem. es discrete probability distributions. Discrete probability distributions list all possible outcomes of an exper- ability associated with each outcome. We describe three discrete probability distributions: the binomial pergeometric distribution and the Poisson distribution. The requirements for the binomial distribution are X
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Explanation & Answer

Attached.
Attached.

Average Calims
How many within the past year?
Probability of 10 having a claim
Probability of 10 or more
Probability of more than 10

0.4
6
0.04130309
0.08341492
0.04211183

Attached.

Data Set 3 --Lincolnville School District Bus Data
ID
10
396
122
751
279
500
520
759
714
875
600
953
101
358
29
365
162
686
370
887
464
948
678
481
43
704
814
39
699
75
693
989
982
321
724
732
880
193
884
57

Manufacturer
Keiser
Thompson...


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