Analysis of Quant Data.

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Name: ______________________________ Homework 2 Mgt 515 Summer 2018 I highly recommend creating an Excel “template” for each of the following three problems that you could use for later quizzes and/or exams. Please provide the answers to each question on this sheet and turn it in at the end of lab. 1. The number of arrivals per minute at a bank located in the central business district of a large city was recorded over a period of 200 minutes. The results are summarized below: Arrivals 0 1 2 3 4 5 6 7 8 Frequency 14 31 47 41 29 21 10 5 2 a. Compute the expected number of arrivals per minute. b. Compute the standard deviation. 2. At the end of 2013, it was reported that 92% of U.S. adults owned a cell-phone. If a sample of 10 U.S. adults is selected, what is the probability that: a. 8 own a cell phone? b. All ten own a cell phone? c. At least 8 own a cell phone? d. Between 6 and 8 own a cell phone (including 6 and 8)? 3. Approximately 300 million golf balls were lost in the U.S. in 2009. Assume that the number of golf balls lost in an 18-hole round is distributed as a Poisson random variable with a mean of 3 balls. What is the probability that: a. 0 balls will be lost in an 18-hole round? b. An individual can play an 18-hole round with a single sleeve of golf balls (3 balls)? (Hint: can you continue to play if you have lost all 3 balls?) c. An individual who is going to play 3 rounds of golf on a trip can play all three rounds with the single sleeve of balls?
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