BASIC BUSINESS STATS

Fill in the answers and post the midterm in the BB. No need to repost the question spreadsheet. Save your file with answers so that last part is your last name, for example: QMB2100 Gonzalez.doc

Thank you, Good luck,

Dr. Boris

1. There were 10 restaurants (from the same chain in the sample measuring the average waiting time of customers to be seated.

Collected data, in minutes, is listed below:

13

13

20

18

15

18

16

17

16

15

18

12

Using Data tab, Data Analysis, Descriptive Statistics answer the following:

a) What is the mean ____

b) What is standard deviation ____

c) Confidence level (95%) ____

d) Min _____

e) Max ______

2. We have the data from two classes sowing grade values currently in the semester:

Class A: 62 68 75 77 81 82 83 82 95 98 h

Class B: 75 77 76 75 85 95 100 98 85 95.

Calculate mean (average), variance, standard deviation, min and max and make a recommendation which class has more consistent grades – which class is stronger?

Enter the data in Excel and use formulas to calculate the answers.

Class A:

a) Average _____

b) Variance _____

c) Standard Deviation_____

d) Min____

e) Max____

Class B:

a) Average _____

b) Variance _____

c) Standard Deviation_____

d) Min____

e) Max____

3. Sun glasses hut sales for a year is presented below:

122

140

138

250

330

352

420

600

580

330

240

222

a) Create simple frequency distribution table (you can do it by hand counting values, or using option from banner Data, Data Analysis, Histogram), you can copy and paste the area with results in the word document that has this assignment)

b) Create the probability distribution table

c) Calculate the mean___

d) Calculate the variance___

e) Calculate the standard deviation ____

f) Show the frequency table in the bar chart format

g) Shoe the probability distribution tabe as a line graph

4. Describe the main characteristics of standardized normal density function (mean, median, mode, standard deviation). _____ _______ ______ _______