2/8 (Friday) Standard Deviation cont’d Example: Amount of money earned by new immigrants Sample: 12‚ 15‚ 16‚ 20‚ 25‚ 36‚ 40 Step 1: Find the mean * x̄=164/7 * mean is 23.4 Step 2: Find how much each observation deviates from the mean * 12 - 23.4 = -11.4 * 15 – 23.4 = -8.4 * 16 – 23.4 = -7.4 * 20 – 23.4 = -3.4 * 25 – 23.4 = 1.6 * 36 – 23.4 = 12.6 * 40 – 23.4 = 16.6 * Note: all observations below mean will be negative‚ all above will be positive Step
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Step 1- Identify the problem Develop a problem statement- What are you going to investigate (use the 6 characteristics of a good problem statement) 1. Be interested in the problem 2. Have a manageable scope 3. Be comfortable in terms of the knowledge‚ time‚ and resources needed to investigate the problem 4. Be able to collect and analyze numerical data 5. Must be a practical or theoretical reason for you to research the problem 6. It must be ethical for you to investigate the problem
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18. Based on a simple random sample of one hundred an analyst estimates the average hourly wage earned by workers in a city to be $30 and computes the margin of error to be $5. Can we conclude from this that most workers there earn between $25 and $35 per hour? Is the right interpretation for the margin of error? 23. Polls showed the two main candidates in the 2004 presidential election were nearly tied on the day before the election. To predict the winner a newspaper would like to have a poll
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Progress Task Eassy "Being a manager in today ’s dynamic workplace provides many challenges. Describe and discuss the challenges and rewards of being a manager in a contemporary organisation". Managers face varieties of challenge in their job. If a manager had a strong goal to be successful‚ challenges are the necessary parts of their job. Manager need to have three essential skills for without these skills‚ effectiveness can not be realized
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Module 1 Suppose you hear an "old-timer" say‚ "Why‚ in my day‚ kids were much more respectful and didn’t cause as much trouble as they do nowadays!" Formulate a hypothesis related to this statement that you could test. How would you test it? The old-timer are the older person in their 70s or 80s at this time. I would compare the age when this old timer is raising his own children . what actually age he may be‚ let say‚ 25 years old if he was born in 1940 by the year 1965 to determine respectfulness
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Chapter 3 Fluid Statics: Definitions Statics: ∑F = 0. In statics we have only pressure as surface force and weight as body force. Thus‚ when fluids are still‚ the pressure is balanced by the fluid weight. No relative motion between adjacent fluid layers. Shear stress is zero Only _______ can be acting on fluid surfaces Gravity force acts on the fluid (____ force) Applications: Pressure variation within a reservoir Forces on submerged surfaces Buoyant forces 9/4/2013 1 Pressure Pressure is defined
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1. A density curve consists of a straight line segment that begins at the origin (0‚ 0) and has slope of 1. a. Sketch this density curve. What are the coordinates of the right endpoint of the segment? (Note that the right endpoint should be fixed so that the total area under the curve is 1. This is required for a valid density curve.) b. Determine the median‚ the first quartile (Q1)‚ and the third quartile (Q3). c. Relative to the median‚ where would you expect the mean of the distribution to lie
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Q1. (a) ‘Statistics is the backbone of decision-making’. Comment. Ans.(a) Due to advanced communication network‚ rapid changes in consumer behavior‚ varied expectations of variety of consumers and new market openings‚ modern managers have a difficult task of making quick and appropriate decisions. Therefore‚ there is a need for them to depend more upon quantitative techniques like mathematical models‚ statistics‚ operations research and econometrics. Decision making is a key part of our day-to-day
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Introduction The Regency Grand Hotel is one of the most prestigious and luxurious hotels in Bangkok‚ Thailand. Since its inception‚ it has earned a brand name in the industry owing to the exceptional salaries and benefits offered. The hotel staff and managers felt privileged being a member of the hotel‚ and perceived that they were being taken well care of under the leadership of the then General Manager. The following case study illuminates the dilemma of the employees undergoing the management
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1 Statistics plays a vital role in almost every facet of human life. Describe the functions of Statistics.Explain the applications of statistics. Meaning of statistics Functions of statistics Applications of statistics. Ans:Statistics plays an important role in almost every facet of human life. In business context‚ managers are required to justify decisions on the basis of data. They need statistical models to support these decisions. Statistical skills enable managers to collect‚ analyse and
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