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Here is some information about your Final Exam.

The Final Exam is worth a possible 250 points.

There are 10 essay questions. Question 1 addresses TCO A and is worth 33 points.
Questions 2, 3, and 4 address TCO B and are worth 18 points. Questions 5 and 6 address
TCO C and are worth 18 points. Questions 7 and 8 address TCO D and are worth 24 points.
Question 9 addresses TCO E and is worth 48 points. Question 10 also addresses TCO E
and is worth 31 points.

There are three pages to the exam.

You will have 3 hours and 30 minutes to take the exam. Keep an eye on the remaining time
and SAVE your work often, because when the time limit is reached, you will be exited from
the exam.

Please also note that during the exam time, the copy/paste and printing functions are
disabled.

MATH 533 week 8 final exam

1. (TCO A)Consider the following raw data, which is the result of selecting a random sample of
20 Bank Common Stocks and noting the dividend yields (as a %).

3.1

4.2

2.0

3.5

2.6

5.3

3.5

3.1

2.6

3.3

4.7

3.7

3.0

2.6

4.0

h
3.8

4.4

3.2

3.2

3.8

a. Compute the mean, median, mode, and standard deviation, Q1, Q3, Min, and Max for the
above sample data on dividend yield.

b. In the context of this situation, interpret the Median, Q1, and Q3. (Points : 33)

2. (TCO B) Consider the following data on newly hired employees in relation to which part of
the country they were born and their highest degree attained.

HS

BS

MS

PHD

Total

East

11

Midwest

18

South

21

West

22

16

29

18

72

Total

If you choose one person at random, then find the probability that the person
a. has a PHD.
b. is from the East and has a BS as the highest degree attained.
c. has only a HS degree, given that person is from the West. (Points : 18)

5. (TCO C) A large-sized bag of Neato Chips should contain 16 oz of potato chips. A sample of
50 large-sized bags is selected with the following results.
Sample Size = 50

Sample Mean = 15.85 oz


Sample Standard Deviation = 1.53 oz
a. Construct a 95% confidence interval for the mean amount of contents per bag. .
b. Interpret this interval.
c. How large a sample size will need to be selected if we wish to have a 99% confidence interval
with a margin for error of .10 oz? (Points : 18)
7. (TCO D) A Ford Motor Company quality improvement team believes that its recently
implemented defect reduction program has reduced the proportion of paint defects. Prior to the
implementation of the program, the proportion of paint defects was .03 and had been stationary
for the past 6 months. Ford selects a random sample of 2,000 cars built after the implementation
of the defect reduction program. There were 45 cars with paint defects in that sample. Does the
sample data provide evidence to conclude that the proportion of paint defects is now less than .03
(with = .01)? Use the hypothesis testing procedure outlined below.
a. Formulate the null and alternative hypotheses.
b. State the level of significance.
c. Find the critical value (or values), and clearly show the rejection and nonrejection regions.
d. Compute the test statistic.
e. Decide whether you can reject Ho and accept Ha or not.
f. Explain and interpret your conclusion in part e. What does this mean?

g. Determine the observed p-value for the hypothesis test and interpret this value. What does this
mean?
h. Does the sample data provide evidence to conclude that the proportion of paint defects is now
less than .03 (with = .01)? (Points : 24)
8. (TCO D) The duration of workers unemployment seems to be increasing. Suppose that
special federal funds are available for your state when the mean period of unemployment
exceeds 40 weeks. As an economist with your states department of labor, you want to test
whether the mean period of unemployment is more than 40 weeks. A random sample of 60
unemployed persons reveals the following.

Sample Size = 60
Sample Mean = 41.7 weeks
Sample Standard Deviation = 6.1 weeks
Does the sample data provide sufficient evidence to conclude that the population mean period of
unemployment is greater than 40 weeks (using = .05)? Use the hypothesis testing procedure
outlined below.
a. Formulate the null and alternative hypotheses.
b. State the level of significance.
c. Find the critical value (or values), and clearly show the rejection and nonrejection regions.
d. Compute the test statistic.

e. Decide whether you can reject Ho and accept Ha or not.


f. Explain and interpret your conclusion in part e. What does this mean?
g. Determine the observed p-value for the hypothesis test and interpret this value. What does this
mean?
h. Does the sample data provide sufficient evidence to conclude that the population mean period
of unemployment is greater than 40 weeks (using = .05)? (Points : 24)

9 (TCO E) Comp-U-Systems manufactures, sells, and services its own brand of computer. As
part of the standard purchase contract, Comp-U-Systems agrees to perform regular service on its
computers. To better schedule service calls, Comp-U-Systems is interested in the relationship
between the total service time required for a service call (TIME, Y in minutes) and the number of
computers serviced (NUMBER, X). A random sample of 11 service calls is selected, yielding the
data found below.

NUMBER

TIME

PREDICT

109

58

20

138

189

37

82

103

134

68

112

154

Correlations:NUMBER,TIME
PearsoncorrelationofNUMBERandTIME=0.995
PValue=0.000RegressionAnalysis:TIMEversusNUMBER
Theregressionequationis
TIME=11.5+24.6NUMBER

PredictorCoefSECoefTP

Constant11.4643.4393.330.009

NUMBER24.60220.804530.580.000

S=4.61521RSq=99.0%RSq(adj)=98.9%

AnalysisofVariance

SourceDFSSMSFP

Regression11991919919935.150.000

ResidualError919221

Total1020111

PredictedValuesforNewObservations

NewObsFitSEFit95%CI95%PI

1134.481.65(130.75,138.20)(123.39,145.56)

2503.5113.02(474.06,532.96)(472.26,534.76)XX

XXdenotesapointthatisanextremeoutlierinthepredictors.

ValuesofPredictorsforNewObservations

NewObsNUMBER

15.0

220.0

a. Analyze the above output to determine the regression equation.


b. Find and interpret in the context of this problem.
c. Find and interpret the coefficient of determination (r-squared).
d. Find and interpret coefficient of correlation.

e. Does the data provide significant evidence (= .05) that the number of computers to be
serviced can be used to predict the total service time? Test the utility of this model using a two-

tailed test. Find the observed p-value and interpret.


f. Find the 95% confidence interval for the mean service time for all occurrences of having five
computers to be serviced. Interpret this interval.
g. Find the 95% prediction interval for the service time for one occurrence of having five
computers to be serviced. Interpret this interval.
h. What can we say about the service time when we had 20 computers to service? (Points : 48)

10. (TCO E) Holding goods in inventory is costly because inventoried goods are susceptible to
breakage and other forms of physical damage. Typically, the amount of damage increases with
the level of inventory, but some of the damage is unrelated to the amount of inventory. In
addition, the seasonality may make a difference. A random sample of 10 observations is selected
with the variables INVTRY (X1, inventory in $1,000,000s), SEASON (X2, with spring and
summer being 0 and fall and winter being 1), and DAMAGE (Y, in $10,000s). The results are
found below.

INVTRY

SEASON

DAMAGE

11

80

15

100

13

70

10

60

50

70

13

100

10

65

14

95

54

15

96

91

13

85

Correlations:INVTRY,SEASON,DAMAGE
INVTRYSEASON

SEASON0.349

0.242

DAMAGE0.7980.578

0.0010.038

CellContents:Pearsoncorrelation

PValue
RegressionAnalysis:DAMAGEversusINVTRY,SEASON
Theregressionequationis

DAMAGE=21.2+4.49INVTRY+11.7SEASON.

PredictorCoefSECoefTP

Constant21.1612.441.700.120

INVTRY4.4851.1383.940.003

SEASON11.6705.8961.980.076

S=9.93147RSq=73.9%RSq(adj)=68.7%

AnalysisofVariance

SourceDFSSMSFP

Regression22797.41398.714.180.001

ResidualError10986.398.6

Total123783.7

PredictedValuesforNewObservations
NewObsFitSEFit95%CI95%PI

186.653.76(78.27,95.02)(62.99,110.30)

ValuesofPredictorsforNewObservations
NewObsINVTRYSEASON

112.01.00

a. Analyze

the above output to determine the multiple regression equation.

b. Find and interpret the multiple index of determination (R-Sq).

c. Perform the multiple regression t-tests on 1, 2 (use two tailed test with (= .10). Interpret
your results.
d. Predict the damage for a single case in the spring or summer with an inventory of
$12,000,000. Use both a point estimate and the appropriate interval estimate.