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For more classes visit\nwww.snaptutorial.com\n\nQNT 351 Final Exam Guide (New, 2017) Score 30/3\n \n \nThe mean amount spent by a family of four on food is \$500 per month with a standard deviation of \$75. Assuming that the food costs are normally distributed, what is the probability that a family spends less than \$410 per month?\n• 0.1151\n• 0.0362\n• 0.8750\n• 0.2158\n \nAs the size of the sample increases, what happens to the shape of the distribution of sample means?\n• It cannot be predicted in advance.\n• It is negatively skewed.\n• It approaches a normal distribution.\n• It is positively skewed.\n

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QNT 351 Education on your terms/snaptutorial.com

QNT 351 Final Exam Guide (New, 2017) Score 30/30

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QNT 351 Final Exam Guide (New, 2017)  Score 30/3

The mean amount spent by a family of four on food is \$500 per month with a standard deviation of \$75. Assuming that the food costs are normally distributed, what is the probability that a family spends less than \$410 per month?

• 0.1151

• 0.0362

• 0.8750

• 0.2158

QNT 351 Education on your terms/snaptutorial.com

QNT 351 Final Exam Guide (New, 2017) Score 30/30

For more classes visit

www.snaptutorial.com

QNT 351 Final Exam Guide (New, 2017)  Score 30/3

The mean amount spent by a family of four on food is \$500 per month with a standard deviation of \$75. Assuming that the food costs are normally distributed, what is the probability that a family spends less than \$410 per month?

• 0.1151

• 0.0362

• 0.8750

• 0.2158

QNT 351 Education on your terms/snaptutorial.com

QNT 351 Final Exam Guide

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1) The main purpose of descriptive statistics is to

2) The general process of gathering, organizing, summarizing, analyzing, and interpreting data is called

3) The performance of personal and business investments is measured as a percentage, return on investment. What type of variable is return on investment?

4) What type of variable is the number of robberies reported in your city?

5) What level of measurement is the number of auto accidents reported in a given month?

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QNT 351 Week 1 Connect Problems

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QNT 351 Week 1 Connect Problem

1. Which of the following is an example of a continuous variable?

2. The incomes of 50 loan applicants are obtained. Which level of measurement is income?

3. The members of each basketball team wear numbers on their jerseys. What scale of measurement are these numbers considered?

4. The reported unemployment is 5.5% of the population. What measurement scale is used to measure unemployment?

5. The Nielsen Ratings break down the number of people watching a particular television show by age. What level of measurement is age?

6. An example of a qualitative variable is _________________.

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QNT 351 Week 1 DQ 1

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Week 1 DQ1

Where would you see descriptive statistics used in your work place?

QNT 351 Education on your terms/snaptutorial.com

QNT 351 Week 1 DQ 2

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Week 1 DQ2

How would you define dependent and independent variables? What is their significance in research? Explain with examples.

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QNT 351 Week 1 DQ 3

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Week 1 DQ3

Develop five demographic questions to measure gender, age, years of experience, level of education, and ethnicity. Identify the level of measurement used for each

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QNT 351 Week 1 DQ 4

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Week 1 DQ4

How would you define a variable? What is the difference between a dependent and independent variable? Do you think both variables are used in every research? Explain why or why not. Provide examples.

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QNT 351 Week 1 DQ 5

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Week 1 DQ5

What is the importance of statistics in business decision making? Describe a business situation where statistics was used in making a decision..

QNT 351 Education on your terms/snaptutorial.com

QNT 351 Week 1 DQ 6

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Week 1 DQ6

What are the four data measurement scales? Provide two examples and explain the importance of each in business research.

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QNT 351 Week 1 Individual Assignment Statistics in Business (2 Sets)

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Complete the Introduction to Statistical Thinking Worksheet.

Format your assignment consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment.

1.      There are 23 people at a party. Explain what the probability is that any two of them share the same birthday.

2.      A cold and flu study is looking at how two different medications work on sore throats and fever.  Results are as follows:

·         Sore throat - Medication A:  Success rate - 90% (101 out of 112 trials were successful)

·         Sore throat - Medication B:  Success rate - 83%  (252 out of 305 trials were successful)

·         Fever - Medication A:  Success rate - 71%  (205 out of 288 trials were successful)

·         Fever -  Medication B:  Success rate - 68%  (65 out of 95 trials were successful)

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QNT 351 Week 1 Introduction to Statistical Thinking Worksheet

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Complete the Introduction to Statistical Thinking Worksheet.

Format your assignment consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment.

1.      There are 23 people at a party. Explain what the probability is that any two of them share the same birthday.

2.      A cold and flu study is looking at how two different medications work on sore throats and fever.  Results are as follows:

·         Sore throat - Medication A:  Success rate - 90% (101 out of 112 trials were successful)

·         Sore throat - Medication B:  Success rate - 83%  (252 out of 305 trials were successful)

·         Fever - Medication A:  Success rate - 71%  (205 out of 288 trials were successful)

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QNT 351 Week 2 Connect Problems

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QNT 351 Week 2 Connect Problem

1. The director of admissions at Kinzua University in Nova Scotia estimated the distribution of student admissions for the fall semester on the basis of past experience.

a. What is the expected number of admissions for the fall semester?

b. Compute the variance and the standard deviation of the number of admissions.

2. The Internal Revenue Service is studying the category of charitable contributions. A sample of 28 returns is selected from young couples between the ages of 20 and 35 who had an adjusted gross income of more than \$100,000. Of these 28 returns, 5 had charitable contributions of more than \$1,000. Suppose 4 of these returns are selected for a comprehensive audit.

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QNT 351 Week 2 DQ 1

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Week 2 DQ1

Can mean, median, or mode be calculated from all statistical data? Explain why or why not. When is the mean the best measure of central tendency? When is the median the best measure of central tendency?

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QNT 351 Week 2 DQ 2

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Week 2 DQ2

Describe a business situation, other than what has already been selected by fellow students or selected from the team assignment, where mean and standard deviation can be used in decision making. Describe how calculation of mean and standard deviation can help in making a decision.

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QNT 351 Week 2 DQ 3

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Week 2 DQ3

What level of data is a telephone number? Explain.

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QNT 351 Week 2 DQ 4

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Week 2 DQ4

Does all data have a mean, median, or mode? Why or why not? When is the mean the best measure of central tendency? When is the median the best measure of central tendency?

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QNT 351 Week 2 DQ 5

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Week 2 DQ5

Why is the population shape a concern when estimating a mean? What effect does sample size, n, have on the estimate of the mean?

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QNT 351 Week 2 Excel Problem Graphical Technique

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Question 1

Plot a 100% stacked column chart for television sales by year.

U.S. Television Sales, 2002 - 2005 (\$ thousands)

Projection TV LCD TV Plasma TV

2002 3,574 246 515

2003 4,351 664 1,590

2004 6,271 1,579 2,347

2005 5,320 3,295 4,012

(www.financialfinesse.com)

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QNT 351 Week 2 Learning Team Assignment Data Collection (2 Sets)

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Question 1

Plot a 100% stacked column chart for television sales by year.

U.S. Television Sales, 2002 - 2005 (\$ thousands)

Projection TV LCD TV Plasma TV

2002 3,574 246 515

2003 4,351 664 1,590

2004 6,271 1,579 2,347

2005 5,320 3,295 4,012

(www.financialfinesse.com)

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QNT 351 Week 2 Learning Team Assignment Data Collection (2 Sets)

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This tutorial contains 2 different Sets of papers

Discuss with your team whether you have data from RES/351, and if your team would like to use one team member’s data for the Learning Team assignments in this course.

If using data from RES/351:

Resources: Data collected from RES/351

Prepare a 700- to 1,050-word written report along with a 5- to 7-slide Microsoft® PowerPoint® presentation for the senior management team or stakeholders of your RES/351 research project to present your findings.

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• QNT 351 Week 2 Probability Worksheet
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• www.snaptutorial.com
• Complete the Probability Worksheet.
• Format your paper consistent with APA guidelines.
• Click the Assignment Files tab to submit your assignment.
• Maximum and Minimum Temperatures
• Search the Internet for U.S. climate data.
• Choose the city in which you live.
• Click on the tab that reads “Daily.”
• Prepare a spreadsheet with three columns:  Date, High Temperature, and Low Temperature.  List the past 60 days for which data is available.
• Prepare a histogram for the data on high temperatures and comment on the shape of the distribution as observed from these graphs.

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QNT 351 Week 2 Team Assignment Descriptive Statistics Real Estate Data Part 1 (New)

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Search the Internet for a realty site.

Select a hometown of someone on your team in the search section on the website you have chosen. When all of the listings populate, make sure that the sort criteria reads "New Listings." This ensures that you are searching a random cross-section of listings rather than favoring one price range.

Review the new listings that populate.

Create an Excel® spreadsheet with 4 columns of the first 100 single family homes listed, not including condominiums or townhouses.

Include each of the following categories in the spreadsheet: Property address, listing price, square footage, and number of bedrooms.

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QNT 351 Week 3 Connect Problems

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Award: 10 out of 10.00 points

A sample of 43 observations is selected from a normal population. The sample mean is 30, and the population standard deviation is 3. Conduct the following test of hypothesis using the 0.05 significance level.

a.         Is this a one- or two-tailed test?

b.         What is the decision rule? (Round your answer to 3 decimal places.)

c.         What is the value of the test statistic? (Round your answer to 2 decimal places.)

d.        What is your decision regarding H0?

e.         What is the p-value? (Round your answer to 4 decimal places.)

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QNT 351 Week 3 DQ 1

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Week 3 DQ1

What are the differences between probability and coincidence? Can the probability be more than 1 or less than 0? Explain why or why not.

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QNT 351 Week 3 DQ 2

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Week 3 DQ2

What is the role of probability concepts in business decision-making? Provide specific examples.

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QNT 351 Week 3 DQ 3

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Week 3 DQ3

What are the basic differences between a discrete and a continuous distribution?

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QNT 351 Week 3 DQ 4

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Week 3 DQ4

What are the characteristics of standard normal distribution? Explain how to calculate the z-test static. Explain how a z-value is used to calculate the area under the distribution and the meaning of P(0 to z) when z = 1.96.

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QNT 351 Week 3 Excel Problems Measuring Salespeople Performance

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Week A B C D

1 1774 2205 1330 1402

2 1808 1507 1295 1665

3 1890 2352 1502 1530

4 1932 1939 1104 1826

5 1855 2052 1189 1703

6 1726 1630 1441 1498

Interpretation of Minimum and Maximum

Interpretation of Mean and Median

Interpretation of Standard Deviation and Variance

Interpretation of the First and Third Quartiles

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QNT 351 Week 3 Individual Assignment Real Estate Data

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Resources: Appendix A1 at the end of Basic Statistics for Business and Economics

Answer question 68 in the Data Set Exercises from Ch. 3 of Basic Statistics for Business and Economics.

Answer question 34 in the Data Set Exercises from Ch. 4 of Basic Statistics for Business and Economics.

QNT 351 Education on your terms/snaptutorial.com

• QNT 351 Week 3 Team Assignment Sampling Distributions Real Estate Part 2 (New)
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• Use the real estate data that you used for your learning team project that was due in Week 2.
• Complete the Sampling Distributions - Real Estate Part 2 worksheet.
• Format your assignment consistent with APA guidelines.
• Click the Assignment Files tab to submit your assignment.
• Review the data and for the purpose of this project please consider the 100 listing prices as a population.
• ·         Explain what your computed population mean and population standard deviation were.
• 2.      Divide the 100 listing prices into 10 samples of n=10 each. Each of your 10 samples will tend to be random if the first sample includes houses 1 through 10 on your spreadsheet, the second sample consists of houses 11 through 20, and so on.

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QNT 351 Week 3 Team Assignment Summarizing and Presenting Data (2 Sets)

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This tutorial contains 2 different Sets of papers

If using RES/351 data:

Revise the report submitted in Week Two based on the feedback provided by the instructor in the team assignment, and insight gained by reading.

Summarize the data collected using descriptive statistics. Descriptive statistics should be in the forms of frequency distribution table, measures of mean, median, mode, standard deviation, and graphical display of data.

Summarize the statistics in relation to the problem selected and research questions and draw conclusions.

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QNT 351 Week 4 Connect Problems

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QNT 351 Week 4 Connect Problem

1)      The Production department of Celitronics International wants to explore the relationship between the number of employees who assemble a subassembly and the number produced. As an experiment, 2 employees were assigned to assemble the subassemblies. They produced 13 during a one-hour period, then 4 employees assembled them. They produced 22 during a one hour period. The complete set of paired observation follows

a)      The dependent variable is production; that is, it is assumed that different levels of production result from a different number of employees.

b)      A scatter diagram is provided below. Based on it, does there appear to be any relationship between the number of assemblers and production?

c)      Compute the correlation coefficient.

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QNT 351 Week 4 DQ 1

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Week 4 DQ1

What are some terms related to hypothesis testing with which you are already familiar? Why do null and alternative hypotheses have to be mutually exclusive?

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QNT 351 Week 4 DQ 2

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Week 4 DQ2

Why does the significance level differ among industries? Will the null hypothesis be more likely to be rejected at α = 0.01 than α = 0.10? As the significance level increases to α = 0.10 from α = 0.01, which type error is more likely to occur? What can be done to reduce the likelihood of incurring this error?

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QNT 351 Week 4 DQ 3

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Week 4 DQ3

Please explain the five steps used in hypothesis testing. How does the five-step procedure for hypothesis testing differ when comparing two groups using a t- or z-test? How is the process similar?

error is more likely to occur? What can be done to reduce the likelihood of incurring this error?

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QNT 351 Week 4 DQ 4

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Week 4 DQ4

Please explain terms related to hypothesis testing; please explain null and alternate hypotheses, explain the difference between two different test statistics, then define the equations used in both.   Why do null and alternative hypotheses have to be mutually exclusive?

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QNT 351 Week 4 Excel Problems Measures of Relative Standing and ProbabilityDistribution

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Problem 1

Figure below gives the boxplots comparing the base yearly salaries of employeesin marketing and employees in research for a large company. Identify the five number summaries. for each profession. Interpret them like we did in the class.

Problem 2

An insurance company determines that in every 100 claims, 4 are fraudulent. What is the probability that the next claim the company processes will be fraudulent?

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QNT 351 Week 4 Individual Assignment Real Estate Data

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Resources: Appendix A1 at the end of Basic Statistics for Business and Economics

Answer question 60 (both parts a. and b.) in the Data Set Exercises from Ch. 6 of Basic Statistics for Business and Economics.

Answer question 54 (both parts a. and b.) in the Data Set Exercises from Ch. 7 of Basic Statistics for Business and Economics.

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• QNT 351 Week 4 Learning Team Reflection (2 Sets)
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• QNT 351 Week 4 Learning Team Reflection
• This tutorial contains 2 different sets
• Discuss the following with your Learning Team:
• The steps in testing a research hypothesis
• Comparing the means of two or more groups
• Calculating the correlation between two variables
• Include the topics you feel comfortable with, any topics you struggled with, and how the weekly topics relate to application in your field.
• Prepare a 350- to 1,050-word paper detailing the findings of your discussion.
• Click the Assignment Files tab to submit your assignment.

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QNT 351 Week 4 Two Population Means Worksheet

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A tomato farmer with a very large farm of approximately 2200 acres had heard about a new type of rather expensive fertilizer which would supposedly significantly increase his production. The frugal farmer wanted to test the new fertilizer before committing the large investment required to fertilize a farm of his size. He therefore selected 15 parcels of land on his property and divided them each into two portions.  He bought just enough of the new fertilizer to spread over one half of each parcel and then spread the old fertilizer over the other half of each parcel. His yields in pounds per tomato plant were as follows:

What if you were the fertilizer sales representative and your job was to prove the superiority of the new product to the farmer?

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QNT 351 Week 5 Individual Assignment Real Estate Data

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Resources: Appendix A1 at the end of Basic Statistics for Business and Economics

Answer question 58 in the Data Set Exercises from Ch. 10 of Basic Statistics for Business and Economics.

Answer question 62 in the Data Set Exercises from Ch. 13 of Basic Statistics for Business and Economics.

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QNT 351 Week 5 Learning Team Assignment Analyzing and Interpreting Data Paper and Presentation

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If using RES/351 data:

Ask your instructor for specific information regarding the analysis you are required to perform for your data set.

Combine your Week Two Learning Team assignment and Week Three findings with Week Five findings and make a recommendation to the research problem.

Use the statistical tables given in the appendices of the textbook and a statistical analysis application: a Microsoft® Excel® spreadsheet, Minitab® statistical software, or SPSS™ software.

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QNT 351 Week 5 Team Assignment Real Estate Regression Exercise (New)

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Complete the Real Estate Regression Exercise.

Format your paper consistent with APA guidelines.

Click the Assignment Files tab to submit your assignment.

You are consulting for a large real estate firm.  You have been asked to construct a model that can predict listing prices based on square footages for homes in the city you’ve been researching.  You have data on square footages and listing prices for 100 homes.

1.       Which variable is the independent variable (x) and which is the dependent variable (y)?

2.      Click on any cell.  Click on Insert→Scatter→Scatter with markers (upper left).