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DAT 565 N2 Practice Week 2 Exercise.docx [ Preview Here ]

- How long does it take to fly from Denver to Atlanta on Delta Airlines? The table below shows 56 observations on flight times (in minutes) for the first week of March 2005.

(a) Fill in the highlighted cells in the table below.

(b) This distribution appears to be:

- Coffee temperatures (degrees Fahrenheit) at a certain restaurant have quartiles Q1 = 156, Q2 = 160, and Q3 = 164.

Using the inner fences as a criterion, would a temperature of 180 be considered an outlier?

- This table shows the distribution of winning times in the Kentucky Derby (a horse race) over 87 years.

(a) Fill in the highlighted cells in the table below. (Round your answers to 2 decimal places.)

(b) State whether the following statement is True or False?

- The raw data would show us the years when the winning times were much longer than the average.

- Do you think it likely that the distribution of times within each interval might not be uniform?

- This distribution appears to be:

- On Friday night, the owner of Chez Pierre in downtown Chicago noted the amount spent for dinner at 28 four-person tables.

(a) Use Excel or MegaStat to find the mean, midrange, geometric mean, and 10 percent trimmed mean. (Round your answers to 2 decimal places.)

- Consider the following graph.

(a) What kind of display is this?

(b-1) Identify its strengths, using the tips and checklists shown in this chapter.

(b-2) Identify its weaknesses, using the tips and checklists shown in this chapter.

- Days on the market are shown for the 36 most recent home sales in the city of Sonando Hills.

(a) Calculate the mean, median, and mode. (Round your answers to 2 decimal places.)

(b) Is the distribution skewed?

(c) Is the mode a useful measure of center for this data set?

- Bags of jelly beans have a mean weight of 360 gm with a standard deviation of 8 gm.

- Below are five questions from a survey of MBA students. For each question, state the data type (categorical, discrete numerical, or continuous numerical) and measurement level (nominal, ordinal, interval, ratio).

(Q1) On a 1 to 5 scale, assess the current job market for your undergraduate major.

(Q2) During the last month, how many times has your schedule been disrupted by car trouble? Discrete numerical Ratio

(Q3) About how many years of college does the more-educated one of your parents have? (years) Continuous numerical Ratio

(Q4) During the last year, how many traffic tickets (excluding parking) have you received?

(Q5) Which political orientation most nearly fits you?

- The asset turnover ratio (ATR) is the ratio of a company’s revenues to the value of its assets (indicating its efficiency in deploying its assets). We should not use the standard deviation to compare ATR variation among industrial sectors because firms with large asset bases (e.g., utilities, financial) typically have lower mean ATR than, say, retail firms.

(a) Use the sample data to calculate the coefficient of variation for each sector.

(b) Which sector has the highest degree of relative variation? The lowest?

(c) If someone (incorrectly) used the standard deviations to compare variation, would the ranking among sectors be the same?

- Examine each of the following statistics. Which sampling method was most likely to have been used (simple random, systematic, stratified, cluster)?

- A tabletop survey by a restaurant asked the question shown below.

- Analysis of investment portfolio returns over a 20-year period showed the statistics below.

(a) Calculate and compare the coefficients of variation. (Round your answers to 2 decimal places.)

(b) Why would we use a coefficient of variation, and why not just compare the standard deviations?

(c) What do the data tell you about risk and return at that time period?

- The durations (minutes) of 26 electric power outages in the community of Sonando Heights over the past five years are shown below.

(a) Find the mean, median, and mode. (Round your answers to 2 decimal places.)

(b) Are the mean and median about the same?

(c) Is the mode a good measure of center for this data set?

(d) Is the distribution skewed?

- Insurance companies are rated by several rating agencies. The Fitch 20-point scale is AAA, AA+, AA, AA–, A+, A, A–, BBB+, BBB, BBB–, BB+, BB, BB–, B+, B, B–, CCC+, CCC, CCC–, DD.

(a) What level of measurement does this scale use?

(b) To assume that the scale uses interval measurements, what assumption is required?

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