Business Statistics – A business magazine was conducting

Business Statistics

1) A business magazine was conducting a study into the amount of travel required for mid-level managers across the U.S. 72 managers were surveyed for the number of days they spent traveling each year. Use ‘DataSet1 for question 1 section’ on black board to

a) Construct a relative frequency distribution

b) Construct a cumulative frequency distribution

2) The closing price (in pence) for selected stocks trading on the London stock exchange are give in ‘DataSet1 for question 2’ section. Construct a frequency distribution for the stock prices.

3) Consider the assets in (Billion dollars) the 10 largest life insurance companies listed in ‘DataSet1 for question 3 ‘section. Use this data to

a) Construct a frequency distribution

b) Construct relative frequency distribution

c) Construct a cumulative frequency distribution

4) A magazine reported the results of a survey in which readers were asked to send in their responses to several questions regarding good eating. DataSet2 for question 4 on blackboard is the reported results to the question, How often do you eat chocolate? Based on the data answer the following questions.

a) Were the responses to this survey obtained using voluntary sampling technique? Explain

b) What type of bias may be present in the response?

c) Is 13% a reasonable estimate of the proportion of all Americans who eat chocolate frequently? Explain

5) A magazine reported the results of a survey in which readers were asked to send in their responses to several questions regarding anger. DataSet2 for Question 5 shows the reported results to the question, How long do you usually stay angry? Answer the following questions based on the data.

a) Were the responses to this survey obtained using voluntary sampling technique? Explain

b) What type of bias may be present in the response?

c) Is 22% a reasonable estimate of the proportion of all Americans who hold a grudge indefinitely? Explain.

6) Students in marketing class have been asked to conduct a survey to determine whether or not there is a demand for an insurance program at a local college. The students decided to randomly select students from the local college and mail them a questionnaire regarding the insurance program. Of the 150 questionnaire that were mailed, 50 students responded to the following survey item: Pick the category which best describes your interest in an insurance program. DataSet2 for question 6 shows the responses. Use this data to answer the following question.

a) What type of bias may be present in the response?

b) Is 50% a reasonable estimate of the proportion of all students who would be very interested in an insurance program at a local college? Explain.

c) Is 50% a reasonable estimate of the proportion of all business majors who would be very interested in an insurance program at a local college? Explain.

d) What strategies do you think the marketing students could have used in order to get a less biased response to their survey?

e) Suppose the program was created and only a few people registered. How could the survey question have been reworded to better predict the actual enrollment?

Explanation & Answer

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