Statistics and Probability Answers

2. It is known that, when given a choice between ordering an espresso or a cappuccino, 63% of people will order the cappuccino. For a sample of 253 people, what is the probability that sampling error for the proportion will be greater than 0.05?

3. Fifteen employees of a large manufacturing company were involved in a study to test a new production method. The mean production rate for the sample of 15 employees was 63 components per hour and the standard deviation was 8 components per hour. Calculate the margin of error for the mean number of components produced per hour at a 5% level of significance.

Four coins are tossed. Let Z be the random variable representing the number of heads that occur. Find the values of the random variable Z.

QUESTION 1. An interdependence technique is defined as one in which no single variable or group of variables are defined as being independent or dependent, the procedure involves the simultaneous analysis of all variables in the set.

QUESTION 2. Exploratory factor analysis is a type of interdependence technique. 

QUESTION 3. Multiple regression technique is a type of dependence technique.

QUESTION 1. Multivariate analysis of variance and covariance is a statistical technique that can be used to simultaneously explore the relationship between several categorical independent variables and two or more metric dependent variables.

QUESTION 2. The primary objectives of cluster analysis are to understand group differences and to predict the likelihood that an entity (individual or object) will belong to a class or group based on several metric independent variables.

QUESTION 3. Logistic regression is a statistical technique that can be used to explore a relationship between one dependent variable that is dichotomous and one or more binary independent variables (metric and nonmetric).

QUESTION 4. A dependence technique is defined as one in which a variable or set of variables are identified as the dependent variable(s) to be predicted or explained by other variables known as independent variables.

QUESTION 1. Exploratory factor analysis is a statistical approach that can be used to analyse interrelationships among several variables and to explain these variables in terms of their common underlying dimensions (factors).

QUESTION 2. Multiple regression is an analytical technique for developing meaningful subgroups of individuals or objects. 

QUESTION 3. Multiple discriminant analysis is a statistical technique to predict the changes in the dependent variable in response to changes in the independent variables. 

f(x)=x³,0∆x→1

an electrical firm manufactures light bulbs that have a lifetime that is approximately normally distributed with a mean of 800 hours and the standard deviation of 40 hours. test the hypothesis at .05 level of significance that mean= 800 hours against the alternative mean=/ 800 hours if the random sample of 30 bulbs has an average life of 788 hours. Use 5% and 1% level of significance ; and critical region approach and p-value approach

the bad debt ratio for a financial institution is defined to be the dollar value of loans defaulted divided by the total dollar value of all loans made.