This document of QRB 501 Week 6 Discussion Questions Ver 1 comprises:
DQ 1: Look back at the organization you reviewed for revenue tendencies in Week 3. Now, suppose there is a 50% probability that the revenue is what you expected in Week 3, a 30% probability that it’s exactly like last year, and a 20% probability that it lower than last year by a small amount (you select how much). Utilizing this information, how can you make an estimate of revenue which takes into account these different probabilities? Why would that estimation be better compared to any of the original three?
DQ 2: Go to . This is an index based on how people feel about the economy. All indexes are created in a similar fashion. A base is selected, in this case the base was 1985 and set at 100. So if the index is at 57.2 in May 2008, and October 1992 was at 54.6, are people feeling better or worse than they did in 1992? If the index was at 62.8 in April 2008, what does that mean for May? Why do we use indexes?
DQ 3: There are 4 individuals being considered for the job of chief executive officer of Dalton Enterprises. 3 of the candidates are more than sixty years old. 2 are ladies, of which just one is more than 60.
a. What is the probability that a candidate is over 60 and female?
b. Given that the candidate is male, what is the probability he is less than 60?
c. What is the probability the person is female and over 60?
DQ 4: Assume your statistics teacher gave six exams during the semester. You obtained the following marks (percent correct): 79, 64, 84, 82,92, and 77. In place of averaging the six scores, the teacher pointed out he would randomly pick two marks and report that grade to the student records office.
a. How many different samples of two test grades are probable?
b. List all probable samples of size two and calculate the mean of each.
c. Calculate the mean of the sample means and compare it to the population mean.
If you were a student, would you prefer this arrangement? Would the outcome be different from dropping the minimum score? Write down a short report.