Measures of Relative Standing and Probability Distribution Problem Set Grading Guide QNT/351 Version 6 Quantitative Analysis for Business Copyright Copyright © 2017, 2016, 2014 by University of Phoenix. All rights reserved. University of Phoenix® is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft®, Windows®, and Windows NT® are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Edited in accordance with University of Phoenix® editorial standards and practices. Measures of Relative Standing and Probability Distribution Problem Set Grading Guide QNT/351 Version 6 Learning Team Assignment: Measures of Relative Standing and Probability Distribution Problem Set Purpose of Assignment The purpose of this assignment is to provide practice on probability and measures of relative standing so students can use these skills for their Signature Assignments. Resources Required Microsoft® Excel® and Student Resources Guide Grading Guide Content Met Partially Met Not Met Total Available Total Earned 80 #/80 80 #/80 The students completed Question 1. The students completed Question 2. The students completed Question 3. The students completed Question 4. The students completed Question 5. The students completed Question 6. Assignment Total Additional comments: # Comments: 2 A study is made by the recording industry in the United States of the number of music CDs owned by 25 senior citizens and 30 young adults. Calculate the five number summaries. for each age group. Interpret the data as requested below. BoxPlot 0 50 100 Seniors 150 200 Min Max First Quartile Second Quartile Third Quartile Interpretation of Minimum BoxPlot Hint: The minimum CDs is xx. 0 Ref 100 200 300 400 Young Adults 500 600 700 Lind, D., Marchal, W., & Wathen, S.A. (2015). Statistical techniques in business and economics (16th ed.). McGraw-Hill Ch. 4, #32 Interpretation of Maximum Hint: The maximum CDs is xx. Interpretation of First Quartile Hint: 25% of CDs are less than Interpretation of Second Quart Hint: 50% of CDs are less than Interpretation of Third Quartile Hint: 75% of CDs are less than Seniors Young Adults Marketing Interpretations etation of Minimum The minimum CDs is xx. etation of Maximum Interpretation of Minimum Hint: The minimum CDss xx. Interpretation of Maximum The maximum CDs is xx. Hint: The maximum CDs is xx. etation of First Quartile Interpretation of First Quartile 25% of CDs are less than xx. 75% are greater than xx. etation of Second Quartile 50% of CDs are less than xx. 50% are greater than xx. etation of Third Quartile 75% of CDs are less than xx. 25% are greater than xx. Hint: 25% of CDs are less than x Interpretation of Second Quartile Hint: 50% of CDs are less than x Interpretation of Third Quartile Hint: 75% of CDs are less than x BoxPlot 0 50 ion of Second Quartile % of CDs are less than xx. 50% are greater than xx. % of CDs are less than xx. 25% are greater than xx. 150 BoxPlot Research Interpretations % of CDs are less than xx. 75% are greater than xx. 100 Seniors 0 100 200 300 400 Young Adults 500 6 BoxPlot 100 Seniors 150 200 BoxPlot 300 400 Young Adults 500 600 700 An insurance company determines that in every 100 claims, 5 are fraudulent. What is the probability that the next claim the company processes will be fraudulent? Please state the probability as a decimal value. A review of emergency room records at rural Millard Fellmore Memorial Hospital was performed to determine the probability distribution of the number of patients entering the emergency room during a 1-hour period. The following table lists this probability distribution. Patients per hour Probability 0 0.2725 1 0.3543 2 0.2303 3 0.0998 4 0.0431 Determine the probability that the number of patients entering the emergency room during a randomly selected 1-hour period is a) 2 or more b) exactly 4 c) fewer than 3 d) at most 1 Find the missing probability in the following probability distribution. x 0 1 2 3 4 P(x) 0.07 0.22 0.38 0.13 Determine whether the distribution given below are valid probability distributions or not. x 0 1 2 3 4 P(x) 0.30 0.25 0.25 0.15 0.05 (Choose one) Determine whether the random variable x is discrete or continuous a. Let x represent the number of pumps in use at a gas station b. Let x represent the weight of a truck at a weigh station (Choose one) (Choose one)
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