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GM 533 Week 1 Lecture - Applied Managerial Statistics

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- 1. Week 1 Lecture GM 533Applied Managerial Statistics Professor Brent HeardNot to be copied or linked to without my permission
- 2. Week 1 Lecture GM 533• Consider the following data on impulse items bought at the checkout line of big box store and calculate the relative frequency for each scenario. Explain what relative frequency is and how you calculated it. # of Impulse Items Purchased Frequency 0 Items 29 1 Item 7 2 Items 5 3 Items 4 4+ Items 2
- 3. Week 1 Lecture GM 533• The following is a relative frequency distribution of lunch preference on an Air Force base. Lunch Preference Relative Frequency Bring Lunch 0.27 Eat on base 0.37 Eat off base 0.31 Do not eat lunch 0.05• If this was the distribution of 11,600 people on the Air Force base, find the frequency for each lunch preference, explaining your calculation and then noting what you would do with the information if you were considering opening a restaurant just outside the Air Force base.
- 4. Week 1 Lecture GM 533• A random sample of 10 engineers was asked how much change in coins they had in their pockets on a given day. The responses were:0.78 0.58 0.75 2.30 0 1.23 1.45 0.75 1.80 0.77• Find the mean, mode, median and midrange for this set of data. You may have to look midrange up, but it is also a measure of center. Compare the four and note how they relate.
- 5. Week 1 Lecture GM 533• In order to stay in the honors program, Mary needs to have at least a 90 average in her Geology class. She only has her final exam left which counts for 30% of her grade. She has had 7 graded assignments throughout the term and each of them counted 10% toward her final grade. Her 7 graded assignment scores were: 78 89 97 92 84 94 88• What does Mary need to make on her final exam to have a 90 average?
- 6. Week 1 Lecture GM 533• A company is tracking the amount of sick leave employees use in a given year, they decided to use the legal department’s 11 employees as a sample. Their sick leave in hours/year for 2011 was the following: 32 40 0 16 48 12 14 24 26 30 38• Note the mean, variance and standard deviation for this set of data and explain how you might use this information in planning, budgeting, etc.
- 7. Week 1 Lecture GM 533• A company is tracking the amount of sick leave employees use in a given year, they decided to use the legal department’s 11 employees as a sample. Their sick leave in hours/year for 2011 was the following: 32 40 0 16 48 12 14 24 26 30 38• The company is considering giving bonuses to employees who use 0 hours of sick leave (this may be illegal, this is only an example from a math guy). Find the z score for 0 sick leave hours and explain what percentage of employees would get a bonus based on this example. (We would have to assume this data is normally distributed.)
- 8. Week 1 Lecture GM 533• A company is tracking the amount of sick leave employees use in a given year, they decided to use the legal department’s 11 employees as a sample. Their sick leave in hours/year for 2011 was the following: 32 40 0 16 48 12 14 24 26 30 38• Calculate the first, second, third quartiles and interquartile range. Explain what each means and you might display the information in a presentation.
- 9. Week 1 Lecture GM 533• The following table shows the average bonuses per employee for an accounting firm from 2004 to 2011. Bonuses are given at the end of the calendar year.
- 10. Week 1 Lecture GM 533 Year Avg. Bonus 2004 $2,500 2005 $2,800 2006 $3,000 2007 $3,400 2008 $3,200 2009 $2,000 2010 $1,000 2011 $1,100Determine the percentage change inthe average bonuses from 2006 to 2010
- 11. Week 1 Lecture GM 533• According to a recent survey of taxi cab drivers in a major city, a driver spends an average of 8.7 hours a day in their cab. The standard deviation was calculated to be .72 hours and the distribution is approximately normal. Find the three intervals noted in the Empirical Rule and note what they are, how they are calculated and what they mean.
- 12. Histograms with Minitab• Open your Excel File, in my example, we will use Case 27 (House Data)• Select all headers and data by doing a click drag (Left click top left corner, hold down drag to bottom right corner)• See following chart
- 13. Histograms with Minitab• Just capture headers and all data…
- 14. Histograms with Minitab• Right click or Copy what you have selected in Excel• Go to a blank Minitab Project Worksheet and put your cursor in the top left blank gray cell and paste• See following chart
- 15. Histograms with Minitab• Click here and paste
- 16. Histograms with Minitab• You will now have something like this…
- 17. Histograms with Minitab• Now in Minitab,• At the top, Click Graph, Choose “Histogram”• Click “OK” for Simple Histogram• You should see this
- 18. Histograms with Minitab• We are doing a histogram on Age of Homes, so double click “C8 Age” and it will appear in the Graph Variables box.
- 19. Histograms with Minitab• I added a Title using the Label button, then I clicked “OK”• Voila, you have it. Right Click, Copy Graph to put it anywhere you wish
- 20. Week 1 Lecture GM 533• In the next couple of days, I will post these online at my “Statcave” site on Facebook.• You DO NOT have to be a Facebook person to see these, I simply post them there for convenience.• Website: www.facebook.com/statcave

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