Please refer to Practice problem set 4 solutions to get some guidance on this Ho

Published by

Nov 26, 2022

s

Struggling with a similar assignment? Don’t know where to start? Don’t have time to work on this? Get a high-quality paper written for you from scratch – PLAGIARISM FREE, guaranteed to get you a good grade. To get started, please click on the Submit Your Instructions at the bottom of the page.

Please refer to Practice problem set 4 solutions to get some guidance on this Homework and follow the structure for your solution process.
Please solve the problems using Minitab as the tool.Present the business conclusions in a short non-statistical summary.
Please do the analysis using Minitab and follow the following general structure for presenting your solution to each of the business problems:
State the business problem in plain English
State the equivalent statistical problem that addresses the stated business problem
Identify and list all the necessary variables needed to address the stated statistical problem
List all the data available to address the statistical problem
Present the Minitab results
State the statistical conclusions (drawn from the Minitab analysis)
State your business conclusions/recommendations in a short paragraph or memo in plain English.
Your hospital is negotiating with medical insurance providers, who would like to reduce the amount they pay as reimbursement for hospital stays.For a particular procedure, they would like to reduce payment by $300 and have patients go home one day earlier.To see what effect this would have on hospital costs, a random sample of 50 patients who were recently admitted for this procedure was analyzed.Had they left one day earlier, the average hospital cost would have been $322.44 less, and the standard deviation was found to be $21.71.Construct a 95% confidence interval for the mean net savings for the hospital, per patient, for the larger population of recent patients.
The Glen Valley Steel Company manufactures steel bars.If the production process is working properly, it turns out steel bars with lengths that are normally distributed with a mean of at least 2.8 feet, with a standard deviation of 0.20 foot (as determined by the engineering specifications on the production equipment involved).Longer steel bars can be used or altered, but shorter steel bars must be scrapped.You select a sample of 25 bars, and the mean length is 2.73 feet.Do you need to adjust the production equipment?(use a significance level of 0.05).
(Source: LSKB-5)
Meier and Frank is a chain of department stores located in the Northwest.The company has issued its own credit cards for a number of years.As a new employee in the finance department, imagine that you have been assigned to a major investigation of the firm’s credit policies designed to reduce bad debt losses.You are requested to investigate the relationship between marital status at the time the card is issued and the subsequent payment record of the individual.
You randomly select 100 credit cards issued three years previously.Of the 70 individuals that were married at the time the cards were issued, 11 have defaulted on a payment.Of the 30 individualswho were single when the cards were issued, 7 have defaulted.Do these data present sufficient evidence to indicate that marital status affects credit-worthiness?Use Alpha = 0.05.
(Source: Unknown – 326RL?)
The National Restaurant Association is interested in determining if there is a relationship between the type of pizza pie which Americans prefer and the region of the country in which they live.The association randomly selects 285 Americans and records the category of pizza pie which best describes their preference and the region of the country in which they live.The results are as follows:
Type of PizzaRegion
Pie PreferredNorthSouthEastWest
Thin Crust40303545
Thick Crust17152122
Pan Pizza15151515
———————————————————–
At α = .10, what can the Association conclude?
(Source: Unknown)
Fancy Fish, a fine dining upscale restaurant in Northridge, California and 2016 Open Table Diners’ Choice award winner, is enjoying its eighteenth season of providing delectable food, exceptional service, and beautiful outdoor dining experiences.“Saturday – Half-off Bottled Wine Night” has made Fancy Fish one of the San Fernando Valley’s favorite restaurants.Every Saturday night, guests can enjoy half-off every bottle of wine on the wine list while dining in the restaurant or on the terrace.The owner began offering “Saturday – Half-off Bottled Wine Night” in 2010 as an incentive for guests to dine at Fancy Fish when the economy was in a recession.Now that the economy is booming, the owner is considering whether the promotion should be continued, or even expanded. One concern is the effect that the promotion is having on the overall revenue generated from sales to the participants.
A random sample of 28 checks was collected over the course of one month of Saturday nights. Fourteen checks were from customers participating in the half-off promotion, and the other 14 checks were from customers not participating. The total revenue from each check (less alcohol, tax, and tip) is presented below. Do these data present sufficient evidence that the checks of participants is significantly different from checks of non-participants? What is your recommendation to the owner regarding the status of the promotion?
With Wine Discount
W/O Wine Discount

35
46

35
44

36
29

36
29

48
29

29
60

36
64

43
47

24
47

13
49

36
53

50
51

22
44

32
36

(Source: Adapted from Smith, R. (2014). Evaluation of L.B’s Tuesdays – Half off bottled wine night (Unpublished class project submission). University of Redlands, Redlands, CA.)
6.A major distillery for alcoholic beverages is interested in gaining a large share of the market composed of people aged 18-23 (in those states where 18 is the legal drinking age).Beer and wine are the traditional favorites of this age group.However, Bill Schuessler, the firm’s marketing manager, and Carol Pringle, manager of research and development, feel that a new version of distilled apple cider will appeal to this younger market.While they are sure that the alcohol content should remain below 5 percent, they are not sure exactly what it should be.Therefore, five versions of the cider have been prepared and each version has been tasted by a random sample of 25 young consumers.Each consumer has evaluated the drink on a 100-point scale, with the higher scores representing a greater liking for the product.The results of the test appear below. What should Schuessler and Pringle conclude?
Version
1% 2%3%4%5%
1640818953
1862819520
7211351098
5749167067
3040839492
1663350608
9677202059
3993642049
3162763803
7891194732
0393333047
7442332872
0906099095
4223124225
1615080204
2145407420
2158578050
5661789597
4565669924
9134849849
9122212035
5007381421
6539052258
2750961344
3716948517
(Source: Unknown)
7.Morning House is a mail-order firm which carries a wide range of rather expensive art objects for homes and offices.It operates by advertising a particular item either in selected magazines or in a direct-mail program.Suppose the sales response varies widely by item and the firm’s management has been unable to predict in advance which items will sell well and which will not.Consequently the firm frequently experiences either stock-outs or excessive inventories.
For many of the products Morning House sells, it is possible to order a limited amount for inventory and to place a subsequent order for delivery within two weeks.Thus, if the firm could make a early prediction of the ultimate sales of a product, its inventory problems would be greatly reduced.Since it takes approximately six weeks to receive 90% of the response to a given campaign, an accurate prediction of total sales made as late as the end of the first week of receiving orders would be useful.
The first week’s sales and total sales of the last 12 campaigns of the firm are shown below.Can the first week’s sales be used to predict total sales?
First week’sTotal
CampaignSalesSales
132167
22091
3114560
466335
51870
6125650
783401
865320
994470
10515
1139210
1250265
——————————————–
(Source: Unknown)

Questions?
If something is not clear, ask for clarification by emailing. Do not answer the wrong question (and commit a type III error) and get penalized on the grade.

Hints:
Here are some common mistakes made on this HW & some suggestions to avoid them:
Problem
Suggestion

Not specifying your answer clearly (and require the instructor to fish for the answer)
Explicitly follow the seven parts (a through g) structure to answer each question. Also, follow the structure in in-class and practice problem set solutions for your answers.

Not addressing all the requirements
Read and follow all instructions.Create a checklist for your use to insure your report meets/addresses all requirements.

Choosing the wrong analysis
Be sure to check the number and type of your variables and make sure they are the correct ones for the analysis you choose. (Refer to the Yellow Sheet as necessary.

Not separately stating your answer
State the answer to each part in mathematical terms and with a business conclusion, Follow the in-class and practice sets as examples.

Problem 1- not stating a CI for the savings
Make sure after you calculate the CI for the cost savings, you express your answer as a CI for the savings after adjustment for the change in insurance reimbursement.

Problems 2 and 5- Wrong # of tails or direction of tail(s)
Read the problem carefully

Problem 3- Wrong numbers in the cells
Make sure the grand total is 100

Problem 6- Choosing the wrong analysis
See note above

n

Need Writing Help? Our writing specialists are here 24/7, every day of the year, ready to support you! Instantly chat with an online tutor below or click here to submit your paper instructions to the writing team.

More than just an assignment.

GET THE GRADES YOU DESERVE | A OR A- GUARANTEED
NO MORE SLEEPLESS NIGHTS DOING RESEARCH
NO MORE LATE POINTS DEDUCTIONS 
GET A QUALITY PAPER SENT TO YOUR EMAIL
GET GOOD GRADES ON YOUR ASSIGNMENTS
Explore Now →

Who is this homework service for?

* If you are having a really hard class and want to get through it, then this is for you.

* If you have a medical emergency or someone close to you has a medical emergency and you don’t think you’ll be able to turn your assignment on time, this is definitely a service you could use.

* You can use us if you are having a tough Professor who won’t give you the grades you deserve.

* If you have a tight work schedule and you are getting points deducted for not submitting assignments on time.

* English might not be your first language and you feel like you are being left behind in class because of it.

* If you have a large project coming up and don’t think you have enough time to get it done well, definitely reach out to us.

TALK TO SUPPORT
{

Super stoked you are checking us out! We would like to help you with your assignment. We just need a few things from you:

* The full assignment instructions as they appear on your school account.

* If a Rubric is present, make sure to attach it.

* Any relevant weekly readings or learning resources.

* Include any special announcements or emails you might have gotten from your Professor regarding your assignment.

* Any templates or additional files required to complete the assignment.

If your assignment is somewhat complex and you need to explain it, please don’t hesitate to reach out to me via live chat. 

 

FAQ

Frequently asked questions

How soon can I get my paper done?

It depends with your deadline. If you need your paper completed in 3 hours, we will deliver it in that time. All you need to do is indicate your deadline in our custom order page here. Alternatively, if you are sending us your instructions via email, please be sure to indicate your deadline.

Will it be completely original? I don't want to be caught in a case of Academic Integrity Violation.

We are as paranoid as you are. Maybe even more! And we understand that the greatest sin you can commit in your academic journey is plagiarizing your academic work. To that end, we have made sure that we check and double-check our papers using high quality plagiarism detection tools such as SafeAssign and Turnitin before submitting the paper to you.

Who is my writer? Is he/she a native English Speaker?

All our writers are native English Speakers. That is not to say that ESL writers are not good, we just prefer hiring native writers because we want the very best people working on your paper. This might mean paying a little bit more for your paper as opposed to when you pay a foreign company whose writers are non-native English Speakers.

What if I need revisions? Will your charge additional for this?

Of course not! If you do happen to require a revision on your paper, our team will handle it for you free of charge. Matter of fact, we won’t rest till you are happy with your paper. So, ask for as many revisions as you need, it’s completely FREE!

Will you give me my money back if I don't like my paper?

We have very few instances where we delivered a paper that a client didn’t fall in love with. But if it so happens that you don’t like your paper for any reason whatsoever, we’ll refund your money back no questions asked.

I have more assignments after this, can you help me with those too?

Of course! And what’s even better is that we can reserve a writer permanently to work on your entire class. This comes in handy for projects which build up on each other and where you need just one writer, one writing style.

I got my order information wrong, can I change that?

Yes you can. Just reach out to our support team via email (support@essaynook.com) or live chat here and they’ll help you change the instructions.

Can I place an order via email instead of going through the order page?

Yes you can. Email Anna at anna@essaynook.com, she’s in charge of our sales team. Alternatively, you can talk to our Live Chat team here and request to speak to Anna.

Trusted by Thousands of Students

Delivering quality assignments since 2007

%d bloggers like this: