BSAD221—FINAL Exam Preparation-drsybSpring2010

Weighted Mean/Frequency Distribution/Interval Estimation/Probability & Sampling Distribution/Simple Linear Regression

April 8, 2023Morrisville State College-BSAD221/Business Statistics Spring 2010 ~Dr. Boyce~

BSAD221—Business Statistics Spring 2010 Exam Study Preparation

Calculation of Standard Error—{i.e., the Standard Deviation of a Point Estimation} of a Sample Mean, as in Section 7.5 of the Anderson/Sweeney/Williams (2009). Modern Business Statistics + Microsoft® Excel. (3rd ed.) Textbook

Designing of a Confidence Interval of a Sample Mean, as in Section 8.1 of the Anderson/Sweeney/Williams (2009). Modern Business Statistics + Microsoft® Excel. (3 rd ed.) Textbook

Margin of Error, based on # of Observations, Sample Mean, Population Standard Deviation

Computation of a Normal Probability Distribution, as in Section 6.2 of the Anderson/Sweeney/Williams (2009). Modern Business Statistics + Microsoft® Excel. (3rd ed.) Textbook

Calculation of Point Estimation of Population Proportion, as in Section 8.4 of the Anderson/Sweeney/Williams (2009). Modern Business Statistics + Microsoft® Excel. (3 rd ed.) Textbook

Computation of Weighted Mean, as in Section 3.6 of Anderson/Sweeney/Williams (2009). Modern Business Statistics + Microsoft® Excel. (3rd ed.) Textbook –albeit NOT Covered on Final Exam

April 8, 2023 Morrisville State College-BSAD221/Business Statistics Spring 2010 ~Dr. Boyce~

BSAD221—Business Statistics Spring 2010 Exam Study Preparation, cont. Binomial Probability Distribution, as in Section 5.4 of Anderson/Sweeney/Williams (2009). Modern Business

Statistics + Microsoft® Excel. (3rd ed.) Poisson Probability Distribution, as in Section 5.5 of Anderson/Sweeney/Williams (2009). Modern Business

Statistics + Microsoft® Excel. (3rd ed.) Calculation of a Regression Equation/Computation of a Coefficient of Determination/Construction of a Scatter

Diagram/Interpretation of the Slope of an Estimated Regression Equation, as in Section’s 14.1, 14.2, & 14.3 of Anderson/Sweeney/Williams (2009). Modern Business Statistics + Microsoft® Excel. (3 rd ed.) Textbook

Summarizing Quantitative Data/Designing of a Frequency/Presentation of Graphical Depiction of Frequency Distribution/Discussion of Descriptive Statistics—including Measures of Variability/Distribution Shape, & Relative Location, as in Section’s 2.2, 3.1, 3.2, & 3.3 of Anderson/Sweeney/Williams (2009). Modern Business Statistics + Microsoft® Excel. (3rd ed.) Textbook

Microsoft® Excel proficiency in employing/computing/constructing Descriptive Statistics Binomial Probabilities Poisson Probabilities Normal Probabilities Interval Estimates of Population Mean/Population Proportion Estimated Regression Equation Coefficient of Determination Correlation Coefficient Charts—Histogram, Scatter Diagrams

April 8, 2023

Morrisville State College-BSAD221/Business Statistics

Spring 2010 ~Dr. Boyce~

Guidelines for Selecting Number of Classes

• Use between 5 and 20 classes.Use between 5 and 20 classes.

•Data sets with a larger number of elementsData sets with a larger number of elements usually require a larger number of classes.usually require a larger number of classes.

•Smaller data sets usually require fewer classes.Smaller data sets usually require fewer classes.


Guidelines for Selecting Width of Classes

Classes ofNumber

Value DataSmallest Value DataLargest Classes ofNumber

Value DataSmallest Value DataLargest

•Use Classes of Equal Width.Use Classes of Equal Width.

•Approximate Class Width =Approximate Class Width =


BSAD221—STUDY PREPARATION, SPRING 2010 BSAD221—STUDY PREPARATION, SPRING 2010 FINAL EXAMFINAL EXAM


BSAD221—STUDY PREPARATION, SPRING 2010 BSAD221—STUDY PREPARATION, SPRING 2010 FINAL EXAMFINAL EXAM

~ Weighted Mean ~ Paul, a freshman at a local college just completed 15 credit hours. His grade report

is presented below.

Course Credit Hours Grades

Calculus 5 C

Biology 4 A

English 3 D

Music 2 B

P.E. 1 A

The local university uses a 4 point grading system, i.e., A = 4, B = 3, C = 2, D = 1, F = 0. Please compute Paul’s semester grade point average.


~ Weighted Mean ~



~Binomial Distribution~~Binomial Distribution~


Continuous Probability—Normal Distribution


Normal Probability Distribution


~ Interval Estimation, ‘Known’ ~ Interval Estimation, ‘Known’ σσ ~~


~ Sample Size for Interval Estimation, Population ~ Sample Size for Interval Estimation, Population µµ ~~

America’s young people are heavy Internet users; 87% of Americans ages 12 to 17 are Internet users (The Cincinnati Enquirer, February 7, 2006). MySpace was voted the most popular Web site by 9% in a sample survey of Internet users in this age group. Suppose 1400 youths participated in the survey.

Please use a 95% confidence level.

What is the margin of error?

What is the interval estimate of the population proportion for which MySpace is the most popular Web site?


A Phoenix Wealth Management/ Harris Interactive survey of 1500 individuals with net worth of $ 1 million or more provided a variety of statistics on wealthy people (BusinessWeek, September 22, 2003). The previous three-year period had been bad for the stock market, which motivated some of the questions asked.

a. The survey reported that 53% of the respondents lost 25% or more of their portfolio value over the past three years. Please develop a 95% confidence interval for the proportion of wealthy people who lost 25% or more of their portfolio value over the past three years.

b. The survey reported that 31% of the respondents feel they have to save more for retirement to make up for what they lost. Please develop a 95% confidence interval for the population proportion.

c. Five-percent of the respondents gave $ 25,000 or more to charity over the previous year. Please develop a 95% confidence interval for the proportion who gave $ 25,000 or more to charity.


Anderson, D. R., Sweeney, D. J., & Williams, T. A. (2009). Modern Business Statistics with Microsoft® Excel, (3rd ed.). Mason, OH: South-Western Cengage Learning.

Anderson, D. R., Sweeney, D. J., & Williams, T. A. (2009). Statistics for Business and Economics (10th ed.). Mason, OH: Thomson/South-Western.

Berenson, M. L., Levine, D. M., Krehbiel, T. C., & (2009). Basic business statistics: Concepts and applications (11th ed.). Upper Saddle River, NJ: Prentice Hall.

Groebner, D. F., Shannon, P. W., Fry, P. C., & Smith, K. D. (2008). Business statistics: A decision-making approach [with student update package] (6th ed.). Upper Saddle River, NJ: Prentice Hall.

Keller, G. (2007). Statistics for Management and Economics (7th ed.). Mason OH: Thomson/South-Western.

Kvanli, A. H., Pavur, R. J., & Keeling, K. B. (2006). Concise Managerial Statistics. Mason OH: Thomson/South-Western.

Lind, D. A., Marchal, W. G., & Wathen, S. A. (2008). Statistical techniques in business and economics [with student CD-ROM mandatory package] (13th ed.). Boston, MA: McGraw-Hill.

Loucks, J. S. (2009). St. Edwards University—Slide Preparation—Modern Business Statistics with Microsoft Excel. (3rd ed.) Mason, OH: Thomson/South-Western.

April 8, 2023

Morrisville State College-BSAD221/Business Statistics Spring 2010 ~Dr. Boyce~

BSAD221—FINAL Exam Preparation-drsybSpring2010

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