Do a correlation analysis between ‘Amount’ and ‘Age’

07 Sep

Business Statistics

1. The sample data from a research survey conducted in various countries on the amount of time 3-5 year-old children spent alone with their fathers each day is as follows:
Country
Time with Dad (minutes)
Bangladesh
30
Bhutan
46
China
54
Nepal
50
Pakistan
46
Nigeria
42
Korea
46
Russia
42
India
50
For the above sample, determine the following measures:
a. The mean
b. The standard deviation
c. The mode
d. The 75th percentile
Based on your calculations comment on the father-children relationship.
2. ‘Prince’ a chaiwala at Mumbai Central station believes that the sales of tea at his tea shop depends upon the weather. He has taken a sample of a week’s data. Below you are given the results of the sample.
Cups Sold
Temperature
350
50
200
60
210
70
100
80
80
90
70
100
50
110
a. Which variable is the dependent variable?
b. Compute the least squares estimated line.
c. Is there a significant relationship between the sales of coffee and temperature?
d. Predict sales of a 95 degree day.
3. According to one of the recent study published in an International report, the cost of medical malpractice in the United States is USD 55.6 billion a year, which is approximately 2.4 percent of US annual health-care spending. An earlier research report published in 2011, in the New England Journal of Medicine revealed that, during the period 1991 to 2005, 7.4 percent of all physicians licensed in the US had a malpractice claim. These staggering numbers not only contribute to the high cost of health care, but the size of successful malpractice claims also contributes to high premiums for medical malpractice insurance. The table below contains a sample of data set of claim payments made in a year’s time and other information about the claimant.
Amount (in USD)
Age
Marital Status
Insurance type
Gender
2
45
Single
Private
Male
5
34
Married
Medicare
Male
3.5
29
Married
Private
Female
160
46
Single
Workers compensation
Male
4
56
Married
Private
Female
155
45
Single
Private
Female
45
44
Married
Medicare
Male
3
56
Single
No insurance
Male
20
43
Single
Private
Male
a. Using descriptive statistics explore claim payment amounts, and identify factors that appear to influence the amount of the payment.
b. Do a correlation analysis between ‘Amount’ and ‘Age’ and interpreted the coefficient of correlation.

Using descriptive statistics explore claim payment

07 Sep

Business Statistics

1. The sample data from a research survey conducted in various countries on the amount of time 3-5 year-old children spent alone with their fathers each day is as follows:
Country
Time with Dad (minutes)
Bangladesh
30
Bhutan
46
China
54
Nepal
50
Pakistan
46
Nigeria
42
Korea
46
Russia
42
India
50
For the above sample, determine the following measures:
a. The mean
b. The standard deviation
c. The mode
d. The 75th percentile
Based on your calculations comment on the father-children relationship.
2. ‘Prince’ a chaiwala at Mumbai Central station believes that the sales of tea at his tea shop depends upon the weather. He has taken a sample of a week’s data. Below you are given the results of the sample.
Cups Sold
Temperature
350
50
200
60
210
70
100
80
80
90
70
100
50
110
a. Which variable is the dependent variable?
b. Compute the least squares estimated line.
c. Is there a significant relationship between the sales of coffee and temperature?
d. Predict sales of a 95 degree day.
3. According to one of the recent study published in an International report, the cost of medical malpractice in the United States is USD 55.6 billion a year, which is approximately 2.4 percent of US annual health-care spending. An earlier research report published in 2011, in the New England Journal of Medicine revealed that, during the period 1991 to 2005, 7.4 percent of all physicians licensed in the US had a malpractice claim. These staggering numbers not only contribute to the high cost of health care, but the size of successful malpractice claims also contributes to high premiums for medical malpractice insurance. The table below contains a sample of data set of claim payments made in a year’s time and other information about the claimant.
Amount (in USD)
Age
Marital Status
Insurance type
Gender
2
45
Single
Private
Male
5
34
Married
Medicare
Male
3.5
29
Married
Private
Female
160
46
Single
Workers compensation
Male
4
56
Married
Private
Female
155
45
Single
Private
Female
45
44
Married
Medicare
Male
3
56
Single
No insurance
Male
20
43
Single
Private
Male
a. Using descriptive statistics explore claim payment amounts, and identify factors that appear to influence the amount of the payment.
b. Do a correlation analysis between ‘Amount’ and ‘Age’ and interpreted the coefficient of correlation.

 

According to one of the recent study published in an International report

07 Sep

Business Statistics

1. The sample data from a research survey conducted in various countries on the amount of time 3-5 year-old children spent alone with their fathers each day is as follows:

Country Time with Dad (minutes)
Bangladesh 30
Bhutan 46
China 54
Nepal 50
Pakistan 46
Nigeria 42
Korea 46
Russia 42
India 50

For the above sample, determine the following measures:

a. The mean

b. The standard deviation

c. The mode

d. The 75th percentile

Based on your calculations comment on the father-children relationship.

2. ‘Prince’ a chaiwala at Mumbai Central station believes that the sales of tea at his tea shop depends upon the weather. He has taken a sample of a week’s data. Below you are given the results of the sample.

Cups Sold Temperature
350 50
200 60
210 70
100 80
80 90
70 100
50 110

a. Which variable is the dependent variable?

b. Compute the least squares estimated line.

c. Is there a significant relationship between the sales of coffee and temperature?

d. Predict sales of a 95 degree day.

3. According to one of the recent study published in an International report, the cost of medical malpractice in the United States is USD 55.6 billion a year, which is approximately 2.4 percent of US annual health-care spending. An earlier research report published in 2011, in the New England Journal of Medicine revealed that, during the period 1991 to 2005, 7.4 percent of all physicians licensed in the US had a malpractice claim. These staggering numbers not only contribute to the high cost of health care, but the size of successful malpractice claims also contributes to high premiums for medical malpractice insurance. The table below contains a sample of data set of claim payments made in a year’s time and other information about the claimant.

Amount (in USD) Age Marital Status Insurance type Gender
2 45 Single Private Male
5 34 Married Medicare Male
3.5 29 Married Private Female
160 46 Single Workers compensation Male
4 56 Married Private Female
155 45 Single Private Female
45 44 Married Medicare Male
3 56 Single No insurance Male
20 43 Single Private Male

a. Using descriptive statistics explore claim payment amounts, and identify factors that appear to influence the amount of the payment.

b. Do a correlation analysis between ‘Amount’ and ‘Age’ and interpreted the coefficient of correlation.

‘Prince’ a chaiwala at Mumbai Central station believes

07 Sep

Business Statistics

1. The sample data from a research survey conducted in various countries on the amount of time 3-5 year-old children spent alone with their fathers each day is as follows:

Country Time with Dad (minutes)
Bangladesh 30
Bhutan 46
China 54
Nepal 50
Pakistan 46
Nigeria 42
Korea 46
Russia 42
India 50

For the above sample, determine the following measures:

a. The mean

b. The standard deviation

c. The mode

d. The 75th percentile

Based on your calculations comment on the father-children relationship.

2. ‘Prince’ a chaiwala at Mumbai Central station believes that the sales of tea at his tea shop depends upon the weather. He has taken a sample of a week’s data. Below you are given the results of the sample.

Cups Sold Temperature
350 50
200 60
210 70
100 80
80 90
70 100
50 110

a. Which variable is the dependent variable?

b. Compute the least squares estimated line.

c. Is there a significant relationship between the sales of coffee and temperature?

d. Predict sales of a 95 degree day.

3. According to one of the recent study published in an International report, the cost of medical malpractice in the United States is USD 55.6 billion a year, which is approximately 2.4 percent of US annual health-care spending. An earlier research report published in 2011, in the New England Journal of Medicine revealed that, during the period 1991 to 2005, 7.4 percent of all physicians licensed in the US had a malpractice claim. These staggering numbers not only contribute to the high cost of health care, but the size of successful malpractice claims also contributes to high premiums for medical malpractice insurance. The table below contains a sample of data set of claim payments made in a year’s time and other information about the claimant.

Amount (in USD) Age Marital Status Insurance type Gender
2 45 Single Private Male
5 34 Married Medicare Male
3.5 29 Married Private Female
160 46 Single Workers compensation Male
4 56 Married Private Female
155 45 Single Private Female
45 44 Married Medicare Male
3 56 Single No insurance Male
20 43 Single Private Male

a. Using descriptive statistics explore claim payment amounts, and identify factors that appear to influence the amount of the payment.

d. Do a correlation analysis between ‘Amount’ and ‘Age’ and interpreted the coefficient of correlation.

 

The sample data from a research survey conducted

07 Sep

Business Statistics

1. The sample data from a research survey conducted in various countries on the amount of time 3-5 year-old children spent alone with their fathers each day is as follows:

Country Time with Dad (minutes)
Bangladesh 30
Bhutan 46
China 54
Nepal 50
Pakistan 46
Nigeria 42
Korea 46
Russia 42
India 50

For the above sample, determine the following measures:

a. The mean

b. The standard deviation

c. The mode

d. The 75th percentile

Based on your calculations comment on the father-children relationship.

2. ‘Prince’ a chaiwala at Mumbai Central station believes that the sales of tea at his tea shop depends upon the weather. He has taken a sample of a week’s data. Below you are given the results of the sample.

Cups Sold Temperature
350 50
200 60
210 70
100 80
80 90
70 100
50 110

a. Which variable is the dependent variable?

b. Compute the least squares estimated line.

c. Is there a significant relationship between the sales of coffee and temperature?

d. Predict sales of a 95 degree day.

3. According to one of the recent study published in an International report, the cost of medical malpractice in the United States is USD 55.6 billion a year, which is approximately 2.4 percent of US annual health-care spending. An earlier research report published in 2011, in the New England Journal of Medicine revealed that, during the period 1991 to 2005, 7.4 percent of all physicians licensed in the US had a malpractice claim. These staggering numbers not only contribute to the high cost of health care, but the size of successful malpractice claims also contributes to high premiums for medical malpractice insurance. The table below contains a sample of data set of claim payments made in a year’s time and other information about the claimant.

Amount (in USD) Age Marital Status Insurance type Gender
2 45 Single Private Male
5 34 Married Medicare Male
3.5 29 Married Private Female
160 46 Single Workers compensation Male
4 56 Married Private Female
155 45 Single Private Female
45 44 Married Medicare Male
3 56 Single No insurance Male
20 43 Single Private Male

a. Using descriptive statistics explore claim payment amounts, and identify factors that appear to influence the amount of the payment.

b. Do a correlation analysis between ‘Amount’ and ‘Age’ and interpreted the coefficient of correlation.

 

Business Statistics

07 Sep

Business Statistics

1. The sample data from a research survey conducted in various countries on the amount of time 3-5 year-old children spent alone with their fathers each day is as follows:

Country Time with Dad (minutes)
Bangladesh 30
Bhutan 46
China 54
Nepal 50
Pakistan 46
Nigeria 42
Korea 46
Russia 42
India 50

For the above sample, determine the following measures:

a. The mean

b. The standard deviation

c. The mode

d. The 75th percentile

Based on your calculations comment on the father-children relationship.

2. ‘Prince’ a chaiwala at Mumbai Central station believes that the sales of tea at his tea shop depends upon the weather. He has taken a sample of a week’s data. Below you are given the results of the sample.

Cups Sold Temperature
350 50
200 60
210 70
100 80
80 90
70 100
50 110

a. Which variable is the dependent variable?

b. Compute the least squares estimated line.

c. Is there a significant relationship between the sales of coffee and temperature?

d. Predict sales of a 95 degree day.

3. According to one of the recent study published in an International report, the cost of medical malpractice in the United States is USD 55.6 billion a year, which is approximately 2.4 percent of US annual health-care spending. An earlier research report published in 2011, in the New England Journal of Medicine revealed that, during the period 1991 to 2005, 7.4 percent of all physicians licensed in the US had a malpractice claim. These staggering numbers not only contribute to the high cost of health care, but the size of successful malpractice claims also contributes to high premiums for medical malpractice insurance. The table below contains a sample of data set of claim payments made in a year’s time and other information about the claimant.

Amount (in USD) Age Marital Status Insurance type Gender
2 45 Single Private Male
5 34 Married Medicare Male
3.5 29 Married Private Female
160 46 Single Workers compensation Male
4 56 Married Private Female
155 45 Single Private Female
45 44 Married Medicare Male
3 56 Single No insurance Male
20 43 Single Private Male

a. Using descriptive statistics explore claim payment amounts, and identify factors that appear to influence the amount of the payment.

b. Do a correlation analysis between ‘Amount’ and ‘Age’ and interpreted the coefficient of correlation.

Business Statistics

14 Jun

1. The above chart shows the sales of toys over a period of one year. Identify the diagrammatic representation used and derive meaningful conclusions about the sales of toys.

2. The following table shows the results of a survey conducted across the country, on 200 working professionals. The professionals were asked to identify the location of their company and the type of industry of their company. The professionals were allowed only to select one location and one industry.

Industry Location Total
North South East West
Banking 24 10 8 14 56
Logistics 30 6 22 12 70
Telecom 28 18 12 16 74
Total 82 34 42 42 200

 

Suppose a professional is selected at random

a) Calculate the probability that the professional is from West

b) Calculate the probability that the professional is from Banking

c) Calculate the probability that the professional is from Logistics or from North?

d) Calculate the probability that the professional is from Telecom and South?

3. Titan industries Ltd., India’s leading watch manufacturer was established in 1984, as a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation. The company brought about a paradigm shift in the Indian watch market, offering quartz technology with international styling. Leveraging its understanding of different segments in the watch market, it launched a second brand, Sonata, as a value brand to those seeking to buy functionally-styled watches at affordable prices. The company diversified into jewellery in 1995 under the brand name Tanishq after taking stock of the huge opportunities and the large size of the jewellery business in India. Suppose, Titan has launched new jewellery designs under the Tanishq brand for working Indian women. Past record indicates that the mean sale of this brand, from various showrooms located across various towns is Rs. 20 million. If the distribution of the sales is normal with standard deviation of Rs. 50,000

a) What is the probability of obtaining sale greater than Rs. 45 million this year?

b) What is the probability of generating sale between Rs. 17 and Rs. 27 million?