Solution Manual for Business Statistics in Practice Third Canadian Edition

Solution Manual for Business Statistics in Practice Third Canadian Edition

INSTRUCTOR’S SOLUTION MANUAL

Business Statistics in Practice, Third Canadian Edition

by

Bowerman, Aitken Schermer, Johnson, & O’Connell

CHAPTER 1: An Introduction to Business Statistics

1.1 [LO 1]

A population is a set of units.Examples could include surveying consumers utilizing a particular product.

1.2 [LO 1]

Any characteristic of a population unit is called a variable.Quantitative: values on the real number line.Qualitative: record unit into categories.

1.3 [S 1.1]

a. Quantitative; dollar amounts correspond to values on the real number line.

b. Quantitative; net profit is a dollar amount.

c. Qualitative; rank is ordinal.

d. Quantitative; national debt is a dollar amount.

e. Qualitative; media is categorized into radio, television, or print.

1.4 [LO 2]

Census: examine all of the population units.Sample: subset of the units in a population.

1.5 [LO 3]

a. Descriptive statistics: science of describing the important aspects of a set of measurements.

b. Statistical inference: science of using a sample of measurements to make generalizations about the important aspects of a population of measurements.

c. Random sample: selected in a manner so that on each selection from the population every unit remaining in the population on that selection has the same chance of being chosen.

d. Systematic sample: select every nth unit of a population.

1.6 [LO 3]

Choosing the sample without replacement guarantees that all of the units in the sample will be different units.

1.7 [LO 3]

a. First number the stores (and not the headings); total of 38 stores

b. From Table 1.1 (starting in the upper lefthand corner) we obtain the following 2digit random numbers:

33 03 92 85 08 51 60 94 58 09 14 74 24 87 07 85 90 27 20 74 63 44 01

Crossing out numbers greater than and equal to 38 (because there are 38 companies), the sample consists of stores 33 03 08 09 14 24 07 27 20 01. That is:

33 The P.E.I. Co. Store

03 Chameleon’s Hanger

08 TABI

09 Norton’s Jewellers

14 Senses

24 Colleen’s Elite Tailoring

07 Marianna’s

27 Luna Eclectic Emporium

20 Dow’s Men’s Wear

01 Uptown Shoes

1.8 [LO 3]

a. From Table 1.1 (starting in the upper left-hand corner) we obtain 5-digit random numbers:

33276 03427 92737 85689 0817851259 60268 94904 58586 0999814346 74103 24200 87308 07351Crossing out the numbers greater than 73,219 (because there are only 73,219 registration cards), the first ten registration cards in the sample are cards:33276 03427 08178 51259 6026858586 09998 14346 24200 07351

b. Most of the scores would fall between 36 and 48 because 36 is the smallest score in the sample and 48 is the largest score in the sample. An estimate of the proportion of scores that would be at least 42 is 46/65=.7077 because 46 of the 65 sample scores are at least 42.

1.9 [S 1.2]

Most waiting times will be from .4 to 11.6 minutes. An estimate of the proportion of waiting times less than 6 minutes is found by counting the number of customers with waiting times less than 6 minutes and dividing by the total of 100 customers.    

1.10 [LO 3]

Responses will vary, but two random lists should not be the same (each list should be unique).

Solution Manual for Business Statistics in Practice, Third Canadian Edition

The “Solution Manual for Business Statistics in Practice, Third Canadian Edition” is an essential educational resource designed to support both educators and students in mastering the fundamental principles and applications of business statistics. This comprehensive solution manual complements the textbook by providing detailed solutions to the exercises and problems presented in the text, making it an invaluable tool for both teaching and learning. Below is a detailed overview of the components and benefits of this solution manual:

Overview of Solution Manual Content

1. Chapter-by-Chapter Organization
   • The solution manual is meticulously organized to align with each chapter of the textbook. This ensures comprehensive coverage of all critical topics and provides a structured approach to solving problems, facilitating easy integration into the curriculum and enabling targeted learning.
2. Detailed Solutions
   • Step-by-Step Explanations: Each solution is broken down into detailed, step-by-step explanations to help students understand the methodology and reasoning behind each answer. This approach ensures that students grasp the fundamental concepts and techniques required to solve statistical problems.
   • Illustrative Examples: The manual includes a variety of illustrative examples that mirror the exercises in the textbook. These examples serve as additional learning tools, reinforcing the concepts and techniques covered in each chapter.
   • Graphical and Tabular Representations: Solutions often include graphical and tabular representations of data, such as charts, graphs, and tables, to enhance understanding and visualization of statistical concepts.
3. Coverage of Key Topics
   • Descriptive Statistics: Detailed solutions for problems related to descriptive statistics, including measures of central tendency, measures of variability, and data visualization techniques.
   • Probability Concepts: Step-by-step explanations for problems involving basic probability concepts, probability distributions, and the application of probability rules.
   • Discrete and Continuous Distributions: Solutions for problems related to discrete and continuous probability distributions, including binomial, Poisson, normal, and other key distributions.
   • Sampling and Sampling Distributions: Comprehensive solutions for problems involving sampling techniques, sampling distributions, and the central limit theorem.
   • Estimation and Confidence Intervals: Detailed explanations for problems related to point estimation, interval estimation, and the construction and interpretation of confidence intervals.
   • Hypothesis Testing: Step-by-step solutions for hypothesis testing problems, including tests for means, proportions, variances, and the application of various statistical tests.
   • Regression Analysis: Solutions for problems involving simple and multiple regression analysis, including the interpretation of regression coefficients, hypothesis testing in regression, and model diagnostics.
   • Analysis of Variance (ANOVA): Detailed solutions for ANOVA problems, including one-way and two-way ANOVA, and the interpretation of ANOVA results.
   • Nonparametric Methods: Solutions for problems involving nonparametric statistical methods, including chi-square tests, sign tests, and rank-based tests.
   • Time Series Analysis and Forecasting: Step-by-step solutions for problems related to time series analysis, including trend analysis, seasonal variations, and forecasting techniques.
   • Quality Control and Improvement: Solutions for problems involving statistical quality control methods, including control charts, process capability analysis, and improvement techniques.
4. Educational Support and Utility
   • For Educators: The solution manual provides a comprehensive resource for creating assignments, quizzes, and exams. It simplifies the process of grading by providing accurate and detailed solutions, ensuring consistency and alignment with the curriculum.
   • For Students: The solution manual serves as a valuable tool for self-study and revision. It helps students verify their answers, understand their mistakes, and learn the correct approach to solving statistical problems.

Benefits of Using the Solution Manual

1. Enhanced Understanding and Retention
   • The detailed, step-by-step explanations help reinforce learning and enhance retention of key statistical concepts and techniques. This approach ensures that students develop a strong foundation in business statistics.
2. Practical Application of Concepts
   • By providing solutions to real-world problems, the solution manual enables students to apply theoretical concepts to practical scenarios. This practical application enhances their problem-solving skills and prepares them for real-world business challenges.
3. Comprehensive Coverage of Topics
   • The solution manual covers all major topics in business statistics, ensuring that students have access to a comprehensive resource that addresses a wide range of problems and exercises.
4. Efficient Learning Tool
   • For students, the solution manual provides an efficient way to learn and practice statistical techniques. It serves as a self-assessment tool, helping students identify areas of strength and weakness and focus their efforts on areas needing improvement.

Conclusion

The “Solution Manual for Business Statistics in Practice, Third Canadian Edition” is an essential resource for both educators and students in the field of business statistics. It provides structured, comprehensive, and detailed solutions to the exercises and problems presented in the textbook. By aligning closely with the textbook and emphasizing practical application, the solution manual supports the development of competent, confident professionals ready to excel in their understanding and application of business statistics in various business settings.