BS2001_Assessment_CH

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Walden University *

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2001

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Statistics

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Apr 3, 2024

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BS2001 Assessment Template Prepared by: Michael Cockroft Date: 26-Mar-2024 Walden University, CBE Business Statistics, Probability Theory, Use probability theory to predict outcomes
Probabilities and Probability Theory How Statistics Can Be Used Replace this text with your response to the following in 75–150 words (1–2 paragraphs): Explain at least one way that statistics can be used by an organization or a professional in a business context. Additionally, explain how statistics can be used in another context, such as in education, in the community, or in recreational activities. Statistical Questions Replace this text with your response to the following in 75–150 words (1–2 paragraphs): Consider the following questions: How much does milk cost on the East Coast of the United States? How many minutes does it take to drive 30 miles at an average speed of 55 miles per hour? What is the age difference between you and your siblings? How many hours of sleep do teenagers get during the school year compared to summer vacation? Define each question as being—or not being—a statistical question, and then explain why. Permutations and Combinations Replace this text with your response to the following in 75 words (1 paragraph): Explain why there should be more permutations than combinations when the two methods are used to determine the number of ways that events can occur. Mean, Median, Sample Variance, and Standard Deviation Replace this text with your response to the following in 300 words (4 paragraphs): Joan Horton is a building contractor whose company builds many homes every year. In planning for each job, Joan needs some idea about the direct labor hours per square foot required to build a home. She has collected sample information on the labor hours for 10 jobs during the past year Job 1 2 3 4 5 6 7 8 9 10 Hours 245 291 353 118 152 402 351 242 595 173 Calculate the mean for this sample. How can Joan use this information? Calculate the median from this sample. If Joan had to select the mean or the median as the estimate of direct labor hours, what factors about each statistic should she consider before making the decision? Calculate the sample variance and standard deviation. How can Joan use these values in planning future jobs? One of Joan’s competitors, J.M. Sawyer, has numbers claiming that his crews average 350 hours per square foot, with a standard deviation of 50. Sawyer further claims that his company is more consistent in direct labor hours applied to houses than Horton’s company. Who is right, and why? Page 2 of 4
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