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Results of a 2017 Computer Service, Inc (CSI) survey of a sample of 163 bank executives reveal insights on banking priorities among financial institutions (goo.gl/mniYMM ). As financial institutions begin planning for a new year, of utmost importance is boosting profitability and identifying growth areas. The results show that 55% of bank institutions note customer experience initiatives as an area in which spending is expected to increase. Implementing a customer relationship management (CRM) solution was ranked as the top most important omnichannel strategy to pursue with 41% of institutions digital banking enhancements as the customer experience. Identify potential concerns with coverage, nonresponse, sampling and measurement errors.
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BASIC BUSINESS STATISTICS
- For 25 years, Arthur Reynolds and Judy Temple tracked more than 1,400 children who participated in a publicly funded early childhood development program beginning at age 3. They found that children who participated in the program showed higher levels of educational attainment, socioeconomic status, and job skills, as well as lower rates of substance abuse, felony arrest, and incarceration, than those who did not receive school-based early education. One possible theory for the success of this program is that improving school readiness improved the children's success in school. The improved success in school in turn improved their readiness for adulthood, resulting in increased job skills and socioeconomic status as well as lower rates of substance abuse. What is the independent and dependent variable?arrow_forwardIndividuals involved in the criminal justice system are thought to display many dynamic criminogenic needs, meaning that they have areas of need that are specifically associated with a higher risk of offending (e.g., substance use, antisocial peers etc…). Research has demonstrated that addressing these needs in treatment can lead to reductions in committing new crimes when released from prison. A researcher thinks that offenders may also have some strengths that, if built upon, can also lead to further reductions in recidivism. The researcher has 10 incarcerated offenders take 2 assessments: one on dynamic risk factors and one on strengths (both interval scales) to see if these measures are related to each other. Using the data in Table 1 and testing at an alpha of 0.05, use all the steps of hypothesis testing to determine what can be said about the researcher’s hypothesis. Dynamic Strength 10 2 12 3 8 5 5 4 6 3 7 6 9 5 10 4 11 2 9 1arrow_forwardA recent report by PEW Research Center, published on February 25, 2022 summarizes American views on Russia threat as follows. “When it comes to rising U.S.- Russia tensions, an early January survey found that 26% of Americans considered the Russian military buildup near Ukraine to be a major threat to U.S. interests, while 33% said it was a minor threat to U.S. interests. Another 7% said it was no threat at all. A relatively large share of U.S. adults (33%) said they were not sure how Russian actions toward Ukraine affected U.S. interests.” Answer the questions based on the proportions listed above. (a) Use the binomial distribution to estimate the probability that more than half of 20 randomly selected US adults consider Russian military buildup near Ukraine to be a major or a minor threat to U.S. interests. (b) Use the normal approximation to estimate the probability that more than half of 20 randomly selected US adults consider Russian military buildup near Ukraine to be a major or…arrow_forward
- There is some evidence that, in the years 1981-85, a simple name change resulted in a short-term increase in the price of certain business firms' stocks (relative to the prices of similar stocks). (See D. Horsky and P. Swyngedouw, "Does it pay to change your company's name? A stock market perspective," Marketing Science v.6, pp. 320-35,1987.) Suppose that, to test the profitability of name changes in the more recent market (the past five years), we analyze the stock prices of a large sample of corporations shortly after they changed names, and we find that the mean relative increase in stock price was about 0.87 %, with a standard deviation of 16 %. Suppose that this mean and standard deviation apply to the population of all companies that changed names during the past five years. Complete the following statements about the distribution of relative increases in stock price for all companies that changed names during the past five years. (a) According to Chebyshev's theorem, at least…arrow_forwardAMS communicates with customers who subscribe to cable television services through a special secured email system that sends messages about service changes, new features, and billing information to in-home digital set-top boxes for later display. To enhance customer service, the operations department established the business objective of reducing the amount of time to fully update each subscriber’s set of messages. The department selected two candidate messaging systems and conducted an experiment in which 30 andomly chosen cable subscribers were assigned one of the two systems (15 assigned to each system). Update times were measured, and the results are organized in Table AMS10.1. Email Interface1 4.13 3.75 3.93 3.74 3.36 3.85 3.26 3.73 4.06 3.33 3.96 3.57 3.13 3.68 3.63 Email Interface 2 3.71 3.89 4.22 4.57 4.24 3.90 4.09 4.05 4.07 3.80 4.36 4.38 3.49 3.57 4.74 1. Analyze the data in Table AMS10.1 and do a statistical test with hypothesis. Kindly discuss the reason you selected a…arrow_forwardCardiovascular disease is a major cause of death and illness worldwide, with high blood pressure and high LDL cholesterol both being established risk factors. Because most cardiovascular events occur in persons with average risk and no previous cardiovascular disease history, the present research examined the simultaneous use of both blood pressure‑reducing drugs and cholesterol‑reducing drugs on this population rather than focus on only those at high risk. Subjects included men at least 55 years old and women at least 65 years old without cardiovascular disease who had at least one additional risk factor besides age, such as recent or current smoking, hypertension, or family history of premature coronary heart disease. Those with current cardiovascular disease were excluded from the study. Subjects were randomly assigned to the treatment (cholesterol‑ and blood pressure‑reducing drugs) or a placebo, and the number suffering the primary outcome of a fatal cardiovascular event or a…arrow_forward
- Researchers measured the distribution of beak sizes in a cohort of medium ground finch hatchlings in the Galapagos Islands in 1976 just before, and in a cohort of hatchlings two years after a severe drought. They measured 100 finches in each cohort. After the drought, the proportion of large, harder seeds was substantially greater than before the drought. Their data documenting this selective event are shown in graphical and tabular form below. Beak size (mm) Frequency before selection Frequency after selection 10.010.0 0.000.00 0.000.00 10.210.2 0.000.00 0.000.00 10.410.4 0.020.02 0.000.00 10.610.6 0.040.04 0.000.00 10.810.8 0.080.08 0.000.00 11.011.0 0.160.16 0.000.00 11.211.2 0.200.20 0.000.00 11.411.4 0.200.20 0.000.00 11.611.6 0.160.16 0.020.02 11.811.8 0.080.08 0.040.04 12.012.0 0.040.04 0.080.08 12.212.2 0.020.02 0.160.16 12.412.4 0.000.00 0.200.20 12.612.6 0.000.00 0.200.20 12.812.8 0.000.00 0.160.16 13.013.0 0.000.00 0.080.08 13.213.2…arrow_forwardDuring the Covid crisis, there were lockdowns and working-from-home, whichmade collecting data on unemployment more challenging. Researchers fromHeriot Watt University conducted a survey of 1,000 individuals in the labour forceto assess rise in unemployment in September 2020. The object was to find outwhether the unemployment rate had risen above a benchmark proportion of 5per cent of the labour force in Scotland. Of the surveyed persons, 60 reportedbeing unemployed in the week prior to the survey.(i) Conduct a two-tailed test of whether unemployment rate during this periodwas 5 per cent. Set out your null and alternative hypotheses, significancelevel, test statistic, assumptions and sampling distribution clearly. Conductthe test and comment on the economic significance of the findings. (ii) Now conduct a one-tailed test of whether unemployment rate during thisperiod exceeded 5 per cent. Set out your null and alternative hypotheses,significance level, test statistic, assumptions and…arrow_forwardA well known brokeage firm executive claimed that at least 22% of investors are currently confident of meeting their investment goals.arrow_forward
- A consulting group recently conducted a global survey of product teams with the goal of better understanding the dynamics of product team performance and uncovering the practices that make these teams successful. One of the survey findings was that 32% of organizations have a coherent business strategy that they stick to and effectively communicate. Suppose another study is conducted to check the validity of this result, with the goal of proving that the percentage is less than 32%. A sample of 150 organizations is selected, and results indicate that 41organizations have a coherent business strategy that they stick to and effectively communicate. Use the p-value approach to determine at the 0.01 level of significance whether there is evidence that the percentage is less than 32%. Calculate the test statistic. The test statistic, ZSTAT, is _______ (Type an integer or a decimal. Round to two decimal places as needed.) Calculate the p-value. The p-value is ________…arrow_forwardAcupuncture. Research reported in 2008 brings to lightthe effectiveness of treating chronic lower back pain withdifferent methods. One-third of nearly 1200 volunteers were administered conventional treatment (drugs, physi-cal therapy, and exercise). The remaining patients got 30-minute acupuncture sessions. Half of these patientswere punctured at sites suspected of being useful andhalf received needles at other spots on their bodies.Comparable shares of each acupuncture group, roughly45%, reported decreased back pain for at least six monthsafter their sessions ended. This was almost twice as highas those receiving the conventional therapy, leading theresearchers to conclude that results were statisticallysignificant.a) Why did the researchers feel it was necessary to havesome of the patients undergo a “fake” acupuncture?b) Because patients had to consent to participate in thisexperiment, the subjects were essentially self-selected—a kind of voluntary response group. Explain why…arrow_forwardDoes this models have severe multicollinearity????arrow_forward
- Linear Algebra: A Modern IntroductionAlgebraISBN:9781285463247Author:David PoolePublisher:Cengage Learning