Business Analytics (2nd Edition)
2nd Edition
ISBN: 9780321997821
Author: James R. Evans
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 3, Problem 18PE
In the Purchase Orders database, conduct a Pareto anaIysis of the Cost per order data. What conclusions can you reach?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Sleep Late, a large hotel chain, has been using activity-based costing to determine the cost of a night’s stay at their hotels. One of the activities, “Inspection,” occurs after a customer has checked out of a hotel room. Sleep Late inspects every 10th room and has been using “number of rooms inspected” as the cost driver for inspection costs. A significant component of inspection costs is the cost of the supplies used in each inspection Mary Adams, the chief inspector, is wondering whether inspection labor-hours might be a better cost driver for inspection costs. Mary gathers information for weekly inspection costs, rooms inspected, and inspection labor-hours as follows:
Q.Plot the data and regression line for rooms inspected and inspection costs. Plot the data and regression line for inspection labor-hours and inspection costs. Which cost driver of inspection costs would you choose? Explain.
Identify several types of manufacturing companies for which process costing would be an appropriate product-costing system. What characteristics do the products of these companies have that would make process costing a good choice?
How is process costing similar and different in a second or later processing department?
The amount of income spent on housing is an important component of the cost of living. The total costs of housing for homeowners might include mortgage payments, property taxes, and utility costs (water, heat, electricity). An economist selected a sample of 20 homeowners in New England and then calculated these total housing costs as a percent of monthly income, 5 years ago and now. The information is reported below. Is it reasonable to conclude the percent is less now than 5 years ago?
Homeowner
Five Years Ago
Now
Homeowner
Five Years Ago
Now
1
17
%
10
%
11
35
%
32
%
2
20
39
12
16
32
3
29
37
13
23
21
4
43
27
14
33
12
5
36
12
15
44
40
6
43
41
16
44
42
7
45
24
17
28
22
8
19
26
18
29
19
9
49
28
19
39
35
10
49…
Chapter 3 Solutions
Business Analytics (2nd Edition)
Ch. 3 - Create a line chart for the closing prices for all...Ch. 3 - Create a pie chart showing the breakdown of...Ch. 3 - The Excel tile Facebook Survey provides data...Ch. 3 - A national homebuilder builds single-family homes...Ch. 3 - Create a bubble chart for the first five colleges...Ch. 3 - Construct a column chart for the data in the Excel...Ch. 3 - The Excel file Internet Usage provides data about...Ch. 3 - Construct an appropriate chart to show the...Ch. 3 - In the Excel file Banking Data, apply the...Ch. 3 - Apply three different colors of data bars to...
Ch. 3 - For the Store and Regional Sales database, apply a...Ch. 3 - For the Excel file Closing Stock Prices, Apply...Ch. 3 - Convert the Store and Regional Sales database to...Ch. 3 - Prob. 14PECh. 3 - Prob. 15PECh. 3 - Prob. 16PECh. 3 - Prob. 17PECh. 3 - In the Purchase Orders database, conduct a Pareto...Ch. 3 - Use Excels filtering capability to (1) extract all...Ch. 3 - Prob. 20PECh. 3 - The Excel file Credit Risk Date Provides...Ch. 3 - Prob. 22PECh. 3 - Prob. 23PECh. 3 - A community health-status survey obtained the...Ch. 3 - Prob. 25PECh. 3 - Prob. 26PECh. 3 - Prob. 27PECh. 3 - Prob. 28PECh. 3 - Prob. 29PECh. 3 - Prob. 30PECh. 3 - Find the 10th and 90th percentiles and 1st, 2nd,...Ch. 3 - Construct cross-tabulations of Gender versus...Ch. 3 - Use PivotTables to construct a cross-tabulation...Ch. 3 - Use PivotTables to construct a cross-tabulation...Ch. 3 - Create a PivotTable to find the average amount of...Ch. 3 - Use PivotTables to find the number of loans by...Ch. 3 - Use PivotTables to find the number of sales...Ch. 3 - Create a PivotTable for the data in the Excel file...Ch. 3 - The Excel File Rins Gym provides sample data on...Ch. 3 - Create useful dashboards for each of the following...Ch. 3 - A marketing researcher surveyed 92 individuals,...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Similar questions
- An electronics retailer is developing a model for insurance policies on new cell phone purchases. It estimates that52% of customers never make a claim, 30% of customers require a small repair costing an average of $70, and18% of customers request a full refund costing $260. What is the long-term average cost the retailer should expectto pay to its customers per claim?arrow_forwardSpring is a peak time for selling houses. Suppose the data below contains the selling price, number of bathrooms, square footage, and number of bedrooms of 26 homes sold in Ft. Thomas, Kentucky, in spring 2018. Selling Price Baths Sq Ft Selling Price 160,000 170,000 178,000 182,500 195,100 212,500 245,900 250,000 255,000 258,000 267,000 268,000 275,000 1.5 1,786 2 1,768 1 1,219 1 1,578 1.5 1,125 2 1,196 2 2,128 N W 3 2 1,280 1,596 3.5 2,374 2.5 2,439 2 1,470 2 1,688 Beds 3 3 3 2 3 2 3 3 3 4 3 4 4 295,000 325,000 325,000 328,400 331,000 344,500 365,000 385,000 395,000 399,000 430,000 430,000 454,000 Baths Sq Ft 2.5 1,860 3 2,056 3.5 2,776 2 1,408 1.5 1,972 2.5 1,736 2.5 1,990 2.5 3,640 2.5 1,928 2 2,108 2 2,462 2 2,615 3.5 3,700 Beds 3 4 4 4 3 3 4 4 4 3 4 4 4 Consider the estimated regression equation we developed that can be used to predict the selling price given the number of bathrooms, square footage, and number of bedrooms in the house. (x, denotes number of bathrooms, x₂ denotes…arrow_forwardPatrick is a human resources director. His firm has recently started offering a retirement plan, and he has asked shift supervisors to meet with employees to encourage them to sign up. Every week, shift supervisors report the number of employees with whom they have talked. He has a spreadsheet of employees signing up for the retirement plan compared to the number of employees that have been contacted. Below is the scatterplot of each shift's sign-up percentage during the last several months. Using the information provided, what would be a good course of action for Patrick to take? 100 1st 90 2nd I 80 3rd 70 60 50 40 30 20 10 20 40 60 80 100 120 Number of Employees Contacted O He should commend third-shift supervisors for successfully using meetings to encourage sign-ups. O He should meet with all shift supervisors to remind them of the importance of encouraging employee sign-ups. O He should call additional meetings for employees of all shifts to encourage sign-ups. O He should meet…arrow_forward
- Sales of a particular product for the years 2017 through 2020 have been 46,850, 61,204, 51,632 and 78,068 respectively. What sales would you predict for 2021 using a simple four-year moving average?arrow_forwardA survey about social media reported that 82% of B2B marketers (marketers that focus primarily on attracting businesses) plan to increase their use of social media, as compared to 55% of B2C marketers (marketers that primarily target consumers). The survey was based on 1,286 B2B marketers and 1,731 B2C marketers. The accompanying table summarizes the results. Complete parts (a) through (d) below. A. What is the probability that a randomly selected respondent is a B2C marketer? B. What is the probability that a randomly selected respondent plans to increase use of social media or is a B2C marketer? C. Explain the difference in the results in (a) and (b)arrow_forwardNas corporation's manager in the stamping department have been studying the overhead cost and the relatioship machine hours. Data from the most recent 12 months Month Overhead Machine hours January 5,030 2,730 February 1,600 600 March 7,210 3,403 April 4,560 2,200 May 6,880 3,411 June 6,520 2,586 July 6,230 3,364 August 5,570 2,411…arrow_forward
- A survey about social media reported that 79% of B2B marketers (marketers that focus primarily on attracting businesses) plan to increase their use of social media, as compared to 54% of B2C marketers (marketers that primarily target consumers). The survey was based on 1,333 B2B marketers and 1,669 B2C marketers. The accompanying table summarizes the results. Complete parts (a) through (d) below. A Click the icon to view the contingency table about social media use and marketers. Contingency table a. What is the probability that a randomly selected respondent plans to increase use of social media? (Round to three decimal places as needed.) Increase Use of Social Media? Business Focus B2B B2C Total b. What is the probability that a randomly selected respondent is a B2C marketer? Yes 1,049 901 1,950 (Round to three decimal places as needed.) No 284 768 1,052 Total 1,333 1,669 3,002 c. What is the probability that a randomly selected respondent plans to increase use of social media or is…arrow_forwardPhoenix Lumber Company uses the number of construction permits issued to help estimate demand (sales). The firm collected the following data on annual sales and number of construction permits issued in its market area: No. of Construction Sales Year Permits Issued (000) (1,000,000) 2003 6.50 10.30 2004 6.20 10.10 2005 6.60 10.50 2006 7.30 10.80 2007 7.80 11.20 2008 8.20 11.40 2009 8.30 11.30 (a) Which variable is the dependent variable and which is the independent variable? (b) Determine the estimated regression line. (c) Calculate the coefficient of determination. Give an economic interpretation to the value obtained. (d) Suppose that 8,000 construction permits are expected to be issued in 2010. What would be the point estimate of Phoenix Lumber Company's sales for 2010? Q 3. (B) Following output for the multiple regression problem shows results as results. SUMMARY OUTPUT Regression Statistics Multiple R 0.70955 R Square…arrow_forwardPremium control has a three machine process; the reliability ratings for the machines in the process are 0.7, 0.8, and 0.9. Each machine in the process is backed up by a redundant machine which has a reliability of 0.9. The increase in system reliability due to the redundancy is -----%?arrow_forward
- You may need to use the appropriate appendix table or technology to answer this question. Advertisers contract with internet service providers and search engines to place ads on websites. They pay a fee based on the number of potential customers who click on their ad. Unforțunately, click fraud-the practice of someone clicking on an ad solely for the purpose of driving up advertising revenue–has become a problem. Businessweek reports that 4C percent of advertisers claim they have been a victim of click fraud. Suppose a simple random sample of 390 advertisers will be taken to learn more about how they are affected by this practice. (Round your answers to four decimal places.) (a) What is the probability that the sample proportion will be within ±0.04 of the population proportion experiencing click fraud? (b) What is the probability that the sample proportion will be greater than 0.45?arrow_forwardMorning House is a mail-order firm which carries a wide range of rather expensive art objects for homes and offices. It operate problems would be greatly reduced. Since it takes approximately six weeks to receive 90% of the response to a given campaign, an accurate prediction of total sales made as late as the end of the first week of receiving orders would be useful. The first week’s sales and total sales of the last 12 campaigns of the firm are shown below. Can the first week’s sales be used to predict total sales? First week’s Total Campaign Sales Sales 1 32 167 2 20 91 3 114 560 4 66 335 5 18 70 6 125 650 7 83 401 8 65 320 9 94 470 10 5 15 11 39 210 12 50 265 --------------------------------------------arrow_forward3. SJS Company has been selling to retail customers in the Metro Manila area. It advertises extensively on radio, print ads, and the Internet. The owner would like to review the relationship between the amount spent on advertising expenses (in Php000s) and sales (in Php000s). Below is the information on advertising expenses and sales for the last nine (9) months of 2019. Month April May June July Aug Sept Oct Nov Dec Advertising Expense Sales 10 14 12 13 15 8 13 16 180 170 190 220 235 208 215 175 250 Revenue a. Find the coefficient of correlation. b. Create a scatter diagram based on the data.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGALGlencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw HillBig Ideas Math A Bridge To Success Algebra 1: Stu...AlgebraISBN:9781680331141Author:HOUGHTON MIFFLIN HARCOURTPublisher:Houghton Mifflin Harcourt
- College Algebra (MindTap Course List)AlgebraISBN:9781305652231Author:R. David Gustafson, Jeff HughesPublisher:Cengage Learning
Holt Mcdougal Larson Pre-algebra: Student Edition...
Algebra
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Glencoe Algebra 1, Student Edition, 9780079039897...
Algebra
ISBN:9780079039897
Author:Carter
Publisher:McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu...
Algebra
ISBN:9781680331141
Author:HOUGHTON MIFFLIN HARCOURT
Publisher:Houghton Mifflin Harcourt
College Algebra (MindTap Course List)
Algebra
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:Cengage Learning
Sampling Methods and Bias with Surveys: Crash Course Statistics #10; Author: CrashCourse;https://www.youtube.com/watch?v=Rf-fIpB4D50;License: Standard YouTube License, CC-BY
Statistics: Sampling Methods; Author: Mathispower4u;https://www.youtube.com/watch?v=s6ApdTvgvOs;License: Standard YouTube License, CC-BY