STATISTICAL TECHNIQUES FOR BUSINESS AND
STATISTICAL TECHNIQUES FOR BUSINESS AND
17th Edition
ISBN: 9781307261158
Author: Lind
Publisher: MCG/CREATE
bartleby

Concept explainers

bartleby

Videos

Textbook Question
Book Icon
Chapter 8, Problem 3SR

The years of service of the five executives employed by Standard Chemicals are:

Chapter 8, Problem 3SR, The years of service of the five executives employed by Standard Chemicals are: (a) Using the , example  1

  1. (a) Using the combination formula, how many samples of size 2 are possible?
  2. (b) List all possible samples of two executives from the population and compute their means.
  3. (c) Organize the means into a sampling distribution.
  4. (d) Compare the population mean and the mean of the sample means.
  5. (e) Compare the dispersion in the population with that in the distribution of the sample mean.
  6. (f) A chart portraying the population values follows. Is the distribution of population values normally distributed (bell-shaped)?

Chapter 8, Problem 3SR, The years of service of the five executives employed by Standard Chemicals are: (a) Using the , example  2

  1. (g) Is the distribution of the sample mean computed in part (c) starting to show some tendency toward being bell-shaped?

a.

Expert Solution
Check Mark
To determine

Find the possible number of samples of size 2 using combination formula.

Answer to Problem 3SR

The possible number of samples of size 2 using combination formula is 10.

Explanation of Solution

From the given information, the years of service of the five executives are 20, 22, 26, 24 and 28.

The possible number of different samples of size two is obtained by using the following formula:

NCn=N!(Nn)!n!

Substitute 5 for the N and 2 for the n

Then,

5C2=5!(52)!2!=5×4×3!3!2!=5×42×1=10

Thus, the possible number of samples of size 2 using combination formula is 10.

b.

Expert Solution
Check Mark
To determine

Give the all possible samples of two executives.

Find the mean of each sample.

Answer to Problem 3SR

Thus, all possible samples of two executives are (20,22), (20,26), (20,24), (20,28), (22,26), (22,24), (22,28), (26,24), (26,28) and (24,28).

Thus, the mean of each sample is 21, 23, 22, 24, 24, 23, 25, 25, 27 and 26.

Explanation of Solution

The mean is calculated by using the following formula:

Mean=SumofalltheobservationsNumberofobservations

SampleMean
(20,22)20+222=21
(20,26)20+262=23
(20,24)20+242=22
(20,28)20+282=24
(22,26)22+262=24
(22,24)22+242=23
(22,28)22+282=25
(26,24)26+242=25
(26,28)26+282=27
(24,28)24+282=26

Thus, all possible samples of size 2 are (20,22), (20,26), (20,24), (20,28), (22,26), (22,24), (22,28), (26,24), (26,28) and (24,28).

Thus, the mean of each sample is 21, 23, 22, 24, 24, 23, 25, 25, 27 and 26.

c.

Expert Solution
Check Mark
To determine

Construct the sampling distribution for the means.

Answer to Problem 3SR

The sampling distribution for the means is

STATISTICAL TECHNIQUES FOR BUSINESS AND, Chapter 8, Problem 3SR , additional homework tip  1

Explanation of Solution

The sampling distribution for the means is as follows:

Sample meanFrequencyProbability
211110=0.1
221110=0.1
232210=0.2
242210=0.2
252210=0.2
261110=0.1
271110=0.1
 N=10 

Software procedure:

Step-by-step procedure to obtain the bar chart using MINITAB:

  • Choose Stat > Graph > Bar chart.
  • Under Bars represent, enter select Values from a table.
  • Under One column of values select Simple.
  • Click on OK.
  • Under Graph variables enter probability and under categorical variable enter sample mean.
  • Click OK.

Output using MINITAB software is given below:

STATISTICAL TECHNIQUES FOR BUSINESS AND, Chapter 8, Problem 3SR , additional homework tip  2

d.

Expert Solution
Check Mark
To determine

Give the comparison between the population mean and the mean of the sample means.

Answer to Problem 3SR

The mean of the distribution of the sample means is equal to the population mean.

Explanation of Solution

Population mean is calculated as follows:

Mean=Sumofthethe years of service of the five executivesNumberofexecutives=20+22+26+24+285=1205=24

The mean of the sample means is calculated as follows:

Mean=SumofallthesamplemeansNumberofsamples=21+22+23+23+24+24+25+25+26+2710=24010=24

Comparison:

The mean of the distribution of the sample mean is 24 and the population mean is 24. The two means are exactly same.

Thus, the mean of the distribution of the sample means is equal to the population mean.

e.

Expert Solution
Check Mark
To determine

Give the dispersion in the population with that in the distribution of the sample mean.

Answer to Problem 3SR

The dispersion in the population is greater than with that of the sample mean.

Explanation of Solution

The population values are 20, 22, 26, 24 and 28. From the part b, the mean of each sample is 21, 23, 22, 24, 24, 23, 25, 25, 27 and 26.

The population values are between 20 and 28. The sample mean values are between 21 and 27.

Thus, the dispersion in the population is greater than with that of the sample mean.

f.

Expert Solution
Check Mark
To determine

Check whether the distribution of population values is normally distributed or not.

Answer to Problem 3SR

The distribution of population values is not normally distributed.

Explanation of Solution

From the given chart, the frequency of all the years of service is at same level. Then, the distribution of the population values is uniform.

Thus, the distribution of population values is not normally distributed.

g.

Expert Solution
Check Mark
To determine

Check whether the distribution of the sample mean computed in part (c) starting to show some tendency toward being bell-shaped or not.

Answer to Problem 3SR

The distribution of the sample mean computed in part (c) starting to show some tendency toward being bell-shaped.

Explanation of Solution

From the part (c), it can be observed that the shape of the bar chart is bell shaped.

Thus, the distribution of the sample mean computed in part (c) starting to show some tendency toward being bell-shaped.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Knowledge Booster
Background pattern image
Statistics
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.
Recommended textbooks for you
Text book image
MATLAB: An Introduction with Applications
Statistics
ISBN:9781119256830
Author:Amos Gilat
Publisher:John Wiley & Sons Inc
Text book image
Probability and Statistics for Engineering and th...
Statistics
ISBN:9781305251809
Author:Jay L. Devore
Publisher:Cengage Learning
Text book image
Statistics for The Behavioral Sciences (MindTap C...
Statistics
ISBN:9781305504912
Author:Frederick J Gravetter, Larry B. Wallnau
Publisher:Cengage Learning
Text book image
Elementary Statistics: Picturing the World (7th E...
Statistics
ISBN:9780134683416
Author:Ron Larson, Betsy Farber
Publisher:PEARSON
Text book image
The Basic Practice of Statistics
Statistics
ISBN:9781319042578
Author:David S. Moore, William I. Notz, Michael A. Fligner
Publisher:W. H. Freeman
Text book image
Introduction to the Practice of Statistics
Statistics
ISBN:9781319013387
Author:David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:W. H. Freeman
Statistics 4.1 Point Estimators; Author: Dr. Jack L. Jackson II;https://www.youtube.com/watch?v=2MrI0J8XCEE;License: Standard YouTube License, CC-BY
Statistics 101: Point Estimators; Author: Brandon Foltz;https://www.youtube.com/watch?v=4v41z3HwLaM;License: Standard YouTube License, CC-BY
Central limit theorem; Author: 365 Data Science;https://www.youtube.com/watch?v=b5xQmk9veZ4;License: Standard YouTube License, CC-BY
Point Estimate Definition & Example; Author: Prof. Essa;https://www.youtube.com/watch?v=OTVwtvQmSn0;License: Standard Youtube License
Point Estimation; Author: Vamsidhar Ambatipudi;https://www.youtube.com/watch?v=flqhlM2bZWc;License: Standard Youtube License