A. Mean=[20+25+32+18+19+22+30]/7= 166/7=23.71Question Essay Example

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Stаtistiсs fоr Businеss

a. Mean=[20+25+32+18+19+22+30]/7= 166/7=23.71
Question 1

b. Median=18,19,20,22,25,30,33=22

σ2) = [18^2+19^2+20^2 +22^2+25^2+30^2+33^2]/7c Variance (



Standard Deviation: σ=square root 373.428= 19.3243

Question 2

  1. P (does not go to cinema)=1-0.55/1.1=0.5

  2. P (beach or the cinema or both )= 0.45/1.1+0.55/1.1+0.1/1.1=0.409+0.5+0.09=1

  3. P (does not go to the beach or the cinema)=1-0.1/1.1=0.9

Question 3

Total bond=0.18+0.12=0.3

Total stocks=0.2+0.1=0.3

Total Balanced =0.25+0.15=0.4

  1. p(male)= 0.18/0.3+0.2/0.3 +0.25/0.4


  1. p( balance portfolio)=0.25/0.4 x 0.15/0.4

=0.625 x 0.375

Question 4

a). P(-1.52 < Z < 0.7)= 0.065+ 0.068+ 0.0606+ 0.0594= 0.253

b). P((1.15 < Z < 2.45)

c) P(-0.9 < Z < -0.3)



Question 5:

32.2/x=square root 0.3

32.2/x =0.54


  1. 32/59.6=0.53

  1. 0.53x 4=1.2

Question 6

  1. Each type of analysis offers different information and insights to address different business needs. There are 3 main types of data. The value of each data will depend on the nature of business problem that is to be solved.

applies statistical analysis methods against historical data to identify patterns, and then uses that understanding of relationships and trends to make predictions about future events based on probabilities. Predictive:

uses historical data to understand and analyze past business performance. This type of analysis is useful in understanding the business strengths and weaknesses, and building an understanding of the customer-base. Descriptive:

expands on predictive analytics to identify decisions to be made, and identify likely outcomes of each decision or course of action. Prescriptive analytics:

  1. . between variableslinear associationCorrelation coefficients is used to measure the strength of association between two variables. measure the strength of association between two variables. The most common correlation coefficient, called the Pearson product-moment correlation coefficient, measures the strength of the

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