Business Statistics and Application Essay Example | Topics and Well Written Essays - 1750 words

Business Statistics and Application - Essay Example We need to find product of p-value and standard deviation that yields $200. Hence, ii. We need to assume that the observations are normally distributed. In addition, normal distribution is to satisfy seven requirements: (1) the graph should be bell shaped curve; (2) mean, median and mode are all equal; (3) mean, median and mode are located at the center of the distribution; (4) it has only one mode, (5) it is symmetric about mean, (6) it is a continuous function; (6) it never touches x-axis; and (7) the area under curve equals one. ii. The sample is consistent with the company’s data if and only if the policy’s time is within the sample’s control limit. Since 120 seconds is within the control limit, then the 30 days’ data is consistent with the policy. f. The toothbrush that has the best performance to price ratio is Durodont Multituft. This brand of toothbrush registered the highest performance to price ratio of 51 (performance is 51, price is %1). The worst is Oral-B Spring Ideal which charges the highest price of 4.95 but garnered a low score of 59. g. I would likely recommended Mascleans Flex Direct for consumers who want the maximum comfort and has adequate amount of money to afford the high price. The brand has a price of 3.96 but also has a high performance rating of 83%. For price sensitive consumers which wants the best value for their money, I will recommend Durodont Multituft which has the best performance to price ratio. For the average consumer, I will recommend Farmland Adult with a low price of $1.95 and performance rating of 69%. To compute for the seasonal index, we compute for the ratio of values to moving average. Afterwards, the ratio is averaged for the values during the quarter. Since there is only one value, it also serves as the quarterly seasonal index. The seasonal factor is computed as the geometric mean of the quarterly indices. The values are shown in the following table. 7. a. Simple random sampling