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How to use this review: Work through these problems, using as few resources as
possible (i.e. text and notes). Make notes of where you are having difficulty as you
go! Once you have solved or worked through the problem, go to the solutions
provided and compare your work to the solutions provided. Then refer back to your
text/notes for clarification.
1. Math test anxiety can be found throughout the general population. A study of
116 seniors at a local high school was conducted. The following Frequency
Distribution was produced from the data. Complete the missing parts. Round all
values to two decimal places.
Relative Cumulative
Score Range Frequency
Frequency Frequency
The relative frequency of 0.33 within the total study of 116 seniors, then 116 x .33 =
39, and 116 X .19 = 22, then 39 + 24 + 8 + 22 + X = 116 or 23
Then, Relative Frequency is 24/116 = .21 and 23/116 = 19.8 and 8/116 = 0.068
Finally, for Cumulative Frequency: 0.33 + 0.21 = 0.54 and then 0.54 + 0.20 = 0.74
which means that 0.74 + 0.07 = 0.81 and finally, 0.81 + 0.19 = 1.00
2. The grade point average of the students at UVA is 3.25 with a standard deviation
of 0.84 while the grade point average of students at ODU is 3.20 with a standard
deviation of 0.82. Which university shows a more dispersed grade distribution?
Why do you conclude this?
The comparison of two sets of data requires the use of the Coefficient of
Variation:
𝟎. 𝟖𝟒
𝑼𝑽𝑨 = (𝟏𝟎𝟎) = 𝟎. 𝟐𝟓𝟖𝟒𝟔 ≈ 𝟐𝟓. 𝟖𝟓%
𝟑. 𝟐𝟓
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BUS216 Exam #1 Review SOLUTIONS
𝟎. 𝟖𝟐
𝑶𝑫𝑼 = (𝟏𝟎𝟎) = 𝟎. 𝟐𝟓𝟔𝟐𝟓 ≈ 𝟐𝟓. 𝟔𝟑%
𝟑. 𝟐𝟎
The higher CV of 25.85% for grades at UVA indicates that the grades at UVA
are more dispersed than the grades at ODU.
413 ± [26.8 x 3] = 413 ±80.4 minutes, making the interval 332.6 minutes and
493.4 minutes.
4. Morningstar reports that for a selected group of Mutual Funds, the average
return on investment is $2.828 on the dollar, with a Standard Deviation of
$1.213. Potential investors are interested in determining the return they can
expect on their investment, when stock prices do not follow a symmetrical
distribution. 82.75% of these returns will fall within what interval?
𝟏
𝟖𝟐. 𝟕𝟓 = 𝟏 − 𝒌𝟐 and solving for 0.1725k2 = 1 or k = 2.407
$2.828 ± [(2.407)(1.2130] =
$2.828 ±2.9205 = -$0.0925and $5.748
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BUS216 Exam #1 Review SOLUTIONS
65
200 𝑖= (9) = 5.85 ≈ 6
321 100
After the data is sorted, the7th term
350 Is located as 375, which is the location
361 Of the 65th Percentile of the sample data
368
375
375
378
391
6. The average lateness for one of the top airline companies is 10 minutes. The
variance of the lateness measure is calculated as 9. An airplane arrived 13
minutes after the stated arrival time. Calculate the Z-score for this particular
airplane's lateness. Where would this plane’s arrival appear if shown on the
normal distribution curve?
𝟏𝟑 − 𝟏𝟎
𝒛= = 𝟏
𝟑
3
BUS216 Exam #1 Review SOLUTIONS
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BUS216 Exam #1 Review SOLUTIONS
8. For a recent year, the numbers of murders in 24 selected cities are shown. A
researcher wants to analyze this data further.
In order to facilitate the analysis of the data, prepare a frequency Distribution, with
cumulative frequencies, and cumulative percent frequencies. Use 5 classes to
construct the distribution.
Murders cumulative
9. The local amusement park was interested in analyzing wait time at their most
popular roller coaster at the peak park time (2 p.m.). They selected 13 patrons
and had them get in line between 2 and 3 p.m. Each was given a stop watch to
record the time they spent in line. The times recorded were as follows (in
minutes): 118, 124, 108, 116, 99, 120, 148, 118, 119, 121, 45, 130, 118
For these waiting times, calculate the following, treating your data as a Sample:
a. Mean
b. Median
c. Mode
d. Range
e. Standard Deviation
f. Identify outliers by identifying the Inner and Outer Fences. If there
are outliers, are they mild or extreme?
g. Calculate the Pearsons Coefficient of Skewness.
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BUS216 Exam #1 Review SOLUTIONS
Waiting Times
mean 114.15
sample variance 557.97
sample standard deviation 23.62
minimum 45
maximum 148
range 103
low extremes 2
low outliers 1
high outliers 1
high extremes 1
BoxPlot
2/8/2015
19:39.04 (1)
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BUS216 Exam #1 Review SOLUTIONS
This gives you Inner Fences of 108.5 and 128.5 and your Outer Fences are
101 and 136. Now check your data …. you have the following outliers:
Mild: 108 and 130
Extreme: 99,45, 148
It is negative, which gives you a left hand skew to the distribution. This is
supported by the Box Plot by the location of the Median to the left hand
side of the “box” which is the IQR or the middle 50% of the data. Also, if
graphed as a Histogram – you will see that the majority of the data falls
to the right , creating that elongated tail to the left of the distribution.
10. Forbes magazine publishes data on overseas business travel costs. The report
that the average per diem total for a traveler in London, England is $349.
Suppose that the shape of the distribution is unknown, but that 53% of the per
diem amounts are between $317 and $381. What is the value of the standard
deviation?
𝟏
𝟏− = . 𝟓𝟑 𝟎. 𝟒𝟕𝒌𝟐 = 𝟏 𝒌 = 𝟏. 𝟒𝟓𝟖
𝒌𝟐
$𝟑𝟐. 𝟎𝟎
= $𝟐𝟏. 𝟗𝟒𝟕𝟖 ≈ $𝟐𝟏. 𝟗𝟓
𝟏. 𝟒𝟓𝟖
11. Refer to the following wage breakdown for a garment factory. What is the class
midpoint for the class with the greatest frequency?
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BUS216 Exam #1 Review SOLUTIONS
Suppose that a frequency distribution was developed from this, and there were 5
classes (10-under 20, 20-under 30, etc.). What is the cumulative frequency for the
30-under 40 class interval?
13. A study of business faculty at state supported institutions in Ohio revealed that
the arithmetic mean salary for nine months is $52,000 and a standard deviation
of $3,000. The study also showed that the faculty had been employed an average
(arithmetic mean) of 15 years with a standard deviation of 4 years. How does the
relative dispersion in the distribution of salaries compare with that of the
lengths of service?
4
𝑌𝑒𝑎𝑟𝑠 = (100) = 26.67%
15
In this case, the conclusion is that the salaries of business faculty is less
dispersed and more consistent than the years of service, based on the CV of
5.76% for Salary as compared to the CV of 26.67% for years of service.
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BUS216 Exam #1 Review SOLUTIONS
14. Manuel Banales, Marketing Director of Plano Power Plants, Inc.’s Electrical
Division, is leading a study to assess the relative importance of product features.
Two items on a survey questionnaire distributed to 100 of Plano’s customers
asked them to rate the importance of “ease of maintenance” and “efficiency of
operation” on a scale of 1 to 10 (with 1 meaning “not important” and 10 meaning
“highly important”). His staff assembled the following statistics on these two
items.
What can Manuel conclude from these statistics about the shape of the two
distributions? Which is the most consistent? Support your conclusions.
1.5
𝐸𝑎𝑠𝑒 𝑜𝑓 𝑀𝑎𝑖𝑛𝑡𝑒𝑛𝑎𝑛𝑐𝑒 = (100) = 20%
7.5
2.5
𝐸𝑓𝑓𝑖𝑐𝑖𝑒𝑛𝑐𝑦 𝑜𝑓 𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑜𝑛 = (100) = 41.66%
6.0
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BUS216 Exam #1 Review SOLUTIONS
15. A survey of car rental agencies shows that the average cost of a car rental is
$0.32 per mile, and has a standard deviation of $0.03. The agency conducting the
survey cannot make an assumption that their data is normally distributed. They
need to know the range that will contain 75% of their data.
1 1
1− 2
= .75 .25 = 2 .25𝑘 2 = 1 𝑘 2 = 4 𝑘 = 𝟐
𝐾 𝑘
17. Many retailers consider the impact of “add-on” purchases on overall sales. In
April, Green Mountain Coffee collected information on the number of customers
per day who purchased ground coffee by the pound in addition to a prepared
drink. The cumulative frequency distribution shown below is the result of that
survey. How often did fewer than 16 customers make an add-on purchase?
40
30
20
10
0
6 8 10 12 14 16 18
30% of the time fewer than 16 customers made an add-on purchase.
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BUS216 Exam #1 Review SOLUTIONS
18. A researcher has collected the waiting times for an on-line support service and
they were found to have a mean of 8.2 minutes. Four of the values are 6, 10, 7
and 12. What is the 5th value?
∑(𝑿) 𝟑𝟓 + 𝑿
𝝁= 𝟖. 𝟐 = 𝟖. 𝟐 𝒙 𝟓 = 𝟑𝟓 + 𝑿 𝟒𝟏 = 𝟑𝟓 + 𝒙 𝑿 = 𝟔
𝑵 𝟓
19. Refer to the following wage breakdown for a garment factory. What is the class
midpoint for the class with the greatest frequency?
The class with the greatest frequency is 7 > 10, which makes the midpoint: 7
+ 10 = 17 and 17/2 = 8.50
20. For a recent year, the numbers of murders in 18 selected cities are shown.
(a) Mean, Median, Mode, IQR, Range, Variance and Standard Deviation
(b) Check the data for Outliers
(d) Construct a frequency Distribution of the Data using 4 classes
(e) Construct a Box Plot for the Data
(f) What would the shape of the Distribution look like if represented on a
Histogram based on a Pearson’s Coefficient?
Number of Murders
count 18
mean 215.39
sample variance 12,798.96
sample standard
deviation 113.13
minimum 68
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BUS216 Exam #1 Review SOLUTIONS
maximum 390
range 322
low outliers 0
high outliers 0
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