Exam 2

Ch.1 to Ch.6

 

 

Use the following scenario for the next 3 questions.  Suppose that monthly sales volume for a product is normally distributed, with a mean of 500 units and a standard deviation of 50 units. If x denotes the number of units sold in a month, what are the following probabilities:

 

1)         P(x < 450)

 

 

 

2)         P(x > 600)

 

 

 

3)         P(400 < x < 450)

 

 

The next 2 questions refer to the following situation.  Between the hours of 1:00 and 5:00 PM the average number of phone calls per minute on a cell phone tower is 2.5.

4)         What is the probability that during one particular minute there will be more than 6 phone calls?

 

 

 

 

5)         What is the probability that during one particular minute there will be less than 5 phone calls?

 

 

 

 

 

 

 

 

The next 2 questions refer to the following scenario.  Consider an experiment of flipping a fair coin 50 times.  Assign a random variable x, where the value of x is equal to the number of heads observed in the flips.

 

6)         What is the probability of observing 30 or more heads in 50 flips?

 

 

 

 

 

 

 

 

7)         What is the probability of observing more than 35 tails in 50 flips?

 

 

 

 

 

 

 

Use the following scenario to answer the next 3 questions.  Suppose a student in Business Statistics has no been attending class this quarter but decides to take the exam anyway.  If he randomly guesses on each of the 20 questions, then he has a 1 out of 5 chance of getting a correct answer, since it is multiple choice exam with choices a, b, c, d, or e.

 

8) How many questions should the student expect to get correct on this exam?

 

 

 

 

 

9) What is the probability that the student will get a “C” or better, which is 14 or more correct?

 

 

 

 

 

 

10) What is the probability that the student will score lower than a “C” (13 or less correct)?

 

 

 

 

 

Use the following scenario to answer the next 5 questions.  Millions of Americans are subjected to drug testing in the workplace.  The tests are not always reliable.  A false positive rate of 5% is considered to be a conservative estimate.  Suppose that there are 20 employees in your company, which tests its workers weekly.

 

11) What is the probability of no false-positives for this week’s test?

 

 

 

 

 

12) What is the probability of at least 1 false-positive for this week’s tests?

 

 

                       

 

 

 

13) What is the likelihood that the test will give 5 to 10 false positives?

 

 

 

 

 

           

14) What is the chance of at most 3 false positives?

 

 

 

 

 

 

15) How many false positives should the company expect?

 

 

 

 

 

 

 

 

 

 

 

The next three questions refer to the following situation. Data from previous years reveal that the distribution if first exam scores in an introductory statistics class is approximately normal with a mean of 72 and a standard deviation of 12.

 

16)       Given that the passing score is 65, approximately what percentage of students passes the first exam?

 

 

 

 

 

 

17)       What is the probability that the student will score an “A” on the exam? (A score of 90 or more)

 

 

 

 

 

 

18)       The middle 95% of the scores will tend to fall between _________ and ________.

 

 

 

 

 

 

 

19)       Two coins are tossed, at the same time, find the probability that two heads are obtained.

a. ½

b. ¼

c. ¾

d.

 

20)       Two dice are rolled, at the same time, find the probability that the sum is equal to 1.

a. 0

b.

c. ½

d. ¼

 

 

 

21)       A jar contains 3 red marbles, 7 green marbles and 10 white marbles. If a marble is drawn from the jar at random, what is the probability that this marble is white?

a. 3/20

b. 7/20

c. 1/2

d. 17/20

e. 13/20

 

The next two questions refer to the following situation. The following list of Uniform

Resource Locators (URLs) contains some of the most visited sites on the World Wide

Web.

 

URL                                                       Hits (millions)/day

www.yahoo.com                            12.5

www.msn.com                                11.8

www.passport.com                       6.3

www.hotmail.com                        6.2

www.aol.com                                  5.1

www.netscape.com                      3

www.iwon.com                              2.9

www.excite.com                            2.6

www.ebay.com                               2.6

www.lycos.com                              2.4

 

 

 

 

22)       Based on the above data, what is the average and standard deviation, respectively?

 

a. 3.54, 3.60

b. 4.05, 3.60

c. 5.54, 3.79

d. 3.54, 3.79

e. 4.05, 10.1

 

 

 

 

23)       Based on a graph of the above data, what is the shape?

 

a. Symmetric

b. Symmetric

c. Left-skewed

d. Right-skewed

e. Left-skewed

The distribution of the salaries of 100 employees at a small consulting firm is displayed in the following histogram. Suppose 95% of the data falls between 33 and 77.

 

24)       Based on the empirical rule, what is the standard deviation of this sample of data?

 

a. 121

b. 22

c. 11

d. 5.5

e. 44

 

 

Consider the survey question “How much time does the chief executive officer spend at work?”

 

25)       What type of data would this question collect?

 

a. Numerical, interval

b. Binomial

c. Categorical

d. Normal

e. Numerical, continuous

 

 

The manager of a small restaurant wishes to determine how long the average customer had to wait to be served during the lunch hour. At the lunch hour on a particular typical day, 10 customers experienced the following waiting times (in minutes):

7.5, 10.6, 10.2, 7.5, 5.3, 5.1, 10.0, 8.7, 4.0, 9.6

 

26)       What is the shape of this data?

 

a. Right skewed

b. Binomial

c. Approximately symmetric

d. Left skewed

e. Normal

 

 

 

 

 

 

 

 

 

 

The following random sample of annual salaries was recorded. Units are in thousands of dollars.

50, 52, 48, 46, 32, 51, 47, 20, 53, 49

 

27)       What are values of the average and median, respectively?

 

a. 48.5, 51

b. 44.8, 44.8

c. 48.5, 46

d. 44.8, 36.5

e. 44.8, 48.5

 

28)       Stem-and-Leaf Display

 

12 | 0

13 | 1 3 7 7

14 | 2 4 5

15 |

16 | 9 9

17 | 0 9

18 | 4

19 | 1 4

20 | 7

What is the shape of the data?

 

a. Normal

b. Left-skewed

c. Right-skewed

d. Approximately symmetric

e. Uniform

Resource: Exhibit 7-1 in Ch. 7 of Strategic Management

 

Develop the strategic objectives for your business in the format of a balanced scorecard.The strategic objectives are measures of attaining your vision and mission. As you develop them consider the vision, mission, and values for your business and the outcomes of your SWOTT analysis. Consider the following four quadrants of the balanced scorecard when developing your strategic objectives:

 

*** Please remember to submit your Balance Scorecard either as part of your paper or as a separate file.

 

·         Shareholder Value or Financial Perspective, includes strategic objectives in areas such as:   

o    Market share

o    Revenues and costs

o    Profitability

o    Competitive position

·         Customer Value Perspective, includes strategic objectives in areas such as:

o    Customer retention or turnover

o    Customer satisfaction

o    Customer value

·         Process or Internal Operations Perspective, includes strategic objectives in areas such as:

o    Measure of process performance

o    Productivity or productivity improvement

o    Operations metrics

·         Learning and Growth (Employee) Perspective, includes strategic objectives in areas such as:

o    Employee satisfaction

o    Employee turnover or retention

o    Level of organizational capability

o    Nature of organizational culture or climate

o    Technological innovation

 

Develop at least three strategic objectives for each of the following four balanced scorecard areas identified above (Financial, Customer, Process, Learning and Growth). Your objectives should be selected, in part, based on an evaluation of a number of potential alternatives to the issues and/or opportunities identified in the SWOTT Analysis paper and table you completed in Week Three.

 

·         For each strategic objective, develop a metric and target using a balanced scorecard format.

(For example, a common strategic objective in the shareholder or Financial Perspective is to increase market share. A metric to actually measure this strategic objective of market share increase could be: “The percentage of increase in market share.” The target is the specific number to be achieved in a particular time period. The target for the metric of “Increase market share” could be “Increase market share by 2% for each of the next 3 years.)

 

Write a 700- to 1,050-word summary that explains your critical thinking on how you derived your objectives from your vision, mission, values, and SWOTT analysis. You should also incorporate the ethical implications of your solutions into your analysis.

 

Format paper consistent with APA guidelines.

Ecological succession is halted to keep the agroecosystem in an early-successional state.        The focus is on monoculture (one plant species instead of many).        Crops are planted in rows and fields.        Agroecosystems require plowing, which is unlike any natural soil disturbance.        All of the above are valid ways that agroecosystems differ from natural ecosystems.

 

Question 2.2. Table 11.1 on page 215 of your text, Environmental Science, provides data regarding land, population, and agriculture. Based on the statistics provided in this table, which continent or continents use over 50% of their total land for agriculture? (Points : 1)        Asia        Europe        Australia        Both a & c        All of the above (a, b, & c)

 

Question 3.3. Livestock are often raised on rangeland or pasture. What is/are the major difference(s) in rangeland and pasture? (Points : 1)        Rangeland is not marked by fencing while pasture is surrounded with barbed or electric wire.        Rangeland provides food for grazing without planting or plowing while pasture is plowed, planted, and harvested to provide forage for animals.        Pasture does not utilize irrigation while rangeland is irrigated regularly.        Pasture and rangeland are the same; however, the term pasture is utilized in the U.S. while rangeland is utilized in Europe and other parts of the world.        All of the above

 

Question 4.4. While naturally occurring, organic fertilizers (fertilizers made of natural products such as manure) have a number of drawbacks to manmade artificial fertilizers, which of the following is a major drawback of organic fertilizers? (Points : 1)        Organic fertilizers do not provide enough chemical elements to replace those lost during farming        Organic fertilizers must be used in conjunction with regular irrigation to ensure effectiveness        Organic fertilizers are toxic to animals which means they can’t be used on pastures        Organic fertilizers are toxic to humans which means that they can’t be used on food crops        None of the above

 

Question 5.5. Crops require about 20 separate chemical elements to survive. Liebig’s law of the minimum states that the growth of a plant is affected by just one limiting factor at a time – the nutrient whose availability is the most limited to the needs of a plant. Based on this law, which of the following statements is true? (Points : 1)        Increasing the limiting nutrient will improve soil production        Increased plowing will release nutrients and increase crop production        Irrigation will stimulate carbon turnover and increase crop production        Fertilization with a mixture including all of the soil micronutrients is necessary to improve crop growth        None of the above

 

Question 6.6. Pest management strategies that utilize chemicals (pesticides) often lead to environmental damage, such as the contamination of drinking water. Which pest management technique(s) allow(s) farmers to control pests without applying harmful chemicals? (Points : 1)        Application of broad spectrum inorganic toxins        Application of artificial organic compounds        Utilization of integrated pest management        Use of biological controls        None of the above

 

Question 7.7. Some people argue that eating lower on the food chain (eating plants instead of meat) is a more environmentally sustainable practice. Which statement or statements below accurately detail(s) the benefit(s) of eating lower on the food chain addressed in the textbook? (Points : 1)        Eating lower on the food chain ensures that pesticide intake by the consumer is reduced.        Eating lower on the food chain ensures sustainability of cattle populations.        Due to organismal energy efficiency, eating lower on the food chain may allow the same area of farmland to produce between 10 and 100 times more vegetation per year than eating meat.        Both a & b        All of the above (a, b, & c)

 

Question 8.8. Genetic engineering in agriculture involves a number of different technical practices. Which following practice or practices mentioned in your textbook is/are considered current genetic engineering technologies? (Points : 1)        Faster and more efficient development of new hybrids        Introduction of the “terminator” gene        Transfer of genetic properties from widely divergent kinds of life        Both a & b        All of the above (a, b, & c)

 

Question 9.9. The terminator gene makes seeds from a crop sterile. What is/are the reason(s) for inserting a terminator gene into a crop? (Points : 1)        It prevents farmers from using the next generation of seeds so that they must purchase new seeds each year        It prevents a genetically modified crop from spreading to nearby farms and natural areas        It keeps Arnold Schwarzenegger away        Both a & b        None of the above

 

Question 10.10. Aquaculture (the farming of fish) provides many benefits to traditional fishing and/or farming practices. However, as with all sources of food production, it also has its drawbacks. Which of the following negative environmental impact or impacts discussed in your book is/are commonly caused by aquaculture? (Points : 1)        Air pollution        Damage of biological diversity        Soil erosion        Both a & c        All of the above

Develop an application that will determine whether any of several department-store customers has exceeded the credit limit on a charge account. For each customer, the following facts are available:

 a. account number

 b. balance at the beginning of the month

 c. total of all items charged by the customer this month

 d. total of all credits applied to the customer’s account this month

 e. allowed credit limit.

 The program should input all these facts as integers, calculate the new balance (= beginning balance + charges — credits), display the new balance and determine whether the new balance exceeds the customer’s credit limit. For those customers whose credit limit is exceeded, the program should display the message “Credit limit exceeded”. Your class should have a constructor that initializes the instance variables. Account number is auto generated and user is not supposed to enter it. Provide a set and a get method for each instance variable.

 

Develop a C++ program that will determine whether a department-store customer has exceeded the credit limit on a charge account. For each customer, the following facts are available:

 

a) Account number (an integer)

b) Balance at the beginning of the month

c) Total of all items charged by this customer this month

d) Total of all credits applied to this customer’s account this month

e) Allowed credit limit

 

The program should use a while statement to input each of these facts, calculate the new balance (= beginning balance + charges – credits) and determine whether the new balance exceeds the customer’s credit limit. For those customers whose credit limit is exceeded, the program should display the customer’s account number, credit limit, new balance and the message “Credit Limit Exceeded.”

 

Enter account number (or -1 to quit): 100

Enter beginning balance: 5394.78

Enter total charges: 1000.00

Enter total credits: 500.00

Enter credit limit: 5500.00

New balance is 5894.78

Account: 100

Credit limit: 5500.00

Balance: 5894.78

Credit Limit Exceeded.

 

Enter Account Number (or -1 to quit): 200

Enter beginning balance: 1000.00

Enter total charges: 123.45

Enter total credits: 321.00

Enter credit limit: 1500.00

 

Child poverty and homelessness are two of the most complex problems faced by society today. Since 2000, the number of children living in poverty has increased from 11.6 million to 15 million. Today, over 20% of all children live in families with incomes below the federal poverty level. In addition, it is estimated that 1% to 2% of children are homeless, a number that has surged as a result of the recent global recession and the ensuing financial strain it has placed on many families. Because growing up in poverty increases children’s risks of suffering physical, cognitive, emotional, and social problems, reducing rates of child poverty is a priority. However, politicians and policymakers often disagree on causes and solutions to child poverty, sparking vigorous debate. In this Discussion, you will consider your own thoughts on how child poverty might be addressed. Reflect on the following:

• Based on what you have learned this week and your past experiences, what specific policies, initiatives, or programs do you think should be implemented to effectively reduce child poverty/homelessness and/or ameliorate its consequences? Consider at least three.
• How and to what extent should technology/media be used for educational purposes? For example, should teachers integrate technology as much as possible in their lessons? Should parents encourage children to study using educational software and the Internet? Or are more traditional learning methods preferable?
• Are there any policies, initiatives, or programs aimed at combating child poverty and/or homelessness with which you strongly disagree? Why?

Article: Southwell, P. (2009). The measurement of child poverty in the United States. Journal of Human Behavior in the Social Environment, 19(4), 317–329.
Retrieved from the Academic Search Complete database.

 

Web Resource: Moore, K. A., Redd, Z., Burkhauser, M., Mbwana, K., & Collins, A. (2009, April). Children in poverty: Trends, consequences, and policy options (Publication No. 2009-11). Retrieved from the Child Trends website: http://www.childtrends.org/wp-content/uploads/2013/03/PovertyRB.pdf

Web Resource: Valladares, S., & Moore, K. A. (2009, May). The strengths of poor families (Publication No. 2009-26). Retrieved from the Child Trends website: http://childtrends.org/wp-content/uploads/2009/05/Child_Trends-2009_5_14_RB_poorfamstrengths.pdf