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    Set 1 - Descriptive Statistics+probability

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    kitesreddy
    This document contains 5 topics related to descriptive statistics and probability: [1] Calculating measures of central tendency and variation for a dataset; [2] Analyzing outliers and distribution from a box plot; [3] Interpreting a histogram; [4] Calculating the probability of misdirected phone calls; [5] Analyzing the probability distribution and risk of a business venture.

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    Set 1 - Descriptive Statistics+probability

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    kitesreddy
    597 views3 pages
    This document contains 5 topics related to descriptive statistics and probability: [1] Calculating measures of central tendency and variation for a dataset; [2] Analyzing outliers and distribution from a box plot; [3] Interpreting a histogram; [4] Calculating the probability of misdirected phone calls; [5] Analyzing the probability distribution and risk of a business venture.

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    data science material

    Original Title

    Set 1_Descriptive statistics+Probability (2)

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    This document contains 5 topics related to descriptive statistics and probability: [1] Calculating measures of central tendency and variation for a dataset; [2] Analyzing outliers and distribution from a box plot; [3] Interpreting a histogram; [4] Calculating the probability of misdirected phone calls; [5] Analyzing the probability distribution and risk of a business venture.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    597 views3 pages

    Set 1 - Descriptive Statistics+probability

    Uploaded by

    kitesreddy
    This document contains 5 topics related to descriptive statistics and probability: [1] Calculating measures of central tendency and variation for a dataset; [2] Analyzing outliers and distribution from a box plot; [3] Interpreting a histogram; [4] Calculating the probability of misdirected phone calls; [5] Analyzing the probability distribution and risk of a business venture.

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    of 3

    Topics: Descriptive Statistics and Probability

    1. Look at the data given below. Plot the data, find the outliers and find out , , 2

    Name of company Measure X


    Allied Signal 24.23%
    Bankers Trust 25.53%
    General Mills 25.41%
    ITT Industries 24.14%
    J.P.Morgan & Co. 29.62%
    Lehman Brothers 28.25%
    Marriott 25.81%
    MCI 24.39%
    Merrill Lynch 40.26%
    Microsoft 32.95%
    Morgan Stanley 91.36%
    Sun Microsystems 25.99%
    Travelers 39.42%
    US Airways 26.71%
    Warner-Lambert 35.00%

    2.

    Questions referred to from Aczel A., Sounderpandian J., Complete Business Statistics (7ed.)
    Answer the following three questions based on the box-plot above.
    (i) What is inter-quartile range of this dataset? (please approximate the numbers) In one
    line, explain what this value implies.
    (ii) What can we say about the skewness of this dataset?
    (iii) If it was found that the data point with the value 25 is actually 2.5, how would the new
    box-plot be affected?

    3.

    Answer the following three questions based on the histogram above.

    Questions referred to from Aczel A., Sounderpandian J., Complete Business Statistics (7ed.)
    (i) Where would the mode of this dataset lie?
    (ii) Comment on the skewness of the dataset.
    (iii) Suppose that the above histogram and the box-plot in question 2 are plotted for the
    same dataset. Explain how these graphs complement each other in providing
    information about any dataset.

    4. AT&T was running commercials in 1990 aimed at luring back customers who had switched to
    one of the other long-distance phone service providers. One such commercial shows a
    businessman trying to reach Phoenix and mistakenly getting Fiji, where a half-naked native on a
    beach responds incomprehensibly in Polynesian. When asked about this advertisement, AT&T
    admitted that the portrayed incident did not actually take place but added that this was an
    enactment of something that could happen. Suppose that one in 200 long-distance telephone
    calls is misdirected. What is the probability that at least one in five attempted telephone calls
    reaches the wrong number? (Assume independence of attempts.)

    5. Returns on a certain business venture, to the nearest $1,000, are known to follow the following
    probability distribution
    x P(x)
    -2,000 0.1
    -1,000 0.1
    0 0.2
    1000 0.2
    2000 0.3
    3000 0.1

    (i) What is the most likely monetary outcome of the business venture?
    (ii) Is the venture likely to be successful? Explain
    (iii) What is the long-term average earning of business ventures of this kind? Explain
    (iv) What is the good measure of the risk involved in a venture of this kind? Compute this
    measure

    Questions referred to from Aczel A., Sounderpandian J., Complete Business Statistics (7ed.)

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