Business Statistics for
Contemporary Decision Making
ST
11th Edition
UV
SOLUTIONS
IA
_A
MANUAL
PP
RO
Ken Black
────────────────────────────────────────────────────
VE
Comprehensive Solutions Manual for
Instructors and Students
D ?
© Ken Black.
All rights reserved. Reproduction or distribution without permission is prohibited.
© BooksbyMed
, Solutions Manual for Business Statistics: For Contemporary Decision
Making (11th Edition)
Ken Black
ISBN: 9781119905448
Chapter 1. Introduction to Statistics and Business Analytics
ST
Chapter 2. Visualizing Data with Charts and Graphs
Chapter 3. Descriptive Statistics
Chapter 4. Probability
UV
Chapter 5. Discrete Distributions
Chapter 6. Continuous Distributions
Chapter 7. Sampling and Sampling Distributions
Chapter 8. Statistical Inference: Estimation for Single Populations
IA
Chapter 9. Statistical Inference: Hypothesis Testing for Single Populations
Chapter 10. Statistical Inferences About Two Populations
Chapter 11. Analysis of Variance and Design of Experiments
_A
Chapter 12. Simple Regression Analysis and Correlation
Chapter 13. Multiple Regression Analysis
Chapter 14. Building Multiple Regression Models
PP
Chapter 15. Time-Series Forecasting and Index Numbers
Chapter 16. Analysis of Categorical Data
Chapter 17. Nonparametric Statistics
Chapter 18. Statistical Quality Control
RO
Chapter 19. Decision Analysis
VE
D ?
© BooksbyMed
, Black, Bayley, Castillo: Business Statistics, Fourth Canadian Edition
SOLUTIONS TO PROBLEMS IN
CHAPTER 1: INTRODUCTION TO STATISTICS
1.1 Examples of data in business disciplines:
accounting – revenue/sales, cost of goods, salary expense, depreciation,
utility costs, taxes, equipment inventory, etc.
ST
finance - World bank bond rates, number of failed savings and loans
companies, measured risk of common stocks, stock dividends, foreign
exchange rate, liquidity rates for a single-family, etc.
UV
human resources - salaries, size of engineering staff, years’ experience,
age of employees, years of education, etc.
marketing - number of units sold, dollar sales volume, forecast sales, size
IA
of sales force, market share, measurement of consumer motivation,
measurement of consumer frustration, measurement of brand preference,
attitude measurement, measurement of consumer risk, etc.
_A
operations and supply chain management - the number, location, and
network missions of suppliers, production facilities, distribution centers,
warehouses, cross-docks, and customers; the quantity and location of
inventory, including raw materials, work in process (WIP), and finished
PP
goods, etc.
information systems - CPU time, size of memory, number of workstations,
storage capacity, percent of professionals who are connected to a
RO
computer network, dollar assets of company computing, number of “hits”
on the Internet, time spent on the Internet per day, percentage of people
who use the Internet, retail dollars spent in e-commerce, etc.
production - number of production runs per day, weight of a product;
VE
assembly time, number of defects per run, temperature in the plant,
amount of inventory, turnaround time, etc.
management - measurement of union participation, measurement of
employer support, measurement of tendency to control, number of
D?
subordinates reporting to a manager, measurement of leadership style, etc.
1.2 Examples of data that can be gathered for decision-making purposes in
business industries:
Solutions Manual 1-1 Chapter 1
Copyright © 2023 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is
strictly prohibited.
, Black, Bayley, Castillo: Business Statistics, Fourth Canadian Edition
manufacturing - size of punched hole, number of rejects, amount of
inventory, amount of production, number of production workers, etc.
insurance - number of claims per month, average amount of life insurance
per family head, life expectancy, cost of repairs for major auto collision,
average medical costs incurred for a single female over 45 years of age,
etc.
ST
travel - cost of airfare, number of miles traveled for ground transported
vacations, number of nights away from home, size of traveling party,
amount spent per day on vacation besides lodging, etc.
UV
retailing - inventory turnover ratio, sales volume, size of sales force,
number of competitors within 2 miles of retail outlet, area of store, number
of sales people, etc.
communications - cost per minute, number of phones per office, miles of
IA
cable per customer headquarters, minutes per day of long distance usage,
number of operators, time between calls, etc.
_A
computing - age of company hardware, cost of software, number of
CAD/CAM stations, age of computer operators, measure to evaluate
competing software packages, size of data base, etc.
agriculture - number of farms per county, farm income, number of acres of
PP
corn per farm, wholesale price of a gallon of milk, number of livestock,
grain storage capacity, etc.
banking - size of deposit, number of failed banks, amount loaned to
RO
foreign banks, number of tellers per drive-in facility, average amount of
withdrawal from automatic teller machine, federal reserve discount rate,
etc.
healthcare - number of patients per physician per day, average cost of
VE
hospital stay, average daily census of hospital, time spent waiting to see a
physician, patient satisfaction, number of blood tests done per week.
1.3 Descriptive statistics in recorded music industry :
D?
1) RCA total sales of compact discs this week, number of artists
under contract to a company at a given time.
2) total dollars spent on advertising last month to promote an album.
3) number of units produced in a day.
Solutions Manual 1-2 Chapter 1
Copyright © 2023 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is
strictly prohibited.
Contemporary Decision Making
ST
11th Edition
UV
SOLUTIONS
IA
_A
MANUAL
PP
RO
Ken Black
────────────────────────────────────────────────────
VE
Comprehensive Solutions Manual for
Instructors and Students
D ?
© Ken Black.
All rights reserved. Reproduction or distribution without permission is prohibited.
© BooksbyMed
, Solutions Manual for Business Statistics: For Contemporary Decision
Making (11th Edition)
Ken Black
ISBN: 9781119905448
Chapter 1. Introduction to Statistics and Business Analytics
ST
Chapter 2. Visualizing Data with Charts and Graphs
Chapter 3. Descriptive Statistics
Chapter 4. Probability
UV
Chapter 5. Discrete Distributions
Chapter 6. Continuous Distributions
Chapter 7. Sampling and Sampling Distributions
Chapter 8. Statistical Inference: Estimation for Single Populations
IA
Chapter 9. Statistical Inference: Hypothesis Testing for Single Populations
Chapter 10. Statistical Inferences About Two Populations
Chapter 11. Analysis of Variance and Design of Experiments
_A
Chapter 12. Simple Regression Analysis and Correlation
Chapter 13. Multiple Regression Analysis
Chapter 14. Building Multiple Regression Models
PP
Chapter 15. Time-Series Forecasting and Index Numbers
Chapter 16. Analysis of Categorical Data
Chapter 17. Nonparametric Statistics
Chapter 18. Statistical Quality Control
RO
Chapter 19. Decision Analysis
VE
D ?
© BooksbyMed
, Black, Bayley, Castillo: Business Statistics, Fourth Canadian Edition
SOLUTIONS TO PROBLEMS IN
CHAPTER 1: INTRODUCTION TO STATISTICS
1.1 Examples of data in business disciplines:
accounting – revenue/sales, cost of goods, salary expense, depreciation,
utility costs, taxes, equipment inventory, etc.
ST
finance - World bank bond rates, number of failed savings and loans
companies, measured risk of common stocks, stock dividends, foreign
exchange rate, liquidity rates for a single-family, etc.
UV
human resources - salaries, size of engineering staff, years’ experience,
age of employees, years of education, etc.
marketing - number of units sold, dollar sales volume, forecast sales, size
IA
of sales force, market share, measurement of consumer motivation,
measurement of consumer frustration, measurement of brand preference,
attitude measurement, measurement of consumer risk, etc.
_A
operations and supply chain management - the number, location, and
network missions of suppliers, production facilities, distribution centers,
warehouses, cross-docks, and customers; the quantity and location of
inventory, including raw materials, work in process (WIP), and finished
PP
goods, etc.
information systems - CPU time, size of memory, number of workstations,
storage capacity, percent of professionals who are connected to a
RO
computer network, dollar assets of company computing, number of “hits”
on the Internet, time spent on the Internet per day, percentage of people
who use the Internet, retail dollars spent in e-commerce, etc.
production - number of production runs per day, weight of a product;
VE
assembly time, number of defects per run, temperature in the plant,
amount of inventory, turnaround time, etc.
management - measurement of union participation, measurement of
employer support, measurement of tendency to control, number of
D?
subordinates reporting to a manager, measurement of leadership style, etc.
1.2 Examples of data that can be gathered for decision-making purposes in
business industries:
Solutions Manual 1-1 Chapter 1
Copyright © 2023 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is
strictly prohibited.
, Black, Bayley, Castillo: Business Statistics, Fourth Canadian Edition
manufacturing - size of punched hole, number of rejects, amount of
inventory, amount of production, number of production workers, etc.
insurance - number of claims per month, average amount of life insurance
per family head, life expectancy, cost of repairs for major auto collision,
average medical costs incurred for a single female over 45 years of age,
etc.
ST
travel - cost of airfare, number of miles traveled for ground transported
vacations, number of nights away from home, size of traveling party,
amount spent per day on vacation besides lodging, etc.
UV
retailing - inventory turnover ratio, sales volume, size of sales force,
number of competitors within 2 miles of retail outlet, area of store, number
of sales people, etc.
communications - cost per minute, number of phones per office, miles of
IA
cable per customer headquarters, minutes per day of long distance usage,
number of operators, time between calls, etc.
_A
computing - age of company hardware, cost of software, number of
CAD/CAM stations, age of computer operators, measure to evaluate
competing software packages, size of data base, etc.
agriculture - number of farms per county, farm income, number of acres of
PP
corn per farm, wholesale price of a gallon of milk, number of livestock,
grain storage capacity, etc.
banking - size of deposit, number of failed banks, amount loaned to
RO
foreign banks, number of tellers per drive-in facility, average amount of
withdrawal from automatic teller machine, federal reserve discount rate,
etc.
healthcare - number of patients per physician per day, average cost of
VE
hospital stay, average daily census of hospital, time spent waiting to see a
physician, patient satisfaction, number of blood tests done per week.
1.3 Descriptive statistics in recorded music industry :
D?
1) RCA total sales of compact discs this week, number of artists
under contract to a company at a given time.
2) total dollars spent on advertising last month to promote an album.
3) number of units produced in a day.
Solutions Manual 1-2 Chapter 1
Copyright © 2023 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is
strictly prohibited.
