Solutions Manual – Business Statistics for Contemporary Decision Making, 3rd Canadian Edition – Ken Black, Tiffany Bayley, Ignacio Castillo – Complete Chapters 1–19)

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Business Statistics for
Contemporary Decision Making,
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3rd Canadian Edition
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SOLUTIONS
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MANUAL
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Ken Black
Tiffany Bayley
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Ignacio Castillo
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Comprehensive Solutions Manual for
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Instructors and Students
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9781119658214

© Ken Black, Tiffany Bayley, & Ignacio Castillo. All rights reserved. Reproduction or
distribution without permission is prohibited.




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Business Statistics for Contemporary Decision Making —
Solutions Manual
Ken Black, Tiffany Bayley and Ignacio Castillo
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Chapter 1: Introduction to Statistics
Chapter 2: Charts and Graphs
Chapter 3: Descriptive Statistics
Chapter 4: Probability
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Chapter 5: Discrete Distributions
Chapter 6: Continuous Distributions
Chapter 7: Sampling and Sampling Distributions
Chapter 8: Statistical Inference: Estimation for Single Populations
Chapter 9: Statistical Inference: Hypothesis Testing for Single Populations
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Chapter 10: Statistical Inferences about Two Populations
Chapter 11: Analysis of Variance and Design of Experiments
Chapter 12: Simple Regression Analysis and Correlation
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Chapter 13: Multiple Regression Analysis
Chapter 14: Building Multiple Regression Models
Chapter 15: Time-Series Forecasting and Index Numbers
Chapter 16: Analysis of Categorical Data
Chapter 17: Nonparametric Statistics
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Chapter 18: Statistical Quality Control
Chapter 19: Decision Analysis
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, Black, Bayley, Castillo: Business Statistics, Third Canadian Edition




SOLUTIONS TO PROBLEMS IN
CHAPTER 1: INTRODUCTION TO STATISTICS

1.1 Examples of data in business disciplines:
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accounting – revenue/sales, cost of goods, salary expense, depreciation,
utility costs, taxes, equipment inventory, etc.

finance - World bank bond rates, number of failed savings and loans
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companies, measured risk of common stocks, stock dividends, foreign
exchange rate, liquidity rates for a single-family, etc.

human resources - salaries, size of engineering staff, years experience, age
of employees, years of education, etc.
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marketing - number of units sold, dollar sales volume, forecast sales, size
of sales force, market share, measurement of consumer motivation,
measurement of consumer frustration, measurement of brand preference,
attitude measurement, measurement of consumer risk, etc.
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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
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goods, etc.

information systems - CPU time, size of memory, number of work stations,
storage capacity, percent of professionals who are connected to a
computer network, dollar assets of company computing, number of “hits”
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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;
assembly time, number of defects per run, temperature in the plant,
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amount of inventory, turnaround time, etc.

management - measurement of union participation, measurement of
employer support, measurement of tendency to control, number of
subordinates reporting to a manager, measurement of leadership style, etc.
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1.2 Examples of data that can be gathered for decision-making purposes in
business industries:

, Black, Bayley, Castillo: Business Statistics, Third 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,
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etc.

travel - cost of airfare, number of miles traveled for ground transported
vacations, number of nights away from home, size of traveling party,
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amount spent per day on vacation besides lodging, etc.

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.
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communications - cost per minute, number of phones per office, miles of
cable per customer headquarters, minutes per day of long distance usage,
number of operators, time between calls, etc.
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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
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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
foreign banks, number of tellers per drive-in facility, average amount of
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withdrawal from automatic teller machine, federal reserve discount rate,
etc.

healthcare - number of patients per physician per day, average cost of
hospital stay, average daily census of hospital, time spent waiting to see a
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physician, patient satisfaction, number of blood tests done per week.

1.3 Descriptive statistics in recorded music industry :

1) RCA total sales of compact discs this week, number of artists
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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.