Statistics Problems Speech or Presentation Example | Topics and Well Written Essays - 500 words - 1

Statistics Problems - Speech or Presentation Example Ex: A market research to identify the buying behavior of the consumers in a particular market segment. As the research will have a budget constraint, it will be impossible to conduct the survey among the entire population. Hence a representative sample is selected to conduct the research. Ex: Research to identify a cure for a fast spreading virus, such as the influenza virus. It is essential to conduct a quick diagnosis with a few infected patients (rather than all the infected patients) to come up with a cure, so that the virus is contained from spreading. 34. Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $110,000. This distribution follows the normal distribution with a standard deviation of $40,000. 32. A state meat inspector in Iowa has been given the assignment of estimating the mean net weight of packages of ground chuck labeled â€Å"3 pounds.† Of course, he realizes that the weights cannot be precisely 3 pounds. A sample of 36 packages reveals the mean weight to be 3.01 pounds, with a standard deviation of 0.03 pounds. 34. A recent survey of 50 executives who were laid off from their previous position revealed it took a mean of 26 weeks for them to find another position. The standard deviation of the sample was 6.2 weeks. Construct a 95 percent confidence interval for the population mean. Is it reasonable that the population mean is 28 weeks? Justify your answer. 46. As a condition of employment, Fashion Industries applicants must pass a drug test. Of the last 220 applicants 14 failed the test. Develop a 99 percent confidence interval for the proportion of applicants that fail the test. Would it be reasonable to conclude that more than 10 percent of the applicants are now failing the test? In addition to the testing of