Business for Managers Template - Statistics Project Example

Business Statistics for Managers Task Contingency table 25 years and below above 25years total undergraduate 48 11 59 graduate 17 24 41 total 65 35 100 1. Using dataset1, the level of education is either undergraduate or graduate. The age of the population ranges from 18 to 54 years. The population is thus divided into two age groups; those that are 25 years and below, and those above 25years. 2. Using contingency table above; A. Probability of having an undergraduate is  = 0.59 B. Probability of having a graduate is  = 0.41 C. Probability of someone 25 years and below is  = 0.65 D. The probability of getting someone older than 25years is  = 0.35 3. Probability calculations related to the table A. The probability of having an undergraduate who is below 25 years of age is  = 0.48 B. The probability of having an undergraduate above 25 years of age is  = 0.11 C. The probability of getting a graduate 25 years and below is  = 0.17 D. The probability of having a graduate above 25 years is  = 0.24 Task 2. Using the dataset1, the age was grouped into age-groups of 5 years. 1. The probability distribution of their age is as below; age group (years) frequency probability 18- 22 40 0.4 23- 27 38 0.38 28-32 10 0.1 33-37 8 0.08 38-42 1 0.01 43-47 1 0.01 48-52 1 0.01 53-57 1 0.01 Total 100 1 Mean 0.125 Standard deviation 0.16741736 2. The probability of getting of getting a sample between the age of 18-22 years is 0.4 3. The probability of getting of getting a sample between the age of 23-27 years is 0.38 4. The mean or expected value of the probability distribution is 0.125 5. The standard deviation of the probability distribution is 0.1674 Task 3. 1. For this task from datasheet1, we take data for being either a graduate or undergraduate since in binomial distribution the test must have only two possible outcome. In this experiment we identify graduate as a success and undergraduate as a fail each with a probability of 0.5 and the outcome of one being a graduate or not is independent of the other. In the experiment there were 100 trials. From this experiment we found that 41% are graduate and 59% are undergraduate. 2. If 10 students are randomly selected from this population the binomial distribution will be calculated as below; Probability of success, p=0.41 and of failure, q=0.59 3. The probability of having less than 4 graduates, P (X< 4)= 0.005+0.036+0.111+ 0.206 = 0.358 4. Probability of having more than 3 graduates, (PX>3) = 0.642 5. The probability of having graduates between 4 and 7, P (4 Read More