Assignment:
Business Statistics
Rationale
Assignment is designed to assess the following learning outcomes:
• be able to explain the concepts of statistical inference, and apply these to confidence intervals and tests of hypotheses;
• be able to use a statistical package to analyse data appropriately, and then interpret the output;
• be able to evaluate if the assumptions underlying statistical techniques are valid in a given scenario;
• be able to apply basic principles of survey design, such as determination of appropriate sample sizes and sampling techniques.
• be able to explain the standard uses of Statistics in the media and in business environments, and judge whether the statistical methodology and conclusions drawn are appropriate;
Presentation
The assignment must be neatly handwritten with any Excel output inserted where required at the appropriate place in the assignment not in an Appendix at the back of the assignment.
Marks will be deducted for assignments which do not follow these guidelines.
The assignment is to be uploaded to EASTS as a single Word or PDF file. Assignments submitted in non-printable formats such as a ZIP file or as a collection of images will not be marked. If your scanner produces separate graphics files, please paste them into a Word document before submitting to EASTS. Pages must be numbered, and your name and student number must be included on every page.
Once you have submitted the assignment, please view your uploaded assignment to ensure that all the images, graphs etc are visible and formatted correctly.
Question8 marks plus 1 mark for a sentence which answers the question for each part.
The amount of time a bank teller spends with each customer is normally distributed with a mean of 4.2 minutes and a standard deviation of 0.40 minutes.
a. What is the probability a teller spends less than 4 minutes with a randomly selected customer?
b. A random sample of 20 customers is selected. What is the probability that the average time spent per customer will be at least 4 minutes?