Learning Goal: I’m working on a data analytics discussion question and need an explanation and answer to help me learn.
Please refer to Practice problem set 3 solutions to get some guidance on this Homework and follow the structure for your solution process.
The set of problems below are Normal distribution problems.Please solve these problems using Minitab as the analysis tool and integrate your results from Minitab into your solution for each problem (You can use the “cut & paste” feature of Minitab. (Please place the results in-line with your answer to each question, not in an appendix). Make sure you structure your answers as per in-class and practice problems solutions.For each problem (and sub-problem) present the results in a short non-statistical report.(For all Normal distribution problems, it is better to draw a picture and mark all relevant information on the picture first.This will help solving the problem right)
Please do the analysis using Minitab and follow the following general structure for presenting your solution to each of the business problems:
a. What is the probability that a filled bag will weigh less than 49.5 kilograms
b. What is the probability that a randomly sampled filled bag will weigh between 48.5 and 51 kilograms
c. What is the minimum weight a bag of dog food could be and remain in the top 15% (by weight) of all the bags filled?
(Source: GSFS-Eighth edition)
5. An Internet retailer stocks a popular electronic toy at a central warehouse that supplies the eastern United States. Every week the retailer makes a decision about how many units of the toy to stock. Suppose that the weekly demand for the toy is approximately normally distributed with a mean of 2,500 units and a standard deviation of 300 units.
a. If the retailer wants to limit the probability of being out of stock of the electronic toy to no more than 2.5% in a week, how many units should the central warehouse stock?
b. If the retailer has 2,750 units on hand at the start of the week, what is the probability that weekly demand will be greater than inventory?
c. If the standard deviation of weekly demand for the toy increases from 300 units to 500 units, how many more toys would have to be stocked to ensure that the probability of weekly demand exceeding inventory is no more than 2.5%? (Source: GSFS-Eighth edition)
Questions?
If something is not clear, ask for clarification by emailing me (I am available to help you learn).Do not answer the wrong question (and commit a type III error) and get penalized on the grade.
Hints:
Here are some common mistakes made on this HW & some suggestions to avoid them:
Problem | Suggestion |
Not specifying your answer clearly (and require the instructor to fish for the answer) | Explicitly follow the seven parts (a through g) structure to answer each question. Also, follow the structure in in-class and practice problem set solutions for your answers. |
Not addressing all the requirements | Read and follow all instructions.Create a checklist for your use to insure your report meets/addresses all requirements. |
Not including a graph for each problem part | Include Minitab graphs |
Not separately stating your answer | State the answer to each part in mathematical terms and with a business conclusion, Follow the in-class and practice sets as examples. |
Stating the answer/probability for the wrong end of the curve | It is easy to mix up the ends of graphs and have an answer that is “1 minus the correct answer.” At the end when you state your answer, make sure it makes logical sense. For example, if the mean on the test is 85 and you are asked for the score of the top 5%, an answer could be 95 – an answer of 75 (the bottom 5%) would not make sense. |
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