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April 17, 2024, 01:57:50 am

Author Topic: Help: Business Statistics  (Read 609 times)  Share 

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14yearoldbookworm

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Help: Business Statistics
« on: March 12, 2012, 09:48:08 pm »
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Hi, first time posting here.
My year 12 teacher gave me homework from one of his business statistics classes that he teaches at uni. He thought it would be more challenging and daunting to give us these questions.
The qq's are:
1. A bank manager at ANZ records the following waiting times, in minutes, of a sample of clients:
4.23, 5.53, 3.00, 2.32, 0.40, 5.14
Find the mean and median. That i've already done.

2. This is the part where i'm just utterly confused.
Compute the variance, standard deviation, range, coefficient of variation, and Z scores for each data point. Are there any outliers?
Can anyone explain how i would work this out :/?
3. c) Are the data skewed? If so, how?
4. The bank manager claims that each client can expect to wait “almost certainly less than five minutes.” Based on the given data, is this accurate?
Much help would be appreciated ^^"

linle

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Re: Help: Business Statistics
« Reply #1 on: March 29, 2012, 01:11:24 am »
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There should be formulas for this in any normal VCE maths book. Methods or further in particular.
Data skewed relates to box plots or scatterplots. Just search through the books as I've said.
After looking at the graph/plot you would answer question 4.

If you put in the data in a table on a calculator they should give you all of the other values
you mentioned too.
Bachelor of Engineering (Chemical & Biomolecular) @ The University of Melbourne