Www bankrate com march 12 2014

STATS ASSIGNMENT PROBLEMS

Data were collected on the typical cost of dining at American-cuisine restaurants within a 1-mile walking distance of a hotel located in a large city. Thefile Bundle contains the typical cost (a per transaction cost in $) as well as a Bundle score, a measure of overall popularity and customer loyalty, for each of 40 selected restaurants. (Data extracted from www.bundle.comvia the link on-msn.com/MnlBxo.)

a.Construct a scatter plot with Bundle score on the Xaxis and typical cost on the Y axis.

b.What conclusions can you reach about the relationship betweenBundle score and typical cost?

Q2

A survey was completed by senior-level marketers on marketer expectations and perspectives going into the next year for such things as marketing spending levels, media usage, and new business activities. Marketers were asked about how they are most often finding out about new marketing agencies for hire and the value they are placing on marketing agencies that specialize in their industry. The results are presented in the tables below:

Most Often Ways to Find out

About New Marketing AgenciesPercentage (%)

Calls/emails from agencies 32%

Social outreach 6%

Searching on Google, Bing 7%

Referrals from friends, colleagues 48%

Agency search consultants 7%

Source: Data extracted from “2014 RSW/US New Year Outlook

Report,” bit.ly/1fVZTj5.

a.Construct a bar chart, a pie chart, and a Pareto chart.

b.Which graphical method do you think is best for portraying these data?

Importance of Marketing Agency

Specializing in Marketer’s Industry Percentage (%)

Very important 43%

Somewhat important 45%

Not at all important 12%

Source: Data extracted from “2014 RSW/US New Year Outlook

Report,” bit.ly/1fVZTj5.

c.Construct a bar chart, a pie chart, and a Pareto chart.

d.Which graphical method do you think is best for portraying these data?

e.Based on both summaries above, what conclusions can you reach concerning marketers’ perspective on new marketing agencies?

Chapter 3

3.3 A bank branch located in a commercial district of a city has the business objective of developing an improved process for serving customers during the noon-to-1:00 p.m. lunch period. The waiting time, in minutes, is defined as the time the customer enters the line to when he or she reaches the teller window. Data are collected from a sample of 15 customers during this hour. The file Bank1 contains the results, which are listed below:

4.21, 5.55, 3.02, 5.13, 4.77, 2.34, 3.54, 3.20, 4.50, 6.10, 0.38, 5.12, 6.46, 6.19, 3.79

Another bank branch, located in a residential area, is also concerned with the noon-to-1:00 p.m. lunch hour. The waiting times,in minutes, collected from a sample of 15 customers during this hour, are contained in the file Bank2 and listed here:

9.66, 5.90, 8.02, 5.79, 8.73, 3.82, 8.01, 8.35, 10.49, 6.68, 5.64, 4.08, 6.17, 9.91, 5.47

a. List the five-number summaries of the waiting times at the two bank branches.

b. Construct boxplots and describe the shapes of the distributions for the two bank branches.

c. What similarities and differences are there in the distributions of the waiting times at the two bank branches?

3.25 The file AccountingPartnerscontains the number of partners in a cohort of rising accounting firms that have been tagged as “firms to watch.” The firms have the following numbers of partners:

17, 23, 19, 23, 18, 17, 23, 16, 34, 10, 14, 30, 14, 33, 26, 17, 19, 22, 20, 27, 33, 25, 12, 26, 13, 30, 13, 13, 33, 21, 17, 12, 10, 14, 12

a. Compute the first quartile 1Q12, the third quartile 1Q32, and the interquartile range.

b. List the five-number summary.

c. Construct a boxplot and describe its shape.

3.13 Is there a difference in the variation of the yields of different types of investments? The file CD Rate contains the yields for one-year certificates of deposit (CDs) and five-year CDs for 22 banks in the United States, as of March 12, 2014.

Source: Data extracted from www.Bankrate.com, March 12, 2014.

a. For one-year and five-year CDs, separately compute the variance, standard deviation, range, and coefficient of variation.

b. Based on the results of (a), do one-year CDs or five-year CDs have more variation in the yields offered? Explain.

3.8 The file MobileLoyaltycontains spending on products ($) during a three-month period by a sample of 15 customers receiving incentives through a mobile loyalty program.

55.35, 22.90, 67.50, 46.10, 57.45, 108.25, 50.75, 35.20, 78.30, 50.65, 63.00, 59.70, 41.55, 56.65, 52.60

a. Compute the mean and median.

b. Compute the variance, standard deviation, range, and coefficient of variation.

c. Are the data skewed? If so, how?

d. Based on the results of (a) through (c), what conclusions can you reach concerning spending on products by customers receiving incentives through a mobile loyalty program?