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Business Statistics-NMIMS Dec 17

Business Statistics-NMIMS Dec 17

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1. The sample data from a research survey conducted in various countries on the amount of time 3-5 year-old children spent alone with their fathers each day is as follows:

Country                               Time with Dad (minutes)

Bangladesh                                        30

Bhutan                                                 46

China                                                    54

Nepal                                                    50

Pakistan                                              46

Nigeria                                                 42

Korea                                                    46

Russia                                                   42

India                                                     50

For the above sample, determine the following measures:

a. The mean

b. The standard deviation

c. The mode

d. The 75th percentile

Based on your calculations comment on the father-children relationship (10 Marks)

 

2. ‘Prince’ a chaiwala at Mumbai Central station believes that the sales of tea at his tea shop depends upon the weather. He has taken a sample of a week’s data. Below you are given the results of the sample.

Cups Sold                               Temperature

350                                                        50

200                                                        60

210                                                        70

100                                                        80

80                                                           90

70                                                           100

50                                                           110

a. Which variable is the dependent variable?

b. Compute the least squares estimated line.

c. Is there a significant relationship between the sales of coffee and temperature?

e. Predict sales of a 95 degree day.

 

3. According to one of the recent study published in an International report, the cost of medical malpractice in the United States is USD 55.6 billion a year, which is approximately 2.4 percent of US annual health-care spending. An earlier research report published in 2011, in the New England Journal of Medicine revealed that, during the period 1991 to 2005, 7.4 percent of all physicians licensed in the US had a malpractice claim. These staggering numbers not only contribute to the high cost of health care, but the size of successful malpractice claims also contributes to high premiums for medical malpractice insurance. The table below contains a sample of data set of claim payments made in a year’s time and other information about the claimant.

Amount (in USD)

Age

Marital Status

Insurance type

Gender

2

45

Single

Private

Male

5

34

Married

Medicare

Male

3.5

29

Married

Private

Female

160

46

Single

Workers compensation

Male

4

56

Married

Private

Female

155

45

Single

Private

Female

45

44

Married

Medicare

Male

3

56

Single

No insurance

Male

20

43

Single

Private

Male

 

a. Using descriptive statistics explore claim payment amounts, and identify factors that appear to influence the amount of the payment.

b. Do a correlation analysis between ‘Amount’ and ‘Age’ and interpreted the coefficient of correlation. 

 

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