Isds 2710 Friday Assignment

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ISDS 2710
University of Memphis Fall 2012
Friday Assignment
Make up 2 problems. Choose from the following areas:
Medicine Sporting events
University activities Restaurants
Shopping Track and Field

1. Pick one problem for which you wouldn’t mind underestimating the mean. Explain why. Pick some numbers (µ,σ,xbar,n). Discuss how well your sample mean matches the guess. Discuss what you would do next. 2. Pick one problem for which you wouldn’t want to overestimate or underestimate the mean. Explain why. Pick some numbers (µ,σ,xbar,n). Discuss how well your sample mean matches the guess. Discuss what you would do next. 3. For each of your problems, tell the following: 1. The costs of sampling (what has to be done to get a good sample) 2. The costs of overestimating and underestimating the mean (i.e., What is the impact of making a guess and being wrong?)
1. Write the names of the members of your group today.
_______________________ _______________________
_______________________ _______________________
2. Have the GA sign and indicate time of departure
_______________________ _______________________
GA time

1.) Restaurant Managers. The characteristic to be identified include the mean annual salary for the managers. The population will be 2500 managers, from that population we can select a sample of 30 managers. (I will be using the Web file EAI data as a source of information and table 7.2.) Clearly, the time and the cost of developing a profile for 2500 managers will be substantially less for only 30 managers. Give each manager a four digit random number, discard any numbers higher than 2500 and select then select 30 managers.
I am guessing that restaurant managers on average make $50,000. Using the EAI data, the population mean annual salary is (μ= $51,800), the population standard deviation of annual salary is (σ= $4000).…...

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