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Data Analysis for Business Decisions

In: Business and Management

Submitted By mylove02
Words 456
Pages 2
Running head: Practical Application Scenarios
Capella University MBA –Data Analysis for Business Decisions
May 31, 2014

Practical Application Scenario 1. Input Variables -- | | Sample Mean (x-bar) | 3.318956 | Sample standard deviation (s): | 0.281791 | Sample Size (n) | 70 | Confidence Level: | 0.95 | | | Intermediate Calculations -- | | Degrees of freedom: | 69 | Standard Error of the Estimate: | 0.03 | Prob. in the tails for this Conf Level: | 0.05 | t-Multiple: | 1.995 | | | Confidence Interval -- | | Lower limit: | 3.25 | Upper limit: | 3.39 | Margin of error: | 0.07 |

Based on the sample data received, the confidence interval of the average price in St. Paul was calculated and found to be ($3.25, $3.39). This means that the star tribune newspaper can report with 95% confidence that the average price a random station in St. Paul will have a lower limit of $3.25 and upper limit of $3.39. There is only 5% chance that the average price is beyond the limit stated above.

Practical Application Scenario 2.
Dear Business Manager,
We will need to brew 107 pounds of coffee to be 99% certain that the german-made brewers yield the cups per pound that the vendor claims is true. See the computation listed below. Inputs -- | | | | | | Planning Value for Sigma: | 1.2 | | Desired margin of error: | 0.3 | | Confidence Level: | 0.99 | | | | | | | | Intermediate Calculations -- | | | | | z-multiple: | 2.5758 | | | | | Sigma squared: | 1.44 | | | | | M.E. squared: | 0.09 | | | | | z-multiple squared: | 6.634897 | | | | | | | | | | | Results -- | | | | | | Sample Size needed: | 107 | (rounded up to a whole number) | | | | | | | Inputs: | | Planning Value for P-Star: | 0.5 | Desired Margin of Error: | 0.03 | Confidence Level: | 0.95 |

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