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Chapter 6: Q81E (page 366)
Suppose the standard deviation of the population is knownto be . Calculate the standard error of X for eachof the situations described in Exercise 6.80.
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Overbooking policies for major airlines.Airlines overbook flights to reduce the odds of flying with unused seats. An article in Transportation Research (Vol. 38, 2002) investigated the optimal overbooking policies for major airlines. One of the variables measured for each airline was the compensation (in dollars) per bumped passenger required to maximize future revenue. Consider the threshold compensation levels for a random sample of major airlines shown in the next table. Estimate the true mean threshold compensation level for all major worldwide airlines using a confidence interval. Interpret the result practically.
825 | 850 | 1,210 | 1,370 | 1,415 |
1,500 | 1,560 | 1,625 | 2,155 | 2,220 |
Material safety data sheets. The Occupational Safety &Health Administration has required companies that handle hazardous chemicals to complete material safety datasheets (MSDSs). These MSDSs have been criticized for being too hard to understand and complete by workers. A
study of 150 MSDSs revealed that only 11% were satisfactorily completed (Chemical & Engineering News, February7, 2005).
a. Give a point estimate of p, the true proportion of MSDSs that are satisfactorily completed.
b. Find a 95% confidence interval for p.
c. Give a practical interpretation of the interval, part b.
Question: Let t0 be a specific value of t. Use Table III in Appendix D to find t0 values such that the following statements are true.
Accounting and Machiavellianism. Refer to the Behavioral Research in Accounting (January 2008) study of Machiavellian traits in accountants, Exercise 1.33 (p. 52). Recall that Machiavellian describes negative character traits that include manipulation, cunning, duplicity, deception, and bad faith. A Machiavellian (“Mach”) rating score was determined for each in a sample of accounting alumni of a large southwestern university. Scores range from a low of 40 to a high of 160, with the theoretical neutral Mach rating score of 100. The 122 purchasing managers in the sample had a mean Mach rating score of 99.6, with a standard deviation of 12.6.
a. From the sample, estimate the true mean Mach rating score of all purchasing managers.
b. Form a 95% confidence interval for the estimate, part b.
c. Give a practical interpretation of the interval, part c.
d. A director of purchasing at a major firm claims that the true mean Mach rating score of all purchasing managers is 85. Is there evidence to dispute this claim? From the given information we have 122 purchasing managers in the sample had a mean Mach rating score of 99.6, with a standard deviation of 12.6.
Explain what is meant by the statement, “We are 95% confident that an interval estimate contains ”
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