Correlation and Confidence Intervals Assignment
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Correlation and Confidence Intervals Assignment
A hardware retailer has average sales of $64,235 with a standard deviation of $5,918 for a 12-month period. The mean monthly sales for all retailers in the chain are $59,844. Is this hardware retailer’s sales significantly different from all retailers in the chain at p= .05? Are they significantly different at p= .01? Calculate a .95 confidence interval for the data in problem.
Explain your findings and determine what question the confidence interval answers.
Discussion Question 2:
Correlation and Confidence Intervals A car dealer is using the number of years customers have owned their vehicles to predict how long it will be before they elect to replace them. The correlation between the two is rxy = -.723 (the longer they have owned their present vehicles, the more quickly they are expected to replace them). The other relevant data are as follows for 32 customers:
Based on the information above, answer the following questions:
How long is the time to expected replacement for a customer who has owned a vehicle 6.5 years?
Calculate .95 and .99 confidence intervals and explain your results.
How will a larger standard deviation in the criterion variable affect the width of the confidence intervals? Why?
Guided Response: Review several of your classmates’ postings. Respond to at least two classmates by commenting on whether or not you think there is a larger difference for the standard deviation. Explain how this data might impact business decision-making.
- ASHFORD BUS 308 Week 5 Final Paper (Predictive Sales Report) (1700+ Words)
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. 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