To understand and solidify introductory statistics course concepts and techniques
1.As the Manager of Customer service at a Bank, you were assigned the job of revamping the Customer Service function at the branches. To get the project started, a research study at four branches was conducted to assess the effectiveness of a recent change in the customer account management process. Details of the study are as follows:
a.A group of customers from each of the four branches were selected randomly and invited to participate in the study.
b.Personal deposit and loan balances from these customers were extracted from the Bank’s databases before the change took place.
c.Personal deposit and loan balances from these customers were also extracted from the Bank’s two months after the change
A simple survey was conducted to ask the customers involved about their experiences with the change. A few variables from the survey were recorded and appended to the extracted deposit and loan file.
The attached Excel workbook, BUSI1013 Bank Dataset.xlsx, contains the data collected from research study.
Answer the following questions using this data set.
a.What would the population of interest be for this study?
b.Which method of sampling was used in this study?
c.How big is the sample size?
d.How many variables are in the data set?
e.Which of the variables are in nominal scale?
f.Name the variable(s) measured in ratio scale.
g.Name the variable(s) measured in interval scale.
h.Which of the variables are categorical?
i.Which of the variables are numerical?
2.Identify which of the following situations involve sampling from a finite population and which involve sampling from infinite populations: (4 points)
a.Obtain a simple random sample of customers in the accounts receivable portfolio of a retail company that has 25,000 customers.
b.Obtain a systematic sample of bottled juice produced at a large Canadian bottling plant.
3.A market research firm is asked to conduct a survey to find out the percentage (proportion) of voters who are in support of changing the existing carbon emission standards in Ontario. For sampling purposes, the voters list of Ontario will be used.
a.Name a parameter that the study is interested in?
b.Suggest a question for the survey that addresses the research question. Include the options that the respondents could choose from.
c.What is the scale of measurement used in b?
d.What type of variable is used in b?
1.Use a frequency distribution table to numerically summarize the variable Branch in the BUSI1013 Bank Dataset.xlsx data set (from Unit 1 Exercise Question 2).
Based on the table, use a pie chart to summarize this variable graphically.
2.Data from the Chase branch is extracted from the data set BUSI Bank Dataset.xlsx and is stored in BUSI1013 Chase Dataset.xlsx. Use this file to answer the following: (6 points)
a.Construct a histogram for the variable Income.
b.Construct a stem-and-leaf display for the variable age. Please be sure to include a leaf unit.
c.What does the stem-and-leaf display tell us about the shape of the distribution of age?
3.Use the data in BUSI1013 Chase Dataset.xlsx to answer these questions: (16 points)
a.What is the sample mean of the variable Income?
b.What is the sample median the variable Income?
c.Find the range of Income.
d.Find the sample standard deviation of Income.
e.Compute the first and third quartile of Income
f.What is the IQR for Income?
g.Give the five-number summary for Income.
h.Use the IQR rule to determine whether there are outliers for Income.