Question

In: Statistics and Probability

Listed below are amounts​ (in millions of​ dollars) collected from parking meters by a security service...

Listed below are amounts​ (in millions of​ dollars) collected from parking meters by a security service company(SSC) and other companies during similar time periods. Do the limited data listed here show evidence of stealing by the security service​ company's employees? SCC: 1.4, 1.7, 1.5, 1.6, 1.6, 1.3, 1.5, 1.7, 1.4, 1.7 Other Companies: 1.9, 1.8, 1.5, 1.7, 1.6, 1.8, 1.7, 1.6, 1.8, 1.7 Find the coefficient of variation for each of the two​ samples, then compare the variation. ​(Round to one decimal place as​ needed.) Do the limited data listed here show evidence of stealing by the security service​ company's employees? Consider a difference of greater than​ 1% to be significant.

Solutions

Expert Solution

Case1: SCC:

Mean = = 15.4/10 =1.54

x x - (x - )2
1.4 - 0.14 0.0196
1.7 0.16 0.0256
1.5 - 0.04 0.0016
1.6 0.06 0.0036
1.6 0.06 0.0036
1.3 - 0.24 0.0576
1.5 - 0.04 0.0016
1.7 0.16 0.0256
1.4 - 0.14 0.0196
1.7 0.16 0.0256
Total = 0.184

Variance = s2 = 0.184/9 = 0.0204

So,

Standard Deviation = s =

So,

Coefficient of Variation (CV) is given by:

%

Case 2: Other companies:

Mean = = 17.1/10 =1.71

x x - (x - )2
1.9 0.19 0.0361
1.8 0.09 0.0081
1.5 - 0.21 0.0441
1.7 - 0.01 0.0001
1.6 - 0.11 0.0121
1.8 0.09 0.0081
1.7 - 0.01 0.0001
1.6 - 0.11 0.0121
1.8 0.09 0.0081
1.7 - 0.01 0.0001
Total = 0.129

Variance = s2 = 0.129/9 = 0.0143

So,

Standard Deviation = s =

So,

Coefficient of Variation (CV) is given by:

%

Difference in CV = 9.29 % - 7.00 % = 2.29 %

So,

the difference is significant.

So,

the limited data listed here show evidence of stealing by the security service company's employees.


Related Solutions

Listed below are amounts​ (in millions of​ dollars) collected from parking meters by a security service...
Listed below are amounts​ (in millions of​ dollars) collected from parking meters by a security service company and other companies during similar time periods. Do the limited data listed here show evidence of stealing by the security service​ company's employees? Security Service Company: 1.3 1.6 1.5 1.6 1.6 1.3 1.7 1.6 1.5 1.6 Other Companies: 1.6 1.9 1.5 1.7 1.8 1.9 1.5 1.7 1.8 1.7 The coefficient of variation for the amount collected by the security service company is? The...
Listed below are amounts​ (in millions of​ dollars) collected from parking meters by a security service...
Listed below are amounts​ (in millions of​ dollars) collected from parking meters by a security service company and other companies during similar time periods. Do the limited data listed here show evidence of stealing by the security service​ company's employees? Security Servvice Company 1.5 1.6 1.4 1.3 1.7 1.4 1.6 1.7 1.5 1.8 Other Companies 1.8 1.9 1.6 1.7 1.6 1.9 1.5 1.7 1.7 1.7 1.6 The coefficient of variation for the amount collected by the security service company is...
A. Listed below are the amounts (in millions of dollars) collected from parking meters by a...
A. Listed below are the amounts (in millions of dollars) collected from parking meters by a security company in your city in the previous 18 months, alongside the average amounts from another company. These data were used to convict 5 members of the security company in your city of grand larceny. Do the limited data listed here show evidence of stealing by the security​ company's employees – why or why not? Month: 1 2 3 4 5 6 7 8...
1- Listed below are the amounts of net worth​ (in millions of​ dollars) of the ten...
1- Listed below are the amounts of net worth​ (in millions of​ dollars) of the ten wealthiest celebrities in a country. Construct a 9999​% confidence interval. What does the result tell us about the population of all​ celebrities? Do the data appear to be from a normally distributed population as​ required? 251251 199199 187187 162162 162162 157157 146146 146146 141141 141141 What is the confidence interval estimate of the population mean muμ​? ​$nothing millionless than<muμless than<​$nothing million ​(Round to one...
Listed below are the amounts of net worth (in millions of dollars) of the ten wealthiest...
Listed below are the amounts of net worth (in millions of dollars) of the ten wealthiest celebrities in a country. Construct a 90% confidence interval. What does the result tell us about the population of all celebrities? Do the data appear to be from a normally distributed population as required? 241, 195, 188,171,164,154,151,151,151,146 What is the confidence interval estimate of the population mean u? $ __ million< u <$__ milion round to one decimal place as needed
Listed below are the amounts of net worth​ (in millions of​ dollars) of the ten wealthiest...
Listed below are the amounts of net worth​ (in millions of​ dollars) of the ten wealthiest celebrities in a country. Construct a 90​% confidence interval. What does the result tell us about the population of all​ celebrities? Do the data appear to be from a normally distributed population as​ required? 267 198 192 169 163 153 147 147 147 147 What is the confidence interval estimate of the population mean u​?
Listed below are the amounts of net worth​ (in millions of​ dollars) of the ten wealthiest...
Listed below are the amounts of net worth​ (in millions of​ dollars) of the ten wealthiest celebrities in a country. Construct a 90​% confidence interval. What does the result tell us about the population of all​ celebrities? Do the data appear to be from a normally distributed population as​ required? 268 210 179 167 164 157 145 145 145 145 What is the confidence interval estimate of the population mean _____< μ​? <_______ million ​(Round to one decimal place as​...
Listed below are the amounts of net worth​ (in millions of​ dollars) of the ten wealthiest...
Listed below are the amounts of net worth​ (in millions of​ dollars) of the ten wealthiest celebrities in a country. Construct a 95​% confidence interval. What does the result tell us about the population of all​ celebrities? Do the data appear to be from a normally distributed population as​ required? 247247 219219 194194 164164 156156 156156 149149 149149 149149 144144 What is the confidence interval estimate of the population mean muμ​? ​$ millionless than<muμless than<​million ​(Round to one decimal place...
Listed below are paired data consisting of amounts spent on advertising (in millions of dollars) and...
Listed below are paired data consisting of amounts spent on advertising (in millions of dollars) and the profits (in millions of dollars). Determine if there is a significant negative linear correlation between advertising cost and profit . Use a significance level of 0.01 and round all values to 4 decimal places. Advertising Cost Profit 3 18 4 22 5 16 6 29 7 24 8 31 9 22 10 29 11 25 Ho: ρ = 0 Ha: ρ < 0...
Listed below are paired data consisting of amounts spent on advertising (in millions of dollars) and...
Listed below are paired data consisting of amounts spent on advertising (in millions of dollars) and the profits (in millions of dollars). Determine if there is a significant positive linear correlation between advertising cost and profit . Use a significance level of 0.01 and round all values to 4 decimal places. Advertising Cost Profit 3 23 4 29 5 28 6 21 7 29 8 32 9 21 Ho: ρ = 0 Ha: ρ > 0 Find the Linear Correlation...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT