 # Financial Mathematics Questions

Subject Mathematics General Statistics

## Question

Part A: Description of Business Context
Write a brief summary of the business context (e.g., manufacturing, marketing, finance, etc.) including the name of the company or organization - President retail market store based in Miami

Part B: Problem/Issue
State the business problem/issue to be addressed using statistics and why this problem/issue is important to the company/organization.

Part C: Statistical Procedure
Explain the statistical procedure (NOTE: Focus on ONE statistical procedure only)

1. Independent variable:
a) What is the variable:
b) How it is measured, i.e. what units or categories are used (e.g., revenue measured in “dollars”; height measured as “short, average, tall”)
c) Level of measurement (nominal, ordinal, interval, or ratio):

2. Dependent variable:
a) What is the variable:
b) How it is measured, i.e. what units or categories are used (e.g., revenue measured in “dollars”; height measured as “short, average, tall”)
c) Level of measurement (nominal, ordinal, interval, or ratio):

3. Name of the procedure/formula (e.g., ANOVA, Chi-Square, Hypothesis Test using z formula, Regression Analysis, etc.).

4. Describe the statistical rationale/justification for choosing this procedure/formula:

5. Describe how the data are collected by the business/organization:

6. Describe how the data are analyzed (i.e., identify the steps in the statistical procedure):

Part D: Decision/Interpretation
Explain the type of business decision that the company/organization would make as a result of this statistical analysis.

## Solution Preview

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1) The probability of each person being a male or female is independent of any other measurement.
B. Independent, because the outcome of one trial doesn’t influence or change the outcome of another.

2) Each student’s heart rate doesn’t affect the other students heart rates,
so B. Independent, because the outcome of one trial doesn’t influence or change the outcome of another.

3)
A) If there is no “replacing” (i.e. there can only be one 2), then each drawing of a number is independent of all other drawings,
thus D. No, because each number drawn is equally likely and independent of the others, so this set of numbers is just as likely as any other in the next drawing.

B) Please note that there is not an answer choice B. However, I believe that this problem is based on the same logic as 3A.
So A. No, because each number drawn is equally likely and independent of the others, so this set of numbers is just as likely as any other in the next drawing....

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