Entrepreneurship Essay

1875 words - 8 pages

STA2300 Data Analysis S1, 14

Assignment 2
Due Date: Weighting:

5 May, 2014 20%

Answering the questions in this assignment should not be your first attempt at these types of questions. It is essential that you work through practice exercises from the tutorial sheets and/or text book first. This assignment is important in providing feedback and helping to establish competency in essential skills. Answer all the questions. The questions are not of equal weight; some questions are worth much more than others. The questions relate to material in Modules 1 to 6. Before starting this assignment read Notes Concerning Assignments under the Introductory Material link in the Course ...view middle of the document...

(a) (4 marks) State the variable of interest, and suggest an appropriate model to estimate the probabilities of the possible numbers of small businesses that will fail in the first year of operation. Explain why this model is appropriate by discussing the important distinguishing features of the model (also assuming information from part (b) of this question). (b) (2 marks) Using the model from part (a), estimate the probability that, in a randomly selected group of 12 small businesses, 2 or less will fail in the first year of operation. (c) (2 marks) For a group of 12 randomly selected small businesses, find the mean number of small businesses expected to fail in the first year of operation. (d) (4 marks) A random group of 65 small businesses have been selected from all small businesses that registered in December 2013. From this sample of 65, estimate the mean and standard deviation of the number of small businesses who will fail in their first year of operation. (e) (6 marks) Determine the probability that, in a random sample of 65 small businesses (selected in part (d)), 5 or less will fail. State and check any assumptions, conditions or rules of thumb that should be considered before performing the calculations to determine this probability.

Question 2

(12 marks)

The time to microwave a 50 gram bag of Crunchy Corn popcorn using an automatic setting on a 600W microwave oven has an approximate normal distribution with a mean of 260 seconds and a standard deviation of 15 seconds. (a) (2 marks) Identify the variable of interest and the unit of measurement of the variable. (b) (5 marks) The manufacturers of Crunchy Corn want to be as accurate as possible with their labelling. What time should they quote on their packaging such that no more than 10% of their 50 gram bags will take longer than this time to pop, under the stated conditions? (c) (5 marks) What proportion of 50 gram bags of Crunchy Corn popcorn will take more than 5 minutes to pop under these conditions?


STA2300 Data Analysis S1, 14

Question 3

(12 marks)

Use this extract taken from the news article, “Ingredients in Tea, Chocolate and Berries Can Prevent Diabetes,” (appeared on preventdisease.com on January 21, 2014) to answer the questions that follow: Strong evidence from several studies has shown that individuals consuming fruits and vegetables rich in different flavonoids have a reduced risk of overall mortality and of several chronic diseases. According to new research from the University of East Anglia (UEA) and King's College London, eating high levels of flavonoids including anthocyanins and other compounds (found in berries, tea, and chocolate) may prevent type 2 diabetes, a disease whose initial stages is now affecting almost 40 percent of Americans age 20 and older. Flavonoids, which are found in a variety of fruits and vegetables as well as in tea, red wine, chocolate and berries, are thought to boost health in part by combating oxidation, a...

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