Part I

1. What do we mean by the property of location or central tendency?
2. Describe the differences among various measures of central tendency such as the mean, median and mode. What does each measure in a data set?
3. What are the advantages of using each measure of central tendency such as the mean, median and mode, and what are the limitations of each measure of central tendency?
4. What is the difference between each measure of central tendency and noncentral tendency?
5. What do we mean by the property of variation?
6. Conduct some research and respond to the question in relation to what are some of the ethical issues to be concerned with when distinguishing between the use of appropriate and inappropriate descriptive summary measures reported in newspapers and magazines?

Part II

The operation manager of a plant that manufactures tires wishes to compare the actual inner diameter of two grades of tires, each of which is expected to be 575 millimeters. Assume that tire quality is measure in relation to consistency(minimal variation) in the production process. A sample of five tries of each grade was selected, and the results representing the inner diameters of the tires, ordered from smallest to largest, were as follows:

 

Grade X                                 Grade Y

568   570   575   578   584                 573   574   575   577   588

 

Based on this information, which grade of tire is providing better quality based on consistency?

You will need to calculate the Std. Deviation in both cases and fully explain your logic in relation to which grade of tire is providing better quality based on consistency.

 

Part III

The ages (in years) of three groups of workers are shown below:

 

Group A:	17	22	20	18	23
Group B:	30	28	35	40	25
Group C:	44	39	54	21	52

 

 

The standard deviation for Group A is and Group C are what values respectively?

Which of these two groups displays more dispersion?

 

Part IV

The waiting times for customers(in minutes) at Bank of America (where all customers enter a single waiting line) and Wells Fargo Bank (where all customers wait in three different lines at three different teller windows), is defined below:

Bank of America	6.5	6.6	6.7	6.8	7.1	7.3	7.4	7.7	7.7	7.7
Wells Fargo	4.2	5.4	5.8	6.2	6.7	7.7	7.7	8.5	9.3	10

 

Based on the above presented data, calculate the range, mean and standard deviation of the waiting time data for both banks. Clearly present your answers to your range, mean and standard deviation calculations.

Compare the two sets of results and write a statement that confirms your opinion as to which bank has a better waiting line configuration. Clearly state which calculation you are basing your opinion on and why.