One of our dealerships has the following average unit sales perteam member. We are concerned that the dealership variance and thepopulation variance are different. We would like to be 95%confident about our findings. Historically the population variancehas been about 390,000. Use the following data as a basis formaking inferences about the population variance. Prepare theinformation about a Confidence Interval and Hypothesis Testing.
Team Member | Average Dollar Sale | xbar | x-xbar | x-xbar^2 |
1 | 25000 | | | |
2 | 25500 | | | |
3 | 23750 | | | |
4 | 25250 | | | |
5 | 24250 | | | |
6 | 24750 | | | |
7 | 25750 | | | |
8 | 24500 | | | |
9 | 25375 | | | |
10 | 24625 | | | |
Find:
1. N = ?
2. Sample variance?
3. Confidence coefficient?
4. Level of significance?
5. Chi-square value (Lower tail)?
6. Chi-square value (Upper tail)?
7. Point estimate?
8. Lower limit?
9. Upper limit?
10. Sample Meah?
11. Hypothesized value?
12. Test statistic?
13. P-value (two tail 4 decimals)?
14. Conclusion
We want to compare the variances in two dealerships sales of ourA and B dealership. Use the following table to develop a comparisonabout the two population variances. Prepare the information forHypothesis Testing.15. Mean of first set?
16. Mean of second set?
17. Variance of first set?
18. Variance of second set?
19. Observations of the first set?
20. Observations of the second set?
21. Degrees of freedom first set?
22. Degrees of freedom second set?
23. Calculated test statistic? (4 decimal places)
24. P=Value? (4 decimal places)
25. Critical value? (4 decimal places)