DAT 565Textbook-PLEASEFOOLLOW THE INSTRUCTIONS AND EXCEL MUST BE USEEDAccess the textbookvia McGraw-Hill® Connect®:Doane, D., &Seward, L. (2022). Applied statistics in business and economics (7thed.). McGraw-Hill.ToolsMicrosoft® Excel® andAnalysis ToolPakFor Windows:1.Click the File tab,click Options, and then click the Add-Ins category.Ifyou’re using Excel 2007, click the Microsoft Office Button, andthen click Excel Options2.In the Manage box,select Excel Add-ins and then click Go.Ifyou’re using Excel for Mac, in the file menu go to Tools > ExcelAdd-ins.3.In the Add-Ins box,check the Analysis ToolPak check box, and then click OK.§ If Analysis ToolPak is not listed inthe Add-Ins available box, click Browse tolocate it.§ If you are prompted that the Analysis ToolPak is notcurrently installed on your computer, click Yes to install it.You will use MicrosoftExcel in all competency assessments and some reflections. Follow theinstructions in Load the Analysis ToolPak in Excel to prepare for your assessments.Reflection 2Competency 2StatementUtilizing statistical probability models, youwill be able to evaluate and analyze business data under uncertaintyconditions. You will also be able to create and test hypotheses and drawconclusions based on samples of data.ReflectionConsider the following:Many business activities generate data thatcan be thought of as random. An example described in the textbook is theservicing of cars at an oil change shop. Each car entering the shop can beconsidered an experiment with random outcomes. A variable of interest in thisexperiment could be the amount of time necessary to service the car. Servicetime will vary randomly with each car. Often, we can capture the mostrelevant characteristics of a stochastic process with a simple probabilitydistribution model. We can then analyze the model to make predictions and drivedecisions. For instance, we could estimate the number of technicians the oilchange shop needs to service demand on a Saturday afternoon.Respond to the following questions:What is a random variable?How would you differentiate a discrete from a continuousrandom variable?A laptop manufacturing company has implementeda 2-step process to test the quality of each production batch. In the firststep, a technician randomly selects 15 laptops from the batch and determineswhether they meet specifications. The batch is considered acceptable providedno more than 1 laptop fails to meet specifications. Otherwise, the entire batchhas to be tested in the second step. Historical data shows that 95% of thelaptops produced adhere to specifications.Reflect on the following in a minimum of 500words:What are the 4 characteristics of a binomialexperiment?Can we use a binomial distribution to model thisprocess?What is the probability that the entire batchunnecessarily has to be tested if in fact 95% of its laptops conform tospecifications? (Hint: Use Excels =BINOMDIST() function to find theprobability)What is the probability that the batch is incorrectlyaccepted if only 75% of its laptops actually conform to specifications?What situations in your organization might this type ofanalysis apply to? Explain.Include 3 Current Resources. NO BLOGS, onlymaterial for academic approval

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