Monday
April 21, 2014

Homework Help: Statistics Problems

Posted by Lisa on Sunday, November 3, 2013 at 6:35pm.

The bank sets up an experiment to test the effectiveness of the DVD. The mail it out to a random sample of delinquent customers and keep track of how many actually do contact the bank to arrange payments. The bank's statistician calculates a p-value (probability-value) of 0.003.

1. What does this p-value suggest about the effectiveness of the DVD?

A) This is low p-value which leads us to reject the null hypothesis and conclude that the DVD is more effective than sending a letter.
B) This is low p-value which leads us to reject the null hypothesis and we cannot conclude that the DVD is more effective than sending a letter.
C) This is not a low p-value so we fail to reject the null hypothesis and conclude that the DVD is more effective than sending a letter.
D) This is not a low p-value so we reject the null hypothesis and conclude that the DVD is more effective than sending a letter.
E) The p-value is not helpful in making a decision.

2. What additional information might be helpful in making the decision about the effectiveness of the DVD?

A) The results are very clear so no additional information is needed.
B) A confidence interval would be helpful since we can only state that the proportion of delinquent customers who pay after getting the DVD is greater than 30%.
C) The bank statistician should recalculate the p-value since it is probably incorrect.
D) A confidence interval would be helpful since we can only state that the proportion of delinquent customers who pay after getting the DVD is less than 30%.

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