Bellow are annotated and hyperlinked instructions for doing genetic projects 3 and 4 that are very similar to your section 3 and section 4 projects. All computer work is done with JMP.
The data for this project is in a JMP data table here. There are 3364 observations, which is the entire population of the percent of product bought in the retail stores for one major retail chain. Stokely, Nabisco, Tyson, or other such major companies are frequently interested in the percent of their product bought in a store. For instance, many such companies might have anywhere from 50 to 100 products to place in a store. The right placement combination maximizes the manufacturer or supplier profits as well as the profits of the retail store. There are ten products in this data set with some auxiliary variables for later analysis. The variable value for the product is the percent of the product sold in that store. Some products might have a value of zero because of either no sales or no placement of that product at that retail store.
(1) You are to select two products. In this example the first product selected is products 3 and the second is product 1.
(2) Fallow the instructions in Selecting a Random Sample to select a random sample A of size 19 from the 3364 observations of product 3 (prod3) found in the JMP data table here. For this random sample find the median, mode, mean, Q1, Q3, IQR, range, variance, standard deviation, and the coefficient of variation. Construct the stem-and-leaf and box-plot. Construct the 95% confidence interval for the mean percent product sold. Interpret your findings. All of this is to done with calculator.Show your work.
Data from Sample A: 9.22, 8.22, 9.72, 6.6,11.32, 6.48, 4.6, 7.16, 8.78, 14.1, 5.62, 8.84, 8.16, 7.94, 7.74, 3.88, 8.56, 12.46, 10
For These Data the Stem-and-leaf plot is:
Before proceeding to calculate the 95% confidence interval requested you might want to review The Concept of Confidence Interval for the Mean.
where
has DF = n -1 and comes from this table:
For example if DF = 18 then t(0.025) = 2.101
For an example of the application of this confidence interval formula we use the data:
Data from Sample A: 9.22, 8.22, 9.72, 6.6,11.32, 6.48, 4.6, 7.16, 8.78, 14.1, 5.62, 8.84, 8.16, 7.94, 7.74, 3.88, 8.56, 12.46, 10
The computations using the formula are:
since for these data the mean is 8.42 and the standard deviation is 2.55.
(3) Select random sample B of size 62 from the 3364 observations of product 1 (prod1) following the instructions in Selecting a Random Sample. For these sample do all the above in (2) but also include the histogram and the normal probability plot. We do use JMP here. Interpret your findings.
(4) Use the JMP bootstrapping macros to construct the 95% bootstrap confidence interval for the mean of product 1 using sample B. Compare your answer here and in (3).Which interval estimate is more appropriate [(3) or (4)] and why?
(5) Use the JMP Bootstrapping Macro to do a two sample confidence interval for the difference between mean percent of sales (resample=5000 with samples A and B). Use a 95% confidence. Interpret your answer.
