Are These Data Management Questions About Soft Drink and Auto Insurance Claims?

In Q2, what are you testing for, and what is the null hypothesis?In summary, the conversation discusses two questions involving the use of a significance level of 0.05. In the first question, a soft-drink manufacturer claims to hold 28% of the market, and in a blind taste test, 13 out of 60 people chose their product. The question asks whether this test supports or refutes the manufacturer's claim. In the second question, an insurance company claims that 38% of automobile accidents occur within 5km of home. The company examined 400 recent accidents and found that 120 occurred within 5 km of the driver's home. The question asks whether this result supports or refutes
  • #1
alfalfa1
1
0
Hello I'm having difficulty solving the following two questions and I need your help!
(Step by step solutions would be very much appreciated if possible)

Use a significance level of 0.05 for each question.

Q1) A certain soft-drink manufacturer claims that its product holds 28% of the market. In a blind taste test, 13 out of 60 people chose this product. Does this test support or refute the soft drink manufacturer's claim? Choose a significance level you feel is appropriate for this situation.

Q2) An insurance company claims that 38% of automobile accidents occur within 5km of home. The company examined 400 recent accidents and found that 120 occurred within 5 km of the driver's home. Does this result support or refute the company's claim? Choose a significance level and justify your choice.
 
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  • #2
This sounds like a homework/coursework question. If so, it belongs on a different forum, and should not seek to have the whole thing solved for you. You should list what you've been taught that appears relevant (equations, definitions) and show your own attempt to solve it.
But fwiw, in Q1, what's the connection between the results of a taste test and a claim to hold a share of the market?
 

Related to Are These Data Management Questions About Soft Drink and Auto Insurance Claims?

1. What is data management?

Data management is the process of organizing, storing, and maintaining data in a systematic and efficient manner. It involves creating policies and procedures to ensure the accuracy, security, and accessibility of data.

2. Why is data management important?

Data management is important because it allows for better decision making, ensures data integrity, and improves data security. It also helps with compliance and regulatory requirements, as well as facilitating data sharing and collaboration.

3. How can data management benefit a business?

Data management can benefit a business by improving operational efficiency, reducing costs, and increasing productivity. It can also provide valuable insights and inform strategic decision making, leading to better business outcomes.

4. What are some common challenges in data management?

Some common challenges in data management include data quality issues, data silos, data security and privacy concerns, and data governance issues. Other challenges may include data integration, data storage and backup, and data analysis and reporting.

5. What are some best practices for data management?

Some best practices for data management include establishing clear data governance policies, implementing data quality checks, regularly backing up data, and conducting data audits. Other best practices may include using secure data storage methods, following data privacy regulations, and regularly communicating and training employees on data management protocols.

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