Question

Download the file Flowers xlsx, a random sample of floral costs for 100 weddings. If a wedding planner/analyst wanted to model these costs, what kind of probability might be chosen? Based on your answer and using the model, what is the probability floral costs for a wedding would be overs 1100 ? Based on the actual data sampled, what percent had costs more than $1100 ? How well does your model perform?

Answer 1

The wedding planner/analyst could choose to model the floral costs using a continuous probability distribution such as the normal distribution. To find the probability of floral costs being over $1100, the z-score method can be used with the normal distribution model. By comparing the calculated probability from the model to the actual percentage of weddings with costs over $1100, we can evaluate the performance of the model.

Step-by-step explanation:

The wedding planner/analyst could choose to model the floral costs using continuous probability distribution such as the normal distribution. This is because the floral costs can take on any value within a given range and it is important to consider the probability of different cost levels occurring.

To find the probability that floral costs for a wedding would be over $1100, we can use the normal distribution model. We need to calculate the z-score for $1100 using the mean and standard deviation of the floral costs, and then use the z-score to find the corresponding probability using a standard normal distribution table or calculator.

Based on the actual data sampled, you would need to count the number of weddings that had costs greater than $1100 and divide it by the total number of weddings in the sample (100). This will give you the percentage of weddings that had costs more than $1100. To assess how well the model performs, you can compare the calculated probability from the model to the actual percentage of weddings with costs over $1100.

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