Hypothesis Testing: Means when o is NOT known Problem#5 15. Credit Scores A Fair Isaac Corporation (FICO) score is used by credit agencies (such as mortgage companies and banks) to assess the creditworthiness of individuals. Its value ranges from 300 to 850. An individual with a FICO score over 700 is considered to be a quality credit risk. According to Fair Isaac Corporation, the mean FICO score is 703.5. A credit analyst wondered whether high-income individuals (incomes in excess of $100,000 per year) had higher credit scores. He obtained a random sample of 40 high-income individuals and found the sample mean credit score to be 714.2 with a stan- dard deviation of 83.2. Conduct the appropriate test to deter- mine if high-income individuals have higher FICO scores at the a= 0.05 level of significance. Answers: Fail to Reject Ho: t(critical) = 1.685, t = 0.813

Hypothesis Testing: Means when o is NOT known Problem#5 15. Credit Scores A Fair Isaac Corporation (FICO) score is used by credit agencies (such as mortgage companies and banks) to assess the creditworthiness of individuals. Its value ranges from 300 to 850. An individual with a FICO score over 700 is considered to be a quality credit risk. According to Fair Isaac Corporation, the mean FICO score is 703.5. A credit analyst wondered whether high-income individuals (incomes in excess of $100,000 per year) had higher credit scores. He obtained a random sample of 40 high-income individuals and found the sample mean credit score to be 714.2 with a stan- dard deviation of 83.2. Conduct the appropriate test to deter- mine if high-income individuals have higher FICO scores at the a= 0.05 level of significance. Answers: Fail to Reject Ho: t(critical) = 1.685, t = 0.813

Operations Research : Applications and Algorithms

4th Edition

ISBN:9780534380588

Author:Wayne L. Winston

Publisher:Wayne L. Winston

Chapter19: Probabilistic Dynamic Programming

Section19.4: Further Examples Of Probabilistic Dynamic Programming Formulations

Problem 7P

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