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University of Professional Studies, Accra (UPSA) School of Graduate Studies (SOGS) MBA Petroleum Accounting and Finance MBAP 605: Applied Statistics and Energy Economics Quiz 1 November 19, 2021. 1. The following table lists recoverable reserves (in 1000 Stb) of 60 well on a prospect. 12.65 115 23 29.9 109.35 241.65 171.35 63.25 36.8 133.4 112.72 70.15 55.2 138 14.95 126.5 48.34 247.25 57.5 185.15 88.55 46 58.67 98.96 58.65 94.3 135.7 127.65 79.43 19.55 47.15 127.65 174.8 126.5 27.62 25.31 94.3 50.2 180.55 331.2 146.12 65.57 139.15 173.65 44.85 280.34 33.37 36.83 85.1 220.8 109.25 95.45 36.82 265.65 159.85 230 55.2 161.04 72.47 96.48 a. Using the equation 1 + 3.322 log 𝑁, classify the data in equal class intervals and plot the frequency distribution as a histogram and the cumulative relative frequency as an [12.5 marks] ogive. [3 marks] b. Using the information obtained above; what is the i. Probability of reserves greater than 48,000 Stb, ii. Probability of reserves less than 100,000 Stb, and iii. Probability of reserves between 160,000 Stb and 43,000 Stb. c. Also calculate the following [4.5 marks] i. Mean, mode, median, ii. Standard deviation, variance, and coefficient of variation, iii. Geometric, harmonic, and quadratic mean. 2. An offshore orifice flow meter is regulated so that the amount of oil dispensed averages 240 mL with a standard deviation of 15 mL. Periodically, the meter is checked by taking a sample of 40 cans and computing the average content. If the mean of the 40 cans is a value within the interval 𝜇!̅ ± 2𝜎!̅ , the flow meter is thought to be operating satisfactorily; otherwise, a calibration is made. The company official found the mean of 40 cans to be 𝑥̅ = 236 mL and concluded that the flow meter needed no calibration. Was this a reasonable decision? 1 [20 marks] [email protected] 1