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- Business Statistics Final

Jordan T.

Nominal

In regards to a measurement scale, a data set for residential houses defining pool or no pool would be:

Mean and Median

Which of the following is a measurement of the central therom?

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Mean

Between Mean and Median, which one is more affected by outliers

Diminishing Returns

decreasing in the marginal (per unit) output production and increasing of single factor, while all other amounts stay the same

Break even point

Indifferent, when forcasted revenue exactly equals the estimated total costs

Reducing Sampling Error

This gives you a better chance for accuracy with avoiding sampling error

(ALL)

Sampling is more cost effective

Sampling is more timely

Sampling is more practical

Sampling is more cost effective

Sampling is more timely

Sampling is more practical

When attempting to accurately depict group variable as a whole, take small subsets to make statistical inferences rather than try to capture the entirety of the observable data. WHY?

Define the objective of the survey

For the scope of this course, when creating a survey the first thing one should do is?

Stratified Sampling (levels)

The type of sampling in which elements within the population are divided into groups and a randomly selected sample are taken from those groups to analyze?

Sampling

In general one can expect to see more ____ bias in subjects in which individuals have strong opinions? (religion, politics, sports)

Mutually Exclusive

Events are ____ _____ if they cannot happen at the same time. (Either/or)

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Standard and Poors

Example of a data vendor?

Qualitative

Class rank (freshmen, soph, ect) coded as 1-2-3-4 is a _____ variable

Ordinal

The measurement scale for the variable class rank (Quant)

Quantitative

What variable is the example GPA?

Sample

would a randomly selected group of 50 undergraduate GSU students be a sample or population?

Systematic Sampling

taking the 115th person on every 12th page of the phone book is an example of what sampling?

Simple Random Sample

Sample where everyone in the pop. is in the sampling frame and has the same prob. of being selected?

Standard Deviation

the difference between xbar and u when sampling is done corretly is referred to as?

Zscore

A measure or count of deviations from the mean of a group data

The mean

What central location measurement is more affected by deviation

Standard Deviation

uses the same base units as the original data

S.D. uses the same base units, we take the square root of variance to compute deviation.

Why would we prefer using Standard deviation as a measurement over variance?

Collectively Exhaustive

constitute the entire range of possibilities

Random Variable

Is conceptual metric that has no single, fixed value

Continuous

Suppose you are applying to a busa. school post undergrad, and the AVG GMAT score range of most applicants is 550-650. This range is what kind of variable?

Discrete

Say you take the GMAT and you know you made in between 550-650. What type of variable is your raw score.

Each observation is dependent upon previous observations

Which of the following is a qualification for a distribution to be considered binomial?

Poisson Distribution

Time sensitive with only two possible outcomes

0 and 1

The standard normal distribution has a mean of __ and a standard deviation of ___ .

Normal distribution

Continuous

Asymptotic to the axis

Asymptotic to the axis

Smaller

Standard deviation is always ___ as the sample size increases

Assume Normal Distribution

The central limit theorem allows us to ____ given an adequate SRS sample

Zscore

number of deviations some value is above or below the mean

Binomial Dist.

discrete with only 2 possible outcomes per trial

Decreases

What happens to the SE if n is increased?

Poisson Distribution

x is discrete random variable

Random variable

it takes on different numerical value based on chance

Binomial Distribution

Only two outcomes are possible

T distribution

probability distribution that is used to estimate population parameters when the sample size is small and/or when the population variance is not known

Degrees of freedom

refer to the number of independent observations or events in a set of data as

Number of Independent observations

Subtracting one from the sample size (n-1)

T Distribution

What dist. always has a mean of 0

T Test: Margin of Error

our appropriate T score multiplied by our standard error

.05: 1-.95=.05

I take a SRS of 49 and find that the sample mean is 350 and sample deviation is 45. I want to be 95% that the mean are within the certain value. What is Alpha?

48: 49-1=48

I take a SRS of 49 and find that the mean is 350, deviation is 45. how many independent observations do we have?

Standard Error for proportions

What is equal to the square root of (P*(1-P)?N)

Standard Error Decreases

in both proportions and mans for a sample statistic, what happens to our standard error is the number of observations increases

False

a T value at alpha=.05 is always the same (TorF)

-2.5

At a given level of Alpha, we have a t value of (t.05=2.5), what then is (t.95) for the same number of independent observations

Mutually Exclusive

Collectively exhaustive

Collectively exhaustive

In hypothesis testing our two forms (Ho and Ha) are:

Ho

out of out Null (Ho) and Alternative(ha) which do we consider to initially true or our default position?

2

Given out following Hypothesis test for the mean, how many tails are in the distribution: Ha=800

Ho/= 800

Ho/= 800

Increase sample size

If we wanted to make the confidence interval narrower without changing the level of confidence, we would need to do what?

Simple random sample

Probability distribution for all possible sample means is known as a

Increases;decreases

As the sample size _____ ; the standard error ____

Central Limit Theorem

Theorem that allows us to use the normal probability distribution to approximate the sampling distribution of sample means and sample proportions whenever the sample size is large, (n>30) is known as what?

Sampling Error

absolute value of the difference between the sample mean and the sample deviation

Systematic Sample

Type of sample where every tenth person is selected after the first selecting someone at random is?

True

In hypothesis testing if the null hypothesis has been rejected when the alternative hypothesis is ____

+- ta/2

what is correct notation for the critical values of a two tailed test

Critical Value

Tells how many standard errors we can go from hypothesized value

Reduced sampling error

advantage of using matched sample instead of independent random samples

F-test

ratio of the two sample variances

T-test

tells us how many standard errors apart the sample means are

Binary

distribution is discrete, has two outcomes and has known probabilities of succes

Poisson

distribution is discrete, has two outcomes and is time sensative

Outlier

Extreme observation that is a very large or very small relative to the data?

Hypothesis testing for the mean

There are 3 sets of alternative and null hypothesis

Two Sample T-test

What is best used in comparative studies

Distribution Test

in testing variance homogeneity we use,

Left has a lower mean

Diagram of two curves: The left in higher than the right

F-Test for variance equality

I have a SRS to gsu students. 1 sample has an avg. of 45, deviation of 10, and sample size of 250. What do you have to do first in order to test for statistical mean difference?

Normal Distribution

as we increase the allowed degrees of freedom in a T-distribution, it becomes closer to what?

PValue

the probibility of our test statistic (tcalc) is represented by?

Alpha

the probability of our critical value (tcrit) is represented by?

.0423 (Pvalue)

From the example, what is the area under the curve from 2.14 to infinity?

Correlation Coefficient

indicative of a linear relationship

Variance

standard deviation squared

Statistical Inference

show that sample represents the population

Diminishing returns

percentage went down (per unit)

Steps in taking a sample

1. define purpose

2. identify population

3. determine sampling method

4.Develop/Analyze Survey

5. Analyze Data

2. identify population

3. determine sampling method

4.Develop/Analyze Survey

5. Analyze Data

Dispersion

measurements of range, spread, or variance of variation

Collectively Exhaustive

when the given events encompass all the sample space

Mutually Exclusive

Either/ or

Discrete

limited within their range

Continuous

unlimited within their range

Binomial Distribution

only 2 outcomes; Each trial is independent and identical

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