BUSI 3304 CH 2 Quiz

Identify the shape of the distribution in the figure below. medium-high-medium-lower-lower-lower-low

Skewed right

The act of collecting data that are representative of the population data is called _____.

random sampling

A quantity of interest that can take on different values is known as a(n) _____.

variable

The difference in a variable measured over observations (time, customers, items, etc.) is known as _____.

variation

Compute the third quartile for the following data. 10, 15, 17, 21, 25, 12, 16, 11, 13, 22

21.25 =PERCENTILE.EXC(array,.75)

Compute the coefficient of variation for the following sample data. 32, 41, 36, 24, 29, 30, 40, 22, 25, 37 (Please operate Excel function, "Descriptive Statistics", to obtain the required measures.)

21.36% =STDEV((B23:B32)/AVERAGE(B23:B32))

Compute the median of the following data. 32, 41, 36, 24, 29, 30, 40, 22, 25, 37

31 =MEDIAN()

In a survey of patients in a local hospital, 62.42% of the respondents indicated that the health care providers needed to spend more time with each patient. Who makes up the sample?

All patients in a local hospital INCORRECT

_____ is the process of removing variables from the analysis without losing crucial information.

Dimension reduction

You have been asked to reorganize the Excel table below into order of sales using the Sales column. Which option will allow you to do this quickly?

Use the Sort function to organize the data into order of sales.

The correlation coefficient will always take values _____.

between -1 and +1

When working with data sets in Excel, _____ can be used to automatically highlight cells that meet specified requirements.

conditional formatting

The _____ shows the number of data items with values less than or equal to the upper-class limit of each class.

cumulative frequency distribution

The variance is based on the

deviation about the mean

Data sets commonly include observations with missing values for one or more variables. In some cases missing data naturally occur; these are called _____.

legitimately missing data

Any data value with a z-score less than -3 or greater than +3 is considered to be a(n) _____.

outlier

The amount of time taken by each of 10 students in a class to complete an exam is an example of what type of data?

quantitative

If the covariance between two variables is near 0, it implies that ______.

the variables are not linearly related

Data collected from several entities over a period of time (minutes, hours, days, etc.) are called _____.

time-series data

Scores on Ms. Nash's test have a mean of 64 and a standard deviation of 9. Steve has a score of 52. Convert Steve's score to a z-score. (Round to two decimal places if necessary.)

-1.33 =STANDARDIZE(x,mean,standarddeviation) =STANDARDIZE(52,64,9)

Below is a histogram for the number of days that it took Wyche Accounting to perform audits in the last quarter of last year. What is the relative frequency of the 21-24 bin?

.25

Compute the geometric mean for the following data on growth factors of investment for 10 years. 1.10, 0.50, 0.70, 1.21, 1.25, 1.12, 1.16, 1.11, 1.13, 1.22 (Please input data to Excel and operate the formula to get the answer.)

1.0148 =GEOMEAN()

Compute the 50th percentile for the following data. 10, 15, 17, 21, 25, 12, 16, 11, 13, 22

15.5 =PERCENTILE.EXC(array, .5)

The College Board originally scaled SAT scores so that the scores for each section were approximately normally distributed with a mean of 500 and a standard deviation of 100. Assuming scores follow a bell-shaped distribution, use the empirical rule to find the percentage of students who scored greater than 700.

2.5% The empirical rule for normal distribution random variable states that:: 68% of the measures are within 1 Standard Deviation of the mean (It includes 34% both the sides) 95% of the measures are within 2 Standard deviation of the mean (It includes extra 13.5% both the sides) 99.7% of the measures are within 3 Standard deviation of the mean (It includes extra 2.35% both the sides) Beyond that (for 4 standard deviation) it's 0.15% both the sides So 700 is 2 standard deviation above the mean Hence, it will be 2.35% + 0.15% Therefore 2.5% students have scored greater than 700

The letter grades (A, B, C, D, F) of business analysis students are recorded by a professor. This variable's classification _____.

categorical data