BUSN 212: BUSN STATISTICS

Which of the following p-values indicates that the findings of the experiment are statistically significant?

.05

How many hypotheses do you write in a hypothesis test?

2

Given a decile cut point value of 10.4, where the tenth sequential value is 32 and the eleventh value is 42, what is the actual decile value?

36

For N = 9, what are the degrees of freedom?

8

Histograms are very similar to what other graphical representation of numbers?

Bar Graphs

Implementing a change in the process is part of which step of PDSA?

Do

Which axis of a histogram usually shows the categories into which the various members of a data set fall?

Horizontal Axis

A payoff table considers:

Influences from both inside and outside the organization

Jim is studying how differences in the screen color of electronic devices make an impact on eye strain experienced by the user. In these experiments, which is the response variable and which is the explanatory variable.

The response variable is eye strain; the explanatory variable is screen color

Which of the following can you do once you have a good model?

You can make predictions.

What does r represent?

correlation coefficient

What does H_0 represent?

null hypothesis

If a sample size varies and there are only two choices (yes or no), the data is best arranged in a(n) _____ chart.

p

Which of the following is not part of visual analytics in the Analytica package of software?

tables

Simple random sampling is usually done _____.

without replacement.

What is quantitative forecasting?

Forecasting using numbers that are currently on hand

Under which ribbon menu or tab will you find the chart type commands?

Insert

Which of the following Excel functions will give you the variance of the population as a whole, versus individual elements?

STDEV.S

Experimental designs used in business are similar to those used by researchers in the:

Sciences and Psychology

A portfolio of stocks has a correlation to a global energy index of +0.85. If you desire risk reduction in the portfolio, what is the best course of action?

Sell some of your energy stocks and purchase other unrelated assets.

What does the term 'correlation' mean as a part of regression analysis in business?

The degree to which two things change together.

What does n stand for in hypothesis testing?

The total number of paired sample differences

As a leading provider of mobile medical imaging, your company is considering the purchase of a new mobile MRI machine. The machine has a price tag of nearly $1 million, and it is expected to last approximately 20 years. Using a variety of indexes, you will want to calculate the _____ before making your purchase decisions.

future value

It's the first day of school and Anne is comparing her class schedule with her friends. Thirty percent of Anne's friends are in both geometry and world history with her. She has 60% of her friends in her geometry class, and she has 40% of her friends in her world history class. What is the probability that one of her friends is in either geometry or world history with Anne?

70%

What do we call two sets of variables that can change and are compared to find relationships?

Bivariate data

Between which of the following data does a chi-square measure the difference?

Collected and Expected

There are several different types of charts in Excel. Which two are the most frequently used?

Column and Bar

Data can be described as being _____ when it is dynamic and changes frequently.

Continuous

If you don't see the Data Analysis option in the Data ribbon, what do you need to do?

Enable the Add-in in Excel

Which of these statistical issues does Bayes' Theorem help address?

False positives

What is the difference between the upper quartile value and the lower quartile value?

Interquartile Range

Danna and her family have owned and operated a bar and grill for the last 30 years. Now, they are considering switching brands of ranch dressing. In an effort to determine the right way to move forward, she designs a simple experiment in which lunch customers use dressing from the current Brand X while dinner customers are given the new dressing (Brand Y). Which statement accurately describes the control group?

Lunch Customers are the control group

Sam wants to show how much of his sales come from families and college students when compared to all his sales. Which of the following charts/graphs should he use?

Pie Chart

What is the name for all the members of a specified group?

Population

In a Poisson distribution, the likelihood of each successful event must do what over any interval?

Remain Constant

The variability of the sample mean across different samples is called the:

Standard Error

Which type of random sampling divides members of a population into homogeneous subgroups?

Stratified Random Sampling

Khalil wants to see how much variation there is in the cost of manufacturing his company's products. He is likely going to use a control chart to see the _____ data.

distribution of

As Danna's Pub & Grill tests the two different kinds of ranch dressing, Danna informs each table that they are receiving the current brand or the new brand. By doing this, Danna's research lacks the typical experimental provision of being: double-blinded actionable observable normally distributed

double-blinded

When a data set is visually symmetrical, what occurs all at the same point?

The mean, median, and mode

What do p and p-hat denote, respectively?

The population proportion and the sample proportion.

What happens if the probability of A happening is zero?

The probability of the whole system is 0.

Why is it important to avoid a non-representative sample when conducting a survey?

The survey will reflect the characteristics only of the group that was sampled.

Which of the following is TRUE about continuous random variables?

They involve processes where the total number of possible outcomes is uncountable.

A statistician is trying to figure out the sample size needed for an estimation of mu, but they don't know the population standard deviation. What should they do?

They should use a preliminary sample to figure out s and use that instead of sigma.

A statistician has figured out the percentage of the area under a normal curve that meets certain criteria. How would they apply this knowledge to a given sample?

They would multiply the percentage by the total sample size.