Term
| Tourism: Standard error of the slope for this estimated regression equation |
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Definition
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Term
| Tourism: Calculated t-statistic to test whether the regression slope is significant |
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Definition
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Term
| Tourism: p-value associated with this statistic is .006. At the 0.05 level of significance.. |
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Definition
| A & C. Reject the Null, Conclude that the number of foreign visitors is significant in explaining tourism revenue |
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Term
| Tourism: How much of the variability in tourism revenue is accounted for by the number of foreign visitors? |
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Definition
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Term
| Tourism: If we were interested in predicting the tourism revenue for a particular country that had 30 million foreign visitors |
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Definition
| We should construct a prediction interval using this equation. |
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Term
| Horseshoe Plot:The residual plot for a linear regression model is shown below. which of the following is true? |
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Definition
| The linear model is no good because of hte curve in the residuals |
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Term
| Below is the plot of residuals versus x values for a regression model. Which assumption appears to be violated? |
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Definition
| Constant variance assumption. |
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Term
| Cordless Electric Shavers: What are the Null and Alternative hypotheses? |
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Definition
Ho: mean time=400 minutes
Ha: mean time>400 minutes |
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Term
| Cordless Electric Shavers: The correct calculated value of the test statistic is? |
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Definition
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Term
| Cordless electric Shavers:The correct conclusion at the .05 level of significance is.. |
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Definition
| Do not reject the null hypothesis |
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Term
| I want to test Ho: p=0.4 vs Ha: P/=0.4 using a test of hypothesis. If i concluded that p is 0.4 when, in fact, the true value of p is not 0.4 then i have made a |
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Definition
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Term
| A local eat-in pizza restaurant wants to investigate the possiblity of starting to deliver pizzas. the owner of the store has determined that home dleivery will be successul only if hte average time spent on a delivery does not exceed 40 minutes. The owner has randomly selected 18 customers and delivered pizzas to their homes in order to test whether the mean delivery time actually exceeds 40 minutes. What assumption is necessary for the test to be valid? |
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Definition
| The population of delivery times must have a normal distribution. |
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Term
| The business college computing center wants to determine the proportion of business students who have laptop computers. If the proportion exceeds 30% then the lab will scale back a proposed enlargement of its facilities. Suppose 200 business students were randomly sampled and 65 have laptops. Which of the following assumptions is necessary for the test to be valid? |
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Definition
| The sample size n satisfies both np0>=15 and nq0>=15 |
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Term
| Suppose your company has 3 independent investment plans. Each plan's yearly revenue is normally distributed with mean 5 million dollars and standard deviation 2 million dollars. Each investment is considered a success if the yearly revenue is greater than the cost. What is the probability of getting exactly two successful investments out of these 3 investments |
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Definition
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Term
| A correlation of zero between two quantiative variables means that |
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Definition
| There is no linear association between the two variables |
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Term
| A regression alalysis of company profits and the amount of money the company spent on advertising produced a R^2=.72. Which of these is true. |
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Definition
| 72% of the variance in company profit can be accounted for by the model. |
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Term
| Insurance Company: Standard deviation of hte sampling distribution of the sample propportion of policyholders filing claims involving theft or robbery from their homes is |
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Definition
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Term
| Insurance Company: The probability that the sample proportion of policyholders filing claims involving theft or robbery from their homes is less than 8% is |
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Definition
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Term
| A theorem that allows us to use the normal probability distribution to approximate the sampling distribution of hte sample mean whenever the sample size is large(over 30) is the |
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Definition
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Term
| We have calculated a 95% confidence interval and would like our next confidence interval to have a smaller margin of error without losing any confidence. in order to do this, we can |
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Definition
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Term
| Retirement Incentives: The estimated proportion of companies that downsize their workforces by offering early retirement incentives is |
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Definition
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Term
| Retirement Incentives: The 99% confidence interval for the proportion of companies that downsize their workforces by offering early retirement incentives is |
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Definition
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Term
| What are the conditions for the interval estimate in question 22 to be valid? |
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Definition
| The 723 companies is a random sample that is representative of the population,np>15 were n is sample size and phat is sample proportion |
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Term
| We have created a 95% confidence interval for mu with the result (10,15). What conclusion will we make if we test Ho: mu=16 versus Ha: mu does not equal 16 at a=.05 |
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Definition
| Reject the null hypothesis |
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Term
| Which is true about a 99% confidence interval based on a given sample? |
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Definition
| The interval is wider than a 95% confidence interval would be. |
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Term
| A human resources manager at a large company wants to estimate the proportion of employees that would be interested in reimburesement for college courses. If she wishes to be 95% confident that her estimate is within 5% of the true proportion, how many employees would need to be sampled? |
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Definition
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Term
| An urban planning group is inerested in estimating the difference in mean household income between two neighborhoods. They obtain the following 95% confidence interval: 95% CI for difference: (-5693,-4107) Which of the following is true |
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Definition
| This is a paired design, There is a significant difference in the mean household incomes between the two neighborhoods. |
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Term
| Shape-Up-by Susy: Which of the following statements is true? |
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Definition
| This is a paired design,This is a one-tailed test |
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Term
| Shape-up-Suzy:At the .05 level of significance, the correct conclusion is |
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Definition
| Reject the null hypothesis, Susies claim is supported by sample evidence. |
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Term
| Survey of Investors:The probability that an investor selected at random uses a full service brokerage firm to invest in stocks or trades stocks online is |
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Definition
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Term
| Survey of Investors: What is the probability that an investor selected at random neither uses a full service brokerage firm to invest in stocks nor trades online is |
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Definition
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Term
| Gender on Job Category:What is the probability that a randomly selcted employees job category is executive/managerial? |
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Definition
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Term
| Gender on Job Category:What is the probability that a randomly selected emplyee's job category is executive/ managerial given that she is female? |
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Definition
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Term
| Which of the following statemnets is true about gender and job category? |
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Definition
| Gender and job category are not independent |
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Term
| Health Insurance Histogram: What is the most appropriate measure to describe the center of these data? |
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Definition
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Term
| Health Insurance Histogram: The IQR for these data is |
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Definition
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Term
| A researcher is conducting a study on internet use. He decides to first categorize the population by education level and the nsurvey a slect number from each category. This sampling strategy is called |
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Definition
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Term
| EPS Boxplot: Which of the following statments is correct: |
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Definition
| The median EPS is higher for retail stocks compared to energy stocks |
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Term
| EPS Box plot: Which of the following statemnets is true about the distributions of EPS for retail and energy stocks? |
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Definition
| The distribution of EPS for retail stocks is skewed to the left. |
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Term
| Suppose a sample of 60 cans of soda has a mean of 12.1 ounces and a standard deviation of 0.05 ounces. If a can of soda has 12 ounces, what is its corresponding z score? |
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Definition
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Term
| Canned Peaches:The hypotheses to be test are Ho:mu=1000 grams Vs. Ha:mu doesnt equal 1000 gram. To exam the data, one graph was made. What assumption can be checked using this graph? |
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Definition
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Term
| Canned Peaches: The test is to be performed using a 5% confidence level. The observed t-test statistic is t=-2.4 and the corresponding 2 tailed p value is .022. What would have been the p-value if Ha; mu<1000 grams |
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Definition
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Term
| In order to compare the man charges for the three groups, the data will be subjected to an analysis of variance. Write the null hypotheses tested by the Anova |
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Definition
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Term
| The variable measured in the experiment is called the |
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Definition
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Term
| What is the interpretation of the standard error of sample mean? |
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Definition
| In repeated smapling, the standard deviation of htose sample means over all possible samples (of a given size) drawn from the population. |
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Term
| SUV Clean times: What are the factor levles for this experiment? |
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Definition
| The time limits: 20 min, 25 min, 30 min, 35 min |
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Term
| The variables, quantitative or qualitative, whose effect on a response variable is of interest are called |
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Definition
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Term
| Which of the following is not a condition required for a valid ANOVA F-test for a completely randomized experiment? |
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Definition
| The sample chosen from each of the populations is sufficiently large |
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Term
| Four Leadership Styles: Interpret the results of the Anova F-test shown on the printout for a=0.05. |
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Definition
| At a=.05, there is sufficient evidence of differnces among substandard work-scale means for the four leadersihp styles. |
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Term
| Consider a completely randomized design with k treatments. Assume all pairwise comparison of treatment means are to be made using a multiple comparison procedure. Determine the total number of treatment means to be compared for the value k=12. |
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Definition
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Term
| Sample statistics are random variable, because different samples can lead to differnet value of the sample statistics |
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Definition
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Term
| In most situation, the true mean and standard deviation are unkown quantitites that have to be estimated. |
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Definition
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Term
| A physical fitness association is including the mile run in its secondary-school fitness test. The time for this event for boys in secondary school is known to possess a normal distribution with a mean of 450 seconds and a standard deviation of 50 seconds. Find the probability that a randomly selected boy in secondary school can run the mile in less than 335 seconds? |
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Definition
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Term
| We believe that 80% of the population of all business statistics I studnets consider statistics to be an exciting subject. Suppose we randomly and independently selected 36 students from the population. If the true percentage is really 80%, find the probability of observing 35 or more students who consider statistics to be an exciting subject. |
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Definition
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Term
| The Central Limit Theorem is important in statistics because |
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Definition
| For a large, n, it says the sampling distribution of the sample mean is approximately normal, regarless of the population |
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Term
| The daily revenue at a univerisyt sanck bar has been recorded for the past 5 years. Records indicate that the mean daily revenue is $4200 and the standard deviation is $600. The distribution is skewed to the right due to several high volume days (football game days). Suppose that 100 days are randomly selcted and hte average daily revenue computed. Which of the following describes the sampling distribution of the sample mean? |
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Definition
| Normally distributed with a mean of $420 and a standard deviation of $60 |
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Term
| The mean of a data set is at the 50th percentile |
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Definition
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Term
| The coefficeint of correlation is a useful measure of hte linear relationsihp between two variables. |
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Definition
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Term
| A high value of the correlation coefficeint r implies that a causal relationship exists between x and y |
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Definition
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Term
| A low value of the correlation coefficient r implies that x and y are unrelated. |
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Definition
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Term
| The least Squares model provides very good estimates of y for values of x far outside the rand of x values contained in the sample. |
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Definition
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Term
| Best Grad and Prof. Schools:For the situation above, write the equation of the probabilistic model of interest. |
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Definition
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Term
| Best Grad and Prof. Schools: For the situation above, write the equation of the least squares line. |
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Definition
| Salary=-92040 + 228 (GMAT) |
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Term
| Best Grad and Prof Schools: For the situation above, give a practical interpretation of B-hat0=-92040 |
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Definition
| The value has no practical interpretation since a GMAT of 0 is nonsensical and outside the range of the sample data. |
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Term
| Best Grad and Prof Schools: For the sitation above, Give a practical interpretation of Bhat1=228. |
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Definition
| We estimate salary to increase $228 for every 1 point increase in GMAT |
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Term
| Best Grad and Prof Schools: For the situation above, give a practical interpretation of r^2=.66 |
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Definition
| 66% of the sample variation in SALARY can be explained by using GMAT in a straight-line method |
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Term
| Best Grad and Prof Schools: For the situation above, give a practical interpretation of r=.81 |
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Definition
| There appeares to be a positive correlation between salary and GMAT |
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Term
| Best Prof and Grad Schools:Set up the null and alternative hypotheses for testing wheter a positive linear relationsihp exists between salary and GMAT in the situation above. |
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Definition
| Ho: B1=0 vs Ha: B1 does not = 0 |
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Term
| Best Prof and Grad Schools: For the situation above, give a practical interpretation of t=6.67 |
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Definition
| There is evidence (at a=.05) of at least a positive linear relationsihp between salary and GMAT |
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Term
| Best Grad and Prof Schools: A 95% prediction interval for SALARY and GMAT =600 is ($37,915,$51,948). Interpret this interval |
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Definition
| We are 95% confident that the salary of a top business school graduate wit ha GMAT of 600 will fall between $37,915 and $51,984 |
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Term
| Best Grad and Prof School: For the situation above, which of the following is not an assumption required for the simple linear regression analysis to be valid? |
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Definition
| Salary is independent of GMAT |
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Term
| In a simple linear regression model, which of the following statements is true? |
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Definition
| none of the statements is true |
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Term
| The process of monitoring and elimination variation in order to keep a process in a state of control or to bring a process into control is called |
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Definition
| statistical process control |
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Term
| The primary goal of quality imporovement activities is |
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Definition
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Term
| Fastest Dying Cities:Correct Null and Alternative |
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Definition
| Ho: P=.28 Ha: P does not equal .28 |
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Term
| Fastest Dying Cities: The correct value of the test statistic is |
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Definition
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Term
| Fastest Dying Cities: The p-value associated with the test statistic is |
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Definition
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Term
| Fastest Dying cities: At a=.05 |
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Definition
| We can conclude that the percentage of americans in these cities experiencing difficulty making mortgage payments is signifcantly higher than 28% |
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Term
| Personal Time: Null and Alternative |
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Definition
| Ho: mu1-mu2-0 and Ha: mu 1-mu2>0 |
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Term
| Personal Time: The t-test for two means is apprpriate in this siuation because |
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Definition
| women and men are independent samples |
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Term
| Personal Time: The correct value of the statistic is |
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Definition
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Term
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Definition
| reject the null, conclude that women take a higher average number of hours of personal time per year, compared to men. |
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Term
| Personal Time: Based on the data, the correct 90% confidence interval for the difference between women and men in the average number of hours of personal time taken per year is |
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Definition
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Term
| CEO of Electric Utility: Null and Alternative |
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Definition
| Ho: p=.8 Ha: p does not equal .8 |
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Term
| CEO of Electric Utility: What is the appropriate test statistic for testing the CEO's claim? |
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Definition
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Term
| CEO of Electric utility:What is the rejection region for this test? Use a=0.05 |
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Definition
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Term
| CEO of Electric utility: what would be the conclusoin, based on this test? |
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Definition
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Term
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Definition
| The probability of getting an observed statistic that is as extreme or more extreme then the current observed statistic given that the null hypothesis is true. |
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Term
| Explain what the phrase 95% confident means when we interepret a 95% confidence interval for mu. |
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Definition
| In repeated sampling, 95% of similarly constructed intervals contain the value of the population mean. |
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Term
| The owner of a convenience store ahs newspapers delivered early each morning. The demand for the newspaper is normally distributed, with a mean of 50 and std deviation of 5. What is the minimum number of copies that should be ordered so that the probability of selling out is at most 15%? |
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Definition
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Term
| The random variable x represents the number of boys i na family with three children. Assuming that births of boys and girls are equally likely, find the mean and std deviation for the random variable x. |
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Definition
| Mean 1.5, Std Deviation=8.66 |
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Term
| Intramural Football: What is the probability that the team will win 8 games |
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Definition
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Term
| If the team has already won 5 games this season, what is the probability that the team will win less than 7 games? |
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Definition
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Term
| Intramural Football: What is the expected number of games the team will win in any season? |
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Definition
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Term
| Normal probability plots for 4 data sets are shown below. Which plot indicates that the dta are approximately normally distributed? |
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Definition
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Term
| Membership of Small College: What is the probability that the write of this letter favors the new proposal? |
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Definition
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Term
| Membership for small College: Given that the writer of the letter states he/she is in favor of the new proposal, what is the probability that the letter was sent by a faculty member? |
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Definition
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Term
| Mid Sized Company (ERP): Which of the following statements is true |
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Definition
| This is a one tailed paired t test |
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Term
| Mid Sized Company (ERP): Assuming that we define our differences as Post-workshop anxiety level-pre-workshop anziety level, the correct alternative hypothesis is |
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Definition
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Term
| Mid Sized company (ERP): The correct value of the test statistic is |
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Definition
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Term
| Mid Sized Company (ERP): At a=.05 |
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Definition
| We reject the null hypothesis and we can condlude that participating in this workshop reduces employee anxiety levels about ERP. |
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Term
| Random Walk Theory of Prices: If you know that a portfolio has risen in price two years in a row, what probability do yo uassign to the event that it will go down in the 3rd year? |
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Definition
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Term
| Random Walk Theory of Prices: What is the probability that the portfolio's value moves in the same direction in both of the next 2 years? |
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Definition
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Term
| What notation is used to denote population mean? |
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Definition
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Term
| What Notation is used to denote sample proportion? |
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Definition
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