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Study Resources (Statistics)

    81.How much inventory do Christmas tree sales lots keep?  A researcher goes from location to location around the city counting the number of trees in each lot. These numbers most likely represent what level of data? a) Interval level b) Ordinal level c) Nominal level d) Ratio level e) Relative level       82.During the Valentine's season, different.
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    31. The following class intervals for a frequency distribution were developed to provide information regarding the starting salaries for students graduating from a particular school:               SalaryNumber of Graduates               ($1,000s)               28-under 31-               31-under 35-               34-under 37-               39-under 40- Before data was collected, someone questioned the validity of this arrangement.  Which of.
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    61.               The staff of Mr. Wayne Wertz, VP of Operations at Portland Peoples Bank, prepared a cumulative frequency ogive of waiting time for walk-in customers.               The percentage of walk-in customers waiting between 1 and 6 minutes was ___. a) 22% b) 11% c) 37% d) 10% e) 67%         62. The staff of Mr. Wayne Wertz,.
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    71.The probability of selecting 3 female employees and 7 male employees to win a promotional trip  a company with 10 female and 50 male employees  would best be modeled with the _______. a) binomial distribution b) hypergeometric distribution c) Poisson distribution d) hyperbinomial distribution e) exponential distribution         72.Suppose an interdisciplinary committee of 3 faculty members  is.
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True/False       1. Variables which take on values only at certain points over a given interval are called continuous random variables         2. A variable that can take on values at any point over a given interval is called a discrete random variable         3.The number of visitors to  a website each day is an example.
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    11. For a binomial distribution in which the probability of success is p = 0.5, the variance is twice the mean.         12. The Poisson distribution is a continuous distribution which is very useful in solving waiting time problems         13. Both the Poisson and the binomial distributions are discrete distributions and both have.
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    61.Which of the following operations is meaningful for processing nominal data? a) Addition b) Multiplication c) Ranking d) Counting e) Division       62.Which scale of measurement has these two properties: linear distance is meaningful and the location of origin (or zero point) is arbitrary? a) Interval level b) Ordinal level c) Nominal level d) Ratio level e) Minimal level         63.Which scale of measurement.
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    41.On discovering an improperly adjusted drill press, Jack Joyner, Director of Quality Control, ordered an inspection of every fifth casting drilled during the evening shift. Jack is ordering a ___________________. a) statistic from the castings b) census of the castings  c) sample of the castings d) sorting of the castings e) parameter of.
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    71. The 2010 and 2012 market share data of the three competitors (Alston, Baren, and Clemson) in an oligopolistic industry are presented in the following pie charts.                Which of the following is true? a) Only Baren share. b) Only Clemson lost market share. c) Alston lost market share. d) Baren lost market share. e) All.
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    31.A market research team compiled the following discrete probability distribution on the number of sodas the average adult drinks each day.  In this distribution, x represents the number of sodas which an adult drinks. x P(x) 0 0.30 1 0.10 2 0.50 3 0.10 The mean (average) value of x is _______________. a) 1.4 b) 1.75 c) 2.10 d) 2.55 e) 3.02         32. A market research team compiled.
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  True/False     1. A uniform continuous distribution is also referred to as a rectangular distribution.         2. The height of the rectangle depicting a uniform distribution is the probability of each outcome and it same for all of the possible outcomes         3. The area of the rectangle depicting a uniform distributionis always equal.
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    11.The sample standard deviation is calculated by taking the square root of the population standard deviation.     12. The coefficient of variation is unitless.     13. For grouped data, the midpoint of each class interval is used to represent all the values in a class interval.     14. The median for ungrouped raw data.
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    31.Consider the following sample space, S, and several events defined on it.  S = {Albert, Betty, Abel, Jack, Patty, Meagan}, and the events are:  F = {Betty, Patty, Meagan}, H = {Abel, Meagan}, and P = {Betty, Abel}. F ? H  is ___________. a) {Meagan} b) {Betty, Abel, Patty, Meagan} c) empty, since.
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    41.If x is a binomial random variable with n=10 and p=0.8, the standard deviation of x is _________. a) 8.0 b) 1.26 c) 1.60 d) 64.0 e) 10         42.If x is a binomial random variable with n=10 and p=0.8, what is the probability that x is equal to 4? a) .0055 b) .0063 c) .124 d) .232 e) .994       43.Twenty five individuals.
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    31. Sue Taylor, Director of Global Industrial Sales, is concerned by a deteriorating sales trend. Specifically, the number of industrial customers is stable at 1,500, but they are purchasing less each year. She orders her staff to search for causes of the downward trend by selecting a focus group of 40.
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    11. Gathering data from a sample to reach conclusions about the population from which the sample was drawn is called descriptive statistics.     12. Calculation of population parameters is usually either impossible or excessively time consuming and costly.       13. The basis for inferential statistics is the ability to make decisions about.
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  61. The manager of Paul's fruit and vegetable store is considering the purchase of a new seedless watermelon from a wholesale distributor. Since this seedless watermelon costs $4, will sell for $7, and is highly perishable, he only expects to sell between 6 and 9 of them. What is the opportunity.
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    True/false       1. Inferring the value of a population parameter from the statistic on a random sample drawn from the population is an inferential process under uncertainty.       2. Probability is used to develop knowledge of the fundamental mathematical tools for quantitatively assessing risk.       3. The method of assigning probabilities to uncertain outcomes based.
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    41. Consider the following frequency distribution:               Class IntervalFrequency               100-under 200   25               200-under 300   45               300-under 400   30 What is the cumulative frequency of the second class interval? a) 25 b) 45 c) 70 d) 100 e) 250         42.               Consider the following frequency distribution:               Class IntervalFrequency               100-under 200   25               200-under 300   45               300-under 400   30 What is the.
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    21. Which of the following statements is not true regarding probabilities: a. probability is the basis for inferential statistics b. probabilities are subjective measures with limited value in business. c. probabilities are used to determine the likelihood of certain outcomes d. probabilities can inform many business decisions.       22.Belinda Bose is reviewing a newly proposed.
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    51.The ages of students in a class have been put into the frequency distribution below.               AgeNumber of Students               18 3               19 5               2028               21 4 What is the standard deviation for this (population) set of data? a) 0.494 b) 0.703 c) 1.12 d) 1.25 e) 1.35       52.The ages of students in a class have been put into.
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  91. You have four different strategic business plans you can select to implement against your competitors. You estimate that the probability that the competitors are aware of your strategies is 0.3 and 0.7 that they are unaware. The payoffs are estimated for each scenario.  What is the maximax choice? 92. You have four different.
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    61.The following frequency distribution was constructed for the wait times in the emergency room.                 The frequency distribution reveals that the wait times in the emergency room are _______. a) skewed to the left b) skewed to the right c) not skewed d) normally distributed e) symmetrical         62.The following frequency distribution was constructed for the wait.
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    21. Consider the following frequency distribution:               Class IntervalFrequency               10-under 20   15               20-under 30   25               30-under 40   10 What is the midpoint of the first class? a) 10 b) 20 c) 15 d) 30 e) 40         22. Consider the following frequency distribution: Class IntervalFrequency 10-under 20   15 20-under 30   25 30-under 40   10 What is the relative frequency of the first class? a) 0.15 b).
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      True/False       1. Virtually all areas of business use statistics in decision making.     2. Statistics can be used to predict the business future.     3. Statistics are used to market vitamins.   4. A list of final grades in an introductory class in business is an example of statistics     5. The complete collection of all entities under.
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    21.Numbers which are used only to classify or categorize the observations represent data measured at the nominal level.     22.Numbers which are used to rank-order the performance of workers represent data measured at the interval level.       23.Nominal and ordinal data are sometimes referred to as qualitative data.       24.Nominal and ordinal data are sometimes.
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  71. The national sales manager for "I colored this" (ICT) T-shirts, provides all salespersons with the payoff table shown below, giving the estimated profit when a retailer purchases from 1 to 4 dozen T-shirts. The probability of demand for each state of nature is also shown.  How many dozen "I colored this".
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  True/False     1. Statistical measures used to yield information about the center or the middle parts of a group of numbers are called the measures of central tendency.     2. The most appropriate measure of central tendency for nominal-level data is the median.     3. The most frequently occurring value in a set of data.
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    61.Assume that a random variable has a Poisson distribution with a mean of 5 occurrences per ten minutes. The number of occurrences per hour follows a Poisson distribution with λ equal to _________ a) 5 b) 60 c) 30 d) 10 e) 20         62.On Monday mornings, customers arrive at the coffee shop drive thru at the.
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  81. The national sales manager for "I colored this" (ICT) T-shirts, provides all salespersons with the payoff table shown below, giving the estimated profit when a retailer purchases from 1 to 4 dozen T-shirts. The probability of demand for each state of nature is also shown.  What would be the best decision.
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    51.A market research firm is investigating the appeal of three package designs.  The table below gives information obtained through a sample of 200 consumers.  The three package designs are labeled A, B, and C.  The consumers are classified according to age and package design preference.     A B C Total Under 25 years 22 34 40 96 25 or older 54 28 22 104 Total 76 62 62 200   If one.
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      True/False   1. A summary of data in which raw data are grouped into different intervals and the number of items in each group is listed is called a frequency distribution.       2. If the individual class frequency is divided by the total frequency, the result is the median frequency.     3.A cumulative frequency distribution provides.
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    41.Abel Alonzo, Director of Human Resources, is exploring employee absenteeism at the Plano Power Plant.  Ten percent of all plant employees work in the finishing department; 20% of all plant employees are absent excessively; and 7% of all plant employees work in the finishing department and are absent excessively.  A.
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    21. As in a binomial distribution, each trial of a hypergeometric distribution results in one of two mutually exclusive outcomes, i.e., either a success or a failure.          22. The number of successes in a hypergeometric distribution is unknown         23. In a hypergeometric distribution the population, N, is finite and known.             Multiple.
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