QMB 3200 EXAM SCRIPT 2026 QUESTIONS
WITH ANSWERS GRADED A+
◉ Target population. Answer: The population for which statistical
inferences such as point estimates are made. It is important for the target
population to correspond as closely as possible to the sampled
population.
◉ Sampled population. Answer: The population from which the sample
is taken.
◉ Sampling distribution. Answer: A probability distribution consisting
of all possible values of a sample statistic.
◉ Sample statistic. Answer: A sample characteristic, such as a sample
mean bar(x), a sample standard deviation s, a sample proportion bar(p),
and so on. The value of the sample statistic is used to estimate the value
of the corresponding population parameter.
◉ Finite population correction factor. Answer: the term √((N-1)/(n-1))
that is used in the formulas for standard deviation of x bar and p bar
whenever a finite population, rather than an infinite population, is being
sampled. the generally expected rule of thumb is to ignore this when n/N
≤ .05
, ◉ Simple random sample. Answer: A simple random sample of size n
from a finite population of size N is a sample selected such that each
possible sample of size n has the same probability of being selected.
◉ Standard error. Answer: The standard deviation of a point estimator.
◉ Point estimator. Answer: The sample statistic, such as bar(x), s, or
bar(p), that provides the point estimate of the population parameter.
◉ Central limit theorem. Answer: A theorem that enables one to use the
normal probability distribution to approximate the sampling distribution
of bar(x) whenever the sample size is large.
◉ Point estimate. Answer: The value of a point estimator used in a
particular instance as an estimate of a population parameter.
◉ Unbiased. Answer: A property of a point estimator that is present
when the expected value of the point estimator is equal to the population
parameter it estimates.
◉ Confidence interval. Answer: Another name for an interval estimate.
WITH ANSWERS GRADED A+
◉ Target population. Answer: The population for which statistical
inferences such as point estimates are made. It is important for the target
population to correspond as closely as possible to the sampled
population.
◉ Sampled population. Answer: The population from which the sample
is taken.
◉ Sampling distribution. Answer: A probability distribution consisting
of all possible values of a sample statistic.
◉ Sample statistic. Answer: A sample characteristic, such as a sample
mean bar(x), a sample standard deviation s, a sample proportion bar(p),
and so on. The value of the sample statistic is used to estimate the value
of the corresponding population parameter.
◉ Finite population correction factor. Answer: the term √((N-1)/(n-1))
that is used in the formulas for standard deviation of x bar and p bar
whenever a finite population, rather than an infinite population, is being
sampled. the generally expected rule of thumb is to ignore this when n/N
≤ .05
, ◉ Simple random sample. Answer: A simple random sample of size n
from a finite population of size N is a sample selected such that each
possible sample of size n has the same probability of being selected.
◉ Standard error. Answer: The standard deviation of a point estimator.
◉ Point estimator. Answer: The sample statistic, such as bar(x), s, or
bar(p), that provides the point estimate of the population parameter.
◉ Central limit theorem. Answer: A theorem that enables one to use the
normal probability distribution to approximate the sampling distribution
of bar(x) whenever the sample size is large.
◉ Point estimate. Answer: The value of a point estimator used in a
particular instance as an estimate of a population parameter.
◉ Unbiased. Answer: A property of a point estimator that is present
when the expected value of the point estimator is equal to the population
parameter it estimates.
◉ Confidence interval. Answer: Another name for an interval estimate.
