QM 520 - Chapter 8: Statistical Inference: Estimation for Single Populations. Questions and Answers.

QM 520 - Chapter 8: Statistical Inference: Estimation for Single Populations. Questions and Answers. Chapter Eight B 1. When a statistic calculated from sample data is used to estimate a population parameter, it is called _______. M A. an interval estimate Term B. a point estimate C. a statistical parameter D. a good guess A 2. When a range of values is used to estimate a population parameter, it is called _______. E A. an interval estimate Term B. a point estimate C. a statistical parameter D. a range estimate 234 Chapter 8: Statistical Inference: Estimation for Single Populations 235 A 3. Catherine Chao, Director of Marketing Research, is evaluating consumer acceptance of a new toothpaste package. Her staff reports that 17% of a random sample of 200 households prefer the new package to all other package designs. If Catherine concludes that 17% of all households prefer the new package, she is using a _______. M A. a point estimate BApp B. a range estimate C. a statistical parameter D. an interval estimate D 4. Brian Vanecek, VP of Operations at Portland Trust Bank, is evaluating the service level provided to walk-in customers. Accordingly, his staff recorded the waiting times for 45 randomly selected walk-in customers, and calculated that their mean waiting time was 15 minutes. If Brian concludes that the average waiting time for all walk-in customers is 15 minutes, he is using a ________. M A. a range estimate BApp B. a statistical parameter C. an interval estimate D. a point estimate C 5. Eugene Gates, Marketing Director of Mansfield Motors Manufacturers, Inc.’s Electrical Division, is leading a study to assess the relative importance of product features. An item on a survey questionnaire distributed to 100 of Mansfield’s customers asked them to rate the importance of “ease of maintenance” on a scale of 1 to 10 (with 1 meaning “not important” and 10 meaning “highly important”). His staff assembled the following statistics. Ease of Maintenance Mean 7.5 Standard De via tio n 1.5 If Eugene concludes that the average rate of “ease of maintenance” for all customers is 7.5, he is using ________. M A. arange estimate 236 Test Bank BApp B. a statistical parameter C. a point estimate D. an interval estimate