Essential Statistics in Business and.pdf

Answer Key Test name: Chapter 01 Test Bank 1) D Many lawyers do not work for big firms. (Remember My Cousin Vinnie?) 2) C The analyst must sometimes present findings that the client does not like. 3) B A parameter is a population characteristic. Firms often lack professional statisticians on staff, so all business graduates need some degree of statistical training to handle day-to-day problems. Sometimes an effect, while not due to chance, is too small to matter. 4) D Policy wording is probably left up to writers, not statisticians. 5) B Generalizing from a nonrandom sample is risky. The morning class may not be representative of all students. 6) C There is an unattractive name for a consultant who always agrees with the client. 7) C Estimating a population parameter is an inference rather than a description. 8) D Paid respondents may try to tell you what you want to hear. 9) C Version 1 28 No advanced degree is required for ordinary data analysis, which is why all business students study it. 10) B There is a nasty name for a consultant who always agrees with management.