Business Statistics MGMT 305 Purdue2024 - DISTINCTION GUARANTEED

Business Statistics MGMT 305
Purdue2024 - DISTINCTION
GUARANTEED
The higher the percentage of confidence desired, the __________the confidence interval. -
Answers:Wider


The larger the standard error, the __________ the confidence interval. - Answers:Wider


The larger the n, the smaller the standard error, and so the __________the confidence interval. -
Answers:Narrower


All other things being equal, a smaller confidence interval is always ___________ desirable than
a larger one because a smaller interval means the population parameter can be estimated more
accurately. - Answers:More


Type 1 error - Answers:Rejecting null hypothesis when it is true


type 2 error - Answers:failing to reject a false null hypothesis


If p is greater than alpha... - Answers:Fail to reject the Ho (don't have enough evidence to side
with Ha)


If we get a low p-value.... - Answers:Reject the null


What is the null hypothesis? - Answers:Nothing is happening


What does a low significance level mean - Answers:Data must deviate more from the mean to be
considered significant


Beta - Answers:probability of making a type II error