Quantitative Analysis for Business- Final WGU
1. Hypothesis ans is an assumption about a population parameter such as a
mean or a proportion
2. null hypothesis (H0) ans -represents the status quo
-states a belief that the population parameter is d, =, or e a specific value
-believed to be true unless there is overwhelming evidence to the contrary
3. alternative hypothesis (H1) ans -represents the opposite of the null hypothesis
-believed to be true if the null hypothesis is found to be false
-always states that the population parameter is >, `, or < a specific value
4. two-tail hypothesis test ans is used whenever the alternative hypothesis is
ex- pressed as `
5. one-tail hypothesis test ans is used when the alternative hypothesis is stated
as < or >
6. Type I error ans -occurs when the null hypothesis is rejected when it is true
-when it occurs the producer is looking for a problem in its process that does not
exist
7. Type II error ans -occurs when we fail to reject the null hypothesis when it is not
true
-when it occurs the customer is getting a product from a process that is not
performing properly
8. Correlation analysis ans -is used to measure both the strength and direction
of a linear relationship between two variables
-A relationship is linear if the scatter plot of the independent and dependent variables
has a straight-line pattern
9. correlation coefficient, r ans -indicates both the strength and direction of the
linear relationship between the independent and dependent variables
1/5
, Quantitative Analysis for Business- Final WGU
10. population correlation coefficient ans refers to the correlation between
all values of two variables of interest in a population
11. confidence interval for the mean ans is an interval estimate around a
sample mean that provides us with a range within which the true population
mean is expected to lie
12. confidence level ans is defined as the probability that the interval estimate
will include the population parameter of interest
13. Student's t-distribution ans is used in place of the normal probability
distribution when the sample standard deviation, s, is used in place of the
population standard deviation, Ã
14. probability sample ans is a sample in which each member of the population
has a known, nonzero, chance of being selected for the sample
15. simple random sample ans is a sample in which every member of the
population has an equal chance of being chosen
2/5
1. Hypothesis ans is an assumption about a population parameter such as a
mean or a proportion
2. null hypothesis (H0) ans -represents the status quo
-states a belief that the population parameter is d, =, or e a specific value
-believed to be true unless there is overwhelming evidence to the contrary
3. alternative hypothesis (H1) ans -represents the opposite of the null hypothesis
-believed to be true if the null hypothesis is found to be false
-always states that the population parameter is >, `, or < a specific value
4. two-tail hypothesis test ans is used whenever the alternative hypothesis is
ex- pressed as `
5. one-tail hypothesis test ans is used when the alternative hypothesis is stated
as < or >
6. Type I error ans -occurs when the null hypothesis is rejected when it is true
-when it occurs the producer is looking for a problem in its process that does not
exist
7. Type II error ans -occurs when we fail to reject the null hypothesis when it is not
true
-when it occurs the customer is getting a product from a process that is not
performing properly
8. Correlation analysis ans -is used to measure both the strength and direction
of a linear relationship between two variables
-A relationship is linear if the scatter plot of the independent and dependent variables
has a straight-line pattern
9. correlation coefficient, r ans -indicates both the strength and direction of the
linear relationship between the independent and dependent variables
1/5
, Quantitative Analysis for Business- Final WGU
10. population correlation coefficient ans refers to the correlation between
all values of two variables of interest in a population
11. confidence interval for the mean ans is an interval estimate around a
sample mean that provides us with a range within which the true population
mean is expected to lie
12. confidence level ans is defined as the probability that the interval estimate
will include the population parameter of interest
13. Student's t-distribution ans is used in place of the normal probability
distribution when the sample standard deviation, s, is used in place of the
population standard deviation, Ã
14. probability sample ans is a sample in which each member of the population
has a known, nonzero, chance of being selected for the sample
15. simple random sample ans is a sample in which every member of the
population has an equal chance of being chosen
2/5
