C723 QUANTITATIVE ANALYSIS FOR BUSINESS- FINAL WGU
QUESTIONS AND ANSWERS
Hypothesis - Correct answer~ is an assumption about a population parameter
such as a mean or a proportion
null hypothesis (H0) - Correct answer~ -represents the status quo
-states a belief that the population parameter is ≤, =, or ≥ a specific value
-believed to be true unless there is overwhelming evidence to the contrary
alternative hypothesis (H1) - Correct answer~ -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
two-tail hypothesis test - Correct answer~ is used whenever the alternative
hypothesis is expressed as ≠
one-tail hypothesis test - Correct answer~ is used when the alternative
hypothesis is stated as < or >
Type I error - Correct answer~ -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
Type II error - Correct answer~ -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
Correlation analysis - Correct answer~ -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
correlation coefficient, r - Correct answer~ -indicates both the strength and
direction of the linear relationship between the independent and dependent
variables
population correlation coefficient (ρ) - Correct answer~ refers to the correlation
between all values of two variables of interest in a population
confidence interval for the mean - Correct answer~ is an interval estimate
around a sample mean that provides us with a range within which the true
population mean is expected to lie
confidence level - Correct answer~ is defined as the probability that the
interval estimate will include the population parameter of interest
Student's t-distribution - Correct answer~ is used in place of the normal
probability distribution when the sample standard deviation, s, is used in place
of the population standard deviation, σ
probability sample - Correct answer~ is a sample in which each member of
the population has a known, nonzero, chance of being selected for the sample
simple random sample - Correct answer~ is a sample in which every member
of the population has an equal chance of being chosen
QUESTIONS AND ANSWERS
Hypothesis - Correct answer~ is an assumption about a population parameter
such as a mean or a proportion
null hypothesis (H0) - Correct answer~ -represents the status quo
-states a belief that the population parameter is ≤, =, or ≥ a specific value
-believed to be true unless there is overwhelming evidence to the contrary
alternative hypothesis (H1) - Correct answer~ -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
two-tail hypothesis test - Correct answer~ is used whenever the alternative
hypothesis is expressed as ≠
one-tail hypothesis test - Correct answer~ is used when the alternative
hypothesis is stated as < or >
Type I error - Correct answer~ -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
Type II error - Correct answer~ -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
Correlation analysis - Correct answer~ -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
correlation coefficient, r - Correct answer~ -indicates both the strength and
direction of the linear relationship between the independent and dependent
variables
population correlation coefficient (ρ) - Correct answer~ refers to the correlation
between all values of two variables of interest in a population
confidence interval for the mean - Correct answer~ is an interval estimate
around a sample mean that provides us with a range within which the true
population mean is expected to lie
confidence level - Correct answer~ is defined as the probability that the
interval estimate will include the population parameter of interest
Student's t-distribution - Correct answer~ is used in place of the normal
probability distribution when the sample standard deviation, s, is used in place
of the population standard deviation, σ
probability sample - Correct answer~ is a sample in which each member of
the population has a known, nonzero, chance of being selected for the sample
simple random sample - Correct answer~ is a sample in which every member
of the population has an equal chance of being chosen
