WGU C723 QUANTITATIVE ANALYSIS FOR BUSINESS
EXAM QUESTIONS AND CORRECT ANSWERS
Hypothesis - ANSWER is an assumption regarding a population parameter such
as a mean or a proportion
Answer: The status quo is represented by null hypothesis (H0).
-expresses a conviction that a particular value is <, =, or ≥ the population
parameter.
Unless there is compelling proof to the contrary, it is assumed to be true.
ANSWER, the alternative hypothesis (H1), is the antithesis of the null
hypothesis.
-held to be true in the event that the null hypothesis is proven incorrect.
-always indicates that the population parameter is more than, less than, or equal
to a certain value.
When the alternative hypothesis is stated as ≠, the two-tail hypothesis test is
employed, and ANSWER is used.
ANSWER is employed in the one-tail hypothesis test when the alternative
hypothesis is expressed as < or >.
while the null hypothesis is rejected while it is true, this is known as a type I
error (ANSWER).
-when that happens, the manufacturer searches for an issue in its process that
doesn't exist.
When we do not reject the null hypothesis when it is false, we are making a type
II error.
-when that happens, the consumer receives a product from an improperly
operating process.
, A linear link between two variables can be measured for both direction and
strength using correlation analysis.
-A relationship is linear if the scatter plot of the independent and dependent
variables has a straight-line pattern
The degree and direction of the linear link between the independent and
dependent variables are indicated by the correlation coefficient, r-ANSWER.
The correlation between all values of two variables of interest in a population is
known as the population correlation coefficient (ρ)-ANSWER.
confidence interval for the mean - ANSWER is an interval estimate around a
sample mean that offers us with a range within which the true population mean
is estimated to lie
Confidence level: ANSWER is the likelihood that the population parameter of
interest will be included in the interval estimate.
When the sample standard deviation, s, is substituted for the population
standard deviation, σ, the student's t-distribution - ANSWER is used instead of
the normal probability distribution.
Every member of the population has a known, nonzero chance of being chosen
for the sample in a probability sample, such as the ANSWER.
ANSWER is a simple random sample, meaning that each person in the
population has an equal chance of being selected.
The difference between the sample statistic and the population parameter is
known as the sampling error, or ANSWER.
ANSWER's Central Limit Theorem asserts that whatever of the population
distributions' shape, the sample means of large samples will be normally
distributed.
When the data tends to lie in the middle of the distribution and extremely high
and extremely low values are rather uncommon, the normal probability
distribution is helpful.
EXAM QUESTIONS AND CORRECT ANSWERS
Hypothesis - ANSWER is an assumption regarding a population parameter such
as a mean or a proportion
Answer: The status quo is represented by null hypothesis (H0).
-expresses a conviction that a particular value is <, =, or ≥ the population
parameter.
Unless there is compelling proof to the contrary, it is assumed to be true.
ANSWER, the alternative hypothesis (H1), is the antithesis of the null
hypothesis.
-held to be true in the event that the null hypothesis is proven incorrect.
-always indicates that the population parameter is more than, less than, or equal
to a certain value.
When the alternative hypothesis is stated as ≠, the two-tail hypothesis test is
employed, and ANSWER is used.
ANSWER is employed in the one-tail hypothesis test when the alternative
hypothesis is expressed as < or >.
while the null hypothesis is rejected while it is true, this is known as a type I
error (ANSWER).
-when that happens, the manufacturer searches for an issue in its process that
doesn't exist.
When we do not reject the null hypothesis when it is false, we are making a type
II error.
-when that happens, the consumer receives a product from an improperly
operating process.
, A linear link between two variables can be measured for both direction and
strength using correlation analysis.
-A relationship is linear if the scatter plot of the independent and dependent
variables has a straight-line pattern
The degree and direction of the linear link between the independent and
dependent variables are indicated by the correlation coefficient, r-ANSWER.
The correlation between all values of two variables of interest in a population is
known as the population correlation coefficient (ρ)-ANSWER.
confidence interval for the mean - ANSWER is an interval estimate around a
sample mean that offers us with a range within which the true population mean
is estimated to lie
Confidence level: ANSWER is the likelihood that the population parameter of
interest will be included in the interval estimate.
When the sample standard deviation, s, is substituted for the population
standard deviation, σ, the student's t-distribution - ANSWER is used instead of
the normal probability distribution.
Every member of the population has a known, nonzero chance of being chosen
for the sample in a probability sample, such as the ANSWER.
ANSWER is a simple random sample, meaning that each person in the
population has an equal chance of being selected.
The difference between the sample statistic and the population parameter is
known as the sampling error, or ANSWER.
ANSWER's Central Limit Theorem asserts that whatever of the population
distributions' shape, the sample means of large samples will be normally
distributed.
When the data tends to lie in the middle of the distribution and extremely high
and extremely low values are rather uncommon, the normal probability
distribution is helpful.
