Business Analytics Exam questions
and answers graded A+
A confidence interval for the population mean is an interval constructed around the _________. -
ANS✅✅sample mean
When the population is normally distributed, population standard deviation σ is unknown, and the
sample size is n = 15, the confidence interval for the population mean μ is based on ___________. -
ANS✅✅the t distribution
___________ says that if the sample size is sufficiently large, then the sample means are
approximately normally distributed - ANS✅✅the central limit theorem
Based on an output given by Minitab, what is the sample size? - ANS✅✅N (value underneath)
Based on an output given by Minitab, what is the sample mean? - ANS✅✅Mean (value
underneath)
Based on an output given by Minitab, what is the Ha? - ANS✅✅alternative hypothesis (under test)
Based on an output given by Minitab, what is the level of significance? - ANS✅✅% on top of
output (usually 95%, etc)
Based on an output given by Minitab, what is the value of the test statistic? - ANS✅✅the other
value besides P value (usually z value)
Based on an output given by Minitab, what is the p value? - ANS✅✅given!
Based on an output given by Minitab, how do we determine the result of the hypothesis testing? -
ANS✅✅remember the rejection rule!
what is the rejection rule? - ANS✅✅we reject Ho if the p-value < alpha (a)
and answers graded A+
A confidence interval for the population mean is an interval constructed around the _________. -
ANS✅✅sample mean
When the population is normally distributed, population standard deviation σ is unknown, and the
sample size is n = 15, the confidence interval for the population mean μ is based on ___________. -
ANS✅✅the t distribution
___________ says that if the sample size is sufficiently large, then the sample means are
approximately normally distributed - ANS✅✅the central limit theorem
Based on an output given by Minitab, what is the sample size? - ANS✅✅N (value underneath)
Based on an output given by Minitab, what is the sample mean? - ANS✅✅Mean (value
underneath)
Based on an output given by Minitab, what is the Ha? - ANS✅✅alternative hypothesis (under test)
Based on an output given by Minitab, what is the level of significance? - ANS✅✅% on top of
output (usually 95%, etc)
Based on an output given by Minitab, what is the value of the test statistic? - ANS✅✅the other
value besides P value (usually z value)
Based on an output given by Minitab, what is the p value? - ANS✅✅given!
Based on an output given by Minitab, how do we determine the result of the hypothesis testing? -
ANS✅✅remember the rejection rule!
what is the rejection rule? - ANS✅✅we reject Ho if the p-value < alpha (a)