Quantative Research Techniques and Statistics Exam Questions with Correct Answers

Quantative Research Techniques and Statistics Exam Questions with Correct Answers If we believe that the cost of not maintaining a car at regular intervals is higher than the possible lost costs of maintaining a car at regular intervals, the error we want to avoid is the false conclusion that the car is maintained at regular intervals, which is______ - Correct Answers The expected value of perfect information is the same as the _____ - Correct Answers the expected opportunity loss for the worst alternative Staticitians can translate p-values into several descriptive terms. Suppose you typically reject H0 at level 0.05. Which of the following statements is incorrect? - Correct Answers If the p-value < 0.01, there is overwhelming evidence to infer that the alternative hypothesis is false. Assume EVPI = 50,000 and EMV is $35,000. If perfect information exists, the value of EPPI is - Correct Answers 85000 If we reject the null hypothesis, we conclude that - Correct Answers there is enough statistical evidence to infer that the alternative hypothesis is true The manager of the customer service division of a major consumer electronics company is interested in determining whether the customers who have purchased a videocassette recorder over the past 12 months are satisfied with their products. If there are four different brands of videocassette reorders made by the company, the best sampling strategy would be to use a ____ - Correct Answers stratified random sample Which of the following probabilities is equal to the significance level of a? - Correct Answers Probability of making a type I error