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C723 Quantitative Analysis for Business-
Final WGU Exam Q&A 100% Solved
Hypothesis - ✔✔is an assumption about a population parameter such as a
mean or a proportion
null hypothesis (H0) - ✔✔-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) - ✔✔-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 - ✔✔is used whenever the alternative hypothesis is
expressed as ≠
one-tail hypothesis test - ✔✔is used when the alternative hypothesis is
stated as < or >
Type I error - ✔✔-occurs when the null hypothesis is rejected when it is
true
, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
-when it occurs the producer is looking for a problem in its process that
does not exist
Type II error - ✔✔-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 - ✔✔-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 - ✔✔-indicates both the strength and direction of
the linear relationship between the independent and dependent variables
population correlation coefficient (ρ) - ✔✔refers to the correlation between
all values of two variables of interest in a population
confidence interval for the mean - ✔✔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 - ✔✔is defined as the probability that the interval estimate
will include the population parameter of interest
C723 Quantitative Analysis for Business-
Final WGU Exam Q&A 100% Solved
Hypothesis - ✔✔is an assumption about a population parameter such as a
mean or a proportion
null hypothesis (H0) - ✔✔-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) - ✔✔-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 - ✔✔is used whenever the alternative hypothesis is
expressed as ≠
one-tail hypothesis test - ✔✔is used when the alternative hypothesis is
stated as < or >
Type I error - ✔✔-occurs when the null hypothesis is rejected when it is
true
, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
-when it occurs the producer is looking for a problem in its process that
does not exist
Type II error - ✔✔-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 - ✔✔-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 - ✔✔-indicates both the strength and direction of
the linear relationship between the independent and dependent variables
population correlation coefficient (ρ) - ✔✔refers to the correlation between
all values of two variables of interest in a population
confidence interval for the mean - ✔✔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 - ✔✔is defined as the probability that the interval estimate
will include the population parameter of interest
