MGSC 291 final exam questions with
complete solutions
ch1: why are statistics used? (4) - correct answer ✔✔- process data and make it useful
- provide meaningful info and make it easily accessible
- answer questions
- tell a story
ch 1: the benefits of collecting and calculating statistics/data include (5) - correct answer ✔✔-reduce
costs
- increase profitability and productivity
- better risk management
- market the right product to the right consumers
- increase consumer satisfaction
ch 1: Population - correct answer ✔✔to be 100% accurate you have to survey an entire population
ex:voters who will vote in the election
ch 1: sample statistic - correct answer ✔✔subset of the population that represents the population
used to make inferences about the unknown population parameter
ex: through internet surveys and set numbers of people rather than the whole population
ch 1: sampling saves (2) - correct answer ✔✔time and money
and its usually impossible to survey an entire population
, ch 1: population parameter - correct answer ✔✔the unknown percent of the sample
ex:the unknown percent of all voters that believe donald trump could win
ch 1: 2 types of statistics - correct answer ✔✔descriptive and inferential
ch 1: descriptive statistics - correct answer ✔✔Summarizing important aspects of a data set.
Includes collecting, organizing, and presenting data.
present data in charts and tables
ch 1: inferential statistics - correct answer ✔✔Drawing conclusions about a population based on sample
data from that population.
ch 1: a few questions...
I'm interested in the average GPA of all the students in this class.
Q1: What's the population?
I collect GPA's of 15 randomly chosen students. The average is equal to 3.53.
Q2: Is the number 3.53 a population parameter or sample statistic?
I collect GPA's of all the students in this class. The average is equal to 3.45.
Q3: Is the number 3.45 a population parameter or sample statistic?
Population parameter - correct answer ✔✔All the students in this class
Sample statistic
Population parameter
complete solutions
ch1: why are statistics used? (4) - correct answer ✔✔- process data and make it useful
- provide meaningful info and make it easily accessible
- answer questions
- tell a story
ch 1: the benefits of collecting and calculating statistics/data include (5) - correct answer ✔✔-reduce
costs
- increase profitability and productivity
- better risk management
- market the right product to the right consumers
- increase consumer satisfaction
ch 1: Population - correct answer ✔✔to be 100% accurate you have to survey an entire population
ex:voters who will vote in the election
ch 1: sample statistic - correct answer ✔✔subset of the population that represents the population
used to make inferences about the unknown population parameter
ex: through internet surveys and set numbers of people rather than the whole population
ch 1: sampling saves (2) - correct answer ✔✔time and money
and its usually impossible to survey an entire population
, ch 1: population parameter - correct answer ✔✔the unknown percent of the sample
ex:the unknown percent of all voters that believe donald trump could win
ch 1: 2 types of statistics - correct answer ✔✔descriptive and inferential
ch 1: descriptive statistics - correct answer ✔✔Summarizing important aspects of a data set.
Includes collecting, organizing, and presenting data.
present data in charts and tables
ch 1: inferential statistics - correct answer ✔✔Drawing conclusions about a population based on sample
data from that population.
ch 1: a few questions...
I'm interested in the average GPA of all the students in this class.
Q1: What's the population?
I collect GPA's of 15 randomly chosen students. The average is equal to 3.53.
Q2: Is the number 3.53 a population parameter or sample statistic?
I collect GPA's of all the students in this class. The average is equal to 3.45.
Q3: Is the number 3.45 a population parameter or sample statistic?
Population parameter - correct answer ✔✔All the students in this class
Sample statistic
Population parameter
