Exam Questions and CORRECT Answers
confidence interval - CORRECT ANSWER - built around the sample mean
standard error (Smeanofx) - CORRECT ANSWER - dispersion (spread) of mean
distributions
1. How many samples are needed?
2. Quantifying accuracy of results to the true value with inferential statistics - CORRECT
ANSWER - keys to sampling
1. descriptive
2. inferential - CORRECT ANSWER - 2 main stat categories
descriptive stats - CORRECT ANSWER - characterize data (shape, center, spread)
whole population is measured
inferential stats - CORRECT ANSWER - relate a sample to a larger population
mean - CORRECT ANSWER - average
spread (Sx^2) - CORRECT ANSWER - dispersion of data
not used very much in NR
standard deviation (Sx) - CORRECT ANSWER - -square root of spread
-average difference across all observations from the mean
-often used in NR
, coefficient of variation (CV) - CORRECT ANSWER - - relative measure of dispersion
- spread as a % of the mean
- allows managers to compare different populations
sampling - CORRECT ANSWER - choosing a small population to represent a larger
population
95%
(varies 0-100) - CORRECT ANSWER - level of confidence is typically __%
(sample population) - 1 - CORRECT ANSWER - degrees of freedom =
(t table)
1 - (alpha) - CORRECT ANSWER - desired confidence level =
(t table)
nonlinear
positive - CORRECT ANSWER - this regression line is _ and _
strong
positive - CORRECT ANSWER - this regression is _ and _
regression - CORRECT ANSWER - describes relationship between x and y
yi = b0 + b1xi + ei - CORRECT ANSWER - simple linear regression equation
intercept - CORRECT ANSWER - b0 =