QMB 3200 Final Exam - Stacey Brook
Questions And Answers
Sampling from a finite population -
correct answer ✅Choosing a SIMPLE random sample of size n from
a finite population of size n where each possible sample size n has
the same probability of being selected
What is step 1 to sampling from a finite population? -
correct answer ✅1. Assign a random number to each element of
the population
What is step 2 to sampling from a finite population? -
correct answer ✅2. Select the n elements corresponding to the n
smallest random numbers
What is step 1 to sampling from an infinite population? -
correct answer ✅1. Each element comes from the same
population
What is step 2 to sampling from an infinite population? -
correct answer ✅2. Each element is selected independently
Central limit theorem -
correct answer ✅In selecting random samples of size n for a
, QMB 3200 Final Exam - Stacey Brook
Questions And Answers
population, the sampling distribution of the sample mean can be
approximated by a normal distribution as the sample size becomes
large
What is T-distribution? -
correct answer ✅the margin of error and the interval estimate for
the population mean, when s is used as an estimate of σ
Why would you use T-distribution instead of Normal Distribution? -
correct answer ✅when the population standard deviation (σ) is
not known and the sample size is small (n < 30)
Do you want the sample size to be larger? -
correct answer ✅Yes, it can HELP to mitigate some of the risks of
unpredictability and more accurate
Least squares method -
correct answer ✅uses sample data to estimate the regression
equation; MINIMIZES THE SUM OF SQUARED DEVIATIONS between
the observed values of variables and predicted variables
Questions And Answers
Sampling from a finite population -
correct answer ✅Choosing a SIMPLE random sample of size n from
a finite population of size n where each possible sample size n has
the same probability of being selected
What is step 1 to sampling from a finite population? -
correct answer ✅1. Assign a random number to each element of
the population
What is step 2 to sampling from a finite population? -
correct answer ✅2. Select the n elements corresponding to the n
smallest random numbers
What is step 1 to sampling from an infinite population? -
correct answer ✅1. Each element comes from the same
population
What is step 2 to sampling from an infinite population? -
correct answer ✅2. Each element is selected independently
Central limit theorem -
correct answer ✅In selecting random samples of size n for a
, QMB 3200 Final Exam - Stacey Brook
Questions And Answers
population, the sampling distribution of the sample mean can be
approximated by a normal distribution as the sample size becomes
large
What is T-distribution? -
correct answer ✅the margin of error and the interval estimate for
the population mean, when s is used as an estimate of σ
Why would you use T-distribution instead of Normal Distribution? -
correct answer ✅when the population standard deviation (σ) is
not known and the sample size is small (n < 30)
Do you want the sample size to be larger? -
correct answer ✅Yes, it can HELP to mitigate some of the risks of
unpredictability and more accurate
Least squares method -
correct answer ✅uses sample data to estimate the regression
equation; MINIMIZES THE SUM OF SQUARED DEVIATIONS between
the observed values of variables and predicted variables
