C723 Quantitative Analysis for Business- Final WGU || A+
Guaranteed.
Hypothesis correct answers is an assumption about a population parameter such as a mean or a
proportion
null hypothesis (H0) correct answers -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) correct answers -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 correct answers is used whenever the alternative hypothesis is expressed
as ≠
one-tail hypothesis test correct answers is used when the alternative hypothesis is stated as < or >
Type I error correct answers -occurs when the null hypothesis is rejected when it is true
-when it occurs the producer is looking for a problem in its process that does not exist
Type II error correct answers -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 correct answers -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 correct answers -indicates both the strength and direction of the linear
relationship between the independent and dependent variables
population correlation coefficient (ρ) correct answers refers to the correlation between all values
of two variables of interest in a population
confidence interval for the mean correct answers 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 correct answers is defined as the probability that the interval estimate will
include the population parameter of interest
Student's t-distribution correct answers is used in place of the normal probability distribution
when the sample standard deviation, s, is used in place of the population standard deviation, σ
probability sample correct answers is a sample in which each member of the population has a
known, nonzero, chance of being selected for the sample
simple random sample correct answers is a sample in which every member of the population has
an equal chance of being chosen
Sampling error correct answers is defined as the difference between the sample statistic and the
population parameter
Central Limit Theorem correct answers states that the sample means of large-sized samples will
be normally distributed regardless of the shape of their population distributions
Guaranteed.
Hypothesis correct answers is an assumption about a population parameter such as a mean or a
proportion
null hypothesis (H0) correct answers -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) correct answers -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 correct answers is used whenever the alternative hypothesis is expressed
as ≠
one-tail hypothesis test correct answers is used when the alternative hypothesis is stated as < or >
Type I error correct answers -occurs when the null hypothesis is rejected when it is true
-when it occurs the producer is looking for a problem in its process that does not exist
Type II error correct answers -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 correct answers -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 correct answers -indicates both the strength and direction of the linear
relationship between the independent and dependent variables
population correlation coefficient (ρ) correct answers refers to the correlation between all values
of two variables of interest in a population
confidence interval for the mean correct answers 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 correct answers is defined as the probability that the interval estimate will
include the population parameter of interest
Student's t-distribution correct answers is used in place of the normal probability distribution
when the sample standard deviation, s, is used in place of the population standard deviation, σ
probability sample correct answers is a sample in which each member of the population has a
known, nonzero, chance of being selected for the sample
simple random sample correct answers is a sample in which every member of the population has
an equal chance of being chosen
Sampling error correct answers is defined as the difference between the sample statistic and the
population parameter
Central Limit Theorem correct answers states that the sample means of large-sized samples will
be normally distributed regardless of the shape of their population distributions
