Bana 2081 Study guides, Class notes & Summaries

BANA 2081 Exam 3 Prep Questions and Answers The probability distribution that can be described by just one parameter is the: - Answer-Exponential The time required to load a truck is exponentially distributed with a mean of 15 minutes. What is the probability that a truck will be loaded in 10 minutes or less?: - Answer-0.487 = From a group of 12 students, we want to select a random sample of 4 students to serve on a university committee. How many combination of random samples of 4 stude...

BANA 2081 Exam 3 Questions with Correct Answers The purpose of statistical inference is to provide information about the - Answer-population based upon information contained in the sample. Point Estimate - Answer-the single numerical value used as an estimate of a population parameter Sample - Answer-subset of a population selected to represent the population It is impossible to construct a frame for a(n) _____ population. - Answer-infinite Target population - Answer-population we...

BANA 2081 Exam 2 Chapters 4-6 Questions with Answers General Hospital has noted that they admit an average of 8 patients per hour. Assuming a Poisson distribution, what is the probability that during the next hour less then 3 patients will be admitted? (Round your answer to three decimal places.) - Answer-.014 The probability distribution for the number of goals the Lions soccer team makes per game is given below. Number Of Goals Probability 0 0.05 1 0.15 2 0.35 3 0.30 4 0....

BANA 2081 Exam 3 Questions with Correct Answers The company identified in Chapter 12, Analytics in Action, is - Answer-General Electric The Analytics in Action example in Chapter 12 concerned - Answer-investments in production capacity Chapter 12 focuses on - Answer-Linear Optimization _____________ or modeling, is the process of translating a verbal statement of a problem into a mathematical statement. - Answer-Problem Formulation The term _____________ refers to the expression th...

BANA 2081 Test 1 Questions with Correct Answers Statistics - Answer->numerical facts such as averages, medians, percentages, and maximums that help us understand a variety of business and economic situations > can also refer to the art and science of collecting, analyzing, presenting, and interpreting data. Data - Answer-facts and figures collected, analyzed, and summarized for presentation and interpretation Data Set - Answer-all the data collected in a particular set Elements...

Bana 2081 Exam 2 Questions with All Correct Answers The random variable x is known to be uniformly distributed between 1.0 and 1.5. A) Show the graph of the probability density function. B) Compute P(x = 1.25). C) Compute P(1.0 ≤ x ≤ 1.25). D) Compute P(1.2 < x < 1.5). - Answer-A) f(x) axis 2, X axis 1.5 B) 0 C) 2(0.25) = 0.50 D) 2(0.30) = 0.60 Delta Airlines quotes a flight time of 5 hours, 3 minutes for a particular flight. Suppose we believe that actual flight times are ...

BANA 2081 Exam One Prep Questions and Answers The entities on which data are collected are: - Answer-Elements The set of measurements collected for a particular element is (are) called: - Answer-An observation In a questionnaire, respondents are asked to mark their sex as male or female. Sex is an example of the: - Answer-Nominal scale Some hotels ask their guests to rate the hotel's services as excellent, very good, good, and poor. This is an example of the: - Answer-Ordinal scale ...

BANA 2081 Module 10 Questions with Correct Answers In stratified random sampling, - Answer-randomly selected elements within each of the strata form the sample Cluster sampling is - Answer-a probability sampling method Convenience sampling is an example of _____ sampling. - Answer-nonprobability Which of the following is an example of nonprobability sampling? - Answer-judgment sampling A probability sampling method in which we randomly select one of the first k elements and then ...

BANA 2081 Exam 3 Prep Questions and Answers The probability distribution that can be described by just one parameter is the: - Answer- Exponential The time required to load a truck is exponentially distributed with a mean of 15 minutes. What is the probability that a truck will be loaded in 10 minutes or less?: - Answer-0.487 = From a group of 12 students, we want to select a random sample of 4 students to serve on a university committee. How many combination of random samples of 4 stude...

BANA 2081 Module 3 and 4 Questions with Correct Answers The mean of a sample is - Answer-computed by summing all the data values and dividing the sum by the number of items. The mean of a sample - Answer-cannot be calculated for categorical data. A student's grade is based on five exams. His first four exam grades are 88, 94, 79, and 92. What is the minimum grade he can receive on his last exam in order to receive an average grade of at least 90? - Answer-97 A mean computed in such a...