C723 Quantitative Analysis for Business- Final WGU Exam with precise detailed answers

C723 Quantitative Analysis |! |! |!




for Business- Final WGU Exam
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with precise answers |! |!




Hypothesis - Correct answer ✔is an assumption about a population
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parameter such as a mean or a proportion
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null hypothesis (H0) - Correct answer ✔-represents the status quo
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-states a belief that the population parameter is ≤, =, or ≥ a specific value
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-believed to be true unless there is overwhelming evidence to the contrary
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alternative hypothesis (H1) - Correct answer ✔-represents the opposite of the
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null hypothesis
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-believed to be true if the null hypothesis is found to be false
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-always states that the population parameter is >, ≠, or < a specific value
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two-tail hypothesis test - Correct answer ✔is used whenever the alternative
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hypothesis is expressed as ≠ |! |! |! |!




one-tail hypothesis test - Correct answer ✔is used when the alternative
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hypothesis is stated as < or > |! |! |! |! |! |!

, Type I error - Correct answer ✔-occurs when the null hypothesis is rejected
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when it is true |! |! |! |!




-when it occurs the producer is looking for a problem in its process that does
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not exist
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Type II error - Correct answer ✔-occurs when we fail to reject the null
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hypothesis when it is not true |! |! |! |! |!




-when it occurs the customer is getting a product from a process that is not
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performing properly |!




Correlation analysis - Correct answer ✔-is used to measure both the strength
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and direction of a linear relationship between two variables
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-A relationship is linear if the scatter plot of the independent and dependent
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variables has a straight-line pattern |! |! |! |!




correlation coefficient, r - Correct answer ✔-indicates both the strength and
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direction of the linear relationship between the independent and dependent
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variables



population correlation coefficient (ρ) - Correct answer ✔refers to the
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correlation between all values of two variables of interest in a population
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confidence interval for the mean - Correct answer ✔is an interval estimate
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around a sample mean that provides us with a range within which the true
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population mean is expected to lie |! |! |! |! |!