Business Statistics Final Exam with precise detailed answers

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Business Statistics Final Exam with precise detailed answers || || || || || || ||




Alpha - ✔✔The probability of committing a Type I Error.
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Alternate Hypothesis - ✔✔A statement that is accepted if the sample data provide sufficient
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evidence that the Ho is false.
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Bar Chart - ✔✔A graph in which the classes are reported on the horizontal axis and the
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class frequencies on the vertical axis. The class frequencies are proportional to the heights
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of the bars.
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Beta - ✔✔The probability of committing a Type II Error.
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Central Limit Theorem - ✔✔If all samples of a particular size are selected from any
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population, the sampling distribution of the sample mean is approximately a normal
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distribution. This approximation improves with larger samples.
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Chebyshev's Theorem - ✔✔For any set of observations (sample or population), the
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proportion of the values that lie within k standard deviations of the mean is at least 1-1/k
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squared where k is any constant greater than 1.
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Cluster Sample - ✔✔A population is divided into clusters using naturally occurring
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geographic or other boundaries. Then, clusters are randomly selected and a sample is
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collected by randomly selecting from each cluster.
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Coefficient of Correlation - ✔✔A measure of the strength of the linear relationship between
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two variables.
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Coefficient of Determination - ✔✔The proportion of the total variation in the dependent
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variable Y that is explained, or accounted for, by the variation in the independent variable X.
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Collectively Exhaustive - ✔✔At least one of the events must occur when an experiment is
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conducted.



Conditional Probability - ✔✔The probability of a particular event occurring, given that
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another event has occurred.
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Confidence Interval - ✔✔A range of values constructed from a sample data so that the
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population parameter is likely to occur within that range at a specified probability. The
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specified probability is called the level of confidence.
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Contingency Table - ✔✔A table used to classify sample observations according to two or
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more identifiable characteristics.
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Correlation Analysis - ✔✔A group of techniques to measure the association between two
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variables.



Critical Value - ✔✔The dividing point between the region where the null hypothesis is
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rejected and the region where it is not rejected.
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Dependent Variable - ✔✔The variable that is being predicted or estimated.
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Descriptive Statistics - ✔✔Methods of organizing, summarizing, and presenting data in an
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informative way. ||




Discrete Random Variable - ✔✔A random variable that can assume only certain clearly
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separated values. ||