Business Statistics And Analytics In Practice Bowerman Complete Course Review Guide

BUSINESS STATISTICS AND ANALYTICS IN
PRACTICE BOWERMAN COMPLETE COURSE
REVIEW GUIDE

◉ If samples of size n are drawn repeatedly from a given population
and each sample is used to construct a 95% confidence interval for
μ.
Answer: 5% of the confidence intervals will fail to contain μ.


◉ Regardless of the sample size, the estimator xx follows a normal
distribution when the underlying population follows a distribution..
Answer: Normal


◉ The confidence level equals.
Answer: 1-a


◉ In order to construct a confidence interval for μ, the sampling
distribution of the estimator xx must follow or approximately follow
a(n) ______ distribution.
Answer: Normal


◉ True or False: A confidence interval is constructed around the
population mean and makes inference about the sample mean..

, Answer:


◉ -false.
Answer:


◉ If α equals 0.05, then the confidence level equals.
Answer: .95


◉ A confidence interval can be interpreted as a.
Answer: range of values used to estimate an unknown population
parameter.


◉ If we use the same data set to compute both 95% and 99%
confidence intervals for μ, the margin of error for the 95%
confidence interval would be _____ the margin of error for the 99%
confidence interval..
Answer: Less than


◉ Suppose you are constructing a confidence interval for the mean
length of life of AAA batteries. You have the following data: xx=250,
n=25, σ=0.5, and zα/2=z0.025=1.96. The margin of error for a 95%
confidence interval is closest to.
Answer: .2