BMAL 590 RESEARCH AND STATISTICS UPDATED REVISION GUIDE

BMAL 590 RESEARCH AND STATISTICS UPDATED REVISION GUIDE 1. Which one of the following would not be considered a state of nature for a business firm? 2. Assume an investment is made a significant number of times using the same probabilities and payoffs. In this case, the average payoff per investment represents 3. The level of doubt regarding the decision situation where both the possible states of nature and their exact probabilities of occurrence are known as which of the following? 4. The difference between expected payoff under certainty and expected value of the best act without certainty is the 5. Which of the following regarding EMV/EOL if false? 6. The F-statistic is a one-way ANOVA represents the 7. In we can observe the effect on the response variable of at least two factors. 8. The distribution of the test statistics for analysis of variance is the . 9. A sample of 500 athletes is taken from a population of 11,000 Olympic athletes to measure work ethic. As a result we . 10. When data is collected in a statistical study for only a portion or subset of all elements of interest we are using a 11. When a person receives an email questionnaire and places it in their deleted items without responding, they are contributing to 12. The difference between a sample mean and the population mean is called the 13. A type I error occurs when we 14. In a criminal trial where the null hypothesis states that the defendant is innocent, a Type II error is made when 15. The p-value of the test is the 16. Initial estimates of the probabilities of events are known as . 17. If the outcome of event A is not affected by event B, then events A and B are said to be . 18. The collection of all possible outcomes of an experiment is called . 19. Suppose P(A) = .35. The probability of the complement of A is . 20. An unbiased estimator is . A company has developed a new smartphone whose average lifetime is unknown. In order to estimate this average, 200 smartphones are randomly selected from a large production line and tested. Their average lifetime is found to be 5 years. 200 smartphones represents a . Which of the following is a measure of reliability of a statistical inference? The process of using sample statistics to draw conclusions about population parameters is called Which of the following statements involve descriptive statistics as opposed to inferential statistics? A population of all college applicants exists who have taken the SAT exam in the US in the last year. A parameter of the population are Which method of data collection is involved when a researcher counts and records the number of students wearing backpacks on campus in a given day? Bayes’ Law is used to compute The classical approach describes a probability If a set of events includes all possible outcomes of an experiment these events are considered to be The concept that allows us to draw conclusions about the population based strictly on sample data without having any knowledge about the distribution of the underlying population is . -Suppose you are given 3 numbers that relate to the number of people in a university sample. The three numbers are 10,20,30. If the standard deviation is 10, the standard error equals You are tasked with finding the standard deviation. You are given 4 numbers. Numbers are 5, 10, 15, and 20. The standard deviation equals Two methods exist to create a sampling distribution. Once involves using parallel samples from a population and the other is to use the The hypothesis of most interest to the researcher is the A Type I error occurs when . Statisticians can translate p values into several descriptive terms. Suppose you typically reject H0 at a level of .05. Which of the following statements is incorrect? In a criminal trial where the null hypothesis states that the defendant is innocent a type I error is made when To take advantage of the information of a test result using the rejection region method and make a better decision on the basis of the amount of statistical evidence we can analyze the An unbiased estimator is . Thirty-six months were randomly sampled and the discount rate on new issues of 91-day Treasury Bills was collected. The sample mean is 4.76% and the standard deviation is 171.21. What is the unbiased estimate for the mean of the population? a 98% confidence interval estimate for a population mean is determined to be 75.38 to 86.52. If the confidence level is reduced to 90%, the confidence interval for the population mean Suppose the population of blue whales is 8,000. Researchers are able to garnish a sample of oceanic movements from 100 blue whales from within this population. Thus In the sample proportion, represented by p=x/n the variable x refers to: Distribution of the test statistic for the analysis of variance is the . In Fisher’s least significant difference (LSD) multiple comparison method, the LSD value will be the same for all pairs of means if . One-way ANOVA is applied to 3 independent samples having means 10, 13, and 18 respectively. If each observation in the 3rd sample were increased by 30, the value of the F statistic would . Assume a null hypothesis is found to be true. By dividing the sum of squares of all observations or SS (Total) by (n-1) we can retrieve the Which of the following is true about a one-way analysis of variance? A tabular presentation that shows the outcome for each decision alternative under the various states of nature is called a . Which of the following statements is false regarding the expected monetary value (EMV)? In the context of an investment decision, is the difference between what the profit for an act is and the potential profit given an optimal decision The branches in a decision tree are equivalent to Which of the following is not necessary to compute posterior probabilities? Concerning test statistics sum of squares for error measures the . within treatments variation The average speed of cars passing a checkpoint is 60 miles per hour with a standard deviation of 8 miles per hoir. Fifty passing cars are clocked at random from this checkpoint. the probability that the sample mean will be between 57 and 62 miles per hour is? CONTINUED........................DOWNLOAD FOR BEST SCORES