BANA 2372 EXAM 3 QUESTIONS WITH CORRECT ANSWERS

BANA 2372 EXAM 3 QUESTIONS WITH CORRECT ANSWERS what is x̄ (x bar)? - Answer-Sample mean height what is p bar? (p with line on top) - Answer-sample proportion What is μ? - Answer-population mean Are x bar and p bar both normally distributed? - Answer-yes descriptive statistics - Answer-making calculations from samples to describe those samples inferential statistics - Answer-involves using descriptive statistics and their sampling distributions to be able to make inferences about population parameters population parameters - Answer-specific numbers describing the characteristics of the population sampling - Answer-pulling a sample from a larger population finite population - Answer-A population with a fixed size what is N? - Answer-population size what is n? - Answer-sample size Are most populations we consider infinite or finite? - Answer-Infinite, or large enough to be considered so what is an example of an infinite population - Answer-A production process in which the number of units produced is continuously growing overtime therefore it has no fixed size what kind of sample can we take from a finite population? - Answer-A simple random sample in a simple random sample of size "n" each possible sample has what probability of being chosen? - Answer-each sample has the same probability of being chosen what steps do we take to ensure that each sample taken has the same probability of being chosen? - Answer-first we must assign each element in the population a random number from a random generator then we must choose the elements with the lowest "n" random numbers as the sample when it comes to picking a simple random sample from a finite population, say n (sample size) = 5, which five samples would we pick and why? - Answer-We would pick the 5 samples with the smallest numbers what kind of sample do we construct from an infinite population? - Answer-We wouod construct a RANDOM sample (not a simple random sample) what is the criteria for creating a random sample? - Answer-each element must be selected from the same population then each element must be chosen independently in order for a sample from an infinite population to be valid all elements must be ? - Answer-from the same population , be selected independently and at the same point in time how do you estimate a population parameter - Answer-you must calculate sample statistics, also known as point estimates The point estimate for the population mean ,μ, is what? - Answer-the sample mean, x̄ what is the point estimate for the population variance, σ^2? - Answer-The sample variance, s^2? what is σ^2? - Answer-Population variance