BANA 2372 FINAL EXAM QUESTIONS AND ANSWERS ALL CORRECT

BANA 2372 FINAL EXAM QUESTIONS AND ANSWERS ALL CORRECT statistical interference - Answer-The process of using data obtained from a sample to make estimates or test hypotheses about the characteristics of a population. -exp: In a sample of 800 students in a university, 160, or 20%are Business majors. the school reported "20% of all students at the university are Business majors". Variance - Answer-The descriptive measure NOT measured in the same units as the original data Excel's Chart Tools can be used to construct a - Answer--All of the tools can be constructed using Excel's Chart Tools Time Series - Answer-data collected over time periods The posterior Probabilities - Answer-Bayes' Theorem is used to compute Elements - Answer-The entities on which data are collected Given the event E has a probability of .25, the probability of the complement of Event E - Answer-must be .75 The sum of the relative frequencies for all classes will always equal - Answer-1 The sample space - Answer-refers to the set of all possible outcomes tree diagram - Answer-a graphical representation that helps in visualizing a multiple- step experiment frequency distribution - Answer-A tabular summary of data showing the number (frequency) of observations in each of several nonoverlapping categories or classes. Proper way of showing Stem-and-leaf display for the data set (62,67,68,73,79,91,94) - Answer-include a stem labeled '8' ad enter no leaves on the stem The probability of an event - Answer-The sum of the probabilities of the experimental outcomes in the event The five-number summary - Answer-min, Q1, median, Q3, max Chebyshev's theorem is applicable - Answer-to any data set The 75th percentile - Answer-is also the third quartile Difference between a bar and a histogram - Answer-A histogram displays quantitative, while a bar graph displays categorial data Interquartile range - Answer-The difference between the first and third quartiles Correlation Coefficient - Answer-A numerical measure of linear association between two variables VAR.S - Answer-Excel's function can be used to compute the sample variance Categorial Data - Answer-Arithmetic operations are inappropriate for Median - Answer-Excel's function can be used to compute the middle value of an ordered data Quantitative data - Answer-The birth weight of newborns in grams mean - Answer-the coefficient of variation indicates how large the standard deviation is relative to E(x)=np - Answer-The expected value for a binomial probability distribution The central limit theorem - Answer-The basis for using a normal probability distribution to approximate the sampling distribution of x(bar) and P(bar) Sampling Distribution - Answer-a probability distribution consisting of all possible values of a sample statistic Discrete Radom variable - Answer-A random variable that can assume only a finite number of values The trails are dependent - Answer-is NOT a characteristic of an experiment where the binomial probability distribution is applicable Probability Distribution - Answer-A description of how the probabilities are distributed over the values the random variable can assume