C723 Quantitative Business Analysis Final C723 Quantitative Business Analysis - Final WGU Questions With Correct Answers | VERIFIED

C723 Quantitative Business Analysis Final C723 Quantitative Business Analysis - Final WGU Questions With Correct Answers | VERIFIED Correlation analysis - ANSWER -is used to measure both the strength and direction of a linear relationship between two variables -A relationship is linear if the scatter plot of the independent and dependent variables has a straight-line pattern correlation coefficient, r - ANSWER -indicates both the strength and direction of the linear relationship between the independent and dependent variables population correlation coefficient (ρ) - ANSWER refers to the correlation between all values of two variables of interest in a population confidence interval for the mean - ANSWER is an interval estimate around a sample mean that provides us with a range within which the true population mean is expected to lie confidence level - ANSWER is defined as the probability that the interval estimate will include the population parameter of interest Student's t-distribution - ANSWER is used in place of the normal probability distribution when the sample standard deviation, s, is used in place of the population standard deviation, σ probability sample - ANSWER is a sample in which each member of the population has a known, nonzero, chance of being selected for the sample simple random sample - ANSWER is a sample in which every member of the population has an equal chance of being chosen Sampling error - ANSWER is defined as the difference between the sample statistic and the population parameter Central Limit Theorem - ANSWER states that the sample means of large-sized samples will be normally distributed regardless of the shape of their population distributions normal probability distribution - ANSWER is useful when the data tend to fall into the center of the distribution and when very high and very low values are fairly rare exponential distribution - ANSWER is used to describe data where lower values tend to dominate and higher values don't occur very often. uniform distribution - ANSWER describes data where all the values have the same chance of occurring Discrete data - ANSWER -Values are whole numbers (integers) -Usually counted, not measured Continuous data - ANSWER -Can potentially take on any value, depending only on the ability to measure accurately -Often measured, fractional values are possible Variance - ANSWER a measure of the spread of the individual values around the mean of a data set expected monetary value (EMV) - ANSWER is the mean of a discrete probability distribution when the discrete random variable is expressed in terms of dollars Probability - ANSWER -a numerical value ranging from 0 to 1 -indicates the chance, or likelihood, of a specific event occurring Experiment - ANSWER The process of measuring or observing an activity for the purpose of collecting data Sample space - ANSWER All the possible outcomes, or results, of an experiment joint probability - ANSWER probability of the intersection of two events mutually exclusive - ANSWER Two events cannot occur at the same time during the experiment Conditional probability - ANSWER the probability of Event A occurring, given the condition that Event B has occurred Permutations - ANSWER are the number of different ways in which objects can be arranged in order Central tendency - ANSWER is a single value used to describe the center point of a data set z-score - ANSWER -identifies the number of standard deviations a particular value is from the mean of its distribution -has no units Chebyshev's Theorem - ANSWER -states that for any number z greater than 1, the percent of the values that fall within z standard deviations above and below the mean will be at least -applies regardless of distribution five-number summary - ANSWER consists of these five values: -The minimum value -The first quart