QMB 210 University of Tampa questions with verified
answers
addition rule Ans✓✓✓a mathematical rule used to calculate the
probability of the union of events
alpha Ans✓✓✓The probability of rejecting the null hypothesis when, in
reality, it is true.
Alternative hypothesis Ans✓✓✓Designated H1, this hypothesis
represents the opposite of the null hypothesis and holds true if the null
hypothesis is found to be false. The alternative hypothesis always states
the population parameter is <, not equal (=/), or > a specific value.
bar chart Ans✓✓✓A chart that displays qualitative data that have been
organized in categories and can be arranged vertically or horizontally
Bayes' Theorem Ans✓✓✓A theorem used to calculate P(A|B) from
information about P(B|A).
beta Ans✓✓✓The probability of failing to reject the null hypothesis
when, in reality, it is not true.
biased sample Ans✓✓✓a sample that is not represent the intended
population and that can lead to distorted findings
,binomial experiment Ans✓✓✓has the following characteristics: (1)
Experiment pictures of a fixed number of trials, n; (2) Each trial has only
two possible outcomes, a success or a failure; (3) The probability of
success and the probability of failure are constant throughout the
experiment; (4) each trial is independent of any other trial in the
experiment
bootstrap method Ans✓✓✓using computer software to extract many
samples with replacement in order to estimate a parameter of the
population
box and whisker plot Ans✓✓✓A graphical displays showing the
relative position of distributions three quartiles as a box on a number
line, along with the minimum and maximum values.
Business Analytics Ans✓✓✓the use of statistical analysis and
predictive models n the business world to analyze data and make
decisions and make meaningful conclusions
Business Statistics Ans✓✓✓Statistics applied to the business world to
help improve people's decision making in fields such as marketing,
operations, finance, and human resources.
categorical data Ans✓✓✓Data that describes a category or label
census Ans✓✓✓the process of recording information from the entire
population of interest
, Central Limit Theorem Ans✓✓✓Sample means from samples of
sufficient size, drawn from any population, will be normally distributed.
central tendency Ans✓✓✓A single value used to describe the center
point of a data set
Chebyshev's Theorem Ans✓✓✓A theorem that states that regardless of
whether distribution is bell-shaped, at least 94% of data values will fall
within +- four standard deviations of the mean, at least 89% of data
values will fall within +- Three standard deviations of the mean, and at
least 75% of data values will fall within +- two standard deviations of
the mean
class Ans✓✓✓a category in frequency distribution
Classical Probability Ans✓✓✓A probability that is determined by
dividing the number of possible outcomes of an event by the total
number of possible outcomes in the sample space.
cluster sample Ans✓✓✓A simple random sample of groups, or clusters,
of the population often based on geography.
Clustered bar chart Ans✓✓✓A bar chart that groups several values side
by side within the same category in a vertical direction.
answers
addition rule Ans✓✓✓a mathematical rule used to calculate the
probability of the union of events
alpha Ans✓✓✓The probability of rejecting the null hypothesis when, in
reality, it is true.
Alternative hypothesis Ans✓✓✓Designated H1, this hypothesis
represents the opposite of the null hypothesis and holds true if the null
hypothesis is found to be false. The alternative hypothesis always states
the population parameter is <, not equal (=/), or > a specific value.
bar chart Ans✓✓✓A chart that displays qualitative data that have been
organized in categories and can be arranged vertically or horizontally
Bayes' Theorem Ans✓✓✓A theorem used to calculate P(A|B) from
information about P(B|A).
beta Ans✓✓✓The probability of failing to reject the null hypothesis
when, in reality, it is not true.
biased sample Ans✓✓✓a sample that is not represent the intended
population and that can lead to distorted findings
,binomial experiment Ans✓✓✓has the following characteristics: (1)
Experiment pictures of a fixed number of trials, n; (2) Each trial has only
two possible outcomes, a success or a failure; (3) The probability of
success and the probability of failure are constant throughout the
experiment; (4) each trial is independent of any other trial in the
experiment
bootstrap method Ans✓✓✓using computer software to extract many
samples with replacement in order to estimate a parameter of the
population
box and whisker plot Ans✓✓✓A graphical displays showing the
relative position of distributions three quartiles as a box on a number
line, along with the minimum and maximum values.
Business Analytics Ans✓✓✓the use of statistical analysis and
predictive models n the business world to analyze data and make
decisions and make meaningful conclusions
Business Statistics Ans✓✓✓Statistics applied to the business world to
help improve people's decision making in fields such as marketing,
operations, finance, and human resources.
categorical data Ans✓✓✓Data that describes a category or label
census Ans✓✓✓the process of recording information from the entire
population of interest
, Central Limit Theorem Ans✓✓✓Sample means from samples of
sufficient size, drawn from any population, will be normally distributed.
central tendency Ans✓✓✓A single value used to describe the center
point of a data set
Chebyshev's Theorem Ans✓✓✓A theorem that states that regardless of
whether distribution is bell-shaped, at least 94% of data values will fall
within +- four standard deviations of the mean, at least 89% of data
values will fall within +- Three standard deviations of the mean, and at
least 75% of data values will fall within +- two standard deviations of
the mean
class Ans✓✓✓a category in frequency distribution
Classical Probability Ans✓✓✓A probability that is determined by
dividing the number of possible outcomes of an event by the total
number of possible outcomes in the sample space.
cluster sample Ans✓✓✓A simple random sample of groups, or clusters,
of the population often based on geography.
Clustered bar chart Ans✓✓✓A bar chart that groups several values side
by side within the same category in a vertical direction.
