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OMIS Quiz 8 Question and answers verified to pass OMIS Quiz 8 (Chapter 10 and 12) What is the formula for two means calculations - correct answer Top = standard deviation Bottom = Z value (with standard deviation calculation going in the denominator) What is the process for two means cal...

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  • November 6, 2024
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  • 2024/2025
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OMIS Quiz 8 (Chapter 10 and 12)
What is the formula for two means calculations - correct answer ✔Top =
standard deviation
Bottom = Z value (with standard deviation calculation going in the
denominator)


What is the process for two means calculations - correct answer ✔1.
Recognize that you are dealing with two means (there is a comparison of two
things and you are given two mean values and to standard deviations and the
sample sizes too)
2. Find the standard deviation using the formula
3. Find the Z value by plugging in the standard deviation
4. Put this Z value on a graph and figure out whether you are looking for
greater than or less than
5. Plug into excel norm.s.dist to find the probability making sure to follow the
correct rules


For two means problems how do you know if you are solving for the right or
the left side of the z value that you find - correct answer ✔You have to look
at the wording and which side of the average it is referring to of the problem:
1. A is "less than" means it is to the left
2. A is "greater than, will exceed, etc"
Note: Be careful which one it is talking about, if it is talking about B, then it is
the opposite because if B is "greater than" that means that A is "less than" and
you are looking for the value to the left instead, so the wording is not a direct
giveaway


When you see "estimation" what should you think of - correct answer
✔Confidence intervals

, What are the steps for doing confidence interval calculations in chapter 10
(dealing with sample means not population means) - correct answer ✔1.
Recognize that you are dealing with a confidence interval problem where you
are looking for population mean
2. Draw a sample from the population (will just be given a sample already if
we aren't given mean)
3. Find the sample mean (a point estimate), this is either given to you or you
have to find using mean function from table
4. Once you have the sample mean find Z using excel or the table
5. Plug into the formula to find UCL and LCL
6. Interpret these findings: "95% of the time this range will capture" the true
demand for the computer (inside quotes is universal, just change %)


What is the equation for margin of error - correct answer ✔Main part of the
confidence interval formula (excludes the mean addition or subtraction)


What are the three qualities of estimators (confidence intervals) - correct
answer ✔1. Unbiased
2. Has to be consistent (meaning when you increase sample size the tighter
the distribution)
3. If there are two unbiased estimators, the one whose variance is smaller is
said to be relatively efficient (meaning that you always choose the one with a
larger sample size)


What does it mean for an unbiased estimator to be consistent? - correct
answer ✔If the difference between the estimator and the parameter becomes
smaller as the sample size grows

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