UCF FINAL QMB 3200 STACEY BROOK UPDATED ACTUAL Questions and CORRECT Answers
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Course
QMB 3200
Institution
QMB 3200
UCF FINAL QMB 3200 STACEY BROOK
UPDATED ACTUAL Questions and
CORRECT Answers
Sampling from a finite population: - CORRECT ANSWER- choosing a simple
random sample of size n from a finite population of
size N where each possible sample of size n has the
same probability of being selected.
1. ...
UCF FINAL QMB 3200 STACEY BROOK
UPDATED ACTUAL Questions and
CORRECT Answers
Sampling from a finite population: - CORRECT ANSWER- ✔✔choosing a simple
random sample of size n from a finite population of
size N where each possible sample of size n has the
same probability of being selected.
1. Assign a random number to each element of the
population.
2. Select the n elements corresponding to the n
smallest random numbers.
Sampling from an infinite population: - CORRECT ANSWER- ✔✔A random sample of size
n form an infinite
population is a sample selected meeting the
following:
1. Each element comes from the same population;
2. Each element is selected independently.
How would we take a finite random sample in excel? - CORRECT ANSWER- ✔✔Use the
formula =rand() which will assign a random number between 0 and 1 for each data point,
then copy and paste the random number column (this is to ensure that the random numbers
don't change when you move it around- paste as values, not a formula) then sort the data by
smallest to largest of the random number values then select the smallest numbers- for
example, if the sample is 30- from the top down select thirty data points.
When you sort the data make sure if your data has headers to check the box indicating this
before you sort.
Point Estimation - CORRECT ANSWER- ✔✔calculate the mean, standard deviation and
, proportion. The resulting values are point estimators
for each.
So if we had a mean of 6- the point estimate would be 6 and the estimator would be the mean.
Same if we were to use standard deviation or proportion- (which is how many out of a certain
number of data do a certain act.)- for example 6/100 people drink tea so 6% is our proportion.
Variable used to describe proportion - CORRECT ANSWER- ✔✔P for population proportion
p(bar)- for sample proportion
Sampling distribution - CORRECT ANSWER- ✔✔a distribution of statistics obtained by
selecting all the possible samples of a specific size from a population
The Sampling Distribution of ̅ 𝑥 is the probability
distribution of all possible values of the sample mean
( ̅ 𝑥).
Standard Deviation of ̅ 𝑥 is denoted as 𝜎 ̅𝑥; and its
value depends on whether the population is finite or
infinite.
What is the standard error of the
mean - CORRECT ANSWER- ✔✔the standard deviation of xbar- or the mean
Form/Shape of the Sampling Distribution of xbar - CORRECT ANSWER- ✔✔The
form/shape of the sampling distribution of ̅ 𝑥 has
two possibilities:
1. The population has a normal distribution;
2. The population does not have a normal
distribution.
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