QMB3200 Midterm Exam Prep Questions With Reviewed Correct Answers
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Course
QMB
Institution
QMB
QMB3200 Midterm Exam Prep
Questions With Reviewed Correct
Answers
Crosstabulation - ANSWER : a tabular summary of
data for two variables
scatter diagram & trendline - ANSWER : display of the
relationship between two quantitative variables and a
trendline provides an approximation of t...
QMB3200 Midterm Exam Prep
Questions With Reviewed Correct
Answers
Crosstabulation - ANSWER ✔ : a tabular summary of
data for two variables
scatter diagram & trendline - ANSWER ✔ : display of the
relationship between two quantitative variables and a
trendline provides an approximation of the relationship
Mean or average - ANSWER ✔ : the average value for a
variable sample : x̄ Pop: μ
Median - ANSWER ✔ : The value in the middle when the
data are arranged in ascending order when odd its the
middle when even its the average of the middle avoid for
extreme values
Mode - ANSWER ✔ : the value that occurs with the
greatest frequency if two values its bimodal if more is
multimodal
EXCEL mode - ANSWER ✔ : =mode.sngl(A:A)
, weighted mean - ANSWER ✔ : used when observations
have different weights
Geometric mean - ANSWER ✔ : a measure of location
by finding the nth root of the product of n values
Excel geometric mean - ANSWER ✔ : =geomean(A:A)
Percentile - ANSWER ✔ : how data is spread over the
interval from smallest to largest value. pth percentile
divides data into 2 parts approx p% are less and 100-p%
are more
EXCEL quartile - ANSWER ✔ : =quartile.exc(A:A, 2) for
second quartile
Range - ANSWER ✔ : largest and smallest value
Interquartile range - ANSWER ✔ : Q3-Q1 range of 50%
middle data
Variance - ANSWER ✔ : measures variability using all
the data population is sigma squared sample is s squared
, useful for comparing the variability of two or more
variables but one difficulty is the units since squared
standard deviation - ANSWER ✔ : square root of
variance sigma for pop s for sample
EXCEL Variance - ANSWER ✔ : =var.s(A:A)
EXCEL Standard deviation - ANSWER ✔ : =stdev.s(A:A)
Coefficient of variation - ANSWER ✔ : how large
standard deviation is relative to the mean
Distribution Shape - ANSWER ✔ : measured by
skewness if left skew = negative mean less than median; if
right skew = positive mean is more than median, if
symmetric = 0 mean = median
Excel skew - ANSWER ✔ : =skew(A:A)
Z scores - ANSWER ✔ : measures relative location of
values in the dataset how far a value is from mean
Chebyshev theorem - ANSWER ✔ : we can make
statements about how much data is within certain
standard deviations 2 = 75% 3 = 89 % at least
If data is bell shaped - ANSWER ✔ : It applies to any
dataset .If the data is bell shaped around the mean, we
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