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Business Analytics Exam 2 (questions rated 100% correct).
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Business Analytics Exam 2 (questionsrated 100% correct).
If the data distribution is symmetric, the skewness is ANS - 0
For data skewed to the left, the skewness is ANS - negative
When data are positively skewed, the mean will usually be ANS - greater than the median.
Generally, which one of the following is the least appropriate measure of central tendency for a data set
that contains outliers? ANS - Mean
Statements about the proportion of data values that must be within a specified number of standard
deviations of the mean can be made using ANS - Chebyshev's theorem.
The empirical rule states that, for data having a bell-shaped distribution, the percentage of data values
being within one standard deviation of the mean is approximately ANS - 68%
A numerical measure of linear association between two variables is the ANS - covariance.
Positive values of covariance indicate ANS - positive relation between the independent and the
dependent variables.
The correlation coefficient ranges between ANS - -1 and +1.
The collection of all possible sample points in an experiment is ANS - the sample space.
The range of probability is ANS - 0 to 1.
,An experiment consists of four outcomes with P(E1) = 0.2, P(E2) = 0.3, and P(E3) = 0.4. The probability of
outcome E4 is ANS - 0.100. (add them together)
An experiment consists of three steps. There are four possible results on the first step, three possible
results on the second step, and two possible results on the third step. The total number of experimental
outcomes is ANS - 24. (multiply them together)
Assume your favorite soccer team has 2 games left to finish the season. The outcome of each game can
be win, lose or tie. The number of possible outcomes is ANS - 9 (multiply them together)
Ten individuals are candidates for positions of president and vice president of an organization. How
many possibilities of selections exist? ANS - 90 (10 first slot x 9 second slot)
How many outcomes are on the roulette wheel shown in class? ANS - 38
What is the probability of red on the roulette wheel? Enter your answer as a decimal rounded to three
decimal places. ANS - .474 (36/2=18 18/38=.474)
From a group of six people, two individuals are to be selected at random. How many selections are
possible? ANS - 15 ((n! / (x! * (n-x)!) (6! / (2! * 4!))
Assuming that each of the 52 cards in an ordinary deck has a probability of 1/52 of being drawn, what is
the probability of drawing a black ace? ANS - 2/52
A method of assigning probabilities based upon judgment is referred to as the ANS - subjective method.
When the assumption of equally likely outcomes is used to assign probability values, the method used to
assign probabilities is referred to as the ANS - classical method
When the results of experimentation or historical data are used to assign probability values, the method
used to assign probabilities is referred to as the ANS - relative frequency method.
, Of the last 100 customers entering a computer shop, 25 have purchased a computer. If the classical
method for computing probability is used, the probability that the next customer will purchase a
computer is ANS - .25
The sum of the probabilities of two complementary events is ANS - 1.0
The union of events A and B is the event containing all the sample points belonging to ANS - A or B or
both.
If P(A) = 0.50, P(B) = 0.60, and P(A intersection B) = 0.30, then P(A union B) = ANS - 0.80
P(A)+P(B)-P(A intersection B)
.5+.6=1.1-.3=.8
If two events are independent, then ANS - the product of their probabilities gives their intersection.
If two events, A and B, are mutually exclusive, the probability of A intersection B ANS - must always be
equal to 0
If A and B are independent events with P(A) = 0.38 and P(B) = 0.55, then P(A given B) = ANS - 0.38
Events A and B are mutually exclusive with P(A) = 0.3 and P(B) = 0.2. Then, P(B^c) = ANS - 0.80.
If A and B are mutually exclusive events with P(A) = 0.295, P(B) = 0.32, then P(A | B) = ANS - 0.0000.
(because they are mutually exclusive)
Bayes' theorem is used to compute ANS - the posterior probabilities
A very short quiz has one multiple choice question with five possible choices (a, b, c, d, e) and one true
or false question. Assume you are taking the quiz but do not have any idea what the correct answer is to
either question, but you mark an answer anyway. What is the probability you have given the correct
answer to both questions? Enter your answer as a decimal rounded to two decimal places. ANS - .10
(1/2)(1/5) = 1/10)
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