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Business Statistics Final Exam/72 accurate Questions & Answers
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Business Statistics Final Exam/72 accurate Questions & Answers
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Business Statistics Final Exam/72accurate Questions & Answers
Alpha - - The probability of committing a Type I Error.
- Alternate Hypothesis - - A statement that is accepted if the sample data
provide sufficient evidence that the Ho is false.
- Bar Chart - - A graph in which the classes are reported on the horizontal
axis and the class frequencies on the vertical axis. The class frequencies are
proportional to the heights of the bars.
- Beta - - The probability of committing a Type II Error.
- Central Limit Theorem - - If all samples of a particular size are selected
from any population, the sampling distribution of the sample mean is
approximately a normal distribution. This approximation improves with larger
samples.
- Chebyshev's Theorem - - For any set of observations (sample or
population), the proportion of the values that lie within k standard deviations
of the mean is at least 1-1/k squared where k is any constant greater than 1.
- Cluster Sample - - A population is divided into clusters using naturally
occurring geographic or other boundaries. Then, clusters are randomly
selected and a sample is collected by randomly selecting from each cluster.
- Coefficient of Correlation - - A measure of the strength of the linear
relationship between two variables.
- Coefficient of Determination - - The proportion of the total variation in the
dependent variable Y that is explained, or accounted for, by the variation in
the independent variable X.
- Collectively Exhaustive - - At least one of the events must occur when an
experiment is conducted.
- Conditional Probability - - The probability of a particular event occurring,
given that another event has occurred.
- Confidence Interval - - A range of values constructed from a sample data
so that the population parameter is likely to occur within that range at a
specified probability. The specified probability is called the level of
confidence.
, - Contingency Table - - A table used to classify sample observations
according to two or more identifiable characteristics.
- Correlation Analysis - - A group of techniques to measure the association
between two variables.
- Critical Value - - The dividing point between the region where the null
hypothesis is rejected and the region where it is not rejected.
- Dependent Variable - - The variable that is being predicted or estimated.
- Descriptive Statistics - - Methods of organizing, summarizing, and
presenting data in an informative way.
- Discrete Random Variable - - A random variable that can assume only
certain clearly separated values.
- Empirical Probability - - The probability of an event happening is the
fraction of the time similar events happened in the past.
- Empirical Rule - - For a symmetrical, bell-shaped frequency distribution,
approximately 68% of the observations will lie within + or -1 standard
deviation of the mean; about 95% of the observations will lie within + or -2
standard deviations of the mean; and practically all (99.7%) will lie within +
or -3 standard deviations of the mean.
- Event - - A collection of one or more outcomes of an experiment.
- Experiment - - A process that leads to the occurrence of one and only one
of several possible observations.
- Frequency Distribution - - A grouping of data into mutually exclusive
classes showing the number of observations in each class.
- Frequency Table - - A grouping of qualitative data into mutually exclusive
classes showing the number of observations in each class.
- Histogram - - A graph in which the classes are marked on the horizontal
axis and the class frequencies on the vertical axis. The class frequencies are
represented by the heights of the bars and the bars are drawn adjacent to
each other.
- Hypothesis - - A statement about a population parameter subject to
verification.
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