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Business Stats II - Final Exam Review – questions with Answers
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Business Stats II - Final Exam Review – questions with Answers
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Business Stats II - Final Exam Review– questions with Answers
The range of a p-value is ________. - - 0 to 1
- A Type II Error occurs when ________. - - the null hypothesis is false
- A hypothesis can be described in terms of assumptions about ____________ .
- - assumption made about the value of a population parameter
- The p-value is the probability of committing a Type I Error when _______. - -
performing a hypothesis test for the difference of two means??
- The smaller the Type I Error, the __________ the Type II Error. - - bigger
- When we use sample data to determine whether a statement about the
value of a population parameter should or should not be rejected we are
using a statistical procedure called _________. - - test statistics
- In hypothesis testing, the tentative assumption about the population
parameter is _______________. - - the null hypothesis
- For a lower tail test, the p-value is the probability of obtaining a value for
the test statistic __________. - - as low as the one found in the sample
assuming that the null hypothesis is true
- For an upper tail test, the p-value is the probability of obtaining a value for
the test statistic __________. - - at least as large as the one computed
- The p-value is a _______. - - probability that provides a measure of
evidence against the null hypothesis given by the sample
- What is likely to be true about the alternative hypothesis if the null
hypothesis is rejected? - - It suggests that the alternative hypothesis is true
- The maximum allowable probability of a Type I Error is ____________. - - the
level of significance (alpha)
- When a true alternative hypothesis is incorrectly rejected what type of
error has been committed? - - type II error
- When a true null hypothesis is incorrectly rejected what type of error has
been committed? - - type I error
, - The complement of the confidence level is the_____. - - level of significance
(alpha)
- The greatest acceptable probability of making a Type I error is denoted by
____________. - - alpha
- The greatest acceptable probability of making a Type II error is denoted by
____________. - - beta
- When the p-value is used for hypothesis testing, the null hypothesis is
rejected if _______________. - - the p-value is less than or equal to level of
significance
- The power of a test, i.e., the probability of correctly rejecting the null
hypothesis (H0) when the null hypothesis is false is __________. - - 1-Beta
- The ______ tool for determining whether the assumed regression model is
appropriate is residual analysis. (primary, secondary, tertiary, only) - -
primary
- The residual for an observation is computed by subtracting the
_____________ away from the _____________. - - yi, yhat
- In order to standardize the residuals in the least-squares method, what
arithmetic operation takes place? (think what happens when computing a z-
score, but where the mean is zero) - - divide each residual by its standard
deviation
- Small departures from normality ___________ a great effect on the statistical
tests used in regression analysis. - - do
- Residual and normal probability plots validate the regression model
assumptions. What do we do if one or more of the assumptions are
questionable? - - a different regression model or a transformation of the
data should be considered.
- What can we conclude if we analyze the residuals and verify that the
assumptions of the regression model are valid? (Can we be certain it is a
good model?) - - this is the primary method; however, even if no violations
are found it does not necessarily follow that the model will yield good
predictions. If other statistical tests conclude this and the coefficient of
determination is large we should be able to develop good estimates.
- A data point that does not fit the trend shown by the remaining data is a(n)
_______. - - outlier
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