WPC Concept Quiz 3 Exam Questions with Correct Answers
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Course
WPC 300
Institution
WPC 300
As a farmer interested in data-driven decision-making, you want to determine the effect of 3 fertilizers on your crop yield. Which of the following hypothesis testing would you use to determine if there is any difference in the yield between the three fertilizers:
paired t-test
Two sample t-tes...
WPC Concept Quiz 3 Exam Questions
with Correct Answers
As a farmer interested in data-driven decision-making, you want to determine the effect
of 3 fertilizers on your crop yield. Which of the following hypothesis testing would you
use to determine if there is any difference in the yield between the three fertilizers:
paired t-test
Two sample t-test
one sample t-test
ANOVA test - Answer-ANOVA test
Company A is thinking of mining more platinum even though the platinum resources are
scarce. Which one of the following heuristics will the company use to perform the
analysis?
Break-even point
Bayesian Thinking
Order of Magnitude
Marginal Analysis - Answer-Marginal Analysis
In the hypothesis testing that you are conducting, you determine the confidence level
needed is 99%. For you to reject the null hypothesis, the p-value needs to be:'
<0.05
< 0.01
<0.99
<1 - Answer-< 0.01
In hypothesis testing, type II error occurs when:
You reject the null hypothesis when the null hypothesis is true
You reject the null hypothesis when the null hypothesis is false
You fail to reject the null hypothesis when the null hypothesis is true
You fail to reject the null hypothesis when the null hypothesis is false - Answer-You fail
to reject the null hypothesis when the null hypothesis is false
The heuristic that is used in situations facing compounding growth is:
Pareto Principle
Bayesian Thinking
Rule of 72
S or adoption curve - Answer-Rule of 72
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