Bana2081 - Study guides, Class notes & Summaries

BANA2081 EXAM 1 WITH COMPLETE SOLUTIONS GRADED A+ A sample point refers to the set of all possible experimental outcomes sample space individual outcome of an experiment numerical measure of the likelihood of the occurrence of an event - Answer-individual outcome of an experiment A graphical device used for enumerating sample points in a multiple-step experiment is a bar chart histogram tree diagram pie chart - Answer-tree diagram An experiment consists of three steps. There are four...

BANA2081 MODULE 1 QUESTIONS WITH COMPLETE SOLUTIONS Statements about the proportion of data values that must be within a specified number of standard deviations of the mean can be made using - Answer-Chebyshev's Theorem In a five number summary, which of the following is not used for data summarization? - Answer-The mean A box plot is a graphical representation of data that is based on - Answer-five number summary In a box plot, data value x is considered an outlier if - Answer-X&l...

BANA2081 MODULE 5 QUESTIONS WITH CERTIFIED ANSWERS ALL CORRECT When the assumption of equally likely outcomes is used to assign probability values, the method used to assign probabilities is referred to as the method - Answer-Classical 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 method - Answer-Relative frequency A method of assigning probabilities based upon judgment is refe...

BANA2081 MODULE 11 EXAMINATION QUESTIONS WITH ALL CORRECT ANSWERS Chapter 9's primary focus is - Answer-hypothesis tests The company identified in Chapter 9, Statistics in Practice is - Answer-John Morrell & Company The Statistics in Practice example in Chapter 9 identifies an application concerned with - Answer-product preference In hypothesis testing, the tentative assumption about the population parameter is - Answer-the null hypothesis The average manufacturing work week in...

BANA 2081 Actual Test 2 Questions and Answers All Correct (1) The time required to load a truck is exponentially distributed with a mean of 30 minutes. What is the probability that a truck will be loaded in 30 minutes or less. Enter your answer as a decimal rounded to 3 decimal places. - Answer-.632 The table below is a discrete probability distribution. x 0 1 2 3 P(x) 0.27 0.35 -0.06 0.44 - Answer-False Smaller values of the standard deviation result in a normal curve that is -...