Bana 2081 - Study guides, Class notes & Summaries

BANA 2081 Exam 3 Questions with Correct Answers The purpose of statistical inference is to provide information about the - Answer-population based upon information contained in the sample. Point Estimate - Answer-the single numerical value used as an estimate of a population parameter Sample - Answer-subset of a population selected to represent the population It is impossible to construct a frame for a(n) _____ population. - Answer-infinite Target population - Answer-population we...

BANA 2081 Exam 3 Prep Questions and Answers The probability distribution that can be described by just one parameter is the: - Answer-Exponential The time required to load a truck is exponentially distributed with a mean of 15 minutes. What is the probability that a truck will be loaded in 10 minutes or less?: - Answer-0.487 = From a group of 12 students, we want to select a random sample of 4 students to serve on a university committee. How many combination of random samples of 4 stude...

BANA 2081 Exam 2 Chapters 4-6 Questions with Answers General Hospital has noted that they admit an average of 8 patients per hour. Assuming a Poisson distribution, what is the probability that during the next hour less then 3 patients will be admitted? (Round your answer to three decimal places.) - Answer-.014 The probability distribution for the number of goals the Lions soccer team makes per game is given below. Number Of Goals Probability 0 0.05 1 0.15 2 0.35 3 0.30 4 0....

BANA 2081 Exam 3 Questions with Correct Answers The company identified in Chapter 12, Analytics in Action, is - Answer-General Electric The Analytics in Action example in Chapter 12 concerned - Answer-investments in production capacity Chapter 12 focuses on - Answer-Linear Optimization _____________ or modeling, is the process of translating a verbal statement of a problem into a mathematical statement. - Answer-Problem Formulation The term _____________ refers to the expression th...

Bana 2081 Exam 2 Questions with All Correct Answers The random variable x is known to be uniformly distributed between 1.0 and 1.5. A) Show the graph of the probability density function. B) Compute P(x = 1.25). C) Compute P(1.0 ≤ x ≤ 1.25). D) Compute P(1.2 < x < 1.5). - Answer-A) f(x) axis 2, X axis 1.5 B) 0 C) 2(0.25) = 0.50 D) 2(0.30) = 0.60 Delta Airlines quotes a flight time of 5 hours, 3 minutes for a particular flight. Suppose we believe that actual flight times are ...

BANA 2081 Test 1 Questions with Correct Answers Statistics - Answer->numerical facts such as averages, medians, percentages, and maximums that help us understand a variety of business and economic situations > can also refer to the art and science of collecting, analyzing, presenting, and interpreting data. Data - Answer-facts and figures collected, analyzed, and summarized for presentation and interpretation Data Set - Answer-all the data collected in a particular set Elements...

BANA 2081 Exam 3 Prep Questions and Answers The probability distribution that can be described by just one parameter is the: - Answer- Exponential The time required to load a truck is exponentially distributed with a mean of 15 minutes. What is the probability that a truck will be loaded in 10 minutes or less?: - Answer-0.487 = From a group of 12 students, we want to select a random sample of 4 students to serve on a university committee. How many combination of random samples of 4 stude...

BANA 2081 Module 10 Questions with Correct Answers In stratified random sampling, - Answer-randomly selected elements within each of the strata form the sample Cluster sampling is - Answer-a probability sampling method Convenience sampling is an example of _____ sampling. - Answer-nonprobability Which of the following is an example of nonprobability sampling? - Answer-judgment sampling A probability sampling method in which we randomly select one of the first k elements and then ...

BANA 2081 Exam One Prep Questions and Answers The entities on which data are collected are: - Answer-Elements The set of measurements collected for a particular element is (are) called: - Answer-An observation In a questionnaire, respondents are asked to mark their sex as male or female. Sex is an example of the: - Answer-Nominal scale Some hotels ask their guests to rate the hotel's services as excellent, very good, good, and poor. This is an example of the: - Answer-Ordinal scale ...

BANA 2081 Exam 3 Questions with Correct Answers The company identified in Chapter 12, Analytics in Action, is - Answer-General Electric The Analytics in Action example in Chapter 12 concerned - Answer-investments in production capacity Chapter 12 focuses on - Answer-Linear Optimization or modeling, is the process of translating a verbal statement of a problem into a mathematical statement. - Answer-Problem Formulation Constraints are - Answer-Restrictions that limit the settings...