2
Business Statistics Final Exam with precise detailed answers || || || || || || ||
Alpha - ✔✔The probability of committing a Type I Error.
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Alternate Hypothesis - ✔✔A statement that is accepted if the sample data provide sufficient
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evidence that the Ho is false.
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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
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of the bars.
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Beta - ✔✔The probability of committing a Type II Error.
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Central Limit Theorem - ✔✔If all samples of a particular size are selected from any
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population, the sampling distribution of the sample mean is approximately a normal
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distribution. This approximation improves with larger samples.
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Chebyshev's Theorem - ✔✔For any set of observations (sample or population), the
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proportion of the values that lie within k standard deviations of the mean is at least 1-1/k
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squared where k is any constant greater than 1.
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Cluster Sample - ✔✔A population is divided into clusters using naturally occurring
|| || || || || || || || || || || ||
geographic or other boundaries. Then, clusters are randomly selected and a sample is
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collected by randomly selecting from each cluster.
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Coefficient of Correlation - ✔✔A measure of the strength of the linear relationship between
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two variables.
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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.
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, 2
Collectively Exhaustive - ✔✔At least one of the events must occur when an experiment is
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conducted.
Conditional Probability - ✔✔The probability of a particular event occurring, given that
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another event has occurred.
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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. ||
Business Statistics Final Exam with precise detailed 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.
|| || || || || || || || || || || || || || ||
, 2
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. ||
