Statistics Expert Needed!

Quantitative Methods for Business and Economics I

Be sure you know the following concepts and terms:

1. Types of probability: subjective and objective (a priori classical and empirical classical)

2. Sample Space and Event Set

3. Joint and Simple Events

4. Simple and General Multiplication and Addition Rules

5. Collectively exhaustive, mutually exclusive, complementary events & their probabilities

6. Impossible and uncertain events and their probabilities

7. Characteristics of a probability distribution

8. Characteristics of a Binomial Distribution/Bernoulli Process

9. Properties of a normal distribution

10. Standard (Z) Scores

Problems:

1. Using the Count and Divide Method to find a probability

2. Calculating the Probability of the Union of Events

3. Finding marginal, joint, and conditional probabilities from a table; and testing for independence of events

4. Calculating Expected Value

5. Using the Binomial Formula to find a probability

6. Using the Binomial and Cumulative Binomial Distribution table from Excel

7. Finding the mean and standard deviation of a binomial distribution

8. Finding the probability (area under the curve) for a normal distribution

9. Finding percentiles for a normal distribution

10. Interpreting a Normal Probability Plot

Don’t forget to have your corrected computer output available to you during the exam. You'll also need a calculator during the exam.