In need of a Tutor that is VERY good in Business Statistics.

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1. A distribution that is relatively peaked with a low degree of dispersion has a coefficient of kurtosis that is ________. (Points : 2)

equal to 0 less than 0 more than 3 equal to 3

Question 2.2. The population mean is represented by ________. (Points : 2)

α μ λ π

Question 3.3. If the distribution of observations were perfectly symmetrical and unimodal, ________. (Points : 2)

the mean would be greater than the mode the mean, median, and mode would be the same the mode would be lesser than the median the median would be greater than the mean

Question 4.4. Outcomes such as absenteeism, turnover, safety, training effectiveness, and leadership development would be considered ________ outcomes. (Points : 2)

customer-focused workforce-focused financial and market leadership and governance

Question 5.5. When a histogram is negatively skewed, it ________. (Points : 2)

is symmetrical tails off to the left has a slope lesser than one tails off to the right

Question 6.6. Which of the following terms is interchangeable with quantitative analysis? (Points : 2)

management science economics financial analysis statistics

Question 7.7. ________ is the quartile representing the 50th percentile. (Points : 2)

Q1 Q2 Q3 Q4

Question 8.8. All of the following are examples of measures of central tendency except ________. (Points : 2)

mean median standard deviation mode

Question 9.9. A consulting firm has received 2 Super Bowl playoff tickets from one of its clients. To be fair, the firm is randomly selecting two different employee names to "win" the tickets. There are 6 secretaries, 5 consultants and 4 partners in the firm. Which of the following statements is nottrue? (Points : 2)

The probability of a secretary winning a ticket on the first draw is 6/15. The probability of a secretary winning a ticket on the second draw given that a consultant won a ticket on the first draw is 6/15. The probability of a consultant winning a ticket on the first draw is 1/3. The probability of a partner winning a ticket on the second draw given that a secretary won a ticket on the first draw is 4/14.

Question 10.10. The time required to complete a project is normally distributed with a mean of 80 weeks and a standard deviation of 10 weeks. The construction company must pay a penalty if the project is not finished by the due date in the contract. If a construction company bidding on this contract puts in a due date of 80 weeks, what is the probability that they will have to pay a penalty? (Points : 2)

0 1.000 0.500 1/8

Question 11.11. If P(A) = 0.3, P(B) = 0.2, P(A and B) = 0.0 , what can be said about events A and B? (Points : 2)

They are independent. They are mutually exclusive. They are posterior probabilities. None of the above

Question 12.12. A company’s Board of Trustees had 18 members. Three members serve as the Board’s Executive Committee of Chair, Vice-Chair, and Secretary. Each member of the Board of Trustees is equally likely to serve any of the positions on the Executive Committee. How many ways can the three positions be filled? (Points : 2)

54 540 2,816 4,896

Question 13.13. At a university with 1,000 business majors, there are 200 business students enrolled in an introductory statistics course. Of these 200 students, 50 are also enrolled in an introductory accounting course. There are an additional 250 business students enrolled in accounting but not enrolled in statistics. If a business student is selected at random, what is the probability that the student is enrolled in statistics? (Points : 2)

0.05 0.20 0.25 0.30

Question 14.14. Suppose that, historically, April has experienced rain and a temperature between 35 and 50 degrees on 20 days. Also, historically, the month of April has had a temperature between 35 and 50 degrees on 25 days. You have scheduled a golf tournament for April 12. If the temperature is between 35 and 50 degrees on that day, what will be the probability that the players will get wet? (Points : 2)

0.333 0.667 0.800 1.000

Question 15.15. At a university with 1,000 business majors, there are 200 business students enrolled in an introductory statistics course. Of these 200, 50 are also enrolled in an introductory accounting course. There are an additional 250 business students enrolled in accounting but not enrolled in statistics. If a business student is selected at random, what is the probability that the student is not enrolled in statistics? (Points : 2)

0.05 0.20 0.25 0.80

Question 16.16. At a university with 1,000 business majors, there are 200 business students enrolled in an introductory statistics course. Of these 200 students, 50 are also enrolled in an introductory accounting course. There are an additional 250 business students enrolled in accounting but not enrolled in statistics. If a business student is selected at random, what is the probability that the student is enrolled in accounting? (Points : 2)

0.20 0.25 0.30 0.50

Question 17.17. A sample of twenty boxes of breakfast cereal delivers a mean weight of 14.9 ounces with a sample standard deviation of 0.3 ounces. Since the label weight of these boxes is 15 ounces, the quality assurance department wants to determine if there is a true weight problem, so they determine the confidence interval at 95% confidence to be ________. (Points : 2)

14.77 - 15.03 ounces 14.70 - 15.10 ounces 14.87 - 14.93 ounces 14.6 - 15.2 ounces

Question 18.18. An estimator is said to be unbiased if ________. (Points : 2)

its expected value equals the population parameter it is greater than one it is estimated from a relatively small sample it is equal to or lesser than zero

Question 19.19. Which of the following is a subjective sampling method? (Points : 2)

cluster sampling judgment sampling systematic sampling stratified sampling

Question 20.20. Confidence interval estimates of a population parameter ________. (Points : 2)

provide a range of values within which the true value of the parameter is believed to be specify a value that accurately predicts the population parameter eliminates the effect of sampling error are used solely to estimate the value of population variance

Question 21.21. The t-distribution is very much like the standard normal distribution except that the t-distribution ________. (Points : 2)

has a smaller variance has a smaller standard deviation is bi-symmetrical has a larger variance

Question 22.22. As the level of confidence decreases, ________. (Points : 2)

the confidence interval becomes wider the confidence interval is unchanged the confidence interval becomes irrelevant the confidence interval becomes more narrow

Question 23.23. Confidence intervals should be used with caution with time-series data because ________. (Points : 2)

it's difficult to keep track of the time for each sample measuring the variance of time-series data is not possible the mean and/or variance of time-series data are not stationary it's difficult to measure the mean and/or variance of time-series data

Question 24.24. Peak Previously Played Picks buys and sells used sports equipment. For the past year, the mean purchase of used sports equipment was $36 with a standard deviation of $8. Using the Microsoft Excel function NORM.DIST, find the probability that the next person who comes in to buy used equipment will pay more than $40. (Points : 2)

30.85% 69.15% 24.20% 95.60%

Question 25.25. If the confidence coefficient is 0.9, ________. (Points : 2)

we expect that 9 samples out of 100 will support the null hypothesis we expect that 90 out of 100 samples will support the null hypothesis we expect that 10 samples out of 100 will support the null hypothesis we expect that all 100 samples will support the null hypothesis

Question 26.26. Another term for p-value is ________. (Points : 2)

degrees of freedom random effect probability density function observed significance level

Question 27.27. If the null hypothesis is false, it is more likely that the test statistic will ________. (Points : 2)

fall into the nonrejection region not follow the uniform distribution fall into the rejection region not follow the normal distribution

Question 28.28. The null hypothesis ________. (Points : 2)

describes an existing theory or belief that is accepted as correct in the presence of contradictory data describes an existing theory or belief that is accepted as correct in the absence of contradictory data is based on new information provided by sample data is based on new information provided by population data

Question 29.29. In most practical applications, the population standard deviation will not be known but it is estimated from the ________. (Points : 2)

population sample test statistic t-distribution

Question 30.30. The power of the test has a value of ________. (Points : 2)

1 - a 1 + ß 1 - ß a - ß

Question 31.31. The power of the test depends on ________. (Points : 2)

the true value of the population mean the level of confidence used the sample size all of the above

Question 32.32. Use the below information to answer the following five questions. A company wishes to test whether the proportion of female managers is the same as the proportion of male managers. The following table provides data for a sample of employees.

	Females	Males
Number of managers	18	23
Sample size	45	75

Compute the 99% confidence interval estimate of the difference between the two proportions. [Hint: Use PHStat] (Points : 2)

(0.139, -0.326) (0.084, -0.270) (-0.084, 0.270) (-0.139, 0.326)

Question 33.33. In the construction of decision trees, which of the following shapes represents a state of nature node? (Points : 2)

square circle diamond triangle

Question 34.34. In the construction of decision trees, which of the following shapes represents a decision node? (Points : 2)

square circle diamond triangle

Question 35.35. A market research study is being conducted to determine if a product modification will be well received by the public. A total of 1,000 consumers are questioned regarding this product. The table below provides information regarding this sample.

Positive

Reaction

Neutral

Reaction

Negative

Reaction

Male

240

100

Female

260

220

120

What is the probability that a randomly selected person would be a female who had a positive reaction? (Points : 2)

0.250 0.260 0.455 0.840

Question 36.36. The probability that a typical tomato seed will germinate is 60%. A seed company has developed a hybrid tomato that they claim has an 85% probability of germination. If a gardener plants the new hybrid tomato in batches of 12, what is the probability that 10 or more seeds will germinate in a batch? (Points : 2)

0.064 0.083 0.264 0.736

Question 37.37. Historical data indicates that only 20% of cable customers are willing to switch companies. If a binomial process is assumed, then in a sample of 20 cable customers, what is the probability that no more than 3 customers would be willing to switch their cable? (Points : 2)

0.85 0.15 0.20 0.411

Question 38.38. Lock combinations are made using 3 digits followed by 2 letters. How many different lock combinations can be made if repetition of digits is allowed? (Points : 2)

6 260 6,760 676,000

Question 39.39. In 2012 the stock market took some big swings up and down. One thousand investors were asked how often they tracked their investments. The table below shows their responses. What is the probability that an investor tracks the portfolio weekly?

How often tracked?	Response
Daily	235
Weekly	278
Monthly	292
Few times a year	136
Do not track	59

(Points : 2)

0.235 0.278 0.513 0.722

Question 40.40. In hypothesis testing, the null and the alternative hypotheses are ________. (Points : 2)

not mutually exclusive mutually exclusive always false always true

Question 41.41. If we fail to reject the null hypothesis, ________. (Points : 2)

we have found evidence to support the alternative hypothesis the null hypothesis is proved to be true we have only failed to find evidence to support the alternative hypothesis the hypothesis test is inconclusive

Question 42.42. The probability of a Type I error can be specified by the investigator. The probability of a Type II error is ________. (Points : 2)

one minus the probability of Type I error the result of the hypothesis test itself also specified by the investigator not specified by the investigator but computed using the power of the test

Question 43.43. A major consumer products company wants to measure the type and quantity of laundry detergent used by consumers. After choosing a suburban street at random, employees go door-to-door to every fifth house to ask for permission to view their laundry detergent supply. What sampling method is being used for this sampling plan? (Points : 2)

simple random sampling systematic sampling continuous sampling subjective sampling

Question 44.44. A major consumer products company wants to measure the quality of the packaging of their products on the store shelves. Five large cities are chosen in different parts of the country. What sampling method is being used for this sampling plan? (Points : 2)

simple random sampling continuous sampling subjective sampling stratified sampling

Question 45.45. All of the following are true about the sampling distribution of the mean except ________. (Points : 2)

the population standard deviation can be determined when a large sample size is used the standard deviation of this distribution is called the standard error of the mean when larger sample sizes are used for this distribution, the sampling error is less this distribution approaches the normal distribution if the sample size is large enough

Question 46.46. Find the standard error of the mean when the population standard deviation is 4.1 and a sample of size 30 is taken. (Points : 2)

7.32 0.08 1.34 0.75

Question 47.47. Expected monetary value (EMV) is (Points : 2)

the average or expected monetary outcome of a decision if it can be repeated a large number of times. the average or expected value of the decision, if you know what would happen ahead of time. the average or expected value of information if it were completely accurate. the amount you would lose by not picking the best alternative.

Question 48.48. Which of the following is true about the expected value of perfect information? (Points : 2)

It is the amount you would pay for any sample study. It is calculated as EMV minus EOL. It is calculated as expected value with perfect information minus maximum EMV. It is the amount charged for marketing research.

Question 49.49. The expected value of sample information (EVSI) can be used to (Points : 2)

establish a maximum amount to spend on additional information. calculate conditional probabilities. establish risk avoidance. provide points on a utility curve.

Question 50.50. When conducting a test of hypothesis, if we elect to use alpha (a) of .05 and the results of our analysis indicate that the null hypothesis should be rejected, which of the following is true? (Points : 2)

the p-value is greater than .05 the p-value is less than .05 the p-value is greater than +1.96 the p-value is less than -1.96

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