BMAL 590 Quantitative Research Techniques and Statistics

BMAL 590 Quantitative Research Techniques and Statistics

Test

Decision Analysis (Section 8)

1. Which one of the following would not be considered a state of nature for a business firm?

2. Assume an investment is made a significant number of times using the same probabilities and payoffs. In this case, the average payoff per investment represents_____.  

3. The level of doubt regarding the decision situation where both the possible states of nature and their exact probabilities of occurrence are known as which of the following?

4. The difference between expected payoff under certainty and expected value of the best act without certainty is the _________.

5. Which of the following regarding EMV/EOL if false?

Analysis of Variance (Section 7)

6. The F-statistic is a one-way ANOVA represents the_______.

7. In _________ we can observe the effect on the response variable of at least two factors.

8. The distribution of the test statistics for analysis of variance is the ________.

What is Statistics? (section 1)

9. A sample of 500 athletes is taken from a population of 11,000 Olympic athletes to measure work ethic. As a result we ________.

10. When data is collected in a statistical study for only a portion or subset of all elements of interest we are using a _______.

Data Collecting and Sampling (section 2)

11. When a person receives an email questionnaire and places it in their deleted items without responding, they are contributing to ________.

12. The difference between a sample mean and the population mean is called the______.

Introduction to hypothesis Testing (Section 5)

13. A type I error occurs when we _______.

14. In a criminal trial where the null hypothesis states that the defendant is innocent, a Type II error is made when________.

15. The p-value of the test is the______.

Probability (Section 3)

16. Initial estimates of the probabilities of events are known as_____.

17. If the outcome of event A is not affected by event B, then events A and B are said to be ________.

18. The collection of all possible outcomes of an experiment is called ________.

19. Suppose P(A) = .35. The probability of the complement of A is _______.

Inference about a Population (Section 6)

20. An unbiased estimator is ________.

QUIZ Section 1-

A company has developed a new smartphone whose average lifetime is unknown. In order to estimate this average, 200 smartphones are randomly selected from a large production line and tested. Their average lifetime is found to be 5 years. 200 smartphones represents a ________. Which of the following is a measure of reliability of a statistical inference?

The process of using sample statistics to draw conclusions about population parameters is called_____.

Which of the following statements involve descriptive statistics as opposed to inferential statistics?

A population of all college applicants exists who have taken the SAT exam in the US in the last year. A parameter of the population are______.

QUIZ Section 2

-Which of the following statements is true regarding the design of a good survey?

-Which method of data collection is involved when a researcher counts and records the number of students wearing backpacks on campus in a given day?

-Manager at electronics store wants to know if customers who purchased video recorder over the last 12 months are satisfied with their products. If there are 4 different brands of video recorders made by the company, which sampling strategy would be best to use? -Which of the following types of samples are almost always biased?

-_____ is an expected error based only on the observations limited to a sample taken from a population.

QUIZ Section 3

Bayes’ Law is used to compute ____.

The classical approach describes a probability_________.

If a set of events includes all possible outcomes of an experiment these events are considered to be________.  

Which statement is not correct? i

QUIZ Section 4-

The concept that allows us to draw conclusions about the population based strictly on sample data without having any knowledge about the distribution of the underlying population is_________.

The central limit theorem

Each of the following are characteristics of the sampling distribution of the mean except________.

-Suppose you are given 3 numbers that relate to the number of people in a university sample. The three numbers are 10,20,30. If the standard deviation is 10, the standard error equals___ . 

You are tasked with finding the standard deviation. You are given 4 numbers. Numbers are 5, 10, 15, and 20. The standard deviation equals.

Two methods exist to create a sampling distribution. Once involves using parallel samples from a population and the other is to use the______.

QUIZ Section 5

The hypothesis of most interest to the researcher is the______.

A Type I error occurs when________.

Statisticians can translate p values into several descriptive terms. Suppose you typically reject H0 at a level of .05. Which of the following statements is incorrect?

In a criminal trial where the null hypothesis states that the defendant is innocent a type I error is made when________.  

To take advantage of the information of a test result using the rejection region method and make a better decision on the basis of the amount of statistical evidence we can analyze the _____.

Quiz Section 6

An unbiased estimator is ________.

Thirty-six months were randomly sampled and the discount rate on new issues of 91-day Treasury Bills was collected. The sample mean is 4.76% and the standard deviation is 171.21. What is the unbiased estimate for the mean of the population?

a 98% confidence interval estimate for a population mean is determined to be 75.38 to 86.52. If the confidence level is reduced to 90%, the confidence interval for the population mean ____

Suppose the population of blue whales is 8,000. Researchers  are able to garnish a sample of oceanic movements from 100 blue whales from within this population. Thus_____

In the sample proportion, represented by p=x/n the variable x refers to:

QUIZ Section 7

Distribution of the test statistic for the analysis of variance is the______.

In Fisher’s least significant difference (LSD) multiple comparison method, the LSD value will be the same for all pairs of means if______.

One-way ANOVA is applied to 3 independent samples having means 10, 13, and 18 respectively. If each observation in the 3rd sample were increased by 30, the value of the F statistic would______. Assume a null hypothesis is found to be true. By dividing the sum of squares of all observations or SS (Total) by (n-1) we can retrieve the______.Which of the following is true about a one-way analysis of variance?

QUIZ section 8

A tabular presentation that shows the outcome for each decision alternative under the various states of nature is called a ______.

Which of the following statements is false regarding the expected monetary value (EMV)?

In the context of an investment decision, _______ is the difference between what the profit for an act is and the potential profit given an optimal decision.

The branches in a decision tree are equivalent to______.

Which of the following is not necessary to compute posterior probabilities?

Concerning test statistics sum of squares for error measures the ____. 

The average speed of cars passing a checkpoint is 60 miles per hour with a standard deviation of 8 miles per hoir. Fifty passing cars are clocked at random from this checkpoint. the probability that the sample mean will be between 57 and 62 miles per hour is?

Which of the following do not represent an advantage of taking a sample:

__________addresses unknown parameters in the real world that parallel descriptive measures of very large populations.

A confidence interval is defined as___________.

_______ are utilized to make inferences about certain population parameters. if when using the confidence interval estimator of a proportion the researcher finds there is no chance of finding success in the population, adding the number 4 to the sample size could be part of the solution, which refers to ____.

A _______ sample involves diving the population into groups then randomly selecting some of the groups and taking either a sample or a census of their members.

Suppose we have a test hypothesis at a significance level of .01 where the resulting F-ratio value is 3.2. The degrees of freedom from the numerator are 10 and the denominator are 20. The p-value of the test is .0129 and we can claim the result:

assume a null hypothesis is found true. By dividing the sum of squares of all observations or SS(total) by (n-1), we can retrieve the ______.

Historically, a company that mails its monthly catalog to potential customers receives orders from 8 percent of the addresses. If 500 addresses are selected randomly from the last mailing, what is the probability that between 35 and 50 orders were received from this sample?

Section 1- What is Statistics?

What is Statistics?

Descriptive Statistics

Inferential Statistics

Key Statistical Concepts

Confidence and Significance levels

QUIZ Section 1-

A company has developed a new smartphone whose average lifetime is unknown. In order to estimate this average, 200 smartphones are randomly selected from a large production line and tested. Their average lifetime is found to be 5 years. 200 smartphones represents a ________. Which of the following is a measure of reliability of a statistical inference?

The process of using sample statistics to draw conclusions about population parameters is called_____.

Which of the following statements involve descriptive statistics as opposed to inferential statistics?

A population of all college applicants exists who have taken the SAT exam in the US in the last year. A parameter of the population are______. Section 2- Data Collecting and Sampling

Methods of collecting data

Questionnaire Design

Sampling

Simple Random Sampling

Larger sample size usually means more accurate sample estimates

Sampling Error

Non-Sampling Error

QUIZ Section 2

-Which of the following statements is true regarding the design of a good survey?

-Which method of data collection is involved when a researcher counts and records the umber of students wearing backpacks on campus in a given day?

-Manager at electronics store wants to know if customers who purchased video recorder over the last 12 months are satisfied with their products. If there are 4 different brands of video recorders made by the company, which sampling strategy would be best to use? -Which of the following types of samples are almost always biased?

-_____ is an expected error based only on the observations limited to a sample taken from a population.

Section 3- Probability

 probability to events

Requirements of Probabilities

Three approaches to Assigning Probabilities

Interpreting Probability

Joint Probability

Marginal Probability

Conditional Probability

Independence

Union

Complement Rule

Multiplication Rule

Multiplication rule for independent events

Addition Rule

Probability Trees

Compliment Rule to determine Probability

Bayes’ Law

Identifying the correct method

QUIZ Section 3

Bayes’ Law is used to compute ____.

The classical approach describes a probability_________.

If a set of events includes all possible outcomes of an experiment these events are considered to be________.  

Which statement is not correct? i

Section 4- Sampling Distributions

Sampling Distribution of the Mean

Standard Error

Central Limit Theorem

Sampling Distribution of the Sample Mean

Creating the Sampling Distribution Empirically

Contents of a 32-oz bottle

·         Ex. Foreman at a bottling plant observed that the amount of soda in a 32oz bottle is actually normatively distributed random variable, with a mean of 32.2oz and a standard deviation of .3oz

o   We want to find P(X>32) where X is normally distributed and m=32.2 and s=.3

o   P(Z>.67)=1-.2514=.748

o   There is about a 75% chance that a bottle of soda contains more than 32 oz

Salaries of business school graduates

·         We want to fin the probability that the sample mean is less than $750 (earned per week for grad school grads)- P(X<750)

·         The distribution of X , the weekly income, is likely to be positively skeed but not sufficiently so to make the distribution of X  non normal. As a result we may assume that X is normal with the mean mx=m800 and standard deviation is sx=20

·         Thus =P(Z<-2.5) or =.5-.4938 which is =.0062

·         The probability of observing a sample as low as $750 when the population mean is $800 is extremely small. Because the event is quite unlikely

Using the Sampling Distribution for Inference

Sampling Distribution of a proportion

Normal Approximation to the Binomial Distribution

Political Survey Example

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