(SOLVED) BMAL 590- QUANTITATIVE RESEARCH TECHNIQUES AND STATISTICS TEST WITH SUMMARIZED STUDY GUIDE

(SOLVED) BMAL 590- QUANTITATIVE RESEARCH TECHNIQUES AND STATISTICS TEST WITH SUMMARIZED STUDY GUIDE Decision Analysis (Section 8) 1. Which one of the following would not be considered a state of nature for a business f ...

(SOLVED) BMAL 590- QUANTITATIVE RESEARCH TECHNIQUES AND STATISTICS TEST WITH SUMMARIZED STUDY GUIDE Decision Analysis (Section 8) 1. Which one of the following would not be considered a state of nature for a business firm? Minimum wage regulations 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 . The expected payoff 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? Risk 4. The difference between expected payoff under certainty and expected value of the best act without certainty is the . Expected value of Perfect Information 5. Which of the following regarding EMV/EOL if false? The EMV decision is always different from the EOL decision Analysis of Variance (Section 7) 6. The F-statistic is a one-way ANOVA represents the . Variation between the treatments divided by the variation within the treatments 7. In we can observe the effect on the response variable of at least two factors. One-way analysis of variance 8. The distribution of the test statistics for analysis of variance is the . F-Distribution 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 . Can make consistent inferences each time work ethic is the outcome 10. When data is collected in a statistical study for only a portion or subset of all elements of interest we are using a . Sample 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 . Non-response error 12. The difference between a sample mean and the population mean is called the . Sampling error Introduction to hypothesis Testing (Section 5) 13. A type I error occurs when we . Reject a true null hypothesis 14. In a criminal trial where the null hypothesis states that the defendant is innocent, a Type II error is made when . A guilty defendant is found not guilty 15. The p-value of the test is the . The largest a at which a null hypothesis cannot be rejected Probability (Section 3) 16. Initial estimates of the probabilities of events are known as . Prior Probabilities 17. If the outcome of event A is not affected by event B, then events A and B are said to be . Independent 18. The collection of all possible outcomes of an experiment is called . A sample space 19. Suppose P(A) = .35. The probability of the complement of A is . .65 Inference about a Population (Section 6) 20. An unbiased estimator is . A sample Statistic, which has an expected value equal to the value of the population parameter 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 . Sample Which of the following is a measure of reliability of a statistical inference? Significance level The process of using sample statistics to draw conclusions about population parameters is called . Doing inferential statistics Which of the following statements involve descriptive statistics as opposed to inferential statistics? The alcohol, Tobacco and Firearms Department reported that Houston had 1,790 registered gun dealers in 1997. 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 . SAT Scores QUIZ Section 2 -Which of the following statements is true regarding the design of a good survey? The questions should be kept as short as possible -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? Direct Observation -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? Stratified random sample -Which of the following types of samples are almost always biased? Self-selected sampled - is an expected error based only on the observations limited to a sample taken from a population. Sampling error QUIZ Section 3 Bayes’ Law is used to compute . Posterior Probabilities The classical approach describes a probability . In terms of the proportion of times that an event can be theoretically expected to occur If a set of events includes all possible outcomes of an experiment these events are considered to be . Exhaustive Which statement is not correct? If event A does not occur, then its compliment Ai will also not occur 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 . If the original population is not normally distributed, the sampling distribution of the mean will also be approximately normal for large sample sizes -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 . 5.77 You are tasked with finding the standard deviation. You are given 4 numbers. Numbers are 5, 10, 15, and 20. The standard deviation equals. 6.455 Two methods exist to create a sampling distribution. Once involves using parallel samples from a population and the other is to use the . Rules of probability QUIZ Section 5 The hypothesis of most interest to the researcher is the . Alternative Hypothesis A Type I error occurs when . Reject a true null hypothesis 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? If the p value <.01, there is overwhelming evidence to infer that the alternative hypothesis is false. In a criminal trial where the null hypothesis states that the defendant is innocent a type I error is made when . An innocent person is found guilty 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 . P Value Quiz Section 6 An unbiased estimator is . A sample Statistic, which has an expected value equal to the value of the population parameter 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? 4.76% 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 Becomes Narrower 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 Researchers can ignore the finite population correction factor In the sample proportion, represented by p=x/n the variable x refers to: The number of succeses in the sample QUIZ Section 7 Distribution of the test statistic for the analysis of variance is the . F-distribution In Fisher’s least significant difference (LSD) multiple comparison method, the LSD value will be the same for all pairs of means if . All Samples are the same 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 . Increase 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 . Sample Variance Which of the following is true about a one-way analysis of variance? N1=n2…=nk it not required QUIZ section 8 A tabular presentation that shows the outcome for each decision alternative under the various states of nature is called a . Payoff table Which of the following statements is false regarding the expected monetary value (EMV)? In general, the expected monetary values represent possible payoffs 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. An opportunity Loss CONTINUED..............DOWNLOAD FOR BEST SCORES