Managerial Statistics Exam Preparation Guide
Course Introduction
Managerial Statistics provides students with the foundational concepts and analytical tools needed to interpret data and make informed business decisions. The course covers topics such as descriptive statistics, probability theory, hypothesis testing, regression analysis, and data visualization, all within the context of real-world management scenarios. Emphasis is placed on applying statistical methods to solve business problems, draw meaningful conclusions, and communicate results effectively. Through case studies and hands-on exercises, students develop the quantitative reasoning and critical thinking skills essential for effective management in todays data-driven environment.
Recommended Textbook
Essentials of Statistics for Business and Economics 6th Edition by David R. Anderson
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13 Chapters
1749 Verified Questions
1749 Flashcards
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Chapter 1: Data and Statistics
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104 Verified Questions
104 Flashcards
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Sample Questions
Q1) In a questionnaire, respondents are asked to mark their gender as male or female.
Gender is an example of the
A)ordinal scale
B)nominal scale
C)ratio scale
D)interval scale
Answer: B
Q2) Income is an example of a variable that uses the A)ratio scale
B)interval scale
C)nominal scale
D)ordinal scale
Answer: A
Q3) In experimental studies, the variable of interest
A)is not controlled
B)is controlled
C)must be numerical
D)cannot be numerical
Answer: B
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Page 3
Chapter 2: Descriptive Statistics: Tabular and Graphical
Presentations
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65 Flashcards
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Sample Questions
Q1) A graphical presentation of the relationship between two variables is
A)an ogive
B)a histogram
C)either an ogive or a histogram, depending on the type of data
D)a scatter diagram
Answer: D
Q2) Refer to Exhibit 2-1. The relative frequency of students working 9 hours or less
A)is 20
B)is 100
C)is 0.95
D)0.05
Answer: D
Q3) Refer to Exhibit 2-1. The percentage of students working 19 hours or less is
A)20%
B)25%
C)75%
D)80%
Answer: B
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Chapter 3: Descriptive Statistics: Numerical Measures
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162 Verified Questions
162 Flashcards
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Sample Questions
Q1) When should measures of location and dispersion be computed from grouped data rather than from individual data values?
A)as much as possible since computations are easier
B)only when individual data values are unavailable
C)whenever computer packages for descriptive statistics are unavailable
D)only when the data are from a population
Answer: B
Q2) The coefficient of correlation ranges between
A)0 and 1
B)-1 and +1
C)minus infinity and plus infinity
D)1 and 100
Answer: B
Q3) Which of the following is a measure of dispersion?
A)percentiles
B)quartiles
C)interquartile range
D)all of the above are measures of dispersion
Answer: C
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Page 5
Chapter 4: Introduction to Probability
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Sample Questions
Q1) If a penny is tossed three times and comes up heads all three times, the probability of heads on the fourth trial is
A)zero
B)1/16
C)1/2
D)larger than the probability of tails
Q2) Of the last 100 customers entering a computer shop, 25 have purchased a computer. If the classical method for computing probability is used, the probability that the next customer will purchase a computer is
A)0.25
B)0.50
C)1.00
D)0.75
Q3) A student has to take 7 more courses before she can graduate. If none of the courses are prerequisites to others, how many groups of three courses can she select for the next semester?
Q4) From among 8 students how many committees consisting of 3 students can be selected?
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Chapter 5: Discrete Probability Distributions
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121 Flashcards
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Sample Questions
Q1) Ten percent of the items produced by a machine are defective. Out of 15 items chosen at random,
a.what is the probability that exactly 3 items will be defective?
b.what is the probability that less than 3 items will be defective?
c.what is the probability that exactly 11 items will be non-defective?
Q2) Twenty-five percent of the employees of a large company are minorities. A random sample of 7 employees is selected.
a.What is the probability that the sample contains exactly 4 minorities?
b.What is the probability that the sample contains fewer than 2 minorities?
c.What is the probability that the sample contains exactly 1 non-minority?
d.What is the expected number of minorities in the sample?
e.
What is the variance of the minorities?
Q3) Thirty-two percent of the students in a management class are graduate students. A random sample of 5 students is selected. Using the binomial probability function, determine the probability that the sample contains exactly 2 graduate students?
Q4) Determine the probability of being dealt 4 kings in a 5-card poker hand.
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Chapter 6: Continuous Probability Distributions
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Sample Questions
Q1) X is a normally distributed random variable with a mean of 8 and a standard deviation of 4. The probability that X is between 1.48 and 15.56 is
A)0.0222
B)0.4190
C)0.5222
D)0.9190
Q2) The monthly earnings of computer programmers are normally distributed with a mean of $4,000. If only 1.7 percent of programmers have monthly incomes of less than $2,834, what is the value of the standard deviation of the monthly earnings of the computer programmers?
Q3) Refer to Exhibit 6-2. The probability of a player weighing more than 241.25 pounds is
A)0.4505
B)0.0495
C)0.9505
D)0.9010
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Chapter 7: Sampling and Sampling Distributions
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131 Flashcards
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Sample Questions
Q1) How many simple random samples of size 3 can be selected from a population of size 7?
A)7
B)21
C)35
D)343
Q2) From a population of 500 elements, a sample of 225 elements is selected. It is known that the variance of the population is 900. The standard error of the mean is approximately
A)1.1022
B)2
C)30
D)1.4847
Q3) The number of random samples (without replacement) of size 3 that can be drawn from a population of size 5 is
A)15
B)10
C)20
D)125
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Page 9
Chapter 8: Interval Estimation
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131 Flashcards
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Sample Questions
Q1) In developing an interval estimate, if the population standard deviation is unknown
A)it is impossible to develop an interval estimate
B)the standard deviation is arrived at using the range
C)the sample standard deviation can be used
D)it is assumed that the population standard deviation is 1
Q2) The manager of a department store wants to determine what proportion of people who enter the store use the store's credit cards for their purchases. What size sample should he take so that at 95% confidence the error will not be more than 6%?
Q3) A sample of 36 patients in a doctor's office showed that they had to wait an average of 45 minutes with a standard deviation of 10 minutes before they could see the doctor. Provide a 90% confidence interval estimate for the average waiting time of all the patients who visit this doctor.
Q4) Refer to Exhibit 8-1. With a 0.95 probability, the margin of error is approximately A)0.39
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Chapter 9: Hypothesis Tests
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Sample Questions
Q1) If a hypothesis is rejected at the 5% level of significance, it
A)will always be rejected at the 1% level
B)will always be accepted at the 1% level
C)will never be tested at the 1% level
D)may be rejected or not rejected at the 1% level
Q2) The p-value is a probability that measures the support (or lack of support) for the A)null hypothesis
B)alternative hypothesis
C)either the null or the alternative hypothesis
D)sample statistic
Q3) A student believes that the average grade on the final examination in statistics is at least 85. She plans on taking a sample to test her belief. The correct set of hypotheses is
A)H<sub>0</sub>: \(\mu\) < 85 H<sub>a</sub>: \(\mu\) 85
B)H<sub>0</sub>: \(\mu\) 85 H<sub>a</sub>: \(\mu\) > 85
C)H<sub>0</sub>: \(\mu\) 85 H<sub>a</sub>: \(\mu\) < 85
D)H<sub>0</sub>: \(\mu\) > 85 H<sub>a</sub>: \(\mu\) 85
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Chapter 10: Comparisons Involving Means, Experimental
Design and Analysis of Variance
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208 Flashcards
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Sample Questions
Q1) Refer to Exhibit 10-5. The point estimate for the difference between the means of the two populations (Method 1 - Method 2) is
A)-1
B)0
C)-4
D)2
Q2) Refer to Exhibit 10-12. The number of degrees of freedom corresponding to between treatments is
A)60
B)59
C)5
D)4
Q3) We are interested in testing the following hypotheses.
H<sub>0</sub>: \(\mu\)<sub>1</sub>- \(\mu\)<sub>2</sub> \(\ge\) 0
H<sub>a</sub>: \(\mu\)<sub>1</sub>- \(\mu\)<sub>2</sub> < 0
The test statistic Z is computed to be 2.83. The p-value for this test is
A)0.4977
B)0.0023
C)0.0046
D)0.9977
Page 12
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Chapter 11: Comparisons Involving Proportions and a Test of Independence
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94 Flashcards
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Sample Questions
Q1) Refer to Exhibit 11-7. The point estimate for the difference between the two population proportions in favor of this product is
A)52
B)100
C)0.44
D)0.02
Q2) Refer to Exhibit 11-8 and let p<sub>u</sub> represent the proportion under and po the proportion over the age of 18. The null hypothesis is
A)p<sub>u</sub> - p<sub>o</sub> \(\le\) 0
B)p<sub>u</sub> - p<sub>o</sub> \(\ge\) 0
C)p<sub>u</sub> - p<sub>o</sub> \(\neq\) 0
D)p<sub>u</sub> - p<sub>o</sub> = 0
Q3) In a sample of 700 Republicans, 644 were opposed to the President's foreign policies. While in a sample of 600 Democrats, 528 were opposed to his policies. Develop a 95% confidence interval estimate for the difference between the proportions of the opinions of the individuals in the two parties.
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Page 13
Chapter 12: Simple Linear Regression
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140 Flashcards
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Sample Questions
Q1) Refer to Exhibit 12-9. The least squares estimate of b<sub>1</sub> equals
A)0.923
B)1.991
C)-1.991
D)-0.923
Q2) Refer to Exhibit 12-10. The point estimate of Y when X = -3 is
A)11
B)14
C)8
D)0
Q3) Refer to Exhibit 12-2. The least squares estimate of b<sub>1</sub> (slope) equals A)1
B)-1
C)6
D)5
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Chapter 13: Multiple Regression
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146 Flashcards
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Sample Questions
Q1) Refer to Exhibit 13-6. The test statistic used to determine if there is a relationship among the variables equals
A)-1.4
B)0.2
C)0.77
D)5
Q2) Refer to Exhibit 13-8. If we want to test for the significance of the model, the critical value of F at 95% confidence is
Q3) A variable that cannot be measured in terms of how much or how many but instead is assigned values to represent categories is called
A)an interaction
B)a constant variable
C)a category variable
D)a qualitative variable
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