Managerial Statistics
Midterm Exam
Course Introduction
Managerial Statistics provides students with the essential statistical tools and techniques used in business decision-making. The course covers topics such as descriptive statistics, probability distributions, inferential statistics, hypothesis testing, regression analysis, and forecasting. Emphasizing real-world business applications, students learn to collect, analyze, interpret, and present data to support managerial decisions. The course also explores the use of statistical software, fostering analytical skills necessary for effective problem-solving and strategic planning in various management settings.
Recommended Textbook
Business Statistics in Practice 7th Edition by Bruce Bowerman
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10 Chapters
1299 Verified Questions
1299 Flashcards
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Page 2
Chapter 1: An Introduction to Business Statistics
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60 Verified Questions
60 Flashcards
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Sample Questions
Q1) ___________ refers to describing the important aspects of a set of measurements.
A)Cross-sectional analysis
B)Runs plot
C)Descriptive statistics
D)Time series analysis
Answer: C
Q2) A study is being conducted on the effect of gas price on the number of miles driven in a given month.Residents in two cities,one on the East Coast and one on the West Coast are randomly selected and asked to complete a questionnaire on the type of car they drive,the number of miles they live from work,the number of children under 18 in their household,their monthly income,and the number of miles they have driven over the past 30 days.Is this an experimental or observational study?
Answer: Observational study
Feedback:An observational study occurs when analysts are unable to control the factors of interest.An experimental study occurs when values of factors that are related to the variable of interest can be set or manipulated.
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3
Chapter 2: Descriptive Statistics: Tabular and Graphical Methods
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) Consider the following data on distances traveled by people to visit the local amusement park and calculate the relative frequency for the shortest distance.
\(\begin{array}{|l|c|}
\hline \text { Distance } & \text { Frequency } \\
\hline 1-8 \text { miles } & 15 \\
\hline 9-16 \text { miles } & 12 \\
\hline 17-24 \text { miles } & 7 \\
\hline 25-32 \text { miles } & 5 \\
\hline 33-40 \text { miles } & 1 \\
\hline
\end{array}\)
A).375
B).150
C).500
D).300
E).333
Answer: A
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Chapter 3: Descriptive Statistics: Numerical Methods
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142 Verified Questions
142 Flashcards
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Sample Questions
Q1) Using grouped data of 14 classes with a sample mean of 51 and a sample variance of 6.42,calculate the group sampled standard deviation.
Answer: 2.53
Feedback: 6.42 = 2.53
Q2) As the coefficient of variation _______________ risk ______________.
A)Increases,Decreases
B)Decreases,Increases
C)Increases,Increases
D)Remains constant,Increases
Answer: C
Q3) Which percentile describes the third quartile,Q<sub>3</sub>?
A)25<sup>th</sup>
B)50<sup>th</sup>
C)75<sup>th</sup>
D)100<sup>th</sup>
Answer: C
Q4) The median is said to be resistant to extreme values.
A)True
B)False
Answer: True
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Chapter 4: Probability
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144 Verified Questions
144 Flashcards
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Sample Questions
Q1) Suppose that you believe that the probability you will get a grade of B or better in Introduction to Finance is .6,and the probability that you will get a grade of B or better in Introduction to Accounting is .5.If these events are independent,what is the probability that you will receive a grade of B or better in both courses?
A)0.300
B)0.833
C)0.600
D)0.500
E)0.800
Q2) Three companies produce all the potato chips used by vending machines in public areas in a midwestern state.Company A accounts for 70 percent of the chips,Company B 19 percent,and Company C 11 percent.The probability of the vending company getting an unfilled bag is 2 percent for Company A,2 percent for Company B,and 4 percent for Company C.Suppose an unfilled bag is found.What is the probability that it came from Company B?
Q3) Determine whether the two events are mutually exclusive. Voter who favors gun control and an unregistered voter
A)Mutually exclusive
B)Not mutually exclusive
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Page 6
Chapter 5: Discrete Random Variables
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155 Verified Questions
155 Flashcards
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Sample Questions
Q1) A total of 50 raffle tickets are sold for a contest to win a car.If you purchase one ticket,what are your odds against winning?
A)49 to 1
B)50 to 1
C).05
D).01
Q2) The variable "employment status," which can take either the value 1 for "employed" and 0 for "unemployed," is an example of a _____________ random variable.
A)Poisson
B)Discrete
C)Hypergeometric
D)Continuous
Q3) If the population size is at least 20 times larger than the sample size,a hypergeometric distribution can be approximated by the binomial distribution.
A)True
B)False
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Chapter 6: Continuous Random Variables
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150 Flashcards
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Sample Questions
Q1) While conducting experiments,a marine biologist selects water depths from a uniformly distributed collection that vary between 2.00 m and 7.00 m.What is the standard deviation of the water depth?
A)1.4
B)2.6
C)2.5
D)4.5
Q2) A continuous probability distribution having a rectangular shape,where the probability is evenly distributed over an interval of numbers,is called a uniform probability distribution.
A)True
B)False
Q3) The weight of a product is normally distributed with a standard deviation of .5 ounces.What should the average weight be if the production manager wants no more than 10 percent of the products to weigh more than 4.8 ounces?
A)3.52
B)3.64
C)5.44
D)4.16
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Page 8
Chapter 7: Sampling and Sampling Distributions
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132 Verified Questions
132 Flashcards
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Sample Questions
Q1) The ______________ of a sample statistic is the probability distribution of the population of all possible values of the sample statistic.
A)Sample mean
B)Sampling distribution
C)Probability
D)Observations
Q2) A recording error is an error of observation.
A)True
B)False
Q3) The mean of the sampling distribution of the sample proportion is equal to _____ when the sample size is sufficiently large.
A)
B)p
C)p × n
D)(1 - p)
Q4) The quantity (N - n)(N - 1)is called the finite population multiplier.
A)True
B)False
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Page 9
Chapter 8: Confidence Intervals
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149 Flashcards
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Sample Questions
Q1) What sample size is needed to estimate the proportion of highway speeders within 5 percent using a 90 percent confidence level?
A)385
B)68
C)271
D)165
Q2) The customer service manager for the XYZ Fastener Manufacturing Company examined 60 vouchers and found 9 vouchers containing errors.Find a 98 percent confidence interval for the proportion of vouchers with errors.
A) \([ .147 \quad .153 ]\)
B) \([ .080 \quad .220 ]\)
C) \(\left[ \begin{array} { l l }
.043 & .257
\end{array} \right]\)
D) \(\left[ \begin{array} { l l }
.112 & .188
\end{array} \right]\)
Q3) When sample size is 16,find t<sub>.025</sub>.
Q4) When sample size is 16,find t<sub>.001</sub>.
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Chapter 9: Hypothesis Testing
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148 Flashcards
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Sample Questions
Q1) The level of significance indicates the probability of rejecting a false null hypothesis.
A)True
B)False
Q2) Based on a random sample of 25 units of product X,the average weight is 102 lbs.and the sample standard deviation is 10 lbs.We would like to decide if there is enough evidence to establish that the average weight for the population of product X is greater than 100 lbs.Assume the population is normally distributed.What is the critical value to test the claim at = .01?
Q3) For the following hypothesis test,where H<sub>0</sub>: 10;vs.H<sub>A</sub>: > 10,we reject H<sub>0</sub> at level of significance and conclude that the true mean is greater than 10,when the true mean is really 14.Based on this information,we can state that we have:
A)Made a Type I error.
B)Made a Type II error.
C)Made a correct decision.
D)Increased the power of the test.
Q4) Determine the p-value for H<sub>0</sub>: 95;versus H<sub>A</sub>: < 95,when \(\bar { X } = 90.2\)
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Chapter 10: Comparing Two Means and Two Proportions
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118 Flashcards
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Sample Questions
Q1) In which of the following tests is the variable of interest the difference between the values of the observations from the two samples,rather than the actual observations themselves?
A)A test of hypothesis about the mean of a population of paired differences selected from two related samples.
B)A test of hypothesis about the difference between the means of two normally distributed populations using independent samples.
C)A test of hypothesis about the difference between two population proportions,using large independent random samples.
D)A test of hypothesis about the difference between the variances of two normally distributed populations using independent samples.
Q2) When testing H<sub>0</sub>: <sub>1</sub> - <sub>2</sub> = 2,H<sub>A</sub>: <sub>1</sub> - <sub>2</sub> > 2,where \(\bar { X } _ { 1 }\) = 522, \(\bar { X }_ { 2}\) = 516,s<sub>1</sub><sup>2</sup> = 28,s<sub>2</sub><sup>2</sup> = 24,n<sub>1</sub> = 40,n<sub>2</sub> = 30,at = .01,what can we conclude?
Q3) Calculate the t statistic for testing equality of means where
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Page 12