Quantitative Methods for Business Final Test Solutions

Course Introduction

Quantitative Methods for Business introduces students to the fundamental mathematical, statistical, and analytical techniques used in business decision-making. The course covers topics such as data collection and analysis, probability, descriptive and inferential statistics, linear programming, forecasting, and decision analysis. Emphasis is placed on applying quantitative approaches to real-world business problems, enhancing students ability to interpret data, develop models, and make informed decisions. Through a combination of lectures, case studies, and hands-on exercises, students gain practical skills in using quantitative tools essential for management, finance, marketing, operations, and other business fields.

Recommended Textbook

Basic Business Statistics 5th Edition by Mark

Available Study Resources on Quizplus

19 Chapters

3026 Verified Questions

3026 Flashcards

Source URL: https://quizplus.com/study-set/3489 Page 2

Chapter 1: Defining and Collecting Data

Available Study Resources on Quizplus for this Chatper

145 Verified Questions

145 Flashcards

Source URL: https://quizplus.com/quiz/69275

Sample Questions

Q1) The average salary of a University lecturer in Australian dollars is an example of A) an interval scale.

B) a nominal scale.

C) an ordinal scale.

D) a ratio scale.

Answer: D

Q2) Identify the variable of interest in the study.

A) The age of a Mountain Ash gum tree in the Otway National Park.

B) The height of a Mountain Ash gum tree in the Otway National Park.

C) The species of trees in the Otway National Park.

D) The number of Mountain Ash gum trees in the Otway National Park.

Answer: B

Q3) A statistic is usually unobservable while a parameter is usually observable. A)True

B)False

Answer: False

Q4) In purchasing a motor vehicle,there are a number of variables to consider.The colour of the car is an example of a _________variable.

Answer: categorical

To view all questions and flashcards with answers, click on the resource link above. Page 3

Chapter 2: Organising and Visualising Data

Available Study Resources on Quizplus for this Chatper

203 Verified Questions

203 Flashcards

Source URL: https://quizplus.com/quiz/69276

Sample Questions

Q1) Sarah is reviewing a report on her company's annual performance.In the report,the key indicators are visualized using devices that resemble a car's speedometer.The report Sarah is reviewing uses _________to present data.

Answer: gauges

Q2) The stem-and-leaf display is often superior to the frequency distribution in that it maintains the original values for further analysis.

A)True

B)False

Answer: True

Q3) Referring to Instruction 2.10,_________% of the 200 were males. Answer: 48

Q4) Referring to Instruction 2.11,of the females in the sample,_________ % did not own a portable DVD.

Answer: 85.71

Q5) Referring to Instruction 2.10,if the sample is a good representation of the population,we can expect _________% of the population will be males.

Answer: 48

To view all questions and flashcards with answers, click on the resource link above.

Chapter 3: Numerical Descriptive Measures

Available Study Resources on Quizplus for this Chatper

147 Verified Questions

147 Flashcards

Source URL: https://quizplus.com/quiz/69277

Sample Questions

Q1) Referring to Instruction 3-11,construct a boxplot of this sample.

Answer: 11ea83e9_62d2_c519_b5a5_590caa67c0cb_TB6457_00

Q2) Referring to Instruction 3-1,identify which of the following is the correct statement.

A) 25% of the senior citizens sampled are older than 81.5 years of age.

B) The middle 50% of the senior citizens sampled are between 65.5 and 73.0 years of age.

C) One fourth of the senior citizens sampled are below 64 years of age.

D) All of the above are correct.

Answer: A

Q3) Referring to Instruction 3-4,the standard deviation of the customs data is_____________ .

Answer: 4.3

Q4) In a sample of size 40,the sample mean is 15.What is the sum of all observations in the sample?

A) Xi = 200

B) Xi = 400

C) Xi = 600

D) Xi = 800

Answer: C

To view all questions and flashcards with answers, click on the resource link above. Page 5

Chapter 4: Basic Probability

Available Study Resources on Quizplus for this Chatper

168 Verified Questions

168 Flashcards

Source URL: https://quizplus.com/quiz/69278

Sample Questions

Q1) Referring to Instruction 4.9,if an adult is selected at random,what is the probability that he/she is a registered voter or prefers to get his/her current information from radio?

Q2) Suppose A and B are events where P(A)= 0.4,P(B)= 0.5,and P(A and B)= 0.1.Then P(B|A)=______.

Q3) Referring to Instruction 4.3,the probability that a randomly selected individual is a child or prefers hamburgers is_____________ .

Q4) A debating team of four is to be chosen from a class of 35.There are two twin brothers in the class.How many possible ways can the team be formed which will not include any of the twin brothers?

Q5) Referring to Instruction 4.13,if a randomly selected adult is a registered voter,what is the probability that he/she prefers to get his/her current information from the newspapers?

Q6) An ordered selection of items is known as a(n)______.

A) sample space

B) combination

C) permutation

D) complement

To view all questions and flashcards with answers, click on the resource link above.

Page 6

Chapter 5: Some Important Discrete Probability

Distributions

Available Study Resources on Quizplus for this Chatper

172 Verified Questions

172 Flashcards

Source URL: https://quizplus.com/quiz/69279

Sample Questions

Q1) Referring to Instruction 5.6,what is the probability that any particular biscuit being inspected has 4.0 chip parts?

Q2) The number of power outages at a nuclear power plant has a Poisson distribution with a mean of 6 outages per year.The probability that there will be at least 3 power outages in a year is ______.

Q3) Whenever p = 0.5,the binomial distribution will

A) be right-skewed.

B) always be symmetric.

C) be left-skewed.

D) be symmetric only if n is large.

Q4) Referring to Instruction 5.1,the variance for the number of retransmissions is ______.

Q5) If n = 10 and p = 0.70,then the standard deviation of the binomial distribution is A) 14.29.

B) 1.45.

C) 7.00.

D) 0.07.

Q6) If X has a binomial distribution with n = 4 and p = 0.3,then P(X = 1.= ______

Q7) The probability that exactly four prefer Brand C is ______

To view all questions and flashcards with answers, click on the resource link above. Page 7

Chapter 6: The Normal Distribution and Other Continuous

Distributions

Available Study Resources on Quizplus for this Chatper

190 Verified Questions

190 Flashcards

Source URL: https://quizplus.com/quiz/69280

Sample Questions

Q1) Referring to Instruction 6.8 and assuming that the number of computers that requires repair on a given day follows a binomial distribution,compute the probability that there will be more than 25 but less than 30 computers that require repair on a given day using a normal approximation.

Q2) Referring to Instruction 6.2,the probability is 0.25 that John's income as a waiter is no more than how much in a given month?

Q3) So 27% of the possible Z values are smaller than _________.

Q4) Referring to Instruction 6.6,what is the mean of the time interval?

Q5) If a data batch is approximately normally distributed,its normal probability plot would be S-shaped.

A)True

B)False

Q6) The owner of a fish market determined that the average weight for a rainbow trout is 3.2 kilograms with a standard deviation of 0.8 kilogram.Assuming the weights of rainbow trout are normally distributed,the probability that a randomly selected rainbow trout will weigh more than 4.4 kilograms is_________.

Q7) Referring to Instruction 6.5,the second standard normal quantile is _______

Q8) The probability that Z is more than 0.77 is _________.

To view all questions and flashcards with answers, click on the resource link above. Page 8

Chapter 7: Sampling Distributions

Available Study Resources on Quizplus for this Chatper

133 Verified Questions

133 Flashcards

Source URL: https://quizplus.com/quiz/69281

Sample Questions

Q1) A sampling distribution is defined as the probability distribution of possible sample sizes that can be observed from a given population.

A)True

B)False

Q2) Referring to Instruction 7.1,what is the probability that the sample mean is more than 3 hours below the population mean?

Q3) Referring to Instruction 7.5,among all the random samples of size 200,_________ % will have between 9% and 29% who have high-speed access to the Internet.

Q4) If the amount of petrol purchased per car at a large petrol station has a population mean of $15 and a population standard deviation of $4 and a random sample of 64 cars is selected,there is approximately a 95.44% chance that the sample mean will be between $14 and $16.

A)True B)False

Q5) The sample proportion is an unbiased estimate of the population proportion. A)True

B)False

Q6) So,90% of the sample means will be greater than what value?

To view all questions and flashcards with answers, click on the resource link above. Page 9

Chapter 8: Confidence Interval Estimation

Available Study Resources on Quizplus for this Chatper

186 Verified Questions

186 Flashcards

Source URL: https://quizplus.com/quiz/69282

Sample Questions

Q1) Referring to Instruction 8-3,the confidence interval is valid only if the lengths cut are normally distributed.

A)True

B)False

Q2) Referring to Instruction 8-6,95% of the salary offers are between 27.5 and 30.3.

A)True

B)False

Q3) Referring to Instruction 8-5,a 95% confidence interval for the mean voltage of the power pack is wider than a 99% confidence interval.

A)True

B)False

Q4) In the construction of confidence intervals,if all other quantities are unchanged,an increase in the sample size will lead to a_________ interval.

A) less significant

B) narrower

C) biased

D) wider

Q5) Referring to Instruction 8-3,the confidence interval goes from ________ to_________ .

To view all questions and flashcards with answers, click on the resource link above. Page 10

Chapter 9: Fundamentals of Hypothesis Testing:

One-Sample Tests

Available Study Resources on Quizplus for this Chatper

180 Verified Questions

180 Flashcards

Source URL: https://quizplus.com/quiz/69283

Sample Questions

Q1) Referring to Instruction 9-8,the null hypothesis would be rejected. A)True

B)False

Q2) Referring to Instruction 9-2,the probability of committing a Type II error is ________ if the mean number of parasites per butterfly on Blue Tiger butterflies in Kakadu National Park is 30 using a 0.05 level of significance and assuming that the population standard deviation is 25.92.

Q3) Referring to Instruction 9-3,what is the probability of making a Type II error if the mean power consumption of all such microwave ovens is in fact 248 W using a 0.05 level of significance?

Q4) A Type II error is committed when

A) we reject a null hypothesis that is true.

B) we reject a null hypothesis that is false.

C) we don't reject a null hypothesis that is true.

D) we don't reject a null hypothesis that is false.

Q5) The decision on the hypothesis test using a 5% level of significance is

A) to accept H0 in favour of H1.

B) to fail to reject H0 in favour of H1.

C) to reject H0 in favour of H1.

D) We cannot tell what the decision should be from the information given.

To view all questions and flashcards with answers, click on the resource link above. Page 11

Chapter 10: Hypothesis Testing: Two-Sample Tests

Available Study Resources on Quizplus for this Chatper

175 Verified Questions

175 Flashcards

Source URL: https://quizplus.com/quiz/69284

Sample Questions

Q1) Referring to Instruction 10-2,the researcher was attempting to show statistically that the female MBA graduates have a significantly lower mean starting salary than the male MBA graduates.From the analysis in Instruction 10-2,the correct test statistic is A) -1.4019.

B) 0.0860.

C) -6,733.33.

D) -1.7011.

Q2) Referring to Instruction 10-3,what is the 99% confidence interval estimate for the difference in the two means?

Q3) Referring to Instruction 10-1,suppose that the test statistic is Z = 2.45.Find the p-value if we assume that the alternative hypothesis was a two-tailed test (H1: ?A - ?J ? 0).

A) 0.0142

B) 0.4929

C) 0.9858

D) 0.0071

Q4) Referring to Instruction 10-13,the value of the test statistic is _______.

Q5) Referring to Instruction 10-7,the computed t statistic is__________.

To view all questions and flashcards with answers, click on the resource link above. Page 12

Chapter 11: Analysis of Variance

Available Study Resources on Quizplus for this Chatper

148 Verified Questions

148 Flashcards

Source URL: https://quizplus.com/quiz/69285

Sample Questions

Q1) A completely randomised design with four groups would have six possible pairwise comparisons.

A)True

B)False

Q2) Referring to Instruction 11-9,at 1% level of significance,

A) there is insufficient evidence to conclude that the difference between the average travelling time for the different starting locations depends on the types of signs.

B) there is insufficient evidence to conclude that the relationship between travelling time and the types of signs depends on the starting locations.

C) there is insufficient evidence to conclude that the difference between the average travelling time for the different types of signs depends on the starting locations.

D) All of the above.

Q3) Referring to Instruction 11-2,the within group mean squares is

A) 1.06.

B) 0.10.

C) 0.29.

D) 1.18.

To view all questions and flashcards with answers, click on the resource link above.

Chapter 12: Simple Linear Regression

Available Study Resources on Quizplus for this Chatper

207 Verified Questions

207 Flashcards

Source URL: https://quizplus.com/quiz/69286

Sample Questions

Q1) Testing for the existence of correlation is equivalent to A) testing for the existence of the Y-intercept ( 0).

B) testing for the existence of the slope ( 1).

C) the confidence interval estimate for predicting Y.

D) None of the above.

Q2) Referring to Instruction 12.1,interpret the estimate of ?0,the Y-intercept of the line.

A) About 95% of the observed service charges fall within $2,700 of the least squares line.

B) There is no practical interpretation since a sales revenue of $0 is a nonsensical value.

C) For every $1 million increase in sales revenue, we expect a service charge to decrease $2,700.

D) All companies will be charged at least $2,700 by the bank.

Q3) Referring to Instruction 12.40,generate the residual plot.

Q4) Referring to Instruction 12.14,the coefficient of determination is ____________.

Q5) Referring to Instruction 12.3,set up a scatter diagram.

Q6) Referring to Instruction 12.3,the least squares estimate of the slope is_____________.

Q7) Referring to Instruction 12.9,generate the scatter plot.

Page 14

To view all questions and flashcards with answers, click on the resource link above.

Chapter 13: Introduction to Multiple Regression

Available Study Resources on Quizplus for this Chatper

269 Verified Questions

269 Flashcards

Source URL: https://quizplus.com/quiz/69287

Sample Questions

Q1) Referring to Instruction 13.33,the predicted demand in Melbourne when the mortgage rate is 8% is ___________ per capita.

Q2) Referring to Instruction 13.38,in terms of the ?s in the model,give the mean change in weight-loss (Y)for every 1 month increase in time in the program (X1)when attending the afternoon session.

A) $\beta$1 + $\beta$4

B) $\beta$1 + $\beta$5 C. $\beta$1 D. $\beta$4 + $\beta$5

Q3) The purpose of the partial F test in multiple regression is to determine the predictive power of a model including all the X variables.

A)True

B)False

Q4) Referring to Instruction 13.22,the alternative hypothesis H1: At least one of j 0 for j = 1,2,3 implies that percentage of students passing the proficiency test is affected by at least one of the explanatory variables.

A)True

B)False

To view all questions and flashcards with answers, click on the resource link above. Page 15

Chapter 14: Time-Series Forecasting and Index Numbers

Available Study Resources on Quizplus for this Chatper

201 Verified Questions

201 Flashcards

Source URL: https://quizplus.com/quiz/69288

Sample Questions

Q1) Referring to Instruction 14-15,the Holt-Winters method for forecasting with smoothing constant of 0.3 for both level and trend will be used to smooth the number of arrivals.The smoothed values of the level and trend for the sixth Monday are _______ and _______,respectively.

Q2) Referring to Instruction 14-10,the forecast for the demand in 2009 is_______

Q3) Referring to Instruction 14-11,the fitted value for 1990 is _______.

Q4) In the Holt-Winters method of forecasting,which of the following would give more weight to recent trend and less to past trend?

A) Smaller values of V.

B) Larger values of V.

C) Larger values of U.

D) Smaller values of U.

Q5) In the Holt-Winters method of forecasting,to give more weight to recent levels of the time series,you would use_______.

Q6) Referring to Instruction 14-21,what is the unweighted price index for the group of three energy items in 2008 using 2006 as the base year?

Q7) Referring to Instruction 14-20,using the first-order model,the forecast of mean attendance for month 16 is_______.

Page 16

To view all questions and flashcards with answers, click on the resource link above.

Chapter 15: Chi-Square Tests

Available Study Resources on Quizplus for this Chatper

134 Verified Questions

134 Flashcards

Source URL: https://quizplus.com/quiz/69289

Sample Questions

Q1) Referring to Instruction 15-7,what is the value of the test statistic?

Q2) Referring to Instruction 15-7,what is the value of the critical range for the Marascuilo procedure to test for the difference in proportions between year 1 and year 3 using a 0.05 level of significance?

Q3) Referring to Instruction 15-1,the organization tests to determine at the 0.05 level whether the population proportion has changed from the previous study.Which of the following is most correct?

A) Do not reject the null hypothesis and conclude that the proportion of employees who are interested in a professional-development course has increased over the intervening 10 years.

B) Reject the null hypothesis and conclude that the proportion of employees who are interested in a professional-development course has changed over the intervening 10 years.

C) Reject the null hypothesis and conclude that the proportion of employees who are interested in a professional-development course has increased over the intervening 10 years.

D) Do not reject the null hypothesis and conclude that the proportion of employees who are interested in a professional-development course has not changed over the intervening 10 years.

To view all questions and flashcards with answers, click on the resource link above.

Page 17

Chapter 16: Multiple Regression Model Building

Available Study Resources on Quizplus for this Chatper

93 Verified Questions

93 Flashcards

Source URL: https://quizplus.com/quiz/69290

Sample Questions

Q1) Referring to Instruction 16-1,what is the value of the test statistic for testing whether the quadratic term is necessary in fitting in the response curve relating the demand (Y)and the price (X)?

A) -5.14

B) 0.95

C) 373

D) None of the above

Q2) For a model with 5 independent variables and data set with 50 observations,the numerator degrees of freedom for the Cook's Distance Statistic would be 4.

A)True

B)False

Q3) Referring to Instruction 16-6,what is the value of the variance inflationary factor of Age?

Q4) Referring to Instruction 16-6,what is the value of the variance inflationary factor of Manager?

Q5) Referring to Instruction 16-2,suppose the chemist decides to use an F test to determine if there is a significant quadratic relationship between time and dose.The p-value of the test is _______.

To view all questions and flashcards with answers, click on the resource link above. Page 18

Chapter 17: Decision Making

Available Study Resources on Quizplus for this Chatper

106 Verified Questions

106 Flashcards

Source URL: https://quizplus.com/quiz/69291

Sample Questions

Q1) Referring to Instruction 17-1,what is the opportunity loss of spending 8 hours per week on average studying for the exam when the exam turns out to be difficult?

Q2) Referring to Instruction 17-5,what is the expected monetary value (EMV)?

A) $90

B) $80

C) $180

D) $130

Q3) Referring to Instruction 17-6,the optimal strategy using the expected monetary value criterion is to study 8 hours per week on average for the exam.

A)True

B)False

Q4) Which utility curve best represents an individual who is interested only in 'striking it rich'?

A) Risk-averter's curve

B) Risk-seeker's curve

C) Risk-neutral curve

D) It cannot be determined.

Q5) The risk _______curve represents the expected monetary value approach.

To view all questions and flashcards with answers, click on the resource link above. Page 19

Chapter 18: Statistical Applications in Quality Management

Available Study Resources on Quizplus for this Chatper

119 Verified Questions

119 Flashcards

Source URL: https://quizplus.com/quiz/69292

Sample Questions

Q1) Special or assignable causes of variation are signalled by individual fluctuations or patterns in the data.

A)True

B)False

Q2) Referring to Instruction 18-8,based on the R chart,it appears that the process is out of control.

A)True

B)False

Q3) Which of the following best measures the ability of a process to consistently meet specified customer-driven requirement?

A) Specification limits

B) Upper control limit

C) Process capability

D) Lower control limit

Q4) Referring to Instruction 18-14,construct the chart for the time required to register.

Q5) Referring to Instruction 18-4,the process seems to be _______.

Q6) Referring to Instruction 18-4,construct a p control chart for these data.

Q7) Referring to Instruction 18-5,construct a p control chart for these data.

To view all questions and flashcards with answers, click on the resource link above. Page 20

Chapter 19: Further Non-Parametric Tests

Available Study Resources on Quizplus for this Chatper

50 Verified Questions

50 Flashcards

Source URL: https://quizplus.com/quiz/69293

Sample Questions

Q1) Referring to Instruction 19-3,what is the appropriate test to use?

A) Wilcoxon signed rank test for difference in median

B) Wilcoxon signed rank test for median difference

C) Wilcoxon rank sum test for median difference

D) Wilcoxon rank sum test for difference in median

Q2) Referring to Instruction 19-5,the null hypothesis for the Friedman rank test for the difference in the means should be rejected at a 0.01 level of significance.

A)True

B)False

Q3) Referring to Instruction 19-6,what is the value of the test statistic for the Friedman rank test for the difference in the medians?

Q4) Referring to Instruction 19-3,which pair(s)of observations has a negative signed rank?

Q5) The Wilcoxon rank sum test is a non-parametric test for testing the difference between two ____from independent samples.

Q6) The McNemar test is approximately chi-square distributed.

A)True

B)False

To view all questions and flashcards with answers, click on the resource link above. Page 21