Statistics for Management Exam Solutions
Course Introduction
Statistics for Management introduces students to the fundamental concepts and techniques of statistics with a focus on their application in business and managerial decision-making. The course covers descriptive statistics, probability distributions, hypothesis testing, regression analysis, and data interpretation, equipping students with the quantitative skills necessary to analyze business problems and make informed decisions. Through practical examples and case studies, students learn how to collect, organize, and analyze data relevant to management functions such as marketing, finance, operations, and human resources. The course emphasizes the use of statistical software to solve real-world business problems, preparing students to leverage data for strategic advantage in their professional careers.
Recommended Textbook
Basic Business Statistics 5th Edition by Mark
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Chapter 1: Defining and Collecting Data
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Sample Questions
Q1) A list of the items in the population of interest is known as the frame.
A)True
B)False
Answer: True
Q2) An insurance company evaluates many numerical variables about a person before deciding on an appropriate rate for automobile insurance.A person's age is an example of a _________ numerical variable.
Answer: continuous
Q3) Problems may arise when statistically unsophisticated users who do not understand the assumptions behind the statistical procedures or their limitations are misled by results obtained from computer software.
A)True
B)False
Answer: True
Q4) Convenience sampling involves using a method that is easy or inexpensive.
A)True
B)False
Answer: True
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Chapter 2: Organising and Visualising Data
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Q1) 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
Q2) Referring to Instruction 2.10,_________ % of the 200 were females who were against the plan.
Answer: 6
Q3) When constructing a frequency distribution,classes should be selected in such a way that they are of equal width.
A)True
B)False
Answer: True
Q4) Referring to Instruction 2.5,if a frequency distribution with equal-sized classes was made from this data,and the first class was '10 but less than 20',the relative frequency of the third class would be _________.
Answer: 0.20 or 20% or 10/50
Q5) Referring to Instruction 2.11,_________ % of the 600 did not own a portable DVD.
Answer: 77.33
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Chapter 3: Numerical Descriptive Measures
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Sample Questions
Q1) In left-skewed distributions,the distance from the smallest observation to Q1 exceeds the distance from Q3 to the largest observation.
A)True
B)False
Answer: True
Q2) Referring to Instruction 3-3,the arithmetic mean of the number of vitamin supplements sold in this sample is _____________ .
Answer: 28
Q3) Referring to Instruction 3-4,the arithmetic mean of the customs data is_____________ .
Answer: 23.9
Q4) Which of the arithmetic mean,median,mode,and geometric mean are resistant measures of central tendency?
A) The mode and geometric mean only
B) The arithmetic mean and mode only
C) The median and mode only
D) The arithmetic mean
Answer: C
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Chapter 4: Basic Probability
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Sample Questions
Q1) There are 10 finalists at a national dog show.How many different orders of finishing can there be for all the 10 finalists?
Q2) If P(A and B)= 0,then A and B must be mutually exclusive. A)True B)False
Q3) Twelve students in a Business Statistics class are to be formed into three teams of four.How many different ways can this be done?
Q4) Previously calculated probabilities are known as ______ probabilities. A) marginal B) prior C) subjective D) conditional
Q5) Referring to Instruction 4.1,given that alcohol was not involved,what proportion of the accidents were single vehicle?
A) 25/75 or 33.33%
B) 50/170 or 29.41%
C) 50/75 or 66.67%
D) 25/230 or 10.87%
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Chapter 5: Some Important Discrete Probability
Distributions
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Q1) The number of 000 calls in Hobart has a Poisson distribution with a mean of 10 calls a day.The probability of seven 000 calls in a day is ______
Q2) The probability that exactly three prefer Brand C is ______
Q3) Referring to Instruction 5.7,what is the probability that in the next 1,000 customers,the airline will have no more than two and at least eight mishandled bags?
Q4) Referring to Instruction 5.8,what is the probability out of the eight new cars it just received that,when each is tested,exactly two of the cars have non-defective radios?
Q5) The covariance
A) can be positive or negative.
B) must be less than +1.
C) must be between 1 and +1.
D) must be positive.
Q6) The variance of the number of times she will be audited is ______.
Q7) If p remains constant in a binomial distribution,an increase in n will not change the mean.
A)True
B)False
Page 7
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Chapter 6: The Normal Distribution and Other Continuous Distributions
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Sample Questions
Q1) If we know that the length of time it takes a university student to find a parking space in the university car park follows a normal distribution with a mean of 3.5 minutes and a standard deviation of 1 minute,find the probability that a randomly selected university student will find a parking space in the car park in less than 3 minutes.
A) 0.3085
B) 0.3551
C) 0.2674
D) 0.1915
Q2) Referring to Instruction 6.6,what is the standard deviation of the time interval?
Q3) Referring to Instruction 6.6,what is the probability that the time interval between two consecutive defective light bulbs will be at least 80 minutes?
Q4) Referring to Instruction 6.2,John's commission from the jewellery store will be between what two values symmetrically distributed around the population mean 90% of the time?
Q5) Referring to Instruction 6.6,what is the probability that the time interval between two consecutive defective light bulbs will be exactly 10 minutes?
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Chapter 7: Sampling Distributions
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Sample Questions
Q1) If a sample of 64 fish yields a mean of 3.4 kilograms,what is the probability of obtaining a sample mean this large or larger?
A) 0.4987
B) 0.0001
C) 0.0013
D) 0.0228
Q2) As the sample size increases,the standard error of the mean increases.
A)True
B)False
Q3) 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
Q4) Suppose = 80 and <sup> </sup>= 20 for a population.In a sample where n = 100 is randomly taken,95% of all possible sample means will fall above 76.71.
A)True
B)False
Q5) So,90% of the sample means will be greater than what value?
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Chapter 8: Confidence Interval Estimation
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Q1) Referring to Instruction 8-16,the sampling error of a 99% confidence interval for the proportion of student population who own a personal computer is ________
Q2) Referring to Instruction 8-18,what is the needed sample size to obtain a 95% confidence interval in estimating the percentage of the targeted young adults who will purchase the new game to within ±5% if you do not have the information on the 49% in the interviews who said that they would purchase the new game?
Q3) Referring to Instruction 8-14,this interval requires the use of the t distribution to obtain the confidence coefficient.
A)True
B)False
Q4) The difference between the lower limit of a confidence interval and the point estimate used in constructing the confidence interval is called the sampling error. A)True
B)False
Q5) Referring to Instruction 8-10,the critical value for a 99% confidence interval for this sample is ____________.
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Chapter 9: Fundamentals of Hypothesis Testing:
One-Sample Tests
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Sample Questions
Q1) If you know that the probability of committing a Type II error ( )is 5%,you can tell that the power of the test is A) 95%.
B) 97.5%.
C) 2.5%.
D) unknown.
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 18 using a 0.1 level of significance and assuming that the population standard deviation is 25.92.
Q3) The symbol for the probability of committing a Type I error of a statistical test is A) .
B) 1 - .
C) .
D) 1 - .
Q4) Referring to Instruction 9-7,the null hypothesis would be rejected.
A)True
B)False
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Chapter 10: Hypothesis Testing: Two-Sample Tests
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Sample Questions
Q1) The F distribution is symmetric.
A)True
B)False
Q2) Referring to Instruction 10-13,the value of the test statistic is _______.
Q3) Referring to Instruction 10-7,the p-value for a one-tailed test whose computed t statistic is 2.00 is between __________and __________.
Q4) Referring to Instruction 10-9,state the test statistic for determining if the population variances differ for preservatives A and B
A) = -3.10
B) = 0.8250
C) = 0.5908
D) = 0.7687
Q5) Referring to Instruction 10-3,what is the standardised value of the estimate of the mean of the sampling distribution of the difference between sample means?
A) -3.69
B) -1.96
C) -2.33
D) -8.75
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Chapter 11: Analysis of Variance
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Sample Questions
Q1) Referring to Instruction 11-4,the null hypothesis for Levene's test for homogeneity of variances is
A. \(H _ { 0 } : { } ^ { \sigma _ { A } ^ { 2 } } = { } ^ { \sigma _ { B } ^ { 2 } } = { } ^ { \sigma _ { C } ^ { 2 } } = { } ^ { \sigma _ { D } ^ { 2 } }\)
B. \(H _ { 0 } : M _ { A } = M _ { B } = M _ { C } = M _ { D }\).
C. \(H _ { 0 } : \pi _ { A } = \pi _ { B } = \pi _ { C } = \pi _ { D }\).
D. \(H _ { 0 } : \mu _ { A } = \mu _ { B } = \mu _ { C } = \mu _ { D }\).
Q2) Referring to Instruction 11-2,the value of the test statistic for Levene's test for homogeneity of variances is
A) 0.37.
B) 10.76.
C) 4.36.
D) 0.25.
Q3) Referring to Instruction 11-3,construct the ANOVA table from the sample data.
Q4) Referring to Instruction 11-7,what is the value of the test statistic for the randomised block F test for the difference in the means?
Q5) Referring to Instruction 11-7,what is the value of the F test statistic for testing the block effects?
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Chapter 12: Simple Linear Regression
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Sample Questions
Q1) Referring to Instruction 12.16,what is the value of the coefficient of correlation?
Q2) Referring to Instruction 12.4,the prediction for the amount of sales (in $1,000s)for a person who brings 25 new customers into the firm is ____________.
Q3) Referring to Instruction 12.25,the Durbin-Watson statistic is inappropriate for this data set.
Q4) The confidence interval for the mean of Y is always narrower than the prediction interval for an individual response Y given the same data set,X value,and confidence level.
A)True B)False
Q5) Referring to Instruction 12.8,the estimated average change in salary (in thousands of dollars)as a result of spending an extra hour per day studying is A) 0.9795. B) 0.7845. C) 335.0473. D) -1.8940.
Q6) Referring to Instruction 12.4,set up a scatter diagram.
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Chapter 13: Introduction to Multiple Regression
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Sample Questions
Q1) The coefficient of multiple determination r<sup>2</sup> measures the proportion of variation in Y that is explained by X<sub>1</sub> and X<sub>2</sub>.
A)True
B)False
Q2) Referring to Instruction 13.37 Model 1,what is the value of the test statistic when testing whether being married or not makes a difference in the mean number of weeks a worker is unemployed due to a layoff,while holding constant the effect of all the other independent variables?
Q3) Referring to Instruction 13.40,the fitted model for predicting demand in Sydney is ______.
A)S1U1B0S1U1B1 S1U1B010 + 5XS1U1B11S1U1B0
B)S1U1B0S1U1B1 S1U1B010 + 13XS1U1B11S1U1B0
C)S1U1B0S1U1B1 S1U1B018 + 5XS1U1B11S1U1B0
D)S1U1B0S1U1B1 S1U1B015 + 8XS1U1B12S1U1B0
Q4) Referring to Instruction 13.15,the p-value for GDP is
A) 0.01.
B) 0.05.
C) 0.001.
D) None of the above.
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Chapter 14: Time-Series Forecasting and Index Numbers
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Q1) Referring to Instruction 14-4,the number of arrivals will be exponentially smoothed with a smoothing constant of 0.25.The smoothed value for the second Monday will be _______.
Q2) The manager of a company believed that her company's profits were following an exponential trend.She used Microsoft Excel to obtain a prediction equation for the logarithm (base 10)of profits: log<sub>10</sub>(Profits)= 2 + 0.3X
The data she used were from 2003 through 2008,coded 0 to 5.The forecast for 2009 profits is _______.
Q3) Given a data set with 15 yearly observations,there are only seven nine-year moving averages.
A)True
B)False
Q4) Referring to Instruction 14-14,the Holt-Winters method for forecasting with smoothing constant of 0.8 for both level and trend will be used to forecast the wine sales.The forecast for 2011 is _______.
Q5) MAD is the summation of the residuals divided by the sample size.
A)True B)False
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Chapter 15: Chi-Square Tests
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Sample Questions
Q1) The squared difference between the observed and theoretical frequencies should be large if there is no significant difference between the proportions.
A)True
B)False
Q2) Referring to Instruction 15-4,how many children in the survey spent less than 2 hours watching TV and more than 2 hours reading story books on average?
A) 687
B) 8
C) 175
D) 130
Q3) Referring to Instruction 15-2,the p-value of the test is _______.
Q4) Referring to Instruction 15-8,the decision made suggests that the three cities do not all have the same proportion of hotels that correctly post minibar charges.
A)True
B)False
Q5) Referring to Instruction 15-3,the expected cell frequency in the Female/Non-Local cell is _______.
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Chapter 16: Multiple Regression Model Building
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Q1) Referring to Instruction 16-6,what is the value of the variance inflationary factor of Manager?
Q2) 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.If she chooses to use a level of significance of 0.05,she would decide that there is a significant curvilinear relationship.
A)True
B)False
Q3) 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
Q4) Referring to Instruction 16-7,what is the value of the variance inflationary factor of EP?
Q5) Referring to Instruction 16-7,what is the value of the variance inflationary factor of Cargo Vol?
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Chapter 17: Decision Making
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Q1) The risk ________ curve shows a rapid increase in utility for initial amounts of money followed by a gradual leveling off for increasing dollar amounts.
Q2) Which of the following is NOT a decision-making criterion?
A) Minimising the expected opportunity loss of an action
B) Maximising the expected monetary value of an action
C) Maximising the return-to-risk ratio
D) Minimising expected profit under certainty
Q3) Given 0.2,0.4,and 0.4 are the probabilities for the sale of 100,200,or 400 dozen roses,respectively,then the optimal alternative using expected monetary value (EMV)for selling roses is to buy _______ dozen roses.
A) 400
B) 200
C) 100
D) 600
Q4) Referring to Instruction 17-7,what is the expected value of perfect information (EVPI)for this problem?
Q5) Referring to Instruction 17-7,what is the expected opportunity loss (EOL)for Action A?
Q6) Referring to Instruction 17-7,what is the return to risk ratio for Action B?
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Chapter 18: Statistical Applications in Quality Management
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Q1) C<sub>p</sub> >1 indicates that if the process mean can be centred,then more than 99.73% of the observations will fall inside the specification limits.
A)True
B)False
Q2) Referring to Instruction 18-12,an R chart is to be constructed for the weight.The upper control limit for this data set is _______
Q3) Special or assignable causes of variation are signalled by individual fluctuations or patterns in the data.
A)True
B)False
Q4) Referring to Instruction 18-5,a p control chart is to be constructed for these data.The lower control limit is _______,while the upper control limit is _______.
Q5) It is not possible for the chart to be out of control when the R chart is in control.
A)True
B)False
Q6) Referring to Instruction 18-13,construct the chart for the number of blemishes.
Q7) Referring to Instruction 18-16,what is the value of the C<sub>p</sub> index?
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Chapter 19: Further Non-Parametric Tests
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Q1) Referring to Instruction 19-6,what is the value of the test statistic for the Friedman rank test for the difference in the medians?
Q2) If the sample sizes in each group are more than five,the Kruskal-Wallis rank test statistic can be approximated by a chi-square distribution.
A)True
B)False
Q3) One disadvantage of the Wilcoxon rank sum test,as compared to the t test,is that Wilcoxon rank sum test is much less powerful.
A)True
B)False
Q4) A non-parametric test for testing the difference between two medians from independent samples is known as the ____.
A) Kruskal-Wallis test
B) Wilcoxon rank sum test
C) Friedman rank test
D) Wilcoxon signed ranks test
Q5) Referring to Instruction 19-3,what is the value of the test statistic?
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