Statistics for Management Practice Questions
Course Introduction
Statistics for Management introduces students to fundamental statistical concepts and techniques essential for effective decision-making in business environments. The course covers topics such as data collection and analysis, probability distributions, sampling, hypothesis testing, correlation, regression, and the interpretation of statistical results. Emphasis is placed on applying statistical reasoning to real-world management problems, enabling students to analyze business data, interpret findings, and make informed decisions. Through case studies and practical exercises, learners develop the skills necessary to use statistical tools and software to support managerial functions in areas such as marketing, finance, operations, and human resources.
Recommended Textbook
Essentials of Business Statistics 1st Canadian Edition by Ken Black
Available Study Resources on Quizplus
15 Chapters
1055 Verified Questions
1055 Flashcards
Source URL: https://quizplus.com/study-set/2418 Page 2
Chapter 1: Introduction to Statistics
Available Study Resources on Quizplus for this Chatper
60 Verified Questions
60 Flashcards
Source URL: https://quizplus.com/quiz/48057
Sample Questions
Q1) A descriptive measure of the sample is called a statistic.
A)True
B)False
Answer: True
Q2) In a survey conducted among 200 first years of a certain college, 36 percent were business majors, 34 percent were science majors, and 23 percent arts majors.
a) What constitutes the population?
b) What is the sample?
c) The 36 percent of the 200 first years who were business majors is?
Answer: a) All first years of the college
b) The 200 first years surveyed
c) statistic
Q3) Calculation of population parameters is usually either impossible or excessively time consuming and costly.
A)True
B)False
Answer: True
Q4) List the four key elements of business statistics.
Answer: Collect data, analyze data, interpret data, and present findings.
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Organizing and Visualizing Data
Available Study Resources on Quizplus for this Chatper
95 Verified Questions
95 Flashcards
Source URL: https://quizplus.com/quiz/48058
Sample Questions
Q1) A histogram can be described as a type of vertical bar chart.
A)True
B)False
Answer: True
Q2) A scatter plot is a two-dimensional graph plot of data containing pairs of observations on two numerical variables.
A)True
B)False
Answer: True
Q3) Which of the following statements is/are true?
I. Cross tabulation is a two-dimensional table that displays the frequency for two categorical variables.
II. Cross tabulation can be referred to as a contingency table.
III. Excel calls contingency table as pivot table.
A) I only
B) II only
C) III only
D) I and III only
E) all of the above
Answer: E
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Descriptive Statistics
Available Study Resources on Quizplus for this Chatper
53 Verified Questions
53 Flashcards
Source URL: https://quizplus.com/quiz/48059
Sample Questions
Q1) The spread or dispersion of a set of data is called
A) range
B) coefficient of variation
C) measures of variation
D) mean absolute deviation
Answer: C
Q2) Data values outside the fences in a distribution using a box and whisker plot are
A) inliers
B) outliers
C) boxliers
D) fenceliers
Answer: B
Q3) When you use Excel's most powerful statistical tools, the results
A) update automatically when you change the data.
B) are static.
C) can only be run for one statistical test at a time.
D) are temporary.
Answer: B
To view all questions and flashcards with answers, click on the resource link above.
Page 5
Chapter 4: Gathering Data
Available Study Resources on Quizplus for this Chatper
44 Verified Questions
44 Flashcards
Source URL: https://quizplus.com/quiz/48060
Sample Questions
Q1) Interviewing all members of a given population is known as
A) a sample.
B) a Gallup poll.
C) a census.
D) an audit.
E) none of the above
Q2) Financial analyst Larry Potts needs a sample of 100 securities listed on the New York Stock Exchange. In the current issue of the Wall Street Journal, 2,531 securities are listed in the "New York Exchange Composite Transactions," an alphabetical listing of all securities traded on the previous business day. Larry uses a table of random numbers to select 100 numbers between 1 and 2,531. His sample is a ___.
A) quota sample
B) simple random sample
C) systematic sample
D) stratified sample
E) cluster sample
Q3) With cluster sampling, there is homogeneity within a subgroup or stratum.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 6
Chapter 5: Probability
Available Study Resources on Quizplus for this Chatper
83 Verified Questions
83 Flashcards
Source URL: https://quizplus.com/quiz/48061
Sample Questions
Q1) Let F be the event that a student is enrolled in a finance course, and let S be the event that a student is enrolled in a statistics course. It is known that 40% of all students are enrolled in a finance course and 35% of all students are enrolled in statistics. Included in these numbers are 15% who are enrolled in both statistics and finance. Find the probability that a student is in finance and is also in statistics.
A) 0.15
B) 0.70
C) 0.55
D) 0.12
E) 0.60
Q2) If X and Y are mutually exclusive events, then if X occurs ___.
A) Y must also occur
B) Y cannot occur
C) X and Y are independent
D) X and Y are complements
E) A and Y are collectively exhaustive
Q3) Name the branch of statistics that is supported by probability.
Q4) What are the three methods of assigning probabilities?
To view all questions and flashcards with answers, click on the resource link above.
Page 7
Chapter 6: Decision Analysis and Expected Value
Available Study Resources on Quizplus for this Chatper
42 Verified Questions
42 Flashcards
Source URL: https://quizplus.com/quiz/48062
Sample Questions
Q1) A variable that can take on values at any point over a given interval is called a discrete random variable.
A)True B)False
Q2) To compute the variance of a discrete distribution, it is \(\textbf{ not }\) necessary to know the mean of the distribution.
A)True B)False
Q3) The variance of a discrete distribution increases if we add a positive constant to each one of its value.
A)True B)False
Q4) In a decision analysis problem, variables (such as general macroeconomic conditions) which are \(\textbf{ not }\) under the decision maker's control are called prior probabilities.
A)True B)False
To view all questions and flashcards with answers, click on the resource link above.
8
Chapter 7: Discrete Probability Distributions
Available Study Resources on Quizplus for this Chatper
85 Verified Questions
85 Flashcards
Source URL: https://quizplus.com/quiz/48063
Sample Questions
Q1) On Monday mornings, customers arrive at the coffee shop drive thru at the rate of 6 cars per fifteen-minute interval. Using the Poisson distribution, the probability that five cars will arrive during the next five-minute interval is ___.
A) 0.1008
B) 0.0361
C) 0.1339
D) 0.1606
E) 0.3610
Q2) The probability of selecting 2 baseball players and 3 basketball players for an intermural competition at a small sports camp would best be modelled with the ___.
A) binomial distribution
B) hypergeometric distribution
C) Poisson distribution
D) hyperbinomial distribution
E) exponential distribution
Q3) Suppose 18 major companies operate in Canada and 12 are located in Alberta. If three companies are randomly selected from the entire list, what is the probability that none is from Alberta?
To view all questions and flashcards with answers, click on the resource link above.
9
Chapter 8: Continuous Distributions
Available Study Resources on Quizplus for this Chatper
64 Verified Questions
64 Flashcards
Source URL: https://quizplus.com/quiz/48064
Sample Questions
Q1) The expected (mean) life of a particular type of light bulb is 1,000 hours with a standard deviation of 50 hours. The life of this bulb is normally distributed. What is the probability that a randomly selected bulb would last fewer than 940 hours?
A) 0.3849
B) 0.8849
C) 0.1151
D) 0.6151
E) 0.6563
Q2) Within a range of z scores from -2 to +2, you can expect to find ___ per cent of the values in a normal distribution.
A) 95
B) 99
C) 68
D) 34
E) 100
Q3) A standard normal distribution has a mean of one and a standard deviation of three.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 10
Chapter 9: Sampling Distributions
Available Study Resources on Quizplus for this Chatper
65 Verified Questions
65 Flashcards
Source URL: https://quizplus.com/quiz/48065
Sample Questions
Q1) Albert Abbasi, VP of Operations at Ingleside International Bank, is evaluating the service level provided to walk-in customers. Accordingly, he plans a sample of waiting times for walk-in customers. If the population of waiting times has a mean of 15 minutes and a standard deviation of 4 minutes, the probability that Albert's sample of 64 will have a mean less than 16 minutes is ___.
A) 0.4772
B) 0.0228
C) 0.9072
D) 0.9544
E) 0.9772
Q2) Suppose the population of all colleges shows the annual parking fee per student is $110 with a standard deviation of $18. If a random sample of size 49 is drawn from the population, the probability of drawing a sample with a mean of more than $115 is ___.
A) 0.9738
B) 0.4738
C) 0.0262
D) 0.6103
E) 0.1103
To view all questions and flashcards with answers, click on the resource link above.
11
Chapter 10: Confidence Intervals
Available Study Resources on Quizplus for this Chatper
82 Verified Questions
82 Flashcards
Source URL: https://quizplus.com/quiz/48066
Sample Questions
Q1) Elwin Osbourne, CIO at GFS, Inc., is studying employee use of GFS email for non-business communications. A random sample of 200 email messages was selected. Thirty of the messages were \(\textbf{ not }\) business related. The 90% confidence interval for the population proportion is ___.
A) 0.108 to 0.192
B) 0.153 to 0.247
C) 0.091 to 0.209
D) 0.145 to 0.255
E) 0.255 to 0.265
Q2) The z value associated with a two-sided 95% confidence interval is ___.
A) 1.28
B) 1.645
C) 1.96
D) 2.575
E) 2.33
Q3) When a range of values is used to estimate a population parameter, it is called a range estimate.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Hypothesis Testing for Single Populations
Available Study Resources on Quizplus for this Chatper
77 Verified Questions
77 Flashcards
Source URL: https://quizplus.com/quiz/48067
Sample Questions
Q1) If the chosen significant level is 5%, then there is a
A) 10% probability of rejecting a false null hypothesis.
B) 10% probability of rejecting a true null hypothesis.
C) 5% probability of rejecting a false null hypothesis.
D) 5% probability of rejecting a true null hypothesis.
E) none of the above
Q2) Suppose the alternative hypothesis in a hypothesis test is "the population mean is greater than 60." If the sample size is 80 and alpha =.01, the critical value of z is ___.
A) 2.575
B) -2.575
C) 2.33
D) -2.33
E) 2.45
Q3) If the researcher computes the probability of the calculated statistic and compares it to alpha, the level of significance to reach a decision, the researcher is using the p value method for testing the hypotheses.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Chapter 12: Hypothesis Testing for Two Populations
Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/48068
Sample Questions
Q1) Suppose that.06 of each of two populations possess a given characteristic. Samples of size 400 are randomly drawn from each population. What is the probability that the differences in sample proportions will be greater than 0.02?
A) 0.4535
B) 0.9535
C) 0.1170
D) 0.5465
E) 0.4650
Q2) If the populations are normally distributed and the variances of the two populations are \(\textbf{ not }\) equal, it is appropriate to use the "unpooled" formula to determine the t statistic for the hypothesis test of the difference in the two population means.
A)True
B)False
Q3) When testing for the difference between two population proportions, we use the "pooled" estimate of the proportion.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
14
Chapter 13: Analysis of Variance Anova
Available Study Resources on Quizplus for this Chatper
45 Verified Questions
45 Flashcards
Source URL: https://quizplus.com/quiz/48069
Sample Questions
Q1) Determining the table value for the F distribution requires two values for degrees of freedom.
A)True
B)False
Q2) Medical Wonders is a specialized interior design company focused on healing artwork. The CEO, Kathleen Kelledy, claims that artwork has healing effects for patients staying in a hospital, as measured by reduced length of stay. Her current client is a children's cancer hospital. Kathleen is interested in determining the effect of three different pieces of healing artwork on children. She chooses three paintings (a horse photo, a bright abstract, and a muted beach scene) and randomly assigns six hospital rooms to each painting. Kathleen's null hypothesis is ___.
A) \(\mu\)<sub>1</sub> = \(\mu\)<sub>2</sub> = \(\mu\)<sub>3</sub>
B) \(\mu\)<sub>1</sub> \(\neq\) \(\mu\)<sub>2</sub> \(\neq\)\(\mu\)<sub>3</sub>
C) \(\mu\)<sub>1</sub> \(\ge\) \(\mu\)<sub>2</sub> \(\ge\)\(\mu\)<sub>3</sub>
D) \(\mu\)<sub>1</sub> \(\le\)\(\mu\)<sub>2</sub> \(\le\)\(\mu\)<sub>3</sub> E) \(\mu\)<sub>1</sub> \(\le\) \(\mu\)<sub>2</sub> \(\mu\)<sub>3</sub>
Q3) The statistical methods of analysis of variance assume equal sample means.
A)True
B)False
Page 15
To view all questions and flashcards with answers, click on the resource link above.
Chapter 14: Linear Correlation and Simple Linear Regression Analysis
Available Study Resources on Quizplus for this Chatper
110 Verified Questions
110 Flashcards
Source URL: https://quizplus.com/quiz/48070
Sample Questions
Q1) The range of admissible values for the coefficient of determination is 1 to +1. A)True
B)False
Q2) The assumptions underlying simple regression analysis include ___.
A) the error terms are exponentially distributed
B) the error terms have unequal variances
C) the model is nonlinear
D) the error terms are dependent
E) the error terms are independent
Q3) Regression methods can be pursued to estimate trends that are linear in time.
A)True
B)False
Q4) A researcher has developed a regression model from fourteen pairs of data points. He wants to test if the slope is significantly different from zero. He uses a two? tailed test and = 0.01. The critical table t value is ___.
A) 2.650
B) 3.012
C) 3.055
D) 2.718
E) 2.168
To view all questions and flashcards with answers, click on the resource link above. Page 16
Chapter 15: Categorical Versus Categorical: Tests
Available Study Resources on Quizplus for this Chatper
78 Verified Questions
78 Flashcards
Source URL: https://quizplus.com/quiz/48071
Sample Questions
Q1) In a chi-square goodness-of-fit test, theoretical frequencies are also called expected frequencies.
A)True
B)False
Q2) A chi-square goodness-of-fit test is to be performed to see if data fit the Poisson distribution. There are 8 categories, and must be estimated. Alpha is chosen to be 0.10.
The critical (table) value of chi-square is ___.
A) 10.645
B) 12.017
C) 3.828
D) 16.812
E) 17.345
Q3) Contingency tables should not be used with expected cell frequencies ___.
A) less than the number of rows
B) less than the number of columns
C) less than 5
D) less than 30
E) less than 50
To view all questions and flashcards with answers, click on the resource link above.
17