Understanding Business Statistics: Concepts and Techniques

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1. The role of business statistics is to convert data into meaningful info.

2. The two primary categories of statistical interference tools are estimation and hypothesis testing.
3. The sampling method by which the population is divided into groups that are each intended to be mini-populations is known as cluster sampling.
4. The set of all objects or individuals of interest or the measurements obtained from all objects or individuals of interest is a population.
5. Descriptive numerical measures that are computed from the entire population are called parameters.
6. A sampling technique that selects the items from the population based on accessibility and ease of selection is called convenience sampling
7. In which of the following sampling methods are the individuals subdivided into separate subpopulations each with a common characteristic? Stratified sampling
8. Assigning the value '1' to a male respondent and the value '2' to a female respondent in a survey is an example of which data measurement level? Nominal

9. What level of data measurement is 'the year in which customers opened accounts'? Interval.

10. In order to develop a relative frequency distribution, each frequency count must be divided by: the total numbers of data values.

11. The most effective technique to display either continuous variables or discrete variables that have many possible outcomes is a group data frequency distribution

12. Use the 2k≥ n guideline to determine the suggested number of classes when the number of data values is 62. 6.

13. On a scatter diagram, what values are placed on the horizontal axis? The independent variable.

14. Which of the following is most affected by extreme values? Mean

15. If the mean of a set of numbers is larger than the median, then the distribution is right skewed.

16. What is the preferred measure of central location for ordinal data? Median.

17. How is the interquartile range affected by extremely large values? It is not affected at all.

18. The coefficient of variation is used to measure: the relative variation for distributions with different means.

19. The coefficient variation is used to measure variation relative to the mean.

20. Suppose p(a)= 0.30 and p(b)=0.50, and a and b are mutually exclusive then p(a and b)= 0

21. All possible elementary events associated with an experiment form the sample space.

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