Quiz 5: Statistics for Managerial Decision Making Summary

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Statistics

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Apr 3, 2024

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Quiz 5 Shaun Wright (username: SWRIGHT112) Attempt 1 Written: Jun 18, 2023 2:18 AM - Jun 18, 2023 4:25 AM Submission View Released: Jun 20, 2023 12:00 AM Question 1 8 / 8 points Match terms and descriptions __ 8__ __ 5__ __ 7__ __ 2__ __ 4__ __ 6__ __ 3__ __ 1__ 1 . 2 . 3 . 4 . 5 . 6 . Biased Statistic Convenience Sampling Biased Sample Standard Deviation Random Sampling Sampling Error Standard Error Unbiased Sample A sample obtained by random sampling method Value quantifying the spread about the mean of numeric values The standard deviation of a distribution of statistics resulting from sampling or an estimate of the standard deviation A method of sampling where each member of the population is equally likely to be included in a sample A method of sampling where easily accessible members of a population are sampled The difference between observations in a sample and observations in the population A sample obtained by a non-random

7 . 8 . Question 2 2 / 2 points Sampling error can be eliminated by: Question 3 4 / 4 points Select all which are biased sampling methods Question 4 5 / 5 points Match random sampling method sampling method The mean of a distribution of statistics is not equal to the parameter the statistic estimates Using a probability sampling method Obtaining an unbiased sample Performing a census Increasing sample size With each group composed of people with the same characteristic and each person belonging to only one group, a random sample is taken from each group. Selected people of all groups are surveyed. Survey the first 20 people entering a particular coffee store on the last Tuesday before the next election Survey two union workers for each non-union worker Groups are selected by random sampling. People in the selected groups are surveyed. Telephone survey Each member of the population has

__ 5__ __ 1__ __ 3__ __ 2__ __ 4__ 1 . 2 . 3 . 4 . 5 . Question 5 2 / 2 points Statistics that assume the Normal probability distribution are useful for processes whose data have a skew near zero or a histogram that is roughly symmetric with a single mode. Question 6 4 / 4 points Stratified Probability Sampling Method Systematic Simple Cluster an equal chance of being selected for a sample Each member of the population is assigned a unique number. Randomly select numbers from a list of assigned numbers. Each member of the population is assigned a unique number. The first number is selected randomly. The remaining numbers are selected at equal intervals. The population is divided into separate physical units. Each member of the population belongs to only one physical unit. Physical units are selected by simple random sampling. In each of the selected units, all the members are surveyed. Each member belongs to only one unit of the same characteristic. A simple random sample of equal size is taken from each unit. True False

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Select all true statements. Question 7 5 / 5 points Match Excel functions and descriptions __ 5__ __ 1__ __ 2__ __ 4__ __ 3__ 1 . 2 . 3 . 4 . The standard normal probability distribution is applicable to the standardized value of a normal random variable = (value - mean)/sd, which is the number of standard deviations (sd) from the mean. The Normal distribution is important because many processes are approximated by the Normal distribution, and many statistical procedures assume that the data are normally distributed. The mean of a standardized normally distributed random variable is 0 and the standard deviation is 1. The mean of a normally distributed random variable is 0 and the standard deviation is 1. The Normal probability distribution curve is bell shaped. NORM.INV STANDARDIZE NORM.S.DIST NORM.DIST NORM.S.INV Compute a Z-score from a value of a normal random variable, mean, and standard deviation. Compute the left-tail probability from a Z-score, and additional input 1 (0=height of curve, 1=area under curve). Compute the Z-score from a left-tail probability. Compute the left-tail probability from a value of a normal random variable, mean, standard deviation, and additional input 1 (0=height of curve, 1=area under curve). Compute the value of a normal

5 . Question 8 2 / 2 points The probability distribution of the means of large samples taken from the same probability distribution will be approximately Normal regardless of the distribution the sample was taken from. This is called the Question 9 4 / 4 points Select the true statements. Question 10 4 / 4 points Match formulas __ 2__ 1 . random variable from a left-tail probability, mean, and standard deviation. Law of Large Numbers Law of Large Sample Size Central Limit Theorem Law of Averages Normal Distribution Theorem Distributions of sample means are approximately normally distributed because the sample mean estimates the population mean. Distributions of sample means become approximately normally distributed when sample size is at least 30 for most populations Distributions of sample means become approximately normally distributed when sample size is at least 50 for highly skewed populations Sample Standard Deviation

__ 1__ __ 3__ __ 4__ 2 . 3 . 4 . Question 11 6 / 6 points According to the Empirical Rule what percent of the population is more than 1 standard deviation away from the mean? Question 12 0 / 6 points According to the Empirical Rule what percent of the population is between 3 standard deviation below the mean and 1 standard deviations above the mean? Sample Mean Estimated Standard Error of Sample Means Estimated Standard Error of Sample Proportions using sample proportion p as estimate of the population proportion 68% 5% 0.3% 99.7% 32% 95% 97.35% 2.5% 0.15%

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Question 13 6 / 6 points What is the Z score where 90.0% of the normal distribution is below that z score and 10.0% of the normal distribution lies above that same z score? Question 14 6 / 6 points The Z values of the limits of the area covering the middle 39.0% of the area under the normal curve are plus and minus Question 15 0 / 6 points 81.5% 16% 83.85% 1.28 2.33 0.00 0.39 0.67 1.64 0.43 0.47 0.51 0.32 0.39 0.35

If the mean annual return for common stocks is 11.0% and the standard deviation 13.0%, what is the probability that the stock returns are equal to 10.0%? Question 16 0 / 6 points The distribution of a product is unimodal and roughly symmetric. The package is labeled 15 oz. If the standard deviation is 0.2 ounces, what should the process mean be if 4% of the product is underweight? Question 17 0 / 6 points If the mean annual return for a stock is 17%, what is the risk (standard deviation) you would take for a probability of 35% of a return being at least 25%? 40% 53% 0% 15% 58% 47% 10.41 14.38 12.35 13.41 15.35 11.38 21% 11%

Question 18 0 / 6 points The Chunkiest cookie factory changed their manufacturing process. The inspectors sampled 65 11.0-oz packages with mean 11.02 oz and a standard deviation of 1.6 oz. The CEO asks what is the upper weight boundary of the middle 50% of package weights. Question 19 6 / 6 points Answer: 0.80 Question 20 0 / 6 points 17% 6% 8% 14% 10.64 9.87 14.69 8.82 12.10 13.16 If the sample standard deviation is 5.05, what would be the estimated standard error of sample means for sample size 40? Write the result with 2 decimal places. The sample proportion is 0.69. What is the estimated standard error of the sampling distribution of sample proportions for sample of size 25?

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