Question 1

Which of the following is a difference between interval estimates and point estimates?

Accepted Answer

A)  Point estimates cannot be used to calculate statistical error, while interval estimate is used to calculate statistical error. 
B)  Point estimates provide only a single value for a sample, while interval estimates provide a range of values. 
C)  Point estimates indicate the magnitude of potential error in the estimate, while interval estimates don't. 
D)  Point estimates on an average provide more information than interval estimates. 
A)  Point estimates cannot be used to calculate statistical error, while interval estimate is used to calculate statistical error. 
B)  Point estimates provide only a single value for a sample, while interval estimates provide a range of values. 
C)  Point estimates indicate the magnitude of potential error in the estimate, while interval estimates don't. 
D)  Point estimates on an average provide more information than interval estimates.

Question 2

In sampling, involves assessing the value of an unknown population parameter- such as a population mean, population proportion, or population variance-using sample data.

Accepted Answer

A)  distribution 
B)  randomization 
C)  estimation 
D)  substitution 
A)  distribution 
B)  randomization 
C)  estimation 
D)  substitution

Question 3

For which of the following is the value of the estimator said to be biased?

Accepted Answer

A)  if the expected value of the estimator does not equal the population parameter 
B)  if the expected value of the estimator equals the population parameter 
C)  only if the expected value of the estimator is zero 
D)  only if the expected value of the estimator goes below zero 
A)  if the expected value of the estimator does not equal the population parameter 
B)  if the expected value of the estimator equals the population parameter 
C)  only if the expected value of the estimator is zero 
D)  only if the expected value of the estimator goes below zero

Question 4

A confidence interval is a range of values between which the value of the population parameter is believed to be.

Accepted Answer

A) True 
 B)False

Question 5

Point estimates do not provide any indication of the magnitude of the potential error in the estimate.

Accepted Answer

A) True 
 B)False

Question 6

The table below shows the weights of female individuals in Catherine's family. Calculate the sample variance in the weights, and the standard deviation. $\begin{array} { | c | } \hline \text { Weights of female }\
\text { individuals in Catherine's }\
\text { family (in lbs) } \
\hline 163 \
\hline 160 \
\hline 155 \
\hline 161 \
\hline 158 \
\hline 155 \
\hline 149 \
\hline 151 \
\hline 158 \
\hline 171 \
\hline
\end{array}$

Accepted Answer

Sample variance is calculated by the for

Question 7

Which of the following accurately describes a sampling distribution of the mean?

Accepted Answer

A)  It is the mean of any one sample from a group of related populations of different sizes. 
B)  It is the mean distribution of any one sample from a group of samples of varying sizes from a population. 
C)  It is the mean of half the samples from a related group of populations. 
D)  It is the distribution of the means of all possible samples of fixed size n from a population. 
A)  It is the mean of any one sample from a group of related populations of different sizes. 
B)  It is the mean distribution of any one sample from a group of samples of varying sizes from a population. 
C)  It is the mean of half the samples from a related group of populations. 
D)  It is the distribution of the means of all possible samples of fixed size n from a population.

Question 8

Discuss the applications of confidence interval estimation
Use the table below to answer the following question(s).
The historical data of Velvetta Inc., a healthcare products manufacturer, have shown that in a production process for filling bottles of shampoo, variance in the volume is constant; however, clogs in the filling machine often affect the mean volume. The historical standard deviation is 5 milliliters. In filling 250-milliliter bottles, a sample of 20 found a meanvolume of 242 milliliters. $$\begin{array} { | l | l | } 
\hline \text { Velvetta Inc. Shamp o0 } & \
\text { Production } & \
\hline \text { Alpha Vahe } & 0.05 \
\hline \text { Standard Deviation } & 5 \
\hline \text { Sample Size } & 20 \
\hline \text { Sample Mean } & 242 \
\hline
\end{array}$$
-In which of the following cases is a proportion of the observations of a sample used in estimating the confidence interval?

Accepted Answer

A)  when the degrees of freedom are too large 
B)  when a true sampling distribution cannot be estimated 
C)  when the population standard deviation is known 
D)  when variables have only two possible outcomes 
A)  when the degrees of freedom are too large 
B)  when a true sampling distribution cannot be estimated 
C)  when the population standard deviation is known 
D)  when variables have only two possible outcomes

Question 9

Which of the following is true of the equation [n ? (z?/2)2 $\frac { \pi ( 1 - \pi ) } { E ^ { 2 } }$ ] for computing the sample size required to achieve a desired confidence interval half-width for a proportion?

Accepted Answer

A)  The sample size calculated will only be an approximation. 
B)  The standard deviation need not be calculated first in order to compute the sample size. 
C)  The value for ? is always set at 1. 
D)  The most conservative estimate for ? is 0.5. 
A)  The sample size calculated will only be an approximation. 
B)  The standard deviation need not be calculated first in order to compute the sample size. 
C)  The value for ? is always set at 1. 
D)  The most conservative estimate for ? is 0.5.

Question 10

The is a family of probability distributions with a shape similar to the standard normal distribution.

Accepted Answer

A)  log-normal distribution 
B)  Gaussian q-distribution 
C)  frequentist interference 
D)  t-distribution 
A)  log-normal distribution 
B)  Gaussian q-distribution 
C)  frequentist interference 
D)  t-distribution

Question 11

Discuss the applications of confidence interval estimation
Use the table below to answer the following question(s).
The historical data of Velvetta Inc., a healthcare products manufacturer, have shown that in a production process for filling bottles of shampoo, variance in the volume is constant; however, clogs in the filling machine often affect the mean volume. The historical standard deviation is 5 milliliters. In filling 250-milliliter bottles, a sample of 20 found a meanvolume of 242 milliliters. $$\begin{array} { | l | l | } 
\hline \text { Velvetta Inc. Shamp o0 } & \
\text { Production } & \
\hline \text { Alpha Vahe } & 0.05 \
\hline \text { Standard Deviation } & 5 \
\hline \text { Sample Size } & 20 \
\hline \text { Sample Mean } & 242 \
\hline
\end{array}$$
-Based on the data in the table above, calculate the margin of error at 95% confidence interval.

Accepted Answer

A)  1.84 
B)  2.19 
C)  2.51 
D)  1.96 
A)  1.84 
B)  2.19 
C)  2.51 
D)  1.96

Question 12

The Ransin Sports Company has noted that the size of individual customer orders is normally distributed with a mean of $112 and a standard deviation of $9. Which of the following is the answer for the probability that the next individual who buys a product will make a purchase of more than $116?

Accepted Answer

A)  71% 
B)  48% 
C)  33% 
D)  42% 
A)  71% 
B)  48% 
C)  33% 
D)  42%

Question 13

Which of the following is true of prediction intervals?

Accepted Answer

A)  It provides estimates for variables that can have only two possible outcomes. 
B)  It is associated with the distribution of a random variable. 
C)  It provides an interval estimate of a population parameter. 
D)  It is associated with the sampling distribution of a statistic. 
A)  It provides estimates for variables that can have only two possible outcomes. 
B)  It is associated with the distribution of a random variable. 
C)  It provides an interval estimate of a population parameter. 
D)  It is associated with the sampling distribution of a statistic.

Question 14

Estimators are the measures used to estimate population parameters.

Accepted Answer

A) True 
 B)False

Question 15

The table below shows the number of goals scored by the Huntington Soccer Club in their league for the past 12 years. Calculate the standard error of the mean of the data given that the variance of the data is 50.45 $\begin{array}{|c|c|}
\hline \text { Goals Scored by the Huntington }\\text { Soccer Chub for the past } 12\\text { years }\
\hline \text { Year 1 } & 45 \
\hline \text { Year 2 } & 51 \
\hline \text { Year 3 } & 33 \
\hline \text { Year 4 } & 40 \
\hline \text { Year 5 } & 30 \
\hline \text { Year 6 } & 38 \
\hline \text { Year 7 } & 49 \
\hline \text { Year 8 } & 52 \
\hline \text { Year 9 } & 46 \
\hline \text { Year 10 } & 43 \
\hline \text { Year 11 } & 40 \
\hline \text { Year 12 } & 50 \
\hline
\end{array}$

Accepted Answer

Standard error of the mean is calculated

Question 16

Which of the following is true of judgment sampling?

Accepted Answer

A)  It selects samples based on expert opinion. 
B)  It selects samples based on ease of data collection. 
C)  It selects samples based on random procedures. 
D)  It selects samples based on full representation of all subsets in a population. 
A)  It selects samples based on expert opinion. 
B)  It selects samples based on ease of data collection. 
C)  It selects samples based on random procedures. 
D)  It selects samples based on full representation of all subsets in a population.

Question 17

Which of the following describes periodic sampling?

Accepted Answer

A)  It is a sampling method based solely on expert opinion. 
B)  It is a sampling method based on selecting a time and then sampling the products after that time. 
C)  It is a sampling method based on selecting every nth item from a population. 
D)  It is a sampling method exclusively used for population that is divided into subsets. 
A)  It is a sampling method based solely on expert opinion. 
B)  It is a sampling method based on selecting a time and then sampling the products after that time. 
C)  It is a sampling method based on selecting every nth item from a population. 
D)  It is a sampling method exclusively used for population that is divided into subsets.

Question 18

Which of the following is the inherent reason why sampling errors occur?

Accepted Answer

A)  because samples represent the whole population 
B)  because samples are only a subset of the population 
C)  because samples never provide enough data to estimate standard deviation 
D)  because the means cannot be accurately estimated using samples 
A)  because samples represent the whole population 
B)  because samples are only a subset of the population 
C)  because samples never provide enough data to estimate standard deviation 
D)  because the means cannot be accurately estimated using samples

Question 19

Which of the following is true of an unbiased estimator value?

Accepted Answer

A)  The expected value will align perfectly with the population mean. 
B)  The expected value will not equal the population's parameters. 
C)  The expected value will not be greater than zero. 
D)  The expected value will equal the population's parameter. 
A)  The expected value will align perfectly with the population mean. 
B)  The expected value will not equal the population's parameters. 
C)  The expected value will not be greater than zero. 
D)  The expected value will equal the population's parameter.

Question 20

states that if the sample size is large enough, the sampling distribution of the mean is approximately normally distributed, regardless of the distribution of the population and that the mean of the sampling distribution will be the same as that of the population.

Accepted Answer

A)  Chebyshev's theorem 
B)  Central limit theorem 
C)  Prime number theorem 
D)  Oppermann's conjecture 
A)  Chebyshev's theorem 
B)  Central limit theorem 
C)  Prime number theorem 
D)  Oppermann's conjecture

Which of the following is a difference between interval estimates and point estimates?

In sampling, involves assessing the value of an unknown population parameter- such as a population mean, population proportion, or population variance-using sample data.

For which of the following is the value of the estimator said to be biased?

A confidence interval is a range of values between which the value of the population parameter is believed to be.

Point estimates do not provide any indication of the magnitude of the potential error in the estimate.

The table below shows the weights of female individuals in Catherine's family. Calculate the sample variance in the weights, and the standard deviation. Weights of female individuals in Catherine's family (in lbs) 163 160 155 161 158 155 149 151 158 171

Which of the following accurately describes a sampling distribution of the mean?

Which of the following is true of the equation [n ? (z?/2)2 $\frac { \pi ( 1 - \pi ) } { E ^ { 2 } }$ ] for computing the sample size required to achieve a desired confidence interval half-width for a proportion?

The is a family of probability distributions with a shape similar to the standard normal distribution.

The Ransin Sports Company has noted that the size of individual customer orders is normally distributed with a mean of $112 and a standard deviation of $9. Which of the following is the answer for the probability that the next individual who buys a product will make a purchase of more than $116?

Which of the following is true of prediction intervals?

Estimators are the measures used to estimate population parameters.

Which of the following is true of judgment sampling?

Which of the following describes periodic sampling?

Which of the following is the inherent reason why sampling errors occur?

Which of the following is true of an unbiased estimator value?

states that if the sample size is large enough, the sampling distribution of the mean is approximately normally distributed, regardless of the distribution of the population and that the mean of the sampling distribution will be the same as that of the population.

Business Analytics

Analytics on Spreadsheets

Visualizing and Exploring Data

Descriptive Statistical Measures

Probability Distributions and Data Modeling

Statistical Inference

Trendlines and Regression Analysis

Forecasting Techniques

Introduction to Data Mining

Spreadsheet Modeling and Analysis

Monte Carlo Simulation and Risk Analysis

Linear Optimization

Applications of Linear Optimization

Integer Optimization

Decision Analysis

Filters

Exam 6: Sampling and Estimation

Which of the following is a difference between interval estimates and point estimates?

In sampling, involves assessing the value of an unknown population parameter- such as a population mean, population proportion, or population variance-using sample data.

For which of the following is the value of the estimator said to be biased?

A confidence interval is a range of values between which the value of the population parameter is believed to be.

Point estimates do not provide any indication of the magnitude of the potential error in the estimate.

The table below shows the weights of female individuals in Catherine's family. Calculate the sample variance in the weights, and the standard deviation. Weights of female individuals in Catherine's family (in lbs) 163 160 155 161 158 155 149 151 158 171

Which of the following accurately describes a sampling distribution of the mean?

Which of the following is true of the equation [n ? (z?/2)2 π(1−π)E2\frac { \pi ( 1 - \pi ) } { E ^ { 2 } }E2π(1−π)​ ] for computing the sample size required to achieve a desired confidence interval half-width for a proportion?

The is a family of probability distributions with a shape similar to the standard normal distribution.

The Ransin Sports Company has noted that the size of individual customer orders is normally distributed with a mean of $112 and a standard deviation of $9. Which of the following is the answer for the probability that the next individual who buys a product will make a purchase of more than $116?

Which of the following is true of prediction intervals?

Estimators are the measures used to estimate population parameters.

Which of the following is true of judgment sampling?

Which of the following describes periodic sampling?

Which of the following is the inherent reason why sampling errors occur?

Which of the following is true of an unbiased estimator value?

states that if the sample size is large enough, the sampling distribution of the mean is approximately normally distributed, regardless of the distribution of the population and that the mean of the sampling distribution will be the same as that of the population.

Business Analytics

Analytics on Spreadsheets

Visualizing and Exploring Data

Descriptive Statistical Measures

Probability Distributions and Data Modeling

Statistical Inference

Trendlines and Regression Analysis

Forecasting Techniques

Introduction to Data Mining

Spreadsheet Modeling and Analysis

Monte Carlo Simulation and Risk Analysis

Linear Optimization

Applications of Linear Optimization

Integer Optimization

Decision Analysis

Filters

Which of the following is true of the equation [n ? (z?/2)2 $\frac { \pi ( 1 - \pi ) } { E ^ { 2 } }$ ] for computing the sample size required to achieve a desired confidence interval half-width for a proportion?