Exam 19: Questions that Involve Online Topics

TABLE 19-5 The following payoff table shows profits associated with a set of 2 alternatives under 3 possible events. -Referring to Table 19-5, what is the optimal action using maximax criterion?

TABLE 9-3 A drug company is considering marketing a new local anesthetic. The effective time of the anesthetic the drug company is currently producing has a normal distribution with a mean of 7.4 minutes with a standard deviation of 1.2 minutes. The chemistry of the new anesthetic is such that the effective time should be normally distributed with the same standard deviation. The company will market the new local anesthetic as being better if there is evidence that the population mean effective time is greater than the 7.4 minutes of the current local anesthetic. -Referring to Table 9-3, if you select a sample of 25 new local anesthetics and are willing to have a level of significance of 0.05, the probability of the company marketing the new local anesthetic when it is better is ________ if the population mean effective time is 8 minutes.

TABLE 16-1 Given below are the average prices for three types of energy products for five consecutive years. -Referring to Table 16-1, what is the unweighted aggregate price index for the group of three energy items in year 4 using year 1 as the base year?

If a new machine of a production plant is functioning properly, only 1% of the items produced will be defective. Out of the 1,000 items the plant produces on a single day, the approximate probability that none of the items will be defective if the new machine is indeed functioning properly is ________.

TABLE 6-1 A company has 125 personal computers. The probability that any one of them will require repair on a given day is 0.15. -Referring to Table 6-1 and assuming that the number of computers that requires repair on a given day follows a binomial distribution, compute the probability that there will be no more than 8 computers that require repair on a given day using a normal approximation.

TABLE 19-2 The following payoff matrix is given in dollars. -Referring to Table 19-2, what is the action with the preferable coefficient of variation?

An agronomist wants to compare the crop yield of 3 varieties of chickpea seeds. She plants all 3 varieties of the seeds on each of 5 different patches of fields. She then measures the crop yield in bushels per acre. She has found out that the crop yield from the 3 varieties of seeds has very skewed distribution. Which of the following tests will be the most appropriate to find out if the different patches are advantageous in reducing the random error?

If a new machine of a production plant is functioning properly, only 1% of the items produced will be defective. Out of the 1,000 items the plant produces on a single day, the approximate probability that more than 0.2% of the items will be defective if the new machine is indeed functioning properly is ________.

If the number of blocks in the experiment is larger than 5, the Friedman rank test statistic can be approximated by a chi-square distribution.

TABLE 19-6 A student wanted to find out the optimal strategy to study for a Business Statistics exam. He constructed the following payoff table based on the mean amount of time he needed to study every week for the course and the degree of difficulty of the exam. From the information that he gathered from students who had taken the course, he concluded that there was a 40% probability that the exam would be easy. -Referring to Table 19-6, what is the expected monetary value of spending 8 hours per week on average studying for the exam?

Based on past experience, only 0.5% of the invoices of a company contain an error. Out of the 1,500 invoices that the company will issue, what is the approximate probability that zero invoices will contain an error?

To determine the probability of getting at least 3 events of interest in a binomial distribution, you will find the area under the normal curve for X = 2.5 and above.

The risk- ________ curve shows a rapid increase in utility for initial amounts of money followed by a gradual leveling off for increasing dollar amounts.

TABLE 16-1 Given below are the average prices for three types of energy products for five consecutive years. -Referring to Table 16-1, what are the simple price indices for electricity, natural gas and fuel oil, respectively, in year 3 using year 1 as the base year?

In an Analysis of Proportions (ANOP) with 6 groups, the sample size per group used to obtain the Nelson's h statistic should always be

TABLE 19-6 A student wanted to find out the optimal strategy to study for a Business Statistics exam. He constructed the following payoff table based on the mean amount of time he needed to study every week for the course and the degree of difficulty of the exam. From the information that he gathered from students who had taken the course, he concluded that there was a 40% probability that the exam would be easy. -Referring to Table 19-6, what is the expected value of perfect information?

TABLE 19-1 The following payoff table shows profits associated with a set of 3 alternatives under 2 possible states of nature. -Referring to Table 19-1, if the probability of S1 is 0.2, what is the optimal alternative using EOL?

TABLE 12-2 An agronomist wants to compare the crop yield of 3 varieties of chickpea seeds. She plants all 3 varieties of the seeds on each of 5 different patches of fields. She then measures the crop yield in bushels per acre. Treating this as a randomized block design, the results are presented in the table that follows. -Referring to Table 12-2, the null hypothesis for the Friedman rank test is

To test the effectiveness of a business school preparation course, 8 students took a general business test before and after the course. There is evidence that the before and after exam scores are not normally distributed. Which of the following tests will be the most appropriate?

A researcher is curious about the effect of sleep on students' test performances. He chooses 60 students and gives each 2 tests: one given after 2 hours' sleep and one after 8 hours' sleep. The test the researcher should use would be a related samples test.