Exam 12: Business Statistics and Regression Analysis

Statistics typically describe what has already happened and probability describes what is likely to happen in the future.

________ distributions are useful in predicting demand for products and services,successful marketing campaigns,effectiveness of advertising,and much more.

If a manager learns that product 1 failed after 15 tests and product 2 failed after only 5,then ________ data could state that product 1 passed three times as many tests as product 2.

A histogram is a statistical graph that summarizes the distribution of data and how the data fits into defined bins.

Since the FREQUENCY function is an array function,once it is typed into a cell you must press ________ + Enter in order for it to calculate properly.

Subtracting the minimum value from the maximum value provides the range in a data set.

If the cumulative argument of the NORM.DIST function is set to FALSE,the result will be the probability of a value being equal to the value of the x argument,known as the ________ distribution function.

In a data set consisting of gender,salary,and name of employees,the employees are the ________ and the variables are the gender,salary,and names.

The ________ distribution is a discrete population distribution that calculates the probability of drawing a specific number of target items from a collection without replacement.

A normal distribution is displayed as a bell curve on a chart.

Array functions look different from other functions because ________ are required for the function to calculate correctly.

Interval data measures the size of the difference between values.

The spa manager uses data such as number of soaps in a box and the number of different services the spa offers its customers.These are examples of ________.

All of the following statements are TRUE regarding the RAND function EXCEPT:

Calculating the range,variance,and standard deviation of a data set are all methods used to determine the ________ of a data set.

Every time any cell is edited or a new formula is created,the value generated by the RAND function will change.

________ is a calculation used in statistics to determine how far the data set varies from the mean.

Managers at the Turquoise Oasis Spa are interested in knowing whether there is a relationship between the age of their clients and the amount of money they spend in the spa.Upon analyzing the data,they found a correlation coefficient of .672.Thus,the relationship between the two variables is ________.

Finding the central tendency may lead to incorrect assumptions about the data due to possible ________.

Calculating the correlation coefficient using the ________ function is useful to determine the type and strength of a relationship between two variables.