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Statistical Tools for Decision Making Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. If all other statistical procedures fail, the best predictor of a score will be the _____.

Question 2 2. All of the following statements are correct, EXCEPT:

Question 3 3. What does H_A represent?

Question 4 4. Kelly lives in Newark and commutes to New York City. She notices that the price of coffee seems to be different in the two cities. She buys 39 coffees in Newark and finds that they have an average price of $1.50, with a standard deviation of 25 cents. She buys 41 coffees in New York City and finds that they have an average price of $2.25, with a standard deviation of 50 cents. At a significance level of 0.05, is there a significant difference between the prices of coffee in the two cities? What are the relevant z-scores that lead you to your conclusion?

Question 5 5. Jim is studying how differences in the the screen color of electronic devices make an impact on eye strain experienced by the user. In these experiments, which is the response variable and which is the explanatory variable.

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Question 6 6. Variables are collected in the form of data. What are the two major forms of data?

Question 7 7. The term _____ refers to a point at which the decision-making process begins solving the wrong problem or no problem at all.

Question 8 8. Disconfirming information helps prevent _____ which occurs when an individual looks only for information that confirms their as yet unsubstantiated beliefs.

Question 9 9. A candy company is introducing a new brand of chocolate to the market. They have advertised heavily, investing $8,000,000 in New York, but no ads were run in Boston. After analyzing the data, they have found no statistically significant difference between their sales in New York and Boston. Why is this an example of inferential statistics?

Question 10 10. A company is trying to determine what products it should develop in the next 10 years. They are analyzing data from their sales, as well as the data from the leading 10 companies in the industry in order to try and find a pattern of what products could be most successful. What type of statistics is the company using?

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Question 11 11. Khan is designing a study and needs to operationalize his variables. Which of the following variables is already operationalized?

Question 12 12. Which of the following is NOT an appropriate significance level for a study?

Question 13 13. A scientist is testing the growth speeds of a species of algae, and makes the following null hypothesis: Specimens of this species grow at a rate of at least v. They set their region of acceptance at 95% or higher, and find that 93% of the specimens grow at a rate of at least v. What should the scientist do and why?

Question 14 14. What is the first step in a hypothesis test?

Question 15 15. What does the term 'inverse correlation' mean as a part of regression analysis in business?

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Question 16 16. Which of the following is NOT a business-related question regression analysis could help answer?

Question 17 17. Questions that encourage the answer the researcher expects are known as _____ questions.

Question 18 18. When data is visually displayed in a way that misleads from an accurate interpretation, what is it called?

Question 19 19.

Find the range for one standard deviation in the following data set:

16, 20, 14, 24, 16, 19, 30, and 8

Question 20 20.

Find the variance for the following data set:

16, 20, 14, 24, 16, 19, 30, and 8

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Question 21 21. In a survey, people on average responded that they floss seven times a week despite the fact that the actual averages are drastically lower. Which form of bias likely accounts for this discrepancy?

Question 22 22. Why is it important to avoid a non-representative sample when conducting a survey?

Question 23 23. Which of the following represents the probability of making a type I error?

Question 24 24. How many types of errors can be made when interpreting statistical results?

Question 25 25. A scientist has a null hypothesis Ho: μ = 60 and an alternate hypothesis Ha: μ not equal to 60. What kind of test is the scientist running?

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Question 26 26. What can we NOT do with a null hypothesis?

Question 27 27. If there are two modes, you should _____.

Question 28 28. The variability of the sample mean across different samples is called the:

Question 29 29. Sheila is a baker experimenting with a cake recipe. Specifically, she is monitoring how changes in the volume of cream affect the moistness of the cake. What kind of variable is the volume of cream, and why?

Question 30 30. A condition commonly called _____ occurs when data collection and analysis becomes inappropriately broad or needlessly meticulous that the strategic decision-making activities become stalled.

Statistical Tools for Decision Making Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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