STAT 2002 Business Statistics Final Exam (Qns & Ans) 2025 WU.pSTAT 2002 Business Statistics Final Exam (Qns & Ans) 2025 WU.pSTAT 2002 Business Statistics Final Exam (Qns & Ans) 2025 WU.p
1. Read All Questions Carefully: Make sure you understand each question.
2. Time Management: You have a specific amount of time to complete the exam.
Keep an eye on the clock and pace yourself.
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require detailed responses.
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7. Submission: Submit your ANS before the time expires. Late submissions might
not be accepted.
,1. Which of the following methods is used to measure the
strength of relationship between two quantitative variables?
- A) ANOVA
- B) Correlation
- C) Regression
- D) Chi-square
- Correct ANS: B) Correlation
Rationale: Correlation assesses the strength and direction of a
linear relationship between two quantitative variables.
, 3. In a regression analysis, which of the following assumptions
must be met?
- A) The relationship between the independent and dependent
variable is nonlinear
- B) The residuals are normally distributed
- C) The independent variables are correlated with each other
- D) All of the above
- Correct ANS: B) The residuals are normally distributed
Rationale: One of the key assumptions in regression is that
the residuals (errors) must be normally distributed.
4. What is the purpose of using a control chart in quality
management?
- A) To determine customer preferences
- B) To identify trends in sales data
- C) To monitor process variation over time
- D) To evaluate employee performance
- Correct ANS: C) To monitor process variation over time
Rationale: Control charts are tools used to track processes to
ensure they remain stable and within predetermined control limits.
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