Business Statistics Peregrine Exam Combined Questions Reviewed With Correct Answers
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Course
Peregrine
Institution
Peregrine
Business Statistics Peregrine
Exam Combined Questions
Reviewed With Correct Answers
Significance level - ANSWER : measures how
frequently the conclusion will be wrong in the long run. A
5% significance level means that, in the long run, this type
of conclusion will be wrong 5% of the tim...
Business Statistics Peregrine
Exam Combined Questions
Reviewed With Correct Answers
Significance level - ANSWER ✔ : measures how
frequently the conclusion will be wrong in the long run. A
5% significance level means that, in the long run, this type
of conclusion will be wrong 5% of the time.
If we use α (Greek letter "alpha") to represent significance,
then our confidence level is 1- α.
Inferential statistics - ANSWER ✔ : Process of using
sample statistics (mathematics) to draw conclusions
based on sample data about population parameters.
Mutually exclusive - ANSWER ✔ : Events that cannot
occur at the same time.
Sampling error - ANSWER ✔ : the difference between
the results of random samples taken at the same time
Non-sampling error - ANSWER ✔ : occurs when the
sample data are incorrectly collected, recorded, or
analyzed. Three types of errors: data acquisition errors,
non-response errors (or bias), selection bias
, Design of a good survey components - ANSWER ✔ :
short survey, short/simple questions, start with
demographic questions, ues dichtomous (yes-no) and
multiple choice
Direct observation - ANSWER ✔ : simplest method of
obtaining data. When data are gathered in this way, they
are said to be observational. There are many drawbacks
to direct observation. One of the most critical limitations of
this data collection method is that it is difficult to produce
useful information in a meaningful way.
Stratified random sample - ANSWER ✔ : a sample from
selected subgroups of the target population in which
everyone in those subgroups has an equal chance of
being included in the research
example: The manager of a customer service division
wants to know if the customers in the past 12 months are
satisfied with their purchase of CD's. There are four types
of CD's.
Joint Probability - ANSWER ✔ : the probability of the
intersection of two events
Union of two events - ANSWER ✔ : The union of events
A and B is the event containing all sample points that are
in A or B or both
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