QMB 3200 Midterm Exam Latest 2024/
All Possible Exam Questions and Correct
Verified Answers/ Graded A+
Data - Correct Answer - the facts and figures collected, analyzed, and summarized for
presentation and interpretation
Data Types - Correct Answer - • categorical*
• quantitative*
• cross-sectional
• time series
• panel
* The statistical analysis performed is dependent on which data type
When is geometric mean used? - Correct Answer - when we are finding the average of
growth of data over time (average growth rate)
Find geometric mean in Excel - Correct Answer - 1. compute growth factor: 1+ rate in
decimal form * return % given in cell THEN drag down
2. =geomean (column of growth factor)
find mean in excel - Correct Answer - =average(column)
find median in excel - Correct Answer - =median(column)
pg. 1
,find mode in excel - Correct Answer - =maddeningly(column)
percentile - Correct Answer - provides information about how the data are spread over
the interval from the smallest value to the largest value
*Divides the data into two parts: approximately p% are less than the (p)the percentile
and approximately (100-p) % are greater than the (p)the percentile
quartile - Correct Answer - represent how the data is spread over four parts, each
containing approximately 25% of the observations
find the percentile in excel - Correct Answer - =percentile (array, p/100)
*Make sure you sort data from smallest to largest
find quartile in excel - Correct Answer - =quartile (array, # of quartile)
ex. for 1st quartile: =quartile (B: B, 1)
*Make sure you sort data from smallest to largest
measures of variability - Correct Answer - range, interquartile range, variance, standard
deviation
which methods of assigning probabilities automatically have the basic requirements
satisfied? - Correct Answer - classical and relative frequency
relative frequency method - Correct Answer - used when data are available to estimate
the proportion of time the experimental outcome will occur if the experiment is repeated
a large number of times
pg. 2
, • to find this probability, you do: frequency/total
(ex. clerk reports number of patients waiting for service at 9am for 20 days —> you find
the # waiting and do the frequency of days —> 0 people waiting for 2 days out of the 20,
1 person waiting for 5 days of the 20, etc. —> so probability that 0 people will be waiting
is 2/20, probability that 1 person will be waiting is 5/20, etc.)
subjective method - Correct Answer - • probabilities are based on personal opinion but
you do try to use any available information, this includes experience and intuition
• this is used when experimental outcomes are not equally likely and data is unavailable
•you have to make sure the 2 basic requirements are met
event definition - Correct Answer - A collection of sample points
Events and their probabilities - Correct Answer - the probability of an event is equal to
the sum of the probabilities of the sample points in the event
(ex. you have two parts of construction project; each part can take between x and y
number of months (2-4 months for first part and 6-8 months for the second)—> find
probability the entire construction project is completed in LESS than 10 months—>
P(L)= P (2,6) +P (2,7) +P (3,6) = 0.15+0.15+0.10= 0.40)
Complement of Event A - Correct Answer - All the sample points not in the event.
• denoted: Ac
• P(A) + P(Ac) = 1
Union of two events - Correct Answer - The union of events A and B is the event
containing all sample points belonging to Event A, Event B, or both
•denoted by: A U B
pg. 3
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