QNT 351 Final Exam Guide
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1) The main purpose of descriptive statistics is to
2) The general process of gathering, organizing, summarizing, analyzing, and interpreting data is called
3) The performance of personal and business investments is measured as a percentage, return on investment. What type of variable is return on investment?
4) What type of variable is the number of robberies reported in your city?
5) What level of measurement is the number of auto accidents reported in a given month?
6) The names of the positions in a corporation, such as chief operating officer or controller, are examples of what level of measurement?
7) Shoe sizes, such as 7B, 10D, and 12EEE, are examples of what level of measurement?
8) Monthly commissions of firstyear insurance brokers are $1,270, $1,310, $1,680, $1,380, $1,410, $1,570, $1,180, and $1,420. These figures are referred to as
9) A small sample of computer operators shows monthly incomes of $1,950, $1,775, $2,060, $1,840, $1,795, $1,890, $1,925, and $1,810. What are these ungrouped numbers called?
10) The sum of the deviations of each data value from this measure of central location will always be 0
11) For any data set, which measures of central location have only one value?
12) A sample of single persons receiving social security payments revealed these monthly benefits: $826, $699, $1,087, $880, $839, and $965. How many observations are below the median?
13) A dot plot shows
14) The test scores for a class of 147 students are computed. What is the location of the test score associated with the third quartile?
15) The National Center for Health Statistics reported that of every 883 deaths in recent years, 24 resulted from an automobile accident, 182 from cancer, and 333 from heart disease. Using the relative frequency approach, what is the probability that a particular death is due to an automobile accident?
16) If two events A and B are mutually exclusive, what does the special rule of addition state?
17) A listing of all possible outcomes of an experiment and their corresponding probability of occurrence is called a
18) The shape of any uniform probability distribution is
19) The mean of any uniform probability distribution is
20) For the normal distribution, the mean plus and minus 1.96 standard deviations will include about what percent of the observations?
21) For a standard normal distribution, what is the probability that z is greater than 1.75?
22) A null hypothesis makes a claim about a
23) What is the level of significance?
24) Suppose we test the difference between two proportions at the 0.05 level of significance. If the computed z is 1.07, what is our decision?
25) Which of the following conditions must be met to conduct a test for the difference in two sample means?
26) Which of the following statements about the two sample sizes is NOT true? Assume the population standard deviations are equal.
27) What is the chart called when the paired data (the dependent and independent variables) are plotted?
28) What is the variable used to predict the value of another called?
29) Twenty randomly selected statistics students were given 15 multiplechoice questions and 15 openended questions, all on the same material. The professor was interested in determining on which type of questions the students scored higher. This experiment is an example of
30) The measurements of weight of 100 units of a product manufactured by two parallel processes have same mean but the standard of process A is 15 while that of B is 7. What can you conclude?
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If using RES/351 data:
Ask your instructor for specific information regarding the analysis you are required to perform for your data set.
Combine your Week Two Learning Team assignment and Week Three findings with Week Five findings and make a recommendation to the r..

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Resources: Appendix A1 at the end of Basic Statistics for Business and Economics
Answer question 58 in the Data Set Exercises from Ch. 10 of Basic Statistics for Business and Economics.
Answer question 62 in the Data Set Exercises from Ch. 13 of Basic Statistics for Business and Economics..

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Week 4 DQ4
Please explain terms related to hypothesis testing; please explain null and alternate hypotheses, explain the difference between two different test statistics, then define the equations used in both. Why do null and alternative hypotheses have to be mutually exclusive?
..

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Week 4 DQ3
Please explain the five steps used in hypothesis testing. How does the fivestep procedure for hypothesis testing differ when comparing two groups using a t or ztest? How is the process similar?
..

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Week 4 DQ2
Why does the significance level differ among industries? Will the null hypothesis be more likely to be rejected at α = 0.01 than α = 0.10? As the significance level increases to α = 0.10 from α = 0.01, which type error is more likely to occur? What can be done to reduce the likelih..

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Week 4 DQ1
What are some terms related to hypothesis testing with which you are already familiar? Why do null and alternative hypotheses have to be mutually exclusive?
..

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QNT 351 Week 4 Learning Team Reflection
This tutorial contains 2 different sets
Discuss the following with your Learning Team:
The steps in testing a research hypothesis
Comparing the means of two or more groups
Calculating the correlation between..

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Resources: Appendix A1 at the end of Basic Statistics for Business and Economics
Answer question 60 (both parts a. and b.) in the Data Set Exercises from Ch. 6 of Basic Statistics for Business and Economics.
Answer question 54 (both parts a. and b.) in the Data Set Exercises from Ch. 7 of..

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Week 3 DQ4
What are the characteristics of standard normal distribution? Explain how to calculate the ztest static. Explain how a zvalue is used to calculate the area under the distribution and the meaning of P(0 to z) when z = 1.96.
..

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Week 3 DQ3
What are the basic differences between a discrete and a continuous distribution?
..

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Week 3 DQ2
What is the role of probability concepts in business decisionmaking? Provide specific examples.
..

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Week 3 DQ1
What are the differences between probability and coincidence? Can the probability be more than 1 or less than 0? Explain why or why not.
..

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This tutorial contains 2 different Sets of papers
If using RES/351 data:
Revise the report submitted in Week Two based on the feedback provided by the instructor in the team assignment, and insight gained by reading.
Summarize the data collected using ..

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Resources: Appendix A1 at the end of Basic Statistics for Business and Economics
Answer question 68 in the Data Set Exercises from Ch. 3 of Basic Statistics for Business and Economics.
Answer question 34 in the Data Set Exercises from Ch. 4 of Basic Statistics for Business and Economics.
..

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Week 2 DQ5
Why is the population shape a concern when estimating a mean? What effect does sample size, n, have on the estimate of the mean?
..

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Week 2 DQ4
Does all data have a mean, median, or mode? Why or why not? When is the mean the best measure of central tendency? When is the median the best measure of central tendency?
..

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Week 2 DQ3
What level of data is a telephone number? Explain.
..

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Week 2 DQ2
Describe a business situation, other than what has already been selected by fellow students or selected from the team assignment, where mean and standard deviation can be used in decision making. Describe how calculation of mean and standard deviation can help in making a decision...

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Week 2 DQ1
Can mean, median, or mode be calculated from all statistical data? Explain why or why not. When is the mean the best measure of central tendency? When is the median the best measure of central tendency?
..

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This tutorial contains 2 different Sets of papers
Discuss with your team whether you have data from RES/351, and if your team would like to use one team member’s data for the Learning Team assignments in this course.
If using data from RES/351:
Resourc..

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Week 1 DQ6
What are the four data measurement scales? Provide two examples and explain the importance of each in business research.
..

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Week 1 DQ5
What is the importance of statistics in business decision making? Describe a business situation where statistics was used in making a decision.
..

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Week 1 DQ4
How would you define a variable? What is the difference between a dependent and independent variable? Do you think both variables are used in every research? Explain why or why not. Provide examples.
..

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Week 1 DQ3
Develop five demographic questions to measure gender, age, years of experience, level of education, and ethnicity. Identify the level of measurement used for each
..

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Week 1 DQ2
How would you define dependent and independent variables? What is their significance in research? Explain with examples.
..

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Week 1 DQ1
Where would you see descriptive statistics used in your work place?
..

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This tutorial contains 2 different Sets of papers
Define statistics.
Identify different types of statistics.
Describe the role of statistics in business decision making.
Write a 300word summary providing at least three examples or problem situations in which statistics..

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1) The main purpose of descriptive statistics is to
2) The general process of gathering, organizing, summarizing, analyzing, and interpreting data is called
3) The performance of personal and business investments is measured as a percentage, return on inve..

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Award: 10 out of 10.00 points
A sample of 43 observations is selected from a normal population. The sample mean is 30, and the population standard deviation is 3. Conduct the following test of hypothesis using the 0.05 significance level.
a. &n..

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QNT 351 Week 2 Connect Problem
1. The director of admissions at Kinzua University in Nova Scotia estimated the distribution of student admissions for the fall semester on the basis of past experience.
a. What is the expected number of admissions for the fall semester?
b. Compute the v..

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QNT 351 Week 1 Connect Problem
1. Which of the following is an example of a continuous variable?
2. The incomes of 50 loan applicants are obtained. Which level of measurement is income?
3. The members of each basketball team wear numbers on their jerseys. What scale of measurement are..

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Q1 The Director of Golf for a local course wants to study the number of rounds played by members on weekdays. He gathered the sample information shown below for 520 rounds. At the .05 significance level, is there a difference in the number of rounds played by day of the week?
2An a..

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Complete the Real Estate Regression Exercise.
Format your paper consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
You are consulting for a large real estate firm. You have been asked to construct a model that can predict listing prices bas..

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A tomato farmer with a very large farm of approximately 2200 acres had heard about a new type of rather expensive fertilizer which would supposedly significantly increase his production. The frugal farmer wanted to test the new fertilizer before committing the large investment required to fertili..

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Use the real estate data that you used for your learning team project that was due in Week 2.
Complete the Sampling Distributions  Real Estate Part 2 worksheet.
Format your assignment consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
Re..

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Complete the Probability Worksheet.
Format your paper consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
Maximum and Minimum Temperatures
Search the Internet for U.S. climate data.
Choose the city in which you live.
Click on the..

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Search the Internet for a realty site.
Select a hometown of someone on your team in the search section on the website you have chosen. When all of the listings populate, make sure that the sort criteria reads "New Listings." This ensures that you are searching a random crosssection of listin..

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Complete the Introduction to Statistical Thinking Worksheet.
Format your assignment consistent with APA guidelines.
Click the Assignment Files tab to submit your assignment.
1. There are 23 people at a party. Explain what the probability is that any two o..

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QNT 351 Final Exam Guide (New, 2017) Score 30/3
The mean amount spent by a family of four on food is $500 per month with a standard deviation of $75. Assuming that the food costs are normally distributed, what is the probability that a family spends less than $410 ..
