QNT 351 Final Exam Guide (New)
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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 auditor for American Health Insurance reports that 20% of policyholders submit a claim during the year. 15 policyholders are selected randomly. What is the probability that at least 3 of them submitted a claim the previous year?
3 When a class interval is expressed as 100 up to 200, _________________________.
4A coffee manufacturer is interested in whether the mean daily consumption of regularcoffee drinkers is less than that of decaffeinatedcoffee drinkers. A random sample of 50 regularcoffee drinkers showed a mean of 4.35 cups per day, with a standard deviation of 1.2 cups per day. A sample of 40 decaffeinated coffee drinkers showed a mean of 5.84 cups per day, with a standard deviation of 1.36 cups per day. What is your computed zstatistic?
5 You perform a hypothesis test at the .05 level of significance. Your computed pvalue turns out to .042. What is your decision about the hypothesis?
6 In a distribution, the second quartile corresponds with the __________.
7 The MacBurger restaurant chain claims that the waiting time of customers for service is normally distributed, with a mean of 3 minutes and a standard deviation of 1 minute. The qualityassurance department found in a sample of 50 customers at the Warren Road MacBurger that the mean waiting time was 2.75 minutes. When you perform a test of hypothesis, what would be the resulting pvalue?
8 The first card selected from a standard 52card deck was a king. If it is returned to the deck, what is the probability that a king will be drawn on the second selection?
9 An example of a qualitative variable is _________________.
10 When statisticians analyze sample data in order to draw conclusions about the characteristics of a population, this is referred to as:
11 The ages of all the patients in the isolation ward of the hospital are 38, 26, 13, 41, and 22. What is the population standard deviation?
12 Consider the following regression analysis between sales (Y in $1,000) and social media advertising (X in dollars).
13 The tread life of tires mounted on lightduty trucks follows the normal probability distribution with a mean of 60,000 miles and a standard deviation of 4,000 miles. Suppose you bought a set of four tires, what is the likelihood the mean tire life of these four tires is between 57,000 and 63,000 miles?
14 University officials say that at least 70% of the voting student population supports a fee increase. If the 95% confidence interval estimating the proportion of students supporting the fee increase is [0.75, 0.85], what conclusion can be drawn?
15 A study by the National Park Service revealed that 50% of the vacationers going to the Rocky Mountain region visit Yellowstone Park, 40% visit the Grand Tetons, and 35% visit both. What is the probability that a vacationer will visit at least one of these magnificent attractions?
16 The distribution of a sample of the outside diameters of PVC pipes approximates a symmetrical, bellshaped distribution. The arithmetic mean is 14.0 inches, and the standard deviation is 0.1 inches. About 68% of the outside diameters lie between what two amounts?
17 A group of women tried five brands of fingernail polish and ranked them according to preference. What level of measurement is this?
18 What is the range of values for a coefficient of correlation?
19 Which approach to probability assumes that the events are equally likely?
20 What is the median of 26, 30, 24, 32, 32, 31, 27, and 29?
21 Sales at a fastfood restaurant average $6,000 per day. The restaurant decided to introduce an advertising campaign to increase daily sales. To determine the effectiveness of the advertising campaign, a sample of 49 days of sales was taken. It found that the average daily sales were $6,400 per day. From past history, the restaurant knew that its population standard deviation is about $1,000. The value of the test statistic is _______.
22 The mean of a normal distribution is 400 pounds. The standard deviation is 10 pounds. What is the probability of a weight between 415 pounds and the mean of 400 pounds?
23 Which of the following is true regarding the normal distribution?
24 A time series trend equation for Hammer Hardware is Y’ = 5.6 + 1.2t, where sales are in millions of dollars and t increases by one unit for each year. If the value of sales in the base year of 2016 is $5.6 million, what would be the estimated sales amount for 2018?
25 A research firm conducted a survey to determine the mean amount steady smokers spend on cigarettes during a week. A sample of 64 smokers revealed that = $20 and S = $5. What is the 95% confidence interval for μ?
26 A weightloss company wants to statistically prove that its methods work. They randomly selected 10 clients who had been on the weight loss program for between 55 and 65 days. They looked at their beginning weights and their current weight. The statistical test they should utilize is:
27 As the size of the sample increases, what happens to the shape of the distribution of sample means?
28 Each month the National Association of Purchasing Managers publishes the NAPM index. One of the questions asked on the survey to purchasing agents is: Do you think that the economy is expanding? Last month, of the 300 responses, 160 answered “yes” to the question. This month, 170 of the 290 responses indicated that the economy is expanding. If you’re testing to find if a larger proportion of agents believe that the economy is expanding this month, what is your computed test statistic?
29 A group of 100 students was surveyed about their interest in a new International Studies program. Interest was measured in terms of high, medium, or low. In the study, 30 students responded high interest, 40 students responded medium interest, and 30 students responded low interest. What is the relative frequency of students with high interest?
30 A hypothesis regarding the weight of newborn infants at a community hospital is that the mean is 6.6 pounds. A sample of seven infants is randomly selected and their weights at birth are recorded as 9.0, 7.3, 6.0, 8.8, 6.8, 8.4, and 6.6 pounds. What is the alternate hypothesis?
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This Tutorial was purchased 6 times & rated A+ by student like you.
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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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 ..

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Question 1
Plot a 100% stacked column chart for television sales by year.
U.S. Television Sales, 2002  2005 ($ thousands)
Projection TV LCD TV Plasma TV
2002 3,574 246 515
2003 4,351 664 1,590
2004 6,271 1,579 2,347
2005 5,320 3,295 4,012
&n..

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Week A B C D
1 1774 2205 1330 1402
2 1808 1507 1295 1665
3 1890 2352 1502 1530
4 1932 1939 1104 1826
5 1855 2052 1189 1703
6 1726 1630 1441 1498
Interpretation of Minimum and Maximum
Interpretation of Mean and Median
Interpretation of Stan..

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Problem 1
Figure below gives the boxplots comparing the base yearly salaries of employeesin marketing and employees in research for a large company. Identify the five number summaries. for each profession. Interpret them like we did in the class.
Problem 2
An insurance com..
