Quantitative Methods for Business Midterm Exam - 2568 Verified Questions

Quantitative Methods for Business Midterm Exam

Course Introduction

Quantitative Methods for Business introduces students to the fundamental mathematical and statistical tools used in the analysis and decision-making processes of modern business environments. Topics include data analysis, probability, hypothesis testing, regression, forecasting, optimization, and decision models, all presented with a focus on practical applications to real-world business problems. Through case studies, software applications, and problem-solving exercises, students will gain the skills needed to interpret quantitative information and to make data-driven decisions in a variety of business contexts.

Recommended Textbook

Business Statistics in Practice 3rd Canadian Edition by Bruce L. Bowerman

Available Study Resources on Quizplus

16 Chapters

2568 Verified Questions

2568 Flashcards

Source URL: https://quizplus.com/study-set/3253

Page 2

Chapter 1: An Introduction to Business Statistics

Available Study Resources on Quizplus for this Chatper

63 Verified Questions

63 Flashcards

Source URL: https://quizplus.com/quiz/64603

Sample Questions

Q1) Statistical _____ refers to using a sample of measurements to make generalizations about the important aspects of a population.

Answer: inference

Q2) A ____ is a graph of individual process measurements versus time.

Answer: runs plot

Q3) If we examine half of the population measurements,we are conducting a census of the population.

A)True

B)False

Answer: False

Q4) Statistical inference is the science of using a sample of measurements to make generalizations about the important aspects of a population of measurements.

A)True

B)False

Answer: True

Q5) If a process does not exhibit any unusual process variations,then the process is said to be in _________.

Answer: statistical control

To view all questions and flashcards with answers, click on the resource link above. Page 3

Chapter 2: Descriptive Statistics

Available Study Resources on Quizplus for this Chatper

286 Verified Questions

286 Flashcards

Source URL: https://quizplus.com/quiz/64604

Sample Questions

Q1) Determine the median of the data 2,4,6,8,10,12,14.

Answer: 8

Q2) What is the 10^th percentile?

A)$1,304.50

B)$2,617

C)$3,415.75

D)$3,587

E)$4,212

Answer: A

Q3) What is the standard deviation?

A)22.72

B)12.00

C)4.77

D)516.20

E)144.00

Answer: C

Q4) Histograms and stem-and-leaf displays are used to visualize the distribution of _________ data.

Answer: quantitative

To view all questions and flashcards with answers, click on the resource link above. Page 4

Chapter 3: Probability

Available Study Resources on Quizplus for this Chatper

177 Verified Questions

177 Flashcards

Source URL: https://quizplus.com/quiz/64605

Sample Questions

Q1) What is the probability that the individual is either a woman or a Liberal?

Answer: .875

P(W \[\cap\]

D)= P(W)+ P(D)- P(W \[\cup\]

D)

(40/80)+ (65/80)- (35/80)= .875

Q2) What is the probability that one randomly selected student is a male or is majoring in zoology?

Answer: 82%

(.30)+ (.70)- (.18)= .82

Q3) If an employee is selected at random what is the probability that the employee is female or works as an hourly staff member?

Answer: 0.533 \[P ( F \cup H A ) = \frac { 100 } { 300 } +

{ 300 } = 0.533\]

Q4) If A and B are independent events,P(A)= .3,and P(B)= .6,determine P(A

Answer: \[\cup\] B).

.72 \[P ( A \cup B ) = P ( A ) + P ( B ) - P ( A \cap B ) = .3 + .6 - ( .3 ) ( .6 ) = .72\]

To view all questions and flashcards with answers, click on the resource link above. Page 5

Chapter 4: Discrete Random Variables

Available Study Resources on Quizplus for this Chatper

141 Verified Questions

141 Flashcards

Source URL: https://quizplus.com/quiz/64606

Sample Questions

Q1) The hypergeometric distribution is appropriate when sampling with replacement from small populations

A)True

B)False

Q2) Consider a Poisson distribution with an average of 3 customers per minute at the local grocery store.Determine the expected number of customer arrivals for a five-minute period

Q3) Of the eight,what is the average number you expect to be delivered the next day?

Q4) What is the probability that during a randomly selected half-hour period no more than 2 customers use the service desk?

A)2381

B)1465

C)7619

D)8535

E)0916

Q5) Find the expected value of X.

Q6) All five will be repaired on the same day?

Q7) What is the variance of X?

Page 6

Q8) Construct the probability distribution for the random variable X.

Q9) Find the variance of X.

To view all questions and flashcards with answers, click on the resource link above.

Page 7

Chapter 5: Continuous Random Variables

Available Study Resources on Quizplus for this Chatper

167 Verified Questions

167 Flashcards

Source URL: https://quizplus.com/quiz/64607

Sample Questions

Q1) What is the expected value of the water depth?

Q2) Find z when the area between z and -z is .9030

Q3) The distance between store outlets in a chain of stores in a large metropolitan city is normally distributed with an average of 50km and a standard deviation of 5km.What is the probability of finding a store no less than 55km away?

A)0.1668

B)0.2443

C)0.1254

D)0.8727

E)0.1587

Q4) The mean of a standard normal distribution is always equal to _______.

Q5) What are the mean and standard deviation of the thickness of the coat of paint on the metal surface?

Q6) In a statistical study,the random variable X = 1,if the house is colonial,and X = 0 if the house is not colonial,then it is appropriate to model this variable with a continuous probability distribution.

A)True

B)False

Q7) Exceeds 1,000 days?

Page 8

To view all questions and flashcards with answers, click on the resource link above.

Chapter 6: Sampling Distributions

Available Study Resources on Quizplus for this Chatper

119 Verified Questions

119 Flashcards

Source URL: https://quizplus.com/quiz/64608

Sample Questions

Q1) What is \(\sigma _ { \hat { p } }\) ?

Q2) Calculated\(\sigma _ { \bar { x } }\) .

Q3) Find the interval that contains 95.44% of the sample means.

Q4) What is the probability that the sample mean will be less than 0.80 seconds?

Q5) A sample statistic is an unbiased point estimate of a population parameter if the mean of the populations of all possible values of the sample statistic equals the population parameter.

A)True

B)False

Q6) The sample standard deviation s is an unbiased estimator of the population standard deviation \(\sigma\).

A)True

B)False

Q7) If a sample size is at least _____,then for any sampled population,we can conclude that the sample means are approximately normal.

Q8) The ___________ is a minimum-variance unbiased point estimate of the population mean.

Q9) Find P ( \(\bar { x }\) > 50.5).

Page 9

Q10) What percentage of sample means will be less than 5.00 cm?

To view all questions and flashcards with answers, click on the resource link above.

Chapter 7: Confidence Intervals

Available Study Resources on Quizplus for this Chatper

226 Verified Questions

226 Flashcards

Source URL: https://quizplus.com/quiz/64609

Sample Questions

Q1) Can it be established at \(\alpha\)

= 0.05 that a majority of students favour the plus/minus grading system at a university if in a random sample of 500 students,270 favour the system?

Q2) Set up the appropriate hypotheses to test whether the claim made by the market research company is true.

A)H₀: p .210 vs H_A: p > .210

B)H₀: p .250 vs H_A: p < .250

C)H₀: p .250 vs H_A: p > .250

D)H₀: p = .250 vs H_A: p .250

E)H₀: p .250 vs H_A: p = .250

Q3) The power of a statistical test is the probability of ______________ the null hypothesis when it is ________.

A)not rejecting,false

B)not rejecting,true

C)rejecting,false

D)rejecting,true

E)accepting,false

Q4) What is the decision at \(\alpha\) = 0.10?

To view all questions and flashcards with answers, click on the resource link above. Page 10

Chapter 8: Hypothesis Testing

Available Study Resources on Quizplus for this Chatper

192 Verified Questions

192 Flashcards

Source URL: https://quizplus.com/quiz/64610

Sample Questions

Q1) A paired difference experiment is an experiment in which there is relationship between the measurements in the different samples.

A)True

B)False

Q2) What is the decision at alpha = .05?

Q3) How much evidence do we have that the machine is in specification?

A)No evidence

B)Some evidence

C)Strong evidence

D)Very strong evidence

E)Extremely strong evidence

Q4) How much evidence is there that the mean of the percentage of alcohol is not 13%?

A)No evidence

B)Some evidence

C)Strong evidence

D)Very Strong evidence

E)Extremely Strong evidence

Q5) Two parameters of the F distribution are:

Q6) What is the critical value for this test at alpha = .01?

To view all questions and flashcards with answers, click on the resource link above. Page 11

Chapter 9: Statistical Inferences Based on Two Samples

Available Study Resources on Quizplus for this Chatper

168 Verified Questions

168 Flashcards

Source URL: https://quizplus.com/quiz/64611

Sample Questions

Q1) As the stated confidence level decreases,the width of the confidence interval

Q2) The customer service manager for the XYZ Fastener Manufacturing Company examined 60 vouchers and found nine vouchers containing errors.Find a 95 percent confidence interval for the proportion of vouchers with errors.

Q3) In a manufacturing process,we are interested in measuring the average length of a certain type of bolt.Past data indicates that the lengths are normally distributed with standard deviation 0.25cm.How many bolts should be sampled in order to make us 95% confident that the sample mean bolt length is within 0.02cm of the true mean bolt length?

A)25

B)49

C)423

D)601

E)1225

Q4) Calculate a 95% confidence interval for the difference in pedestrian traffic at the two locations.

Q5) Ten items of 100 are defective.Develop a 95 percent confidence interval for the population proportion of defectives.

To view all questions and flashcards with answers, click on the resource link above. Page 12

Chapter 10: Experimental Design and Analysis of Variance

Available Study Resources on Quizplus for this Chatper

155 Verified Questions

155 Flashcards

Source URL: https://quizplus.com/quiz/64612

Sample Questions

Q1) Compute an individual 95% confidence interval for \(\mu _ { 3 } - \mu _ { 4 }\).

Q2) Consider the above one-way ANOVA table.If there are an equal number of observations in each group,then each group (treatment level)consists of ______ observations.

A)3

B)4

C)6

D)20

E)24

Q3) What is the degrees of freedom for blocks?

Q4) What is the value of the F statistic for blocks? Test H₀: there is no difference between block effects at a = 05

Q5) What is the calculated F statistic for blocks?

Q6) The partially completed ANOVA table for a two-factor factorial design is given below.Factor A and B have three and four levels,respectively.There are two observations in each cell (replications).

Complete the Analysis of variance table and test to determine whether the means for factor A differ at a = .05.

Q7) Determine the degrees of freedom for error.

Page 13

To view all questions and flashcards with answers, click on the resource link above.

Chapter 11: Correlation Coefficient and Simple Linear

Regression Analysis

Available Study Resources on Quizplus for this Chatper

190 Verified Questions

190 Flashcards

Source URL: https://quizplus.com/quiz/64613

Sample Questions

Q1) In simple regression analysis,the quantity \(\sum ( y - \bar { y } ) ^ { 2 }\)

Is called the __________ variation.

A)explained

B)total

C)unexplained

D)block

E)error

Q2) Using the sums of the squares given above,determine the 95% confidence interval for the slope.

Q3) Write the equation of the least squares line.

Q4) The sample correlation coefficient may assume any value between:

A)0 and 1

B)-× and ×

C)0 and 8

D)-1 and 1

E)-1 and 0

Q5) Find the t statistic and test H₀:

Q7) Provide an interpretation of the slope estimate. Page 14

Q6) Find the rejection point for the t statistic at a = .05 and test H₀: ?₁? 0 vs.H_a: b₁> 0.

To view all questions and flashcards with answers, click on the resource link above.

Page 15

Chapter 12: Multiple Regression and Model Building

Available Study Resources on Quizplus for this Chatper

222 Verified Questions

222 Flashcards

Source URL: https://quizplus.com/quiz/64614

Sample Questions

Q1) The _____ term describes the effects on y of all factors other than the independent variables in a multiple regression model.

Q2) Interpret the estimated model coefficient b2.

Q3) What is the value of R²?

A).4086

B).3108

C).7695

D).9324

E).5861

Q4) Use the following correlation matrix and determine the best multiple regression prediction equation that has no significant multicollinearity.

Q5) Interpret the estimated model coefficient b3.

Q6) Calculate the 95% prediction interval for this point estimate.

Q7) What is the value of F? A)1.28

Chapter 13: Nonparametric Methods

Available Study Resources on Quizplus for this Chatper

112 Verified Questions

112 Flashcards

Source URL: https://quizplus.com/quiz/64615

Sample Questions

Q1) The Wilcoxon signed rank test is the nonparametric counterpart of the:

A)Large sample test about a single population mean

B)Two independent samples t test

C)One way ANOVA F test

D)Paired difference t test

E)F test for equality of population variances

Q2) At a significance level of .05,which one of the following rejection point conditions is correct when testing H₀: D₁ and D₂ have identical probability distributions versus H_a: D₁ is shifted to the right or left of D₂?

A)Reject H₀ if T ? 80 or T ? 46

B)Reject H₀ if T ? 127 or T ? 83

C)Reject H₀ if T ? 131 or T ? 79

D)Reject H₀ if T ? 111 or T ? 69

E)Reject H₀ if T ? 105 or T ? 66

Q3) Calculate the value of T_i (rank sum)for each of the three samples.

Q4) Using \(\alpha\) = .01,test the real estate agent's claim.What do you conclude about the selling prices of the homes?

Q5) Using = .05,can we conclude that the battery life is more than 40 hours?

Q6) What is the appropriate null and alternative hypothesis for this problem?

To view all questions and flashcards with answers, click on the resource link above. Page 17

Chapter 14: Chi-Square Tests

Available Study Resources on Quizplus for this Chatper

101 Verified Questions

101 Flashcards

Source URL: https://quizplus.com/quiz/64616

Sample Questions

Q1) A contingency table summarizes data that has been classified on two dimensions or scales.

A)True

B)False

Q2) When using the chi-square goodness of fit test,if the value of the chi-square statistic is large enough,we reject the null hypothesis.

A)True

B)False

Q3) In a contingency table,if all of the expected frequencies equal the observed frequencies,then we can conclude that there is a perfect association between rows and columns.

A)True

B)False

Q4) Determine the expected frequencies for the chi-square test of independence.

Q5) A multinomial probability distribution describes data that is classified into two or more categories when a multinomial experiment is carried out.

A)True

B)False

Q6) Calculate the expected values for all categories.

Page 18

To view all questions and flashcards with answers, click on the resource link above.

Available

Study

Chapter 15: Decision Theory

Resources on Quizplus for this Chatper

97 Verified Questions

97 Flashcards

Source URL: https://quizplus.com/quiz/64617

Sample Questions

Q1) A decision-maker's expected utility is based upon their attitude towards risk.

A)True

B)False

Q2) A pharmaceutical company manufacturing a virus detection kit wants to determine the probability of a person without the virus receiving a positive text result.It is estimated that the probability of infected potential users of the kit is 10%.According to the company laboratory test results,1 out of 100 viral-free people tested positive (false positive).On the other hand,1 out of 200 infected people tested negative (false negative).A person has just used the detection kit manufactured by the company and the results showed they had the virus.What is the probability that the person is infected?

A)1%

B)0.9%

C)0.05%

D)8.3%

E)0.056%

Q3) The _______________________ is the difference between the expected payoff that would have been realized had the best alternative action been selected if we know which state of nature has occurred and the expected payoff under risk.

To view all questions and flashcards with answers, click on the resource link above. Page 19

Chapter 16: Time Series Forecasting

Available Study Resources on Quizplus for this Chatper

152 Verified Questions

152 Flashcards

Source URL: https://quizplus.com/quiz/64618

Sample Questions

Q1) When the magnitude of the seasonal swing does not depend on the level of a time series,we call this _________ seasonal variation.

A)increasing

B)cyclical

C)constant

D)decreasing

E)zero

Q2) In general,the number of dummy variables used to model constant seasonal variation is equal to the number of _______.

A)seasons

B)seasons minus 1

C)seasons plus 1

D)seasons minus 2

E)seasons divided by two

Q3) When using simple exponential smoothing,the more recent the time series observation,the _________ its corresponding weight.

Q4) Calculate the Mean Squared Deviation (MSD).

Q5) Calculate the average forecast error.

Q6) Compute the mean absolute deviation (MAD).

Page 20

To view all questions and flashcards with answers, click on the resource link above.