Bus 475 final exam guide 1

37) Your roommate is interested in starting a business and everybody has been giving him different information about being an entrepreneur. Since you have been studying about entrepreneurship and new ventures, which of these would you tell him is true?

38) One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States.

39) One of the most important contributors to total quality management has been the introduction of statistical tools to analyze the causes of product defects in an approach called: 40) __________ is the process of working with people and resources to accomplish organizational goals.

41) The Aquatic Center, Inc. periodically reviews the goals of the company. During the process, The Aquatic Center managers analyze their current strategies as compared to their competitors, determine goals that they will pursue and decide upon specific actions for each area of the company to take in pursuit of these goals. The Aquatic Center managers have been engaged in the management function of: 42) William used a sample of 68 U.S. cities to estimate the relationship between Crime (annual property crimes per 100,000 persons) and Income (median income per capita). His estimated regression equation was Crime = 428 + .050 Income.

Assuming b1 is significant, if Income decreases by 1000 we would predict that Crime will __________.

43) Sampling error can be reduced by __________.

44) Use the following table to answer question: P(M A) is approximately _____.

45) Use the following table to answer question: Are Service provider and county independent events?

46) Twelve randomly-chosen students were asked how many times they had missed class during a certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1, 5, 18.

For this sample, which measure of central tendency is least representative of the “typical� student?

47) Jolly Blue Giant Health Insurance (JBGHI) is concerned about rising lab test costs and would like to know what proportion of the positive lab tests for prostate cancer are actually proven correct through subsequent biopsy.

JBGHI demands a sample large enough to