1. According to the empirical rules, approximately 99.7% of the observations will fall within ________. (Points : 2) one standard deviation of the mean two standard deviations of the mean three standard deviations of the mean four standard deviations of the mean 2. Numerical facts and figures that are collected through some type of measurement process are called ________. (Points : 2) statistics metric information variables 3. Which of the following functions is used to find the smallest value in a range of cells using Microsoft Excel? (Points : 2) MAX(range) MIN(range) SUM(range) AVERAGE(range) 4. A metric that is derived from counting something is called a(n) ________ metric. (Points : 2) continuous nominal discrete ordinal 5. Which of the following principles underlie statistical thinking? (Points : 2) All work occurs in a system of interconnected processes. All processes are identical without any degree of variation. Better performance results from increasing variation. Variations in measurement will not occur unless there are variations in the true values. 6. Outcomes such as customer satisfaction and dissatisfaction, complaints and complaint resolution, and customer perceived value would be considered ________ outcomes. (Points : 2) customer-focused workforce-focused product and process leadership and governance 7. A distribution that is relatively flat with a wide degree of dispersion has a coefficient of kurtosis that is ________. (Points : 2) more than 3 less than 3 less than 6 more than 6 8. The correlation coefficient is a number between ________. (Points : 2) 0 and +1 -1 and 0 -1 and +1 -2 and +2 9. The number of phone calls coming into a switchboard in the next five minutes will either be 0, 1, 2, 3, 4, 5, or 6. The probabilities are the same for each of these (1/7). If X is the number of calls arriving in a five-minute time period, what is the mean of X? (Points : 2) 2 3 4 5 10. If two events are mutually exclusive, then (Points : 2) their probabilities can be added. the joint probability is equal to 0. if one occurs, the other cannot occur. All of the above 11. A discrete random variable has a mean of 400 and a variance of 64. What is the standard deviation? (Points : 2) 64 8 20 400 12. Suppose that, historically, April has experienced rain and a temperature between 35 and 50 degrees on 20 days. Also, historically, the month of April has had a temperature between 35 and 50 degrees on 25 days. You have scheduled a golf tournament for April 12. If the temperature is between 35 and 50 degrees on that day, what will be the probability that the players will get wet? (Points : 2) 0.333 0.667 0.800 1.000 13. Data for a particular subdivision near downtown Houston indicate that the average price per square foot for a home is $100 with a standard deviation of $5 (normally distributed). What is the probability that the average price per square foot for a home is greater than $110? (Points : 2) 0 0.023 0.841 0.977 14. The time required to complete a project is normally distributed with a mean of 80 weeks and a standard deviation of 10 weeks. The construction company must pay a penalty if the project is not finished by the due date in the contract. If a construction company bidding on this contract puts in a due date of 80 weeks, what is the probability that they will have to pay a penalty? (Points : 2) 0 1.000 0.500 1/8 15. The number of cell phone minutes used by high school seniors follows a normal distribution with a mean of 500 and a standard deviation of 50. What is the probability that a student uses more than 350 minutes? (Points : 2) 0.001 0.999 0.618 0.382 16. The classical method of determining probability is (Points : 2) subjective probability. conditional probability. objective probability. joint probability. 17. A finite population correction factor should be used to adjust the margin of error when the sample taken is larger than ________ of the entire population. (Points : 2) 10% 1% 5% 50% 18. Find the confidence interval for a population mean of 615 acres at a 90% level of confidence with a sample size of 52 and standard deviation of 27 acres. (Points : 2) 189 to 1190 acres 608.84 to 621.16 acres 452 to 4252 acres 172 to 2008 acres 19. Given that a sample of size 12 was taken from a finite population of 60 with a population standard deviation of 1.8, what would be the margin of error at a 95% level of confidence? (Points : 2) ñ1.018 ñ0.9186 ñ12.22 ñ0.4452 20. The two most commonly used types of estimates in statistics are ________. (Points : 2) cluster intervals and standard estimates unbiased estimator and standard distribution point estimates and confidence intervals sampling estimates and central limit interval 21. Regarding the standard error of the mean, ________. (Points : 2) as the sample size increases, the standard error increases as the sample size decreases, the standard error decreases as the sample size increases, the standard error decreases it is defined as one-half of the population standard deviation 22. Find the standard error of the mean when the population standard deviation is 2.4 and a sample of size 36 is taken. (Points : 2) 4.03 0.6 14.4 0.4 23. The standard error of the mean is ________. (Points : 2) the variance of the sampling distribution of the mean the standard deviation of the sampling distribution of the mean the range of the sampling distribution of the mean the mean of the sampling distribution of the standard deviations 24. What is the value of the finite population correction factor when a sample size of 250 is taken from a finite population of 1001? (Points : 2) 0.7510 0.8667 1.9960 0.2498 25. Use the information below to answer the question. The following table provides data on a sample of customers who visited a local restaurant. The restaurant owner believes that the average profit per customer exceeds $25. 36.73 35.50 25.92 38.36 41.65 25.50 18.78 19.78 33.14 22.22 20.85 26.23 22.13 32.33 28.46 34.15 34.72 24.21 24.20 28.95 21.84 19.74 20.75 Formulate the null and the alternative hypotheses to determine if the data supports the restaurant owners claim. (Points : 2) H0: The average profit per customer = $25 H1: The average profit per customer ? $25 H0: The average profit per customer = $25 H1: The average profit per customer > $25 H0: The average profit per customer = $25 H1: The average profit per customer < $25 H0: The average profit per customer > $25 H1: The average profit per customer = $25 26. A one-tailed test is employed when the null hypothesis ________. (Points : 2) is structured as ? specifies a direction of relationship is structured as = falls in the upper tail of the distribution 27. The confidence coefficient is ________. (Points : 2) the probability of correctly failing to reject the null hypothesis the probability of making a Type II error the probability of making a Type I error the probability of correctly rejecting the null hypothesis 28. If the confidence coefficient is 0.9, ________. (Points : 2) we expect that 9 samples out of 100 will support the null hypothesis we expect that 90 out of 100 samples will support the null hypothesis we expect that 10 samples out of 100 will support the null hypothesis we expect that all 100 samples will support the null hypothesis 29. Hypothesis testing always assumes that ________. (Points : 2) the alternative hypothesis is true the null hypothesis is true the probability of the null hypothesis being true is less than 50% the probability of the alternative hypothesis being true is less than 50% 30. The null hypothesis ________. (Points : 2) describes an existing theory or belief that is accepted as correct in the presence of contradictory data describes an existing theory or belief that is accepted as correct in the absence of contradictory data is based on new information provided by sample data is based on new information provided by population data 31. Use the information below to answer the question. The following table provides data on a sample of customers who visited a local restaurant. The restaurant owner believes that the average profit per customer exceeds $25. 36.73 35.50 25.92 38.36 41.65 25.50 18.78 19.78 33.14 22.22 20.85 26.23 22.13 32.33 28.46 34.15 34.72 24.21 24.20 28.95 21.84 19.74 20.75 Which of the following is the critical value using a level of significance of 0.05? (Points : 2) 1.717 -1.717 1.7139 -2.0739 32. The power of the test has a value of ________. (Points : 2) 1 ? a 1 + ?? 1 ? ?? a ? ?? 33. In the construction of decision trees, which of the following shapes represents a state of nature node? (Points : 2) square circle diamond triangle 34. In the construction of decision trees, which of the following shapes represents a decision node? (Points : 2) square circle diamond triangle 35. A market research study is being conducted to determine if a product modification will be well received by the public. A total of 1,000 consumers are questioned regarding this product. The table below provides information regarding this sample. Positive Reaction Neutral Reaction Negative Reaction Male 240 60 100 Female 260 220 120 What is the probability that a randomly selected person would be a female who had a positive reaction? (Points : 2) 0.250 0.260 0.455 0.840 36. The probability that a typical tomato seed will germinate is 60%. A seed company has developed a hybrid tomato that they claim has an 85% probability of germination. If a gardener plants the new hybrid tomato in batches of 12, what is the probability that 10 or more seeds will germinate in a batch? (Points : 2) 0.064 0.083 0.264 0.736 37. Historical data indicates that only 20% of cable customers are willing to switch companies. If a binomial process is assumed, then in a sample of 20 cable customers, what is the probability that no more than 3 customers would be willing to switch their cable? (Points : 2) 0.85 0.15 0.20 0.411 38. Lock combinations are made using 3 digits followed by 2 letters. How many different lock combinations can be made if repetition of digits is allowed? (Points : 2) 6 260 6,760 676,000 39. In 2012 the stock market took some big swings up and down. One thousand investors were asked how often they tracked their investments. The table below shows their responses. What is the probability that an investor tracks the portfolio weekly? How often tracked? Response Daily 235 Weekly 278 Monthly 292 Few times a year 136 Do not track 59 (Points : 2) 0.235 0.278 0.513 0.722 40. In hypothesis testing, the null and the alternative hypotheses are ________. (Points : 2) not mutually exclusive mutually exclusive always false always true 41. If we fail to reject the null hypothesis, ________. (Points : 2) we have found evidence to support the alternative hypothesis the null hypothesis is proved to be true we have only failed to find evidence to support the alternative hypothesis the hypothesis test is inconclusive 42. The probability of a Type I error can be specified by the investigator. The probability of a Type II error is ________. (Points : 2) one minus the probability of Type I error the result of the hypothesis test itself also specified by the investigator not specified by the investigator but computed using the power of the test 43. A major consumer products company wants to measure the type and quantity of laundry detergent used by consumers. After choosing a suburban street at random, employees go door-to-door to every fifth house to ask for permission to view their laundry detergent supply. What sampling method is being used for this sampling plan? (Points : 2) simple random sampling systematic sampling continuous sampling subjective sampling 44. A major consumer products company wants to measure the quality of the packaging of their products on the store shelves. Five large cities are chosen in different parts of the country. What sampling method is being used for this sampling plan? (Points : 2) simple random sampling continuous sampling subjective sampling stratified sampling 45. All of the following are true about the sampling distribution of the mean except ________. (Points : 2) the population standard deviation can be determined when a large sample size is used the standard deviation of this distribution is called the standard error of the mean when larger sample sizes are used for this distribution, the sampling error is less this distribution approaches the normal distribution if the sample size is large enough 46. Find the standard error of the mean when the population standard deviation is 4.1 and a sample of size 30 is taken. (Points : 2) 7.32 0.08 1.34 0.75 47. Expected monetary value (EMV) is (Points : 2) the average or expected monetary outcome of a decision if it can be repeated a large number of times. the average or expected value of the decision, if you know what would happen ahead of time. the average or expected value of information if it were completely accurate. the amount you would lose by not picking the best alternative. 48. Which of the following is true about the expected value of perfect information? (Points : 2) It is the amount you would pay for any sample study. It is calculated as EMV minus EOL. It is calculated as expected value with perfect information minus maximum EMV. It is the amount charged for marketing research. 49. The expected value of sample information (EVSI) can be used to (Points : 2) establish a maximum amount to spend on additional information. calculate conditional probabilities. establish risk avoidance. provide points on a utility curve. 50. When conducting a test of hypothesis, if we elect to use alpha (a) of .05 and the results of our analysis indicate that the null hypothesis should be rejected, which of the following is true? (Points : 2) the p-value is greater than .05 the p-value is less than .05 the p-value is greater than +1.96 the p-value is less than -1.96

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