Question 1

Confidence intervals should be used with caution with time-series data because ________.

Accepted Answer

A) it's difficult to keep track of the time for each sample 
B) measuring the variance of time-series data is not possible 
C) the mean and/or variance of time-series data are not stationary 
D) it's difficult to measure the mean and/or variance of time-series data 
A) it's difficult to keep track of the time for each sample 
B) measuring the variance of time-series data is not possible 
C) the mean and/or variance of time-series data are not stationary 
D) it's difficult to measure the mean and/or variance of time-series data

Question 2

An estimator is said to be unbiased if ________.

Accepted Answer

A) its expected value equals the population parameter 
B) it is greater than one 
C) it is estimated from a relatively small sample 
D) it is equal to or lesser than zero 
A) its expected value equals the population parameter 
B) it is greater than one 
C) it is estimated from a relatively small sample 
D) it is equal to or lesser than zero

Question 3

The ideal sampling frame is a list of at least 75% of all members of the target population.

Accepted Answer

A) True 
 B)False

Question 4

Data that is collected for a sample is usually from an unknown probability distribution.

Accepted Answer

A) True 
 B)False

Question 5

The t‐distribution converges to the standard normal distribution ________.

Accepted Answer

A) as the number of degrees of freedom increases 
B) as the sample mean increases 
C) as the population size increases 
D) as the variance falls 
A) as the number of degrees of freedom increases 
B) as the sample mean increases 
C) as the population size increases 
D) as the variance falls

Question 6

Which of the following is not true for a prediction interval?

Accepted Answer

A) It is an interval estimate of a population parameter. 
B) It provides a range for predicting a new value from the same population. 
C) It is associated with the distribution of the random variable itself. 
D) It has a wider interval than the corresponding confidence interval. 
A) It is an interval estimate of a population parameter. 
B) It provides a range for predicting a new value from the same population. 
C) It is associated with the distribution of the random variable itself. 
D) It has a wider interval than the corresponding confidence interval.

Question 7

Which of the following is a subjective sampling method?

Accepted Answer

A) cluster sampling 
B) judgment sampling 
C) systematic sampling 
D) stratified sampling 
A) cluster sampling 
B) judgment sampling 
C) systematic sampling 
D) stratified sampling

Question 8

The sampling distribution of the standard deviation follows the ________ distribution.

Accepted Answer

A) chi-square (χ2) 
B) normal 
C) t 
D) z-square (z2) 
A) chi-square (χ2) 
B) normal 
C) t 
D) z-square (z2)

Question 9

A random number is any number between negative infinity and positive infinity.

Accepted Answer

A) True 
 B)False

Question 10

A sample was taken of computation errors on an exam: 4,7,3,8,4,4,6,1,5,2,4,8,5,4,5.What value should be used for the population standard deviation?

Accepted Answer

A) 0.51 
B) 1.99 
C) none,since the population standard deviation should never be estimated 
D) 1.92 
A) 0.51 
B) 1.99 
C) none,since the population standard deviation should never be estimated 
D) 1.92

Question 11

The central limit theorem states that if the sample size is large enough,________.

Accepted Answer

A) the sampling distribution of the mean is normally distributed only if the population is also normally distributed 
B) the mean of the sampling distribution will be the same as that of the population 
C) the sample mean deviates from the population mean except when the population itself is uniformly distributed 
D) the sample mean will exceed the population mean 
A) the sampling distribution of the mean is normally distributed only if the population is also normally distributed 
B) the mean of the sampling distribution will be the same as that of the population 
C) the sample mean deviates from the population mean except when the population itself is uniformly distributed 
D) the sample mean will exceed the population mean

Question 12

Compare and contrast confidence intervals and prediction intervals.

Accepted Answer

A confidence interval provides an interv

Question 13

Peak Previously Played Picks buys and sells used sports equipment.For the past year,the mean purchase of used sports equipment was $36 with a standard deviation of $8.Find the probability that the mean purchase from a sample of 16 customers will be less than $20.Use the Microsoft Excel function NORM.DIST.

Accepted Answer

A) 0.00% 
B) 100.0% 
C) 2.28% 
D) 69.13% 
A) 0.00% 
B) 100.0% 
C) 2.28% 
D) 69.13%

Question 14

A sample mean should never be used as a point estimate for the population mean.

Accepted Answer

A) True 
 B)False

Question 15

Compare and contrast simple random,systematic,stratified,and cluster sampling.

Accepted Answer

Simple random sampling involves selectin

Question 16

The margin of error used in a confidence interval is found by ________.

Accepted Answer

A) multiplying the standard error and zα/2 
B) multiplying the population standard deviation and the sample size 
C) dividing the population standard deviation by the sample size 
D) multiplying the level of confidence and the standard error 
A) multiplying the standard error and zα/2 
B) multiplying the population standard deviation and the sample size 
C) dividing the population standard deviation by the sample size 
D) multiplying the level of confidence and the standard error

Question 17

A sampling plan should contain all of the following except ________.

Accepted Answer

A) the objectives of the sample activity 
B) the standards for sample quality 
C) the target population and population frame 
D) the method of sampling including operational procedures for sample collecting 
A) the objectives of the sample activity 
B) the standards for sample quality 
C) the target population and population frame 
D) the method of sampling including operational procedures for sample collecting

Question 18

The most common probabilistic sampling technique is called simple random sampling.

Accepted Answer

A) True 
 B)False

Question 19

The level of confidence for a confidence interval is defined by 1 - α.What does this α represent?

Accepted Answer

α is the probability

Question 20

The t-distribution is a family of probability distributions with a shape similar to the standard normal distribution.

Accepted Answer

A) True 
 B)False

Confidence intervals should be used with caution with time-series data because ________.

An estimator is said to be unbiased if ________.

The ideal sampling frame is a list of at least 75% of all members of the target population.

Data that is collected for a sample is usually from an unknown probability distribution.

The t‐distribution converges to the standard normal distribution ________.

Which of the following is not true for a prediction interval?

Which of the following is a subjective sampling method?

The sampling distribution of the standard deviation follows the ________ distribution.

A random number is any number between negative infinity and positive infinity.

A sample was taken of computation errors on an exam: 4,7,3,8,4,4,6,1,5,2,4,8,5,4,5.What value should be used for the population standard deviation?

The central limit theorem states that if the sample size is large enough,________.

Compare and contrast confidence intervals and prediction intervals.

A sample mean should never be used as a point estimate for the population mean.

Compare and contrast simple random,systematic,stratified,and cluster sampling.

The margin of error used in a confidence interval is found by ________.

A sampling plan should contain all of the following except ________.

The most common probabilistic sampling technique is called simple random sampling.

The level of confidence for a confidence interval is defined by 1 - α.What does this α represent?

The t-distribution is a family of probability distributions with a shape similar to the standard normal distribution.

Data and Business Decisions

Descriptive Statistics and Data Analysis

Probability Concepts and Distributions

Hypothesis Testing and Statistical Inference

Regression Analysis

Forecasting

Introduction to Statistical Quality Control

Building and Using Decision Models

Decision Models With Uncertainty and Risk

Decisions, uncertainty, and Risk

Queues and Process Simulation Modeling

Linear Optimization

Integer, nonlinear, and Advanced Optimization Methods

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Exam 4: Sampling and Estimation

Confidence intervals should be used with caution with time-series data because ________.

An estimator is said to be unbiased if ________.

The ideal sampling frame is a list of at least 75% of all members of the target population.

Data that is collected for a sample is usually from an unknown probability distribution.

The t‐distribution converges to the standard normal distribution ________.

Which of the following is not true for a prediction interval?

Which of the following is a subjective sampling method?

The sampling distribution of the standard deviation follows the ________ distribution.

A random number is any number between negative infinity and positive infinity.

A sample was taken of computation errors on an exam: 4,7,3,8,4,4,6,1,5,2,4,8,5,4,5.What value should be used for the population standard deviation?

The central limit theorem states that if the sample size is large enough,________.

Compare and contrast confidence intervals and prediction intervals.

A sample mean should never be used as a point estimate for the population mean.

Compare and contrast simple random,systematic,stratified,and cluster sampling.

The margin of error used in a confidence interval is found by ________.

A sampling plan should contain all of the following except ________.

The most common probabilistic sampling technique is called simple random sampling.

The level of confidence for a confidence interval is defined by 1 - α.What does this α represent?

The t-distribution is a family of probability distributions with a shape similar to the standard normal distribution.

Data and Business Decisions

Descriptive Statistics and Data Analysis

Probability Concepts and Distributions

Hypothesis Testing and Statistical Inference

Regression Analysis

Forecasting

Introduction to Statistical Quality Control

Building and Using Decision Models

Decision Models With Uncertainty and Risk

Decisions, uncertainty, and Risk

Queues and Process Simulation Modeling

Linear Optimization

Integer, nonlinear, and Advanced Optimization Methods

Filters