Questions from Business Statistics

Q: When each data value is multiplied by a fixed number, what

When each data value is multiplied by a fixed number, what happens to a. The average, median, and mode? b. The standard deviation and range? c. The coefficient of variation?

Q: a. What is the standard deviation? b. What

a. What is the standard deviation? b. What does the standard deviation tell you about the relationship between individual data values and the average? c. What are the measurement units of the standard...

Q: a. What is the variance? b. What are

a. What is the variance? b. What are the measurement units of the variance? c. Which is the more easily interpreted variability measure, the standard deviation or the variance? Why? d. Once you know t...

Q: Would the average-based procedure they are currently using ordinarily be

Would the average-based procedure they are currently using ordinarily be a good method? Or is it fundamentally flawed? Justify your answers.

Q: Continue using predictions of annual salary based on age and experience.

Continue using predictions of annual salary based on age and experience. a.* Find the predicted annual salary and prediction error for employee 33 and compare the result to the actual annual salary. b...

Q: How would your answers to question 6 change if the data were

How would your answers to question 6 change if the data were not normally distributed? Data from question 6: If your data set is normally distributed, what proportion of the individuals do you expec...

Q: a. What is the range? b. What are

a. What is the range? b. What are the measurement units of the range? c. For what purposes is the range useful? d. Is the range a very useful statistical measure of variability? Why or why not?

Q: a. What is the intersection of two events? b

a. What is the intersection of two events? b. What is the probability of “one event and another” if you know (1) Their probabilities and the probability of “one event or the other”? (2) Their probabil...

Q: a. What is the union of two events? b

a. What is the union of two events? b. What is the probability of “one event or another” if you know, (1) Their probabilities and the probability of “one event and the other”? (2) That they are mutual...

Q: a. What is the interpretation of conditional probability in terms of

a. What is the interpretation of conditional probability in terms of new information? b. Is the conditional probability of A given B, always the same number as the conditional probability of B given A...