Questions from Business Statistics

Q: a. How do you tell if a random variable has a

a. How do you tell if a random variable has a binomial distribution? b. What is a binomial proportion? c. What are n, π, X, and p?

Q: For a binomial distribution: a. Why do not you

For a binomial distribution: a. Why do not you just construct the probability tree to find the probabilities? b. How do you find the mean and the standard deviation? c. How do you find the probability...

Q: a. What is a factorial? b. Find 3

a. What is a factorial? b. Find 3!, 0!, and 15!. c. What is a binomial coefficient? What does it represent in the formula for a binomial probability? d. Find the binomial coefficient “8 choose 5.”

Q: a. What is a normal distribution? b. Identify

a. What is a normal distribution? b. Identify all of the different possible normal distributions. c. What does the area under the normal curve represent? d. What is the standard normal distribution? W...

Q: a. What kinds of situations give rise to a Poisson distribution

a. What kinds of situations give rise to a Poisson distribution? b. Is the Poisson a discrete or a continuous distribution? c. What is the standard deviation of a Poisson distribution? d. How do you f...

Q: a. What kinds of situations give rise to an exponential distribution

a. What kinds of situations give rise to an exponential distribution? b. What is meant by the fact that an exponential random variable has no memory? c. Can the standard normal probability table be us...

Q: Now examine the effect of gender on annual salary, with and

Now examine the effect of gender on annual salary, with and without adjusting for age and experience. a. Find the average annual salary for men and for women and compare them. b. Using a two-sided tes...

Q: a. What is a population? b. What is

a. What is a population? b. What is a sample? Why is sampling useful? c. What is a census? Would you always want to do a census if you had the resources?

Q: a. What is the standard error of a statistic?

a. What is the standard error of a statistic? b. In what way does the standard error indicate the quality of the information provided by an estimate? c. What typically happens to the standard error as...

Q: a. What is the finite-population correction factor?

a. What is the finite-population correction factor? b. What is the adjusted standard error? c. What is an idealized population? d. In what way are your results more limited if you use the finite-popul...