Questions from Business Statistics

Q: Describe the similarities and differences between the sign test for the differences

Describe the similarities and differences between the sign test for the differences and the paired t test.

Q: For what kind of variables are chi-squared tests useful?

For what kind of variables are chi-squared tests useful?

Q: a. What is a parametric statistical method? b.

a. What is a parametric statistical method? b. Name some parametric methods you have used.

Q: What is the purpose of the chi-squared test for equality

What is the purpose of the chi-squared test for equality of percentages?

Q: Can statistical process control be applied to business activities in general,

Can statistical process control be applied to business activities in general, or is it restricted to manufacturing?

Q: a. What is meant by independence of two qualitative variables?

a. What is meant by independence of two qualitative variables? b. What is the relationship between conditional probabilities and independence of qualitative variables?

Q: a. What assumption must be met for the sign test to

a. What assumption must be met for the sign test to be valid? b. What assumption is not required for the sign test but would be required for a t test to be valid?

Q: What is the purpose of the chi-squared test for independence

What is the purpose of the chi-squared test for independence?

Q: a. Describe the data set consisting of two unpaired samples.

a. Describe the data set consisting of two unpaired samples. b. What hypotheses would ordinarily be tested for such data?

Q: Use the data sets from problems 2 and 3, on profit

Use the data sets from problems 2 and 3, on profit as a percent of sales for building materials firms and for aerospace firms. a. Find the median profit for each industry group and compare them. b. Co...