Questions from Business Statistics

Q: A histogram is vertical bar chart on an X-Y plane

A histogram is vertical bar chart on an X-Y plane, in which the labels along horizontal (or X) axis represent the class end points and the bars along the vertical (or Y) axis show the ____. a) Class w...

Q: One strategy that can be used in making decisions under risk is

One strategy that can be used in making decisions under risk is the ___________. a) Expected monetary value approach b) Maximax risk criterion c) Minmax risk strategy d) Minimax regret strategy e) Max...

Q: Virtually every area of business uses statistics in decision making.

Virtually every area of business uses statistics in decision making. 2. The highest level of data measurement is the ratio-level measurement. 3. Since statistics deals with primarily with facts and fi...

Q: Frequency distribution is a summary of data presented in the form of

Frequency distribution is a summary of data presented in the form of class intervals and frequencies. 2. Data that have been organized into a frequency distribution are called ungrouped data. 3. The s...

Q: An advantage of the median instead of using mean as the measure

An advantage of the median instead of using mean as the measure of central tendency is that it is not affected by extremely large or extremely small values in the data set. 2. The median and the secon...

Q: If two events with non-zero probabilities are mutually exclusive,

If two events with non-zero probabilities are mutually exclusive, they cannot be statistically independent. 2. The probability of the union of two events is always equal to the sum of the marginal pro...

Q: Binomial distribution applies only to experiments in which the trials are done

Binomial distribution applies only to experiments in which the trials are done with replacement or successive trials are independent. 2. A hypergeometric distribution is used in situations where the...

Q: An exponential distribution, which is continuous, is closely related to

An exponential distribution, which is continuous, is closely related to the Poisson distribution, which is discrete.

Q: Systematic sampling is an example of random sampling which is often used

Systematic sampling is an example of random sampling which is often used because of its convenience and ease of administration. 2. Missing data and recording errors are examples of sampling error. 3....

Q: A statistic taken from a sample that is used to estimate a

A statistic taken from a sample that is used to estimate a population parameter is called a point estimate. 2. An interval estimate is a range of values around the point estimate. 3. The width of the...