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BUSINESS STATISTICS 2026 FINAL EXAM, Exams of Statics

Queen Mary, University of London (QMUL)Statics

BUSINESS STATISTICS 2026 FINAL EXAM BUSINESS STATISTICS 2026 FINAL EXAM

Typology: Exams

2025/2026

Available from 03/29/2026

Emma_Johnson
Emma_Johnson 🇬🇧

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BUSINESS STATISTICS 2026 FINAL
EXAM
Alpha - Answer-The probability of committing a Type I Error.
Alternate Hypothesis - Answer-A statement that is accepted if the
sample data provide sufficient evidence that the Ho is false.
Bar Chart - Answer-A graph in which the classes are reported on
the horizontal axis and the class frequencies on the vertical axis.
The class frequencies are proportional to the heights of the bars.
Beta - Answer-The probability of committing a Type II Error.
Central Limit Theorem - Answer-If all samples of a particular size
are selected from any population, the sampling distribution of the
sample mean is approximately a normal distribution. This
approximation improves with larger samples.
Chebyshev's Theorem - Answer-For any set of observations
(sample or population), the proportion of the values that lie within
k standard deviations of the mean is at least 1-1/k squared where
k is any constant greater than 1.
Cluster Sample - Answer-A population is divided into clusters
using naturally occurring geographic or other boundaries. Then,
clusters are randomly selected and a sample is collected by
randomly selecting from each cluster.
Coefficient of Correlation - Answer-A measure of the strength of
the linear relationship between two variables.
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EXAM

Alpha - Answer -The probability of committing a Type I Error. Alternate Hypothesis - Answer -A statement that is accepted if the sample data provide sufficient evidence that the Ho is false. Bar Chart - Answer -A graph in which the classes are reported on the horizontal axis and the class frequencies on the vertical axis. The class frequencies are proportional to the heights of the bars. Beta - Answer -The probability of committing a Type II Error. Central Limit Theorem - Answer -If all samples of a particular size are selected from any population, the sampling distribution of the sample mean is approximately a normal distribution. This approximation improves with larger samples. Chebyshev's Theorem - Answer -For any set of observations (sample or population), the proportion of the values that lie within k standard deviations of the mean is at least 1-1/k squared where k is any constant greater than 1. Cluster Sample - Answer -A population is divided into clusters using naturally occurring geographic or other boundaries. Then, clusters are randomly selected and a sample is collected by randomly selecting from each cluster. Coefficient of Correlation - Answer -A measure of the strength of the linear relationship between two variables.

EXAM

Coefficient of Determination - Answer -The proportion of the total variation in the dependent variable Y that is explained, or accounted for, by the variation in the independent variable X. Collectively Exhaustive - Answer -At least one of the events must occur when an experiment is conducted. Conditional Probability - Answer -The probability of a particular event occurring, given that another event has occurred. Confidence Interval - Answer -A range of values constructed from a sample data so that the population parameter is likely to occur within that range at a specified probability. The specified probability is called the level of confidence. Contingency Table - Answer -A table used to classify sample observations according to two or more identifiable characteristics. Correlation Analysis - Answer -A group of techniques to measure the association between two variables. Critical Value - Answer -The dividing point between the region where the null hypothesis is rejected and the region where it is not rejected. Dependent Variable - Answer -The variable that is being predicted or estimated. Descriptive Statistics - Answer -Methods of organizing, summarizing, and presenting data in an informative way.

EXAM

The class frequencies are represented by the heights of the bars and the bars are drawn adjacent to each other. Hypothesis - Answer -A statement about a population parameter subject to verification. Hypothesis Testing - Answer -A procedure based on sample evidence and probability theory to determine whether the hypothesis is a reasonable statement. Independence - Answer -The occurrence of one event has no effect on the probability of the occurrence of another event. Independent Variable - Answer -The variable that provides the basis for estimation. It is the predictor variable. Inferential Statistics - Answer -The methods used to estimate a property of a population in the basis of a sample. Joint Probability - Answer -A probability that measures the likelihood two or more events will happen concurrently. Law of Large Numbers - Answer -Over a large number of trials the empirical probability of an event will approach its true probability. Least Squares Principle - Answer -Determining a regression equation by minimizing the sum of the squares of the vertical distances between the actual Y values and the predicted values of Y.

EXAM

Level of Significance - Answer -The probability of rejecting the null hypothesis when it is true. Median - Answer -The midpoint of the values after they have been ordered from smallest to the largest, or the largest to the smallest. Mean Deviation - Answer -The arithmetic mean of the absolute values of the deviations from the arithmetic mean. Mode - Answer -The value of the observation that appears most frequently. Multiplication Formula - Answer -If there are m ways of doing one thing and n ways of doing another thing, there are m x n ways of doing both. Mutually Exclusive - Answer -The occurrence of one event means that none of the other events can occur at the same time. Null Hypothesis - Answer -A statement about the value of a population parameter developed for the purpose of testing numerical evidence. Outcome - Answer -A particular result of an experiment. Parameter - Answer -A characteristic of a population. Permutation - Answer -Any arrangement of r objects selected from a single group of n possible objects.

EXAM

Range - Answer -The simplest measure of dispersion. It is the difference between the largest and the smallest values in a data set. Regression Equation - Answer -An equation that expresses the linear relationship between two variables. Sample - Answer -A portion, or part, of the population of interest. Sampling Error - Answer -The difference between a sample statistic and its corresponding population parameter. Sampling Distribution of Sample Mean - Answer -A probability distribution of all possible sample means of a given sample size. Simple Random Sample - Answer -A sample selected so that each item or person in the population has the same chance of being included. Standard Deviation - Answer -The square root of the variance. Standard Error of Estimate - Answer -A measure of the dispersion, or scatter, of the observed values around the line of regression. Statistic - Answer -A characteristic of a sample. Statistics - Answer -The science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making more effective decisions.

EXAM

Stratified Random Sample - Answer -A population is divided into subgroups, called strata, and a sample is randomly selected from each stratum. Subjective Concept of Probability - Answer -The likelihood of a particular event happening that is assigned by an individual based on whatever information is available. Systematic Random Sample - Answer -A random starting point is selected, and then every Kth member of the population is selected. Test Statistic - Answer -A value, determined from sample information, used to determine whether to reject the null hypothesis. Total Variation - Answer -The sum of the squared differences between each observation and the overall mean. Treatment Variation - Answer -The sum of the squared differences between each treatment mean and the grand or overall mean. Type I Error - Answer -Rejecting the null hypothesis, Ho, when it is true. Type II Error - Answer -Accepting the null hypothesis when it is false. Variance - Answer -The arithmetic mean of the squared deviation from the mean.