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Quantitative Research Techniques + Statistics – Peregrine
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A company developed a smartphone whose average lifetime is unknown. In order to estimate the average, 200 smartphones are randomly selected from a large production line and tested; their average is found to be 5 years. The 200 smartphones represent: Correct Ans - a sample Significance level Correct Ans - Measures the reliability of a statistical inference inferential statistics Correct Ans - Process of using sample statistics (mathematics) to draw conclusions about population parameters mutually exclusive Correct Ans - Events that cannot occur at the same time. sampling error Correct Ans - the difference between the results of random samples taken at the same time non-sampling error Correct Ans - occurs when the sample data are incorrectly collected, recorded, or analyzed. Three types of errors: data acquisition errors, non-response errors (or bias), selection bias Design of a good survey components Correct Ans - short survey, short/simple questions, start with demographic questions, ues dichtomous (yes-no) and multiple choice Direct observation Correct Ans - example: counts backpacks on campus for a day
stratified random sample Correct Ans - a sample from selected subgroups of the target population in which everyone in those subgroups has an equal chance of being included in the research example: The manager of a customer service division wants to know if the customers in the past 12 months are satisfied with their purchase of CD's. There are four types of CD's. Joint Probability Correct Ans - the probability of the intersection of two events Union of two events Correct Ans - The union of events A and B is the event containing all sample points that are in A or B or both Marginal Probability Correct Ans - the probability of a single event without consideration of any other event Conditional Probability Correct Ans - the likelihood that a target behavior will occur in a given circumstance Bayes Law Correct Ans - calculates posterior probability exhaustive Correct Ans - including everything possible; very thorough or complete Central Limit Theorem (CLT) Correct Ans - The name of the theorem stating that the sampling distribution of a statistic (e.g. x ) is approximately normal whenever the sample is large and random. Allows us to draw conclusions about the population based on strictly sample data. sampling distribution of the mean Correct Ans - 1. the sampling distribution of the mean has a different mean from the original population
unbiased estimator Correct Ans - a sample statistic which has an expected value equal to the value of the population parameter Suppose a population of blue whales is 8000. Researchers are able to garnish a sample of oceanic movements from 100 blue whales within the population. Thus,
prior probabilities Correct Ans - initial estimates of the probabilities of events the standard error of the sample mean Correct Ans - standard deviation of the distribution of the sample means , Standard deviation/sq rt (population size) Business Statistics Correct Ans - the collection, summarization, analysis, and reporting of numerical findings relevant to a business decision or situation descriptive statistics Correct Ans - uses graphical or numerical techniques to summarize and present data mean Correct Ans - average measure of variability Correct Ans - how closely scores bunch up around the central point; a statistic that indicates the spread of distribution range Correct Ans - the difference between the highest and lowest scores in a distribution Median Correct Ans - the middle score in a distribution; half the scores are above it and half are below it Mode Correct Ans - the most frequently occurring score(s) in a distribution Variance Correct Ans - the average of the squared deviations from the mean standard deviation Correct Ans - the square root of the variance and provides a measure of the standard, or average, distance from the mean
Classical Approach to Probability Correct Ans - associated with games of chance. If an experiment has N possible outcomes, this method would assign probability of 1/n to each customer. For example, the probability of a heads and tails in the flip of a coin are equal to each other. Because the sum must be 1, the probability is 1/2, or 1/6 for a dice. relative frequency approach to probability Correct Ans - defines probability as the long run frequency in which something occurs. Example: the last 1000 students took a course, 200 got an A. The relative frequency is 20% - estimate of students that will get an A subjective approach to probability Correct Ans - the probability is obtained on the basis of personal judgement; often the only method of assigning likelihood to an outcome; educated guess based on knowledge available union of two events Correct Ans - Given by the outcomes that belong either to one or to both events. calculate conditional Probability Correct Ans - P (A1/B2) Complement Probability Correct Ans - event that occurs when A does not occur. P(A) + P(Ac) = 1 multiplication rule Correct Ans - To determine the probability, we multiply the probability of one event by the probability of another. Addition Rule of Probability Correct Ans - P(A or B) = P(A) + P(B) - P(AB) standard error Correct Ans - the standard deviation of a sampling distribution Complement of an event Correct Ans -