Final Exam Questions – QNT/561, Week 6

Summary

Business statistics cover key concepts for collecting, presenting and analysing data. A student gets multiple-choice questions on topics such as data types, sampling methods, hypothesis testing and regression analysis.

Data types and presentation

Nominal variables are qualitative. A pie chart can summarise them. Class intervals are relevant for summarising quantitative data.

Sampling and study types

Kroger's sales study is an example of an ex post facto study. Different study types have different goals.

Hypothesis testing and confidence intervals

The z-score measures how many standard deviations an element is from the mean. A confidence level shows how often an interval estimate will contain the population parameter.

Regression analysis and correlation

The coefficient of determination shows how well the data fit a regression model. Multicollinearity can be a problem in multiple regression.

Key terms

nominal variable

A qualitative variable that can take on any name or category.

ex post facto study

A study in which the researcher has no control over the independent variable.

z-score

The number of standard deviations a value is from the mean.

confidence level

The probability that a confidence interval contains the population parameter.

regression analysis

A statistical method for determining the relationship between a dependent variable and one or more independent variables.

multicollinearity

A situation in multiple regression where independent variables are highly correlated.

Questions this document helps with

• What types of variables can be summarised with a pie chart?
• How do you determine the class interval for summarising data?
• What are the different types of studies in business statistics?

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