BANA 2372 - Hollander - Final Exam - Chapters 1-9 - All Exam Questions and Answers

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BANA 2372 - Hollander - Final Exam - Chapters 1-9 - All Exam Questions and Answers-____ analytics is the set of analytical techniques that yield a course of action. - Prescriptive _____ analytics c... onsists of analytical techniques that use models constructed from past data to predict the future or to assess the impact of one variable on another. - predictive _____ analytics encompasses the set of analytical techniques that describe what has happened in the past. - descriptive _____ can be used to determine the percentage of data values that must be within one, two, and three standard deviations of the mean for data having a bell-shaped distribution. - The empirical rule _____ can be used to make statements about the proportion of data values that must be within a specified number of standard deviations of the mean, regardless of the shape of the distribution. - Chebyshev's theorem _____ is the process of using procedures from statistics and computer science to extract useful information from extremely large databases. - data mining A __________ can be used to graphically present quantitative data. - histogram and a stem-and-leaf display A __________ is a graphical representation in which the sample space is represented by a rectangle and events are represented as circles. - Venn diagram A (discrete) sample space, denoted S, is a list of all possible outcomes Oi of an experiment. It is denoted as - S = {??, ??, ... , ??} A board of directors consists of eight men and four women. A four-member search committee is to be chosen at random to recommend a new company president. What is the probability that all four members of the search committee will be women? - 1/495 or 0.002 A box plot is a graphical representation of data that is based on _____. - a five-number summary A characteristic of interest for the elements is called a(n) _____. - variable A committee of four is to be selected from a group of 12 people. How many possible committees can be selected? - 495 A common graphical presentation of quantitative data is a _____. - histogram A company created a side-by-side bar graph to display their projected financing for the next three years. The display is shown below. Which of the following statements is correct? - The company projects to increase income, while decreasing loans and expenses. A company plans to interview 10 recent graduates for possible employment. The company has three positions open. How many groups of three can the company select? - 120 A company studied the number of lost-time accidents occurring at its Brownsville, Texas, plant. Historical records show that 8% of the employees suffered lost-time accidents last year. Management believes that a special safety program will reduce such accidents to 7% during the current year. In addition, it estimates that 15% of employees who had lost-time accidents last year will experience a lost-time accident during the current year. a. What percentage of the employee will experience a lost-time accident in both years? b. What percentage of the employee will experience a lost-time accident over the two-year period (to 1 decimal)? - 01.2% Explanation (0.08*0.15) = 0.012 ~ 1.2% 13.8% Explanation 0.08 + 0.07 - 0.012 = 0.138 or 13.8% A conditional probability is computed as - ? (?|?) =?(? ∩ ?)/?(?) A consulting firm submitted a bid for a large research project. The firm's management initially felt they had a 50-50 chance of getting the project. However, the agency to which the bid was submitted subsequently requested additional information on the bid. Past experience indicates that for 72% of the successful bids and 44% of the unsuccessful bids the agency requested additional information. a. What is the prior probability of the bid being successful (that is, prior to the request for additional information) (to 1 decimal)? b. What is the conditional probability of a request for additional information given that the bid will ultimately be successful (to 2 decimals)? c. Compute the posterior probability that the bid will be successful given a request for additional information (to 2 decimals). - 0.5 0.72 0.62 A counseling agency has the following data on the gender and marital status of 200 clients: a. If the client was a male, what is the probability that he is single? b. Calculate the probability that a client is female. Calculate the probability that the client is female given that she is married. Are the two events (being a female and being married) dependent or independent? Explain. - .17 The events are dependent because the calculated probabilities differ. A couple has three children. Assuming each child has an equal chance of being a boy or a girl, what is the probability that they have at least one girl? - .875 A cumulative relative frequency distribution shows - the proportion of data items with values less than or equal to the upper limit of each class. A data set has the following five-number summary: {31, 50, 58, 62, and 87}. Which of the following pairs of values in this data set would be considered outliers? - 31 and 81 [Show More]

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