QNT 275 Week 2 participation Final Exam Preparation

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QNT 275 Week 2 participation Final Exam Preparation
Week 2 Practice Problem #1

Team

Here is a very good problem that you may see on either the quiz or the final:

 

A company wants to estimate the mean price of oil over the past 10 years. What kind of data does the company need?

 

In my opinion, the data that is required is Time Series data. As Time Series data is data that illustrates a pattern of behavior over a period of time. WHat are your thoughts?

 

 

Week 2 Practice Problem #2

Team

Below is a problem that you may see on either your quiz or your final exam.

 

Bias can occur in sampling. Bias refers to

 

· the division of the population into overlapping groups

· the tendency of a sample statistic to systematically over-or underestimate a population parameter

· the creation of strata, which are proportional to the stratum's size

· the use of cluster sampling instead of stratified random sampling

 

In my opinion, the correct answer is in Orange. Bias is the difference between the expected value of the sample population versus the population parameter  the statistic is estimating. Simply put, Bias is error to which you get that puts your final calculation either higher or lower than what the actual calculation is supposed to be to best represent the overall population. 

 

 

Week 2 Practice Problem #4 

Team

 

Below is a problem that you could see on either the quiz or the Final Exam:

 

What is (are) the most widely used measure(s) of dispersion? 

 

The answer is Variance and Standard Deviation. The only other measure of dispersion left is Range and Range is not commonly used to describe the spread of data.

 

WHY?

 

 

Week 2 Practice Problem #5

Team

 

Here is a sample problem that you may see on the Final Exam:

 

A stem-and-leaf diagram is constructed by separating each value of a data set into two parts. What are these parts:

 

· Stem consisting of the leftmost digits and leaf consisting of the last digit

· Stem consisting of the last digit and leaf consisting of the leftmost digits

· Stem consisting of the leftmost digits and leaf consisting of the second digit

· Stem consisting of the second digit and leaf consisting of the last digit

 

A Stem and Leaf Diagram is a histogram "Like" chart that records raw numbers of a variable. The purpose of the Stem and Leaf Diagram is to show a clear picture of the Frequency Distribution of data. The Stem consists of the left most digits and Leaf consisting of the last digit.

 

What is an example of a Stem and Leaf Diagram?
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