QNT 275 Week 3 participation Final Exam Preparation

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QNT 275 Week 3 participation Final Exam Preparation
Week 3 Practice Problem #1

 

Team

 

Below is a problem/question that you may see on the Quiz or the Final: 

 

Mutually exclusive events ______________. 

 

What does the term "Mutually Exclusive" mean? Well it means that the events are completely unrelated. Hence you would answer with:

 

· do not share common outcomes

· may share common outcomes

· do not contain all possible outcomes

· contain all possible outcomes

 

What are your thoughts on Mutually Exclusive as it relates to Probability in the Week 3 Material? Do you think I am correct on my answer?

 
 

Week 3 Practice Problem #2

 

Team

 

Below is a problem that you may see on the Final Exam or on the Quiz. It is on one of my favorite topics which is Frequency Distribution (Table) and The Normal Distribution:

 

Frequency distributions may be used to describe which of the following types of data?  

 

· Nominal and interval data only

· Nominal, ordinal, interval, and ratio data

· Nominal and ordinal data only

· Nominal, ordinal, and interval data only

 

Basically, a Frequency Distribution Table is a table that illustrates the frequency that an answer was provided. Hence it is Categorical in Nature and You can Rank Your Data in the Frequency Distribution Table. With that stated, if I have Categorical Data and Ranked Data, which Levels of Measurement apply to these types of Measurements? (Trick Question)

 

Okay, let's make it a bit harder. Why would Interval data not apply to a Frequency Distribution?

 

 

Week 3 Practice Problem #3

 

Team

 

Below is a problem that you may see on the Final Exam or on the Quiz. It deals with the concepts of Independent and Dependent variables which are present in ALL Hypothesis Statements:

 

What is the name of the variable that's used to predict another variable? 

 

· Response

· Standard error of the estimate

· Coefficient of determination

· Explanatory

 

Okay, I am giving away too many answers. Why is it the Explanatory Variable and Is the Explanatory Variable associated to the Independent or the Dependent Variable?

 

 

Week 3 Practice Problem #4 

 

Team

 

Below is a Problem that you may see on the Final Exam or the Quiz. It deals with the concepts of the Continuous Probability, which is the probability of an event occurring and is associated to Normal Distribution:

 

A hedge fund returns on average 26% per year with a standard deviation of 12%. Using the empirical rule, approximate the probability the fund returns over 50% next year.

 

The answer is 2.6%     WHY? How would you come up with this answer? You must use the concept of Continuous Probability and Normal Distribution to find your answer

 
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