QNT 275 Entire Course Latest Version A+ Study Guide

QNT 275 Entire Course The 2016 Latest Version (Including Quizzes Assignments and Final Exam) 

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QNT/275 Entire Course Link

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QNT/275

STATISTICS FOR DECISION MAKING

The 2016 Latest Version A+ Study Guide

 

Download Link:

https://uopcourses.com/category/qnt-275/

 

 

Week 1
Statistics in Business


Write a 525- to 700-word response that
addresses the following prompts:

·        
Define statistics with citation and reference.

·        
Contrast quantitative data and
qualitative data with citation and reference.

·        
Describe the levels of data
measurement.

·        
Describe the role of statistics in
business decision-making.

·        
Provide at least two business
research questions, or problem situations, in which statistics was used or
could be used. 

Copy and paste the five prompts above into a
Microsoft® Word document and write a response below each prompt. Add an APA
title page to your document. Use APA quotation, citation, and reference format
for all sources used.

Click the Assignment Files tab
to submit your assignment.

Week 2 Activity Data Set

 

Resource: University of Phoenix Material: Data Set

Review the following business scenario:

You are the manager in a small town in
the lake district of a Midwestern state enjoys a robust tourist season during
the summer months, but has only a small population of residents during the off
season. The Littletown Café adjusts the levels of staff according to the time
of year, to coincide with the number of guests, with the tourist season
typically starting around Memorial Day each year. One wait staff employee can
serve 50 guests. When a bus staff employee is added, the pair can serve 75
guests. At 76 guests, the café adds a second wait staff employee, for a total
of 2 waiters and one busser. Analysis of guest numbers can support future
decisions about scheduling wait staff, dishwashers, and bus staff for the café.

Download the data set.

Review the data in the data set.

Write a 700- to 1,050-word paper in
which you:

·        
Explain why this is (or is not) a
suitable sample of quantitative data for the business scenario.

·        
Evaluate the factors that would
affect the validity of the data set.

·        
Evaluate the factors that would
affect the reliability of the data set.

·        
Explain the steps you took to arrive
at your conclusion about validity and reliability.

·        
Display the data set in a chart.

·        
Explain briefly why that chart type
was selected.

·        
Calculate the measures of
central tendency and variability (mean, median, mode, standard deviation) for
the data.

·        
Explain the steps you followed to
come your answer.

·        
Interpret the measures of central
tendency and variability.What are three conclusions you can draw based on the
data analysis?

Click the Assignment Files tab
to submit your assignment.

Week 2 Quiz

·        
question1

​Which of the following variables is
qualitative? 

o   

​Height

o   

​Temperature

o   

​Gender

o   

Weight

·        
question2

​A recent survey of 200 small firms
(annual revenue less than $10 million) asked whether an increase in the minimum
wage would cause the firm to decrease capital spending. Possible responses to
the survey question were: "Yes," "No," or "Don't
Know." These data are best classified as ____________. 

o   

​Nominal Scale

o   

​Ratio Scale

o   

​Interval Scale

o   

​Ordinal Scale

·        
question3

​Which of the following represents a
population and a sample from that population?

o   

​Teachers in a high school and members
of the parent teacher group

o   

​Residents of Albany, New York, and registered
voters in Albany, New York

o   

​Freshmen at St. Joseph's University and
basketball players at St. Joseph's University

o   

​Fans at a concert who purchase t-shirts
and fans at a concert who purchase soda

·        
question4

Which of the following variables is
quantitative?​

o   

​Religious Affiliation

o   

​Gender

o   

​Marital Status

o   

​​Temperature

·        
question5

​The accompanying chart shows the
numbers of books written by each author in a collection of cookbooks. What type
of chart is this?

o   

​Bar chart for quantitative data

o   

​Frequency histogram for quantitative
data

o   

​Bar chart for qualitative data

o   

​Frequency histogram for qualitative
data

·        
question6

​In order to summarize qualitative data,
a useful tool is a __________. 

o   

​Frequency Distribution

o   

​Line Graph

o   

​Histogram

o   

​Stem-and-Leaf Diagram

·        
question7

​ABC Plumbing wants to understand its
customers’ perceptions of the quality of the company’s plumbing service calls.
They plan to survey a sample of its customer base. What will ABC need to do to
ensure that their data is valid and reliable?

o   

​The survey must include items that ask
customers about their plumbing experiences, the survey sample must include the
first 15 customers off the customer database, and the survey method must be
repeatable.

o   

​The survey must include items that ask
customers to rate the quality of plumbing service calls, the survey sample must
represent all parts of the customer population, and the survey method must be
repeatable.

o   

​The survey must include items that ask
customers to rate the appearance of the plumbing store, the survey must include
all customers, and the survey method must include setting up a table outside
the local dollar store.

o   

​The survey must include items that ask
customers to rate the friendliness of the receptionist, the survey must include
all customers from the north side of the city, and the survey method must appeal
to all respondents.

·        
question8

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

o   

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

o   

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

o   

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

o   

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

·        
question9

A population consists of
_________________.

o   

​a subject of interest in a sample

o   

​all items of interest in a statistical
problem

o   

​all items of interest in a sample

o   

​a subject of interest in a statistical
problem

 

 

Week 3 CLO Business Decision Making Project Part 1

Identify a business problem or opportunity at a
company where you work or with which you're familiar. This will be a business
problem that you use for the individual assignments in Week 3-5. You will chose
a company and identify an opportunity or problem that you can analyze and thus
better understand that problem or opportunity.

Identify a research variable within the
problem/opportunity that could be measured with some type of data collection.

Consider methods for collecting a suitable
sample of either qualitative or quantitative data for the variable. Consider how you will know if the data collection
method would be valid and reliable.

Write a 700- to 1,050-word description
of the company, problem, and variable.

Include in your submission:

·        
Identify the name and description of
the selected company,

·        
Describe the problem at that company,

·        
Identify one research variable from
that problem,

·        
Describe the methods you would use
for collecting a suitable sample of either qualitative or quantitative data for
the variable (NOTE: do not actually collect any data)

·        
Analyze how you will know if the data
collection method would generate valid and reliable data (Note: do not actually collect any data)

Format your paper consistent with APA
guidelines using the New APA Paper Template provided at right.

Click the Assignment Files tab
to submit your assignment.

 

 

Week 3 Quiz

·        
question1

​What does it mean when we say that the
tails of the normal curve are asymptotic to the x axis?

o   

​The tails gets closer and closer to the
x axis and eventually touch it.

o   

​The tails get closer and closer to the
x axis and eventually cross this axis.

o   

​The tails get closer and closer to the
x axis but never touch it.

o   

​The tails get closer and closer to the
x axis and eventually become this axis.

question2

You work in marketing for a company that
produces work boots. Quality control has sent you a memo detailing the length
of time before the boots wear out under heavy use. They find that the boots
wear out in an average of 208 days, but the exact amount of time varies,
following a normal distribution with a standard deviation of 14 days. For an
upcoming ad campaign, you need to know the percent of the pairs that last
longer than six months-that is, 180 days. Use the empirical rule to approximate
this percent.​

o   

​95%

o   

2.5%

o   

97.5%

o   

​5%

·        
 

·        
question3

For any normally distributed random
variable with mean μ and standard deviation σ, the percent of
the observations that fall
between  and   is closest to _______. ​

o   

​​95%

o   

​16%

o   

​​68%

o   

​32%

·        
 

·        
question4

​A continuous random variable has the
uniform distribution on the interval [a, b] if its probability density
functionf(x) ___________.

o   

​is constant for all x between a and b,
and 0 otherwise

o   

​is bell-shaped between a and b

o   

​is symmetric around its mean

o   

​asymptotically approaches the x axis
when x increases to +∞ or decreases to -∞

·        
 

·        
 

·        
question5

Mutually exclusive and collectively
exhaustive events _______________.​

o   

​do not have to contain all outcomes in
a sample space and may share common outcomes

o   

​contain all outcomes in a sample space
and do not share common outcomes.

o   

​contain all outcomes in a sample space
and may share common outcomes

o   

​do not have to contain all outcomes in
a sample space but do not share common outcomes

·        
 

·        
 

·        
 

·        
question6

What is probability? 

o   

​Any value between 0 and 1 is always
treated as a probability of an event.

o   

​A value between 0 and 1 assigned to an
event that measures the likelihood of its occurrence.

o   

​A value between 0 and 1 assigned to an
event that measures the unlikelihood of its occurrence.

o   

​A numerical value assigned to an event
that measures the number of its occurrences.

·        
 

·        
 

·        
question7

​Which of the following can be
represented by a continuous random variable?

o   

​The number of arrivals to a drive-thru
bank window in a four-hour period

o   

​The number of defective light bulbs in
a sample of 5

o   

​The score of a randomly selected
student on a five-question multiple-choice quiz

o   

​The time of a flight between Chicago
and New York

·        
 

·        
 

·        
 

·        
question8

​Which of the following is correct?

o   

​A continuous random variable has a
probability density function but not a cumulative distribution function.

o   

​A continuous random variable has a
probability density function, and a discrete random variable has a probability
mass function.

o   

​A discrete random variable has a
probability mass function but not a cumulative distribution function.

o   

​A continuous random variable has a
probability mass function, and a discrete random variable has a probability
density function.

·        
 

·        
 

·        
question9

​Which of the following can be
represented by a discrete random variable?

o   

​The finishing time of participants in a
cross-country meet

o   

​The number of obtained spots when
rolling a six-sided die

o   

​The average outside temperature taken
every day for two weeks

o   

​The height of college students

·        
 

·        
 

·        
 

·        
question10

​The probability that a normal random
variable is less than its mean is ____. 

o   

​Cannot be determined

o   

​0.0

o   

​​1.0

o   

​0.5

 

 

Week 4 CLO Business Decision Making Project, Part 2

Use the same business problem/opportunity
and research variable you wrote about in Week 3.

Remember: Do not actually collect any data;
think hypothetically.

Write a 700- to 1,050-word summary in
which you:

·        
Identify the types of descriptive
statistics that might be best for summarizing the data, if you were to collect
a sample.

·        
Apply the types of inferential
statistics that might be best for analyzing the data, if you were to collect a
sample.

·        
Analyze the role probability or trend
analysis might play in helping address the business problem. 

·        
Analyze the role that linear
regression for trend analysis might play in helping address the business
problem.

·        
Analyze the role that a time series
might play in helping address the business problem.

Format your paper consistent with APA
guidelines using the template at right.

Click the Assignment Files tab
to submit your assignment.

 

 

Week 4 Quiz

·        
question1

For a given set of explanatory
variables, in general:

o   

​a confidence interval is narrower than
a prediction interval.

o   

​a confidence interval is wider than a
prediction interval.

o   

​The width of a confidence interval
cannot be determined.

o   

​the width of a confidence interval is
the same as the width of a prediction interval.

·        
question2

​The standard error of the estimate
measures:

o   

​the variability of the observed
y-values around the predicted y-values.

o   

​the variability of the predicted
y-values around the mean of the observed y-values.

o   

​the variability of the values of the
sample regression coefficients.

o   

​the variability of the explanatory
variables.

·        
question3

​In a simple linear regression model, if
the plots on a scatter diagram lie on a straight line, what is the standard
error of the estimate?

o   

​+1

o   

​-1

o   

​Infinity

o   

​0

·        
question4

Which of the following variables is not
qualitative?​

o   

​Gender of a person

o   

​Religious affiliation

o   

​Student's status (freshman, sophomore,
etc.)

o   

​Number of dependents claimed on a tax
return

·        
question5

​Consider the following simple linear
regression model:   The response variable is: 

o   

​β0

o   

​x

o   

​y

o   

​ε

·        
 

·        
 

·        
 

·        
question6

​Another name for an explanatory
variable is the ___. 

o   

​descriptive variable

o   

​independent variable

o   

​inferred variable

o   

​dependent variable

·        
 

·        
 

·        
 

·        
 

·        
question7

​Serial correlation is typically
observed in:

o   

​outliers.

o   

​sparse data.

o   

​cross-sectional data.

o   

​time series data.

·        
question8

Consider the following simple linear
regression model:   β0 and β1 are:​

o   

​the unknown parameters.

o   

​the random error terms.

o   

​the response variables.

o   

​the explanatory variables.

·        
question9

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

o   

​Coefficient of Determination

o   

​Standard Error of the Estimate

o   

​Response

o   

​Explanatory

·        
question10

​Which of the following violates the
assumptions of regression analysis?

o   

​The error term has a constant variance.

o   

​The error term has a zero mean.

o   

​The error term is normally distributed.

o   

​The error term is correlated with an
explanatory variable.

 

 

 

Week 5 CLO Business Decision Making Project, Part 3:
Signature Assignment


 

Prepare an 11- to 15-slide Microsoft® PowerPoint® presentation for the senior
management team based on the business problem or opportunity you described in
Week 3 and 4. Draw on material you developed in the Week 3 and 4 assignments.

Include the following in your
presentation: 

·        
Introduction slide

·        
Agenda slide

·        
Describe the organization, with a
brief description

·        
Explain the business problem or
opportunity

·        
Analyze why the business problem is
important

·        
Identify what variable would be best
to measure for this problem. Explain why.

·        
Apply data analysis techniques to
this problem (tell which techniques should be used: descriptive stats,
inferential stats, probability, linear regression, time series). Explain why.

·        
Apply a possible solution to the
problem/opportunity, with rationale.

·        
Evaluate how data could be used to
measure the implementation of such a solution.

·        
Conclusion

·        
References slide (if any source
material is quoted or paraphrased throughout the presentation)

Include on the slides what you'd want the
audience to see (include appropriate visual aids/layout) and include in the
Speaker's Notes section what you'd say as you present each slide. If any source
material is quoted or paraphrased in the presentation, use APA citations and
references.

Click the Assignment Files tab
to submit your presentation.

 

 

Week 5 Final
Examination

Complete the final examination for Week 5




 

1

 The
salaries of teachers in a particular school district are normally distributed
with a mean of $50,000 and a standard deviation of $2,500. Due to budget
limitations, it has been decided that the teachers who are in the top 2.5% of
the salaries would not get a raise. What is the salary level that divides the
teachers into one group that gets a raise and one that doesn't?

•      

45,100

•      

54,900

•      

-1.96

•      

1.96

 

2

In the accompanying stem-and-leaf diagram,
the values in the stem and leaf portions represent 10s and 1s digits,
respectively.

 

The stem-and-leaf diagram shows that the
distribution is ___________.

 

•      

None of the answers

•      

negatively skewed

•      

symmetric

•      

positively skewed

 

3

Which of the following is a quantitative
variable? 

•      

House age

•      

All the answers

•      

House price

•      

House size

4

Which of the following meets the
requirements of a stratified random sample?

•      

A population contains 10 members under the
age of 25 and 20 members over the age of 25. The sample will include six males
chosen at random, without regard to age.

•      

A population contains 10 members under the
age of 25 and 20 members over the age of 25. The sample will include six people
who volunteer for the sample.

•      

A population contains 10 members under the
age of 25 and 20 members over the age of 25. The sample will include six people
chosen at random, without regard to age.

•      

A population contains 10 members under the
age of 25 and 20 members over the age of 25. The sample will include two people
chosen at random under the age of 25 and four people chosen at random over 25.

5

Which of the following can be represented
by a continuous random variable?

•      

The number of typos found on a randomly
selected page of this test bank

•      

The average temperature in Tampa, Florida,
during the month of July

•      

The number of customers who visit a
department store between 10:00 a.m. and 11:00 a.m. on Mondays

•      

The number of students who will get
financial assistance in a group of 50 randomly selected students

6

In the sample regression equation   what is  
?

•      

The y-intercept

•      

The predicted value of y, given a specific
x value

•      

The value of y when x = 0

•      

The slope of the equation

7

Mutually exclusive events ______________.

•      

do not share common outcomes

•      

contain all possible outcomes

•      

do not contain all possible outcomes

•      

may share common outcomes

8

Which of the following can be represented
by a discrete random variable?

•      

The circumference of a randomly generated
circle

•      

The average distance achieved in a series
of long jumps

•      

The number of defective light bulbs in a
sample of five

•      

The time of a flight between Chicago and
New York

9

 A
manager of a fast food restaurant wants to ensure that staff are scheduled with
the sufficient hours required to meet customer demands without overspending on
labor costs. The manager has daily guest counts, sales data, and staff hours
for the prior year. What should the manager do next in order to reach
conclusions about scheduling restaurant staff?

•      

Provide the data sets to the restaurant
owner for analysis by the owner’s staff.

•      

Schedule staff based on the staffing levels
used on the same date the prior year.

•      

Perform descriptive statistics, inferential
statistics, and time series analysis.

•      

Create a graph of the data and extend the
graph forward in time to set the schedule.

 

 

10

 A-Plus Dry Cleaners wants to understand its
customers’ perceptions of the quality of the company’s customer service. They
plan to survey a sample of its customer base. What will A-Plus need to do to
ensure that their data is valid and reliable?

•      

The survey must include items that ask
customers to rate the appearance of the dry cleaning store, the survey must
include all customers, and the survey method must include setting up a table
outside the local dollar store.

•      

The survey must include items that ask
customers to rate the quality of the company’s customer service, the survey
sample must represent all parts of the customer population, and the survey
method must be repeatable.

•      

The survey must include items that ask
customers to rate the friendliness of the staff, the survey must include all
customers from the north side of the city, and the survey method must appeal to
all respondents.

•      

The survey must include items that ask
customers about their dry cleaning experiences, the survey sample must include
the first 15 customers off the customer database, and the survey method must be
repeatable.

11

The two branches of the study of statistics
are generally referred to as ___________.

•      

differential and descriptive statistics

•      

inferential and differential statistics

•      

descriptive and referential statistics

•      

descriptive and inferential statistics

12

Serial correlation is typically observed
in:

•      

time series data

•      

outliers

•      

sparse data

•      

cross-sectional data

13

 The
manager of a retail shoe store has applied statistics to analyze sales,
purchasing, and  data and reached the
conclusion that the store could reduce costs by reducing inventory of very
small and very large sizes, and substituting an online ordering service to
drop-ship rare sizes directly from suppliers. How should the manager communicate
those results to the store owner?

•      

Summarize the recommendations, supported by
visual representation of the data and statistics.

•      

Schedule a conference call with the owner
and suppliers to discuss online ordering options.

•      

Project the future online sales data using
a line graph.

•      

Provide the complete data set and all
statistical analyses to the owner in spreadsheets.

14

 Professors at a local university earn an
average salary of $80,000 with a standard deviation of $6,000. The salary
distribution is approximately bell-shaped. What can be said about the
percentage of salaries that are at least $74,000?

•      

About 84 percent

•      

About 97.5 percent

•      

About 95 percent

•      

About 68 percent

15

Which of the following violates the
assumptions of regression analysis?

•      

The error term has a constant variance.

•      

The error term is uncorrelated with an
explanatory variable.

•      

The error term has a zero mean.

•      

The error term does not have the normal
distribution.

16

The study of statistics can be defined as:

•      

the language of data.

•      

the art and science of getting information
from data.

•      

All of the answers

•      

the study of collecting, analyzing,
presenting, and interpreting data.

17

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

•      

Coefficient of determination

•      

Response

•      

Explanatory

•      

Standard error of the estimate

18

Consider a population with data values of
12, 8, 28, 22, 12, 30, 14.

The median is:

•      

12

•      

22

•      

14

•      

18

19

Which scales of data measurement are
associated with quantitative data? 

•      

Nominal and ordinal

•      

Ordinal and interval

•      

Ratio and nominal

•      

Interval and ratio

20

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

•      

Covariance and the correlation coefficient

•      

Interquartile range

•      

Variance and standard deviation

•      

Range

21

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


•      

Nominal and interval data only

•      

Nominal, ordinal, and interval data only

•      

Nominal and ordinal data only

•      

Nominal, ordinal, interval, and ratio data

22

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

•      

Descriptive statistics

•      

Cross-sectional data

•      

Time series data

•      

Inferential statistics

23

 

What type of relationship is indicated in
the scatterplot?

•      

A negative linear relationship

•      

A positive linear or curvilinear
relationship

•      

A negative curvilinear relationship

•      

No relationship

24

Which of the following is most influenced
by outliers? 

•      

75th percentile

•      

Mean

•      

Mode

•      

Median

25

Bias can occur in sampling. Bias refers to
_____________________.

•      

the division of the population into
overlapping groups

•      

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

•      

the use of cluster sampling instead of
stratified random sampling

•      

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

26

 The
owner of a company has recently decided to raise the salary of one employee,
who was already making the highest salary, by 20%. Which of the following
is(are) expected to be affected by this raise?

•      

Median only

•      

Mean, median, and mode

•      

Mean and median only

•      

Mean only

27

The estimation of which of the following
requires sampling?

•      

The Cleveland Indians' hitting percentage
in 2010

•      

The average SAT score of incoming freshmen
at a university

•      

U.S. unemployment rate

•      

Total rainfall in Phoenix, Arizona, in 2010

28

Horizontal bar charts are constructed by
placing:

•      

each interval of values on the vertical
axis and the appropriate range of values on the horizontal axis.

•      

each category on the horizontal axis and
the appropriate range of values on the vertical axis.

•      

each category on the vertical axis and the
appropriate range of values on the horizontal axis.

•      

None of the Answers.

29

 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.

•      

0.5%

•      

1%

•      

5%

•      

2.5% 
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