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QNT 351 Final Exam Guide

QNT 351 Final Exam Guide (New)

- 1) The main purpose of descriptive statistics is to
- 2) The general process of gathering, organizing, summarizing, analyzing, and interpreting data is called
- 3) The performance of personal and business investments is measured as a percentage, return on investment. What type of variable is return on investment?

The Director of Golf for a local course wants to study the number of rounds played by members on weekdays. He gathered the sample information shown below for 520 rounds. At the .05 significance level, is there a difference in the number of rounds played by day of the week?

QNT 351 Week 1 Connect Problems

QNT 351 Week 1 DQ 1

- QNT 351 Week 1 Connect Problem
- 1. Which of the following is an example of a continuous variable?
- 2. The incomes of 50 loan applicants are obtained. Which level of measurement is income?
- 3. The members of each basketball team wear numbers on their jerseys. What scale of measurement are these numbers considered?

- Week 1 DQ1
- Where would you see descriptive statistics used in your work place?

QNT 351 Week 1 DQ 2

QNT 351 Week 1 DQ 3

- Week 1 DQ2
- How would you define dependent and independent variables? What is their significance in research? Explain with examples.

- Week 1 DQ3
- Develop five demographic questions to measure gender, age, years of experience, level of education, and ethnicity. Identify the level of measurement used for each

QNT 351 Week 1 DQ 4

QNT 351 Week 1 DQ 5

- Week 1 DQ4
- How would you define a variable? What is the difference between a dependent and independent variable? Do you think both variables are used in every research? Explain why or why not. Provide examples.

- Week 1 DQ5
- What is the importance of statistics in business decision making? Describe a business situation where statistics was used in making a decision.

QNT 351 Week 1 DQ 6

QNT 351 Week 1 Individual Assignment Statistics in Business

- Week 1 DQ6
- What are the four data measurement scales? Provide two examples and explain the importance of each in business research.

- This tutorial contains 2 different Sets of papers
- Define statistics.
- Identify different types of statistics.
- Describe the role of statistics in business decision making.
- Write a 300-word summary providing at least three examples or problem situations in which statistics was used or could be used.

QNT 351 Week 2 Connect Problems

QNT 351 Week 2 DQ 1

- QNT 351 Week 2 Connect Problem
- 1. The director of admissions at Kinzua University in Nova Scotia estimated the distribution of student admissions for the fall semester on the basis of past experience.
- a. What is the expected number of admissions for the fall semester?

- Week 2 DQ1
- Can mean, median, or mode be calculated from all statistical data? Explain why or why not. When is the mean the best measure of central tendency? When is the median the best measure of central tendency?

QNT 351 Week 2 DQ 2

QNT 351 Week 2 DQ 3

- Week 2 DQ2
- Describe a business situation, other than what has already been selected by fellow students or selected from the team assignment, where mean and standard deviation can be used in decision making. Describe how calculation of mean and standard deviation can help in making a decision.

- Week 2 DQ3
- What level of data is a telephone number? Explain.

QNT 351 Week 2 DQ 4

QNT 351 Week 2 DQ 5

- Week 2 DQ4
- Does all data have a mean, median, or mode? Why or why not? When is the mean the best measure of central tendency? When is the median the best measure of central tendency?

- Week 2 DQ5
- Why is the population shape a concern when estimating a mean? What effect does sample size, n, have on the estimate of the mean?

QNT 351 Week 2 Individual Assignment My StatsLab

QNT 351 Week 2 Learning Team Assignment Data Collection (2 Sets)

- QNT 351 Week 2 Individual Assignment My StatsLab 10 Problems
- Week 2 Problems
- 1.Choose the correct answer bellow:
- A. It is an estimate or prediction or some other generalization about a population based on information contained in a sample

- This tutorial contains 2 different Sets of papers
- Discuss with your team whether you have data from RES/351, and if your team would like to use one team member’s data for the Learning Team assignments in this course.
- If using data from RES/351:
- Resources: Data collected from RES/351

QNT 351 Week 3 Connect Problems

QNT 351 Week 3 DQ 1

- Award: 10 out of 10.00 points
- A sample of 43 observations is selected from a normal population. The sample mean is 30, and the population standard deviation is 3. Conduct the following test of hypothesis using the 0.05 significance level.
- a. Is this a one- or two-tailed test?

- Week 3 DQ1
- What are the differences between probability and coincidence? Can the probability be more than 1 or less than 0? Explain why or why not.

QNT 351 Week 3 DQ 2

QNT 351 Week 3 DQ 3

- Week 3 DQ2
- What is the role of probability concepts in business decision-making? Provide specific examples.

- Week 3 DQ3
- What are the basic differences between a discrete and a continuous distribution?

QNT 351 Week 3 DQ 4

QNT 351 Week 3 Individual Assignment My StatsLab

- Week 3 DQ4
- What are the characteristics of standard normal distribution? Explain how to calculate the z-test static. Explain how a z-value is used to calculate the area under the distribution and the meaning of P(0 to z) when z = 1.96.

- Week 3 Problems
- 1. An industrial group reports that there were approximately 122,000 industrial robots operating in a region last year. The graph shows the percentages of industrial robot units assigned to each of six task categories.

QNT 351 Week 3 Individual Assignment Real Estate Data

QNT 351 Week 3 Team Assignment Summarizing and Presenting Data

- Resources: Appendix A1 at the end of Basic Statistics for Business and Economics
- Answer question 68 in the Data Set Exercises from Ch. 3 of Basic Statistics for Business and Economics.
- Answer question 34 in the Data Set Exercises from Ch. 4 of Basic Statistics for Business and Economics.

- Revise the report submitted in Week Two based on the feedback provided by the instructor in the team assignment, and insight gained by reading.
- Summarize the data collected using descriptive statistics. Descriptive statistics should be in the forms of frequency distribution table, measures of mean, median, mode, standard deviation, and graphical display of data.

QNT 351 Week 4 DQ 1

QNT 351 Week 4 DQ 2

- Week 4 DQ1
- What are some terms related to hypothesis testing with which you are already familiar? Why do null and alternative hypotheses have to be mutually exclusive?

- Week 4 DQ2
- Why does the significance level differ among industries? Will the null hypothesis be more likely to be rejected at α = 0.01 than α = 0.10? As the significance level increases to α = 0.10 from α = 0.01, which type error is more likely to occur? What can be done to reduce the likelihood of incurring this error?

QNT 351 Week 4 DQ 3

QNT 351 Week 4 DQ 4

- Week 4 DQ3
- Please explain the five steps used in hypothesis testing. How does the five-step procedure for hypothesis testing differ when comparing two groups using a t- or z-test? How is the process similar?

- Week 4 DQ4
- Please explain terms related to hypothesis testing; please explain null and alternate hypotheses, explain the difference between two different test statistics, then define the equations used in both. Why do null and alternative hypotheses have to be mutually exclusive?

QNT 351 Week 4 Individual Assignment MyStatsLab

QNT 351 Week 4 Individual Assignment Real Estate Data

- Week 4 Problems
- 1. Determine whether the random variable is discrete or continuous.
- a. the number of textbook authors now sitting at a computer
- b. the weight of a T-bone steak
- c. the number of fish caught during a fishing tournament

- Resources: Appendix A1 at the end of Basic Statistics for Business and Economics
- Answer question 60 (both parts a. and b.) in the Data Set Exercises from Ch. 6 of Basic Statistics for Business and Economics.
- Answer question 54 (both parts a. and b.) in the Data Set Exercises from Ch. 7 of Basic Statistics for Business and Economics.

QNT 351 Week 4 Learning Team Reflection (2 Sets)

QNT 351 Week 5 Indivdiual Assignment MyStatsLab Problems

- Discuss the following with your Learning Team:
- The steps in testing a research hypothesis
- Comparing the means of two or more groups
- Calculating the correlation between two variables
- Include the topics you feel comfortable with, any topics you struggled with, and how the weekly topics relate to application in your field.

QNT 351 Week 5 Individual Assignment MyStatsLab Problems

QNT 351 Week 5 Individual Assignment Real Estate Data

QNT 351 Week 5 Learning Team Assignment Analyzing

- Resources: Appendix A1 at the end of Basic Statistics for Business and Economics
- Answer question 58 in the Data Set Exercises from Ch. 10 of Basic Statistics for Business and Economics.
- Answer question 62 in the Data Set Exercises from Ch. 13 of Basic Statistics for Business and Economics.

- Combine your Week Two Learning Team assignment and Week Three findings with Week Five findings and make a recommendation to the research problem.
- Use the statistical tables given in the appendices of the textbook and a statistical analysis application: a Microsoft® Excel® spreadsheet, Minitab® statistical software, or SPSS™ software.

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