KU SCM 305 - Exam 2 Review (24 pages)

Previewing pages 1, 2, 23, 24 of 24 page document View the full content.
View Full Document

Exam 2 Review



Previewing pages 1, 2, 23, 24 of actual document.

View the full content.
View Full Document
View Full Document

Exam 2 Review

572 views

Fall 2015 Exam 2 Review Guide


Pages:
24
School:
University of Kansas
Course:
Scm 305 - Survey Decision Makng Business

Unformatted text preview:

Exam 2 Review Fall 2015 Format Fill in the blank Multiple choice problems Topics Sample means Confidence intervals interval estimates Hypothesis testing a one tail test or B two tail test Correlation tests relationships and strengths of relationships Regression uses relationship to predict increase or decrease in dependent variable based on change in independent variable Example for Review Sample Means Probability that x is in a given range x z n x 1 4 set tolerance 04 1 60 1 61 1 55 1 43 1 6 1 7 1 6 1 39 12 48 x 12 48 8 1 56 average x Example 1 04 x 1 4 n 8 x n x 0 014 Example 1 P x 1 56 Convert to z Z 1 56 1 4 0 014 11 42 P x 1 56 virtually impossible Example 2 for Review Probability that x is in a given range x z n 1 6 set tolerance 06 1 60 1 61 1 55 1 43 1 6 1 7 1 6 1 39 12 48 x 12 48 8 1 56 Example 2 06 x 1 6 n 8 x n x 0 021 Example 2 P x 1 56 Convert to z Z 1 56 1 6 0 021 1 905 P x 1 56 0 4713 0 5000 9713 Confidence Intervals How much uncertainty is associated with a point estimate of a population parameter An interval estimate provides more information about a population characteristic than does a point estimate Such interval estimates are called confidence intervals Confidence Interval Point Estimate Critical Value Standard Error Rules of Confidence Intervals sp 1 n p 1 p n n s n Business Statistics A DecisionMaking Approach 7e 2008 Prentice Hall Inc Chap 7 12 Confidence Interval for Known Assumptions Population standard deviation is known Population is normally distributed If population is not normal use large sample Confidence interval estimate x z n Common Levels of Confidence Commonly used confidence levels are 90 95 and 99 Confidence Level 80 90 95 98 99 99 8 99 9 Confidence Coefficient 80 90 95 98 99 998 999 Critical value z 1 28 1 645 1 96 2 33 2 58 3 08 3 27 Margin of Error Margin of Error e the amount added and subtracted to the point estimate to form the confidence interval Example Margin of error for estimating known x z n Business Statistics A



View Full Document

Access the best Study Guides, Lecture Notes and Practice Exams

Loading Unlocking...
Login

Join to view Exam 2 Review and access 3M+ class-specific study document.

or
We will never post anything without your permission.
Don't have an account?
Sign Up

Join to view Exam 2 Review and access 3M+ class-specific study document.

or

By creating an account you agree to our Privacy Policy and Terms Of Use

Already a member?