C723 Quantitative Business Analysis Final C723 Quantitative Business Analysis - Final WGU Questions With Correct Anawers | VERIFIED

C723 Quantitative Business
Analysis Final C723 Quantitative
Business Analysis - Final WGU
Questions With Correct Anawers |
VERIFIED
Hypothesis - ANSWER is an assumption about a population
parameter such as a mean or a proportion
null hypothesis (H0) - ANSWER -represents the status quo
-states a belief that the population parameter is ≤, =, or ≥ a
specific value
-believed to be true unless there is overwhelming evidence to the
contrary
alternative hypothesis (H1) - ANSWER -represents the opposite
of the null hypothesis
-believed to be true if the null hypothesis is found to be false
-always states that the population parameter is >, ≠, or < a
specific value
two-tail hypothesis test - ANSWER is used whenever the
alternative hypothesis is expressed as ≠
one-tail hypothesis test - ANSWER is used when the alternative
hypothesis is stated as < or >
Type I error - ANSWER -occurs when the null hypothesis is
rejected when it is true
-when it occurs the producer is looking for a problem in its
process that does not exist
Type II error - ANSWER -occurs when we fail to reject the null
hypothesis when it is not true
-when it occurs the customer is getting a product from a process
that is not performing properly
Correlation analysis - ANSWER -is used to measure both the
strength and direction of a linear relationship between two
variables
-A relationship is linear if the scatter plot of the independent and
dependent variables has a straight-line pattern
correlation coefficient, r - ANSWER -indicates both the strength
and direction of the linear relationship between the independent
and dependent variables
population correlation coefficient (ρ) - ANSWER refers to the
correlation between all values of two variables of interest in a
population
confidence interval for the mean - ANSWER is an interval
estimate around a sample mean that provides us with a range
within which the true population mean is expected to lie
confidence level - ANSWER is defined as the probability that the
interval estimate will include the population parameter of interest
Student's t-distribution - ANSWER is used in place of the normal
probability distribution when the sample standard deviation, s, is
used in place of the population standard deviation, σ
probability sample - ANSWER is a sample in which each
member of the population has a known, nonzero, chance of being
selected for the sample
simple random sample - ANSWER is a sample in which every
member of the population has an equal chance of being chosen
Sampling error - ANSWER is defined as the difference between
the sample statistic and the population parameter
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