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1. What does it mean practically when we say that we found a significant difference between two groups using a t-test?
2. Describe a business situation where you would want to use a t-test. Why would you choose that test? What would you expect to show by doing this?
3. Describe a business situation where you would want to use an ANOVA. Why would you choose that test? What would you expect to show by doing this?
4. Say you are looking at the difference between two groups. When you look at the means, it looks obvious that there is a difference between the groups. When you run the analysis however, your p-value comes out to be .098. Assuming that you wanted to show a difference and were able to collect more data, what would you change to ensure that you got a significant difference the second time?
State the quick rule for a significant correlation and explain its limitations. What sums are needed to calculate a correlation coefficient? What are the two ways of testing a correlation coefficient for significance?
How would you explain the analysis of variance, assuming that your audience has not had a statistics class before?
Chi square compares actual data with expected data. What would the expected data be? For example, if I know the percentage of brown M&Ms in a bag is 40% set by the company
The cost for the conference room, instructor compensation, lab assistants, and promotion is $9,600. Micromedia rents computers for its seminars at a cost of $60 per computer per day. Question: find the breakeven point for this problem using Excel.
Describe the sampling distribution of the sample proportion
In an experiment, subjects are required to generate a "yes" or "no" decision. The probability of 'Yes' being correct is 50%. The observed probability of yes decisions is 70%.
A coin was flipped 60 times and came up heads 36 times. Determine the critical value you would use to test whether proportion of heads is greater than 0.50 at 10% level of significance?
Absenteeism is distributed evenly throughout the week. The 0.01 level is to be used. The sample results are:
A store selling newspapers orders only x=4 of a certain newspaper because the manager does not get many calls for that publication. If the number of requests per day follows a Poisson distribution with mean 3.
Leasing agents from the Triangle Mall Management Corporation have suggested that Sunflowers Apparel considered several locations in some of Triangles newly renovated lifestyle malls that cater to shoppers with higher than mean disposable income.
Find out the probability that the return for common stocks will be more than 0%.
Generate a scatterplot for Occupancy Rate (Y) vs. Rent per Sq. Ft. (X). Send this graph to me via email. State the equation of the best fit line. State and interpret the values of bo and b1.
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