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1. When to use a t-test and when to use a z-test for one-sample analysis? Give Example.
2. When to use a t-test and when to use a z-test for two-sample analysis? Give Example.
3 When is an independent t-test used as opposed to dependent t-test? Give Example.
4. When is ANOVA used? Which follow up tests are used under which and under which circumstances when there is a difference? Give Example.
5. When is a factorial ANOVA used? Give Example.
6. When is a chi square test appropriate? Give Example.
7. When does linear regression versus multiple regression apply? Give Example.
Insurance policy from company A costs $300 a year but guarantees to replace any losses due to theft. Create the decision tree.
Determination of statistical significance can only be determined by calculating the exact p value and declaring results as significant. True or false?
The average price of a car wash is $5.00. A sample of six car washes averaged $5.70 and had a sample standard deviation of $1.30. Assuming a normal population, use the critical value method to test the claim at a= 0.05.
Quality control studies for Leaky Jet Computer Printers show the lifetime of the printer follows a normal distribution with a mean of 4.5 years and a standard deviation of 0.85 years.
A hypothesis will test that two population means are equal. A sample of 10 with a standard deviation of 3 is selected from the first population and a sample of 15 with a standard deviation of 8 from the second population.
Find the probability that exactly six tickets are written on a randomly selected day from this distribution.
We suggest that you use the graphical approach to CVP analysis to solve the following problem, but you may use any other method to find the answer.
A side effect of a certain anesthetic used in surgery is the hiccups, which occurs in about 10 percent of the cases. If three patients are scheduled for surgery today and are to be administered this anesthetic, compute the probability that:
What is the probability for the given frequency distribution?
40 were in favor of the Independent candidate, and 140 were undecided. At a 1% level of significance, test to see if the proportion of voters has changed. Calculate the value of the Chi-Square Test Statistic for this problem. What is it?
Use the above information to calculate the number of watches (units) and the sales dollars we need in order for our flea market business to break even for the day.
Imagine there are exactly m opportunities to cross safely by the time the nth shock occurs. What is the probability that the mth opportunity is a close call (that it occurs immediately before the nth shock).
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