Review Chapter 1-3

Exam 1 25 questions 50 points 90 minutes 1 attempt Results will be known once the exam closes for everybody

Questions Hypothesis Testing  Calculation of Type I and II from problem setting  Statistical significance  Definition and interpretation of Type I and II  Type of hypothesis – Right-tailed, left-tailed, two sided  P-Values Interpretation Calculations Relationship to Type I error

Fall 2006 – Fundamentals of Business Statistics Jane has two purses. One contains, 10 $1, and 10 $5 bills, and the other contains 20 $1 bills. She decides to select a purse at random, and reaches in to pull out one of the bills. She will use the selected bills to determine which of the following hypothesis to support H0: The purse contains 10 $1, and 10 $5 bills H1: The purse contains 10 $1 bills Jane's decision rule is as follows: Reject H0 if the selected bill is $1. Under this rule, what is the Type I error equal to? What is the the Type II error?

Fall 2006 – Fundamentals of Business Statistics For a particular one-sided hypothesis test, the null hypothesis Ho was rejected at α=0.10. Then, a possible p-value for this test is:

Sampling  Different sampling schemes  Which is applicable in what situation  Difference between cluster, stratified, and simple random sampling  When to sample

Statistical Inference and Estimation What is it? Where is it used? Difference between statistic and parameter

Types of Data Quantitative vs. Qualitative Nominal, ordinal vs ratio, interval Cross sectional vs time series

Measures Mean, median, mode, percentile calculations  From raw data  From frequency distribution Difference between symmetric and skewed distribution Interpretation of the measures

Variability Range, IQR, Standard Deviation, Variance  Interpretation  Calculations  Units Box Plots  Interpretation  Calculation