Question

8. Test statistic is ____________ and P-value is ___________.

9. What is the most critical concern in EVERY business decision?

A. Risk

B. Cost

C. Profitability

D. Revenue

10. Which of the following assumptions is not required for t-test for two process means?

A. Assumption on which process has larger process variance

B. Assumption on whether the two processes are independent

C. Assumption on whether the two processes have equal standard deviation

D. Assumption on whether sufficient t data is collected for the two processes

11.Of the three pieces of information in data, ________________ is the most critical information, and _____________ is the most important and valuable information.

12. Which of the following is NOT an example of prediction?

A. By analyzing frequencies of certain words appearing in a 15th century document, we predict who the author is

B. By analyzing facial muscle movements of one suspect, police officer predicts where the suspect hid his weapon

C. All the listed choices are examples of prediction

D. By analyzing our companies annual revenue records in the last 10 years, we can predict our revenues in the next year.

13. Which of the following statements is NOT part of “good” assumptions in statistical modeling?

A. We collect sufficient amount of rat “data results”

B. All raw “data results” are collected in an unbiased manner

C. All data results must be randomly selected

14. In a hypothesis testing, we naturally have bias against the ___________ hypothesis, and have bias towards the ____________ hypothesis.

Answer 1

8) A test statistic is a random variable that is calculated from sample data and used in a hypothesis test.

The P value is the probability of finding the observed results when the null hypothesis H₀ is true

Answer : Test statistic is random variable and P-value is probability

9) The most critical concern of in every business decision is risk. Risk is the possibility a company will have lower than anticipated profits or experience a loss rather than taking a profit.

10)  Assumption on whether the two processes have equal standard deviation is not required in t- test. Unequal Variance T-Test is applied when  the variance of the two groups is assumed to be unequal.

12) A prediction is what someone thinks will happen.

So, "By analyzing frequencies of certain words appearing in a 15th century document, we predict who the author is" is NOT an example of prediction.