The Empirical Rule tells us that … a) __________ of the data lies within 1 standard deviation of the mean b) __________ of the data lies within 2 standard deviation of the mean c) __________ of the data lies within 3 standard deviation of the mean
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The Empirical Rule tells us that …
- a) __________ of the data lies within 1 standard deviation of the mean
- b) __________ of the data lies within 2 standard deviation of the mean
- c) __________ of the data lies within 3 standard deviation of the mean
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- The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?A technique for the study of interrelationships among variables, usually for the purposes of data reduction and the discovery of underlying constructs or latent dimensions is known as: a. Factor Analysis b. Structural Model Analysis c. Multiple linear regression d. Reliability AnalysisWhich of the following is a probability sampling method? a.Cluster sampling b.Quota sampling c.Snowball sampling d.Convenience sampling e.Judgement sampling
- In the context of data patterns in a time series, ___________ is the unexplained deviation of a time series from a predictable pattern: Select one: a. inexplicable variation b. regular variation c. random variation d. seasonal variation e. irregular variationWhat is the meaning of x ~ N (50, 20)? 1. Sampling distribution of x is distributed with a mean of 20 and a standard deviation of 50 2. x-bar is normally distributed with a mean of 20 and a standard deviation of 50 3. x is normally distributed with a mean of 50 and a standard deviation of 20 4. Sampling distribution of x is distributed with a mean of 50 and a standard deviation of 20Bias is a synonym for Mean Absolute Deviation. True False
- What is the meaning of x ̅ ~ N (50, 2)? 1. The Sampling distribution is distributed normally with a mean of 50 and a standard deviation of 2 2. Sampling distribution of x is distributed normally with a mean of 2 and a standard deviation of 50 3. x is normally distributed with a mean of 50 and a standard deviation of 2 4. x-bar is normally distributed with a mean of 2 and a standard deviation of 50Bill Kime's bowling ball factory makes bowling balls of adult size and weight only. The standard deviation in the weight of a bowling ball produced at the factory is known to be 0.39 pounds. Each day for 24 days, the average weight, in pounds, of 9 of the bowling balls produced that day has been assessed as follows Day 1 2 3 4 5 6 Average (lb) 9.9 9.9 10.1 10.1 99 99 Day 7 8 9 10 11 12 Average (lb) Day Average (b) 13 14 15 16 17 18 10.1 10.0 10.0 10.1 10.1 10.0 9.9 10.1 10.1 10.0 10.1 10.1 Day 19 20 21 22 23 24 Average (lb) 99 10.0 10.1 9.9 10.0 10.0 a) Establish a control chart for monitoring the average weights of the bowling balls in which the upper and lower control limits are each two standard deviations from the mean What are the values of the control limits? Upper Control Limit (UCL)=b (Round your response to two decimal places)The tracking signal is the:a) standard error of the estimate.b) cumulative error.c) mean absolute deviation (MAD).d) ratio of the cumulative error to MAD.e) mean absolute percent error (MAPE)
- Which of the following is NOT a property of the sampling distribution of the sample mean? Choose the correct answer below. O A. The expected value of the sample mean is equal to the population mean. O B. The sample means target the value of the population mean. O C. The mean of the sample means is the population mean. O D. The distribution of the sample mean tends to be skewed to the right or left.For unbalanced data, select the performance measure that is not recommended to use. Group of answer choices Accuracy ROC Curve AUC SensitivityWhich of the following variables would lineartrend extrapolation be more accurate for? (a) An-nual population of the United States or (b) annualsales of cars produced in the United States byFord. Why?