Advanced Business Statistics Quiz

In the context of business statistics, the regression coefficient represents the change in the dependent variable for a one-unit change in the independent variable. The properties of regression coefficient include linearity, homoscedasticity, independence, and normality.

In the context of business statistics, the methods of finding missing data include interpolation and extrapolation. Interpolation is the estimation of missing values within a range of known data points, while extrapolation is the estimation of values outside the range of known data points.

Time series analysis in business statistics involves the study of data collected at regular intervals over time. Its components include trend, seasonality, cyclical variations, and irregular fluctuations. Time series analysis is important for forecasting future trends and making informed business decisions.

<p>Joint probability in business statistics refers to the likelihood of two or more events occurring simultaneously. It is significant in assessing the relationship between multiple variables and calculating the probability of specific combinations of outcomes.</p> Signup and view all the answers

<p>Statistical quality control in business statistics is concerned with monitoring and maintaining the quality of products or processes. It involves the use of control charts for variables and attributes to detect and address variations in quality. Statistical quality control is essential for ensuring consistent and satisfactory product or process performance.</p> Signup and view all the answers

<p>Binomial distribution = Distribution for discrete random variable Poisson distribution = Distribution for discrete random variable Normal distribution = Distribution for continuous random variable Exponential distribution = Distribution for continuous random variable</p> Signup and view all the answers

<p>Chi square test = Test of significance for categorical data 'Z' test = Test of significance for population mean when the population standard deviation is known 't' test = Test of significance for population mean when the population standard deviation is unknown `F' test = Test of equality of two population variances</p> Signup and view all the answers

<p>Regression analysis = Predicting a dependent variable based on the value of one or more independent variables Time series analysis = Studying patterns and trends in time-ordered data Sampling = Selecting a subset of individuals from a larger population to estimate characteristics of the whole population Statistical quality control = Monitoring and maintaining the quality of processes and products</p> Signup and view all the answers

<p>Conditional probability = The probability of an event occurring given that another event has already occurred Bayes' theorem = A mathematical formula used to revise the probability for a hypothesis in light of new evidence Association of attributes = Examining the relationship between two categorical variables Interpolation and extrapolation = Estimating unknown values based on known data points within or outside the range of the data</p> Signup and view all the answers

<p>Control chart for Variables = Monitoring the variation in a process over time Control chart for Attributes = Monitoring the occurrence of defects or nonconformities in a process Line of best fit = Finding the straight line that best represents the relationship between two variables Coefficient of association = Quantifying the strength and direction of the relationship between two attributes</p> Signup and view all the answers