Business Analysis

CHAPTER 1 SECTION 1: WHAT IS STATISTICS?

MULTIPLE CHOICE

1. You take a random sample of 100 students at your university and find that their average GPA is 3.1. If you use this information to help you estimate the average GPA for all students at your university, then you are doing what branch of statistics?
|a. |Descriptive statistics |
|b. |Inferential statistics |
|c. |Sample statistics |
|d. |Population statistics |

ANS: B PTS: 1 REF: SECTION 1.1

2. A company has developed a new computer sound card whose average lifetime is unknown. In order to estimate this average, 200 sound cards are randomly selected from a large production line and tested; their average lifetime is found to be 5 years. The 200 sound cards represent a:
|a. |parameter. |
|b. |statistic. |
|c. |sample. |
|d. |population. |

ANS: C PTS: 1 REF: SECTION 1.1

3. A company has developed a new computer sound card whose average lifetime is unknown. In order to estimate this average, 200 sound cards are randomly selected from a large production line and tested; their average lifetime is found to be 5 years. The 5 years represents a:
|a.