YOU WERE LOOKING FOR: Statistics For Decision Making Final Exam Answers
Unit 1: Statistics and Data In today's technologically advanced world, we have access to large volumes of data. The first step of data analysis is to accurately summarize all of this data, both graphically and numerically, so that we can understand...
Looking at all of the prices in a sample can sometimes be confusing. A better way to compare this data might be to look at the median price and the variation of prices. The median and variation are two ways out of several ways that you can describe...
Though you may have already encountered concepts of probability, after this unit, you will be able to formally and precisely predict the likelihood of an event occurring given certain constraints. Probability theory is a discipline that was created to deal with chance phenomena. For instance, before getting a surgery, a patient wants to know the chances that the surgery might fail; before taking medication, you want to know the chances that there will be side effects; before leaving your house, you want to know the chance that it will rain today.
Probability is a measure of likelihood that takes on values between 0 and 1, inclusive, with 0 representing impossible events and 1 representing certainty. The chances of events occurring fall between these two values. The skill of calculating probability allows us to make better decisions. We will also talk about random variables. A random variable describes the outcomes of a random experiment.
A statistical distribution describes the numbers of times each possible outcome occurs in a sample. The values of a random variable can vary with each repetition of an experiment. Intuitively, a random variable, summarizing certain chance phenomenon, takes on values with certain probabilities. A random variable can be classified as being either discrete or continuous, depending on the values it assumes. Suppose you count the number of people who go to a coffee shop between 4 p. In this case, the number of people is an example of a discrete random variable and the amount of waiting time they spend is an example of a continuous random variable. Completing this unit should take you approximately 25 hours. Unit 3: Sampling Distributions The concept of sampling distribution lies at the very foundation of statistical inference. It is best to introduce sampling distribution using an example here. Suppose you want to estimate a parameter of a population, say the population mean. There are two natural estimators: 1.
In particular, for a sample of even size n, the median is the mean of the middle two numbers. But which one is better, and in what sense? This involves repeated sampling, and you want to choose the estimator that would do better on average. It is clear that different samples may give different sample means and medians; some of them may be closer to the truth than the others. Consequently, we cannot compare these two sample statistics or, in general, any two sample statistics on the basis of their performance with a single sample. Instead, you should recognize that sample statistics are themselves random variables; therefore, sample statistics should have frequency distributions by taking into account all possible samples.
In this unit, you will study the sampling distribution of several sample statistics. This unit will show you how the central limit theorem can help to approximate sampling distributions in general. Completing this unit should take you approximately 15 hours. Unit 4: Estimation with Confidence Intervals In this unit, you will learn how to use the central limit theorem and confidence intervals, the latter of which enables you to estimate unknown population parameters. The central limit theorem provides us with a way to make inferences from samples of non-normal populations.
This theorem states that given any population, as the sample size increases, the sampling distribution of the means approaches a normal distribution. This powerful theorem allows us to assume that given a large enough sample, the sampling distribution will be normally distributed. You will also learn about confidence intervals, which provide you with a way to estimate a population parameter. Instead of giving just a one-number estimate of a variable, a confidence interval gives a range of likely values for it. This is useful, because point estimates will vary from sample to sample, so an interval with certain confidence level is better than a single point estimate. After completing this unit, you will know how to construct such confidence intervals and the level of confidence.
Completing this unit should take you approximately 10 hours. Unit 5: Hypothesis Test A hypothesis test involves collecting and evaluating data from a sample. The data gathered and evaluated is then used to make a decision as to whether or not the data supports the claim that is made about the population. This unit will teach you how to conduct hypothesis tests and how to identify and differentiate between the errors associated with them. Many times, you need answers to questions in order to make efficient decisions. The process of hypothesis testing is a way of decision-making. In this unit, you will learn to establish your assumptions through null and alternative hypotheses. The null hypothesis is the hypothesis that is assumed to be true and the hypothesis you hope to nullify, while the alternative hypothesis is the research hypothesis that you claim to be true.
This means that you need to conduct the correct tests to be able to accept or reject the null hypothesis. You will learn how to compare sample characteristics to see whether there is enough data to accept or reject the null hypothesis. Completing this unit should take you approximately 12 hours. Unit 6: Linear Regression In this unit, we will discuss situations in which the mean of a population, treated as a variable, depends on the value of another variable.
One of the main reasons why we conduct such analyses is to understand how two variables are related to each other. The most common type of relationship is a linear relationship. For example, you may want to know what happens to one variable when you increase or decrease the other variable. You want to answer questions such as, "Does one variable increase as the other increases, or does the variable decrease? In this unit, you will also learn to measure the degree of a relationship between two or more variables. Both correlation and regression are measures for comparing variables.
Correlation quantifies the strength of a relationship between two variables and is a measure of existing data. On the other hand, regression is the study of the strength of a linear relationship between an independent and dependent variable and can be used to predict the value of the dependent variable when the value of the independent variable is known. Study Guide This study guide will help you get ready for the final exam. It discusses the key topics in each unit, walks through the learning outcomes, and lists important vocabulary terms.
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The company was founded by Lee Herbert who had extensive experience working for companies that handle investigative work. Herbert is more of a people person and is always looking for the next new client to take on. Admittedly, Herbert had no experience in running a business when he decided to go out on his own and enlisted the help of his long time friend, Bradley Simmons. Simmons has spent his career working for larger corporations in finance and had no experience in investigative services, but was looking for a change. The more law firms the company works with, the more cases they receive. The more cases they receive, the more hours they can bill. Tidewater currently has six investigators and two clerks in addition to Herbert and Simmons. Over the years, they have expanded and contracted based on the volume of business and the local economy. Simmons, on the other hand, feels that expansion will put the company at risk as it takes time to develop a decent client base.
Even though the two are business partners, Herbert is the president and Simmons the vice president. Herbert asked Simmons to evaluate several options to further expand the business. First, is to find a city with a large number of Fortune companies, a cost of living comparable to Norfolk, and a city that is in a reasonable distance from Norfolk as he and Simmons would be spending a lot of time in the new office at first. Because both have families with young children, Herbert feels that the distance is twice as important as the other criteria.
Define the decision problem and the general nature of the problem. What event triggered Question 3. Are we imposing any implied constraints on the situation Question 4. Define the objectives Question 5. Identify the alternatives Question 6. Compare and contrast the consequences for all three alternatives by the fundamental objectives. Rank each alternative using proportional scoring, include weights on the objectives.
Are there any dominated alternatives that can be eliminated? Are there any even swaps. Question 7. What decision-making styles are at work here? What is their attitude towards risk? Question 8. Are there any biases in play here that may impact the effectiveness of the decision? Question 9. What are the uncertainties for this decision situation?
What are their consequences? Question Evaluate this decision situation using tradeoffs. What location should they select? Are there any linked decisions? Discuss any assumptions as needed. You will be guided to the PAYPAL Standard payment page wherein you can pay and you will receive an email immediately with a download link. In case you find any problem in getting the download link or downloading the tutorial, please send us an email on mail genietutorial.
It takes some time and work to learn and practice effective ways to do that. They really cover the material and provide examples and problems that are relevant to both the textbook and the Objective Assessment. In certain states, the exam is also referred to as the. As soon as the validation process is complete, test-takers can begin their exams. These practice questions will help you study and recall fundamental. It's designed to stop cheating. WGU has over 70, alumni across the nation and offers an array of undergraduate and graduate programs. All members of the university community share responsibility in ensuring that the authentic expression of those ideas is observed. I felt that the "CAPSIM" was a total waste of time, beyond the test of my patience in dealing with four individual with whom I had little in common with - other than the WGU experience.
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