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Practice Final Exam for Stats.doc

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York University
MGMT 1050
Olga Kraminer

SCHULICH SCHOOL OF BUSINESS YORK UNIVERSITY SESSION: Practice Final Exam NAME: COURSE NO: MGMT1050 I.D. # : COURSE TITLE: Statistics for Management SECTION: PROFESSORS: NUMBER OF PAGES: 13 pages (NOT including cover) LENGTH OF EXAMINATION: 150 minutes EXAMINATION AIDS ALLOWED: Calculator; Formula and Tables Book INSTRUCTIONS: 1. Please place your I.D. card on your desk. 2. You are not allowed to leave the examination room until one hour after the start of the exam and you must sign the sign-in sheet before leaving. 3. Your examination paper must be handed in before you leave. When you are finished please leave the exam room quietly. 4. Cheating on an examination will result in an “F” grade in the course concerned and possible suspension from the University. 5. All notes, briefcases, and books must be deposited at the front of the room. 6. You are not allowed to use your own paper for rough work. You may only use the space provided or the back of the pages for rough work. 7. Answer the Multiple Choice and True/False Questions on the Scantron Sheet supplied. Be sure to put your name and student number on the bubble sheet. In Parts I and IV, place your answers in the answer boxes, where supplied. 8. Count the pages to be certain that there are no pages missing. 9. Do not remove the staple or any pages from the exam. 10. Please show all your work. 11. If alpha is not given in the question use 0.05 12. Do not begin this examination until you are instructed to do so. 13. Do not write in the mark summary table below. Part I – Problem Recognition 24 marks Part II – True/False 8 marks Part III – Multiple Choice Questions 10 marks Part IV – Problems Question 1 8 marks Question 2 22 marks Question 3 20 marks Question 4 8 marks Sub-total 58 marks TOTAL 100 marks MGMT1050 Practice Final Examination PART I - PROBLEM RECOGNITION (24 MARKS, 2 MARKS EACH) Instructions: For each of the scenarios below, write the null and alternative hypotheses and indicate the most appropriate statistical test. You are not required to conduct the test,2just choose the most suitable test from the following options: z-test; t-test; χ -test; F-test, ANOVA. Notes: (1) Be specific in your answers: for example, specify the type of ANOVA required (one-way, randomized block, or two-way), or whether you would use the t-test for equal variances or not. (2) When writing hypotheses for two population tests, use meaningful indexing. For example, if the question asks to compare Canada and the US, write μ -μ ac ouposed to μ -μ . 1 2 (3) Write all relevant hypotheses for each of the questions. Do “captive stores” price differently than independent Hypotheses (H a0d H ): A 1 retailers? In order to test this question, a researcher . selected 20 Sony products and collected the prices for these items at three stores: the “Sony Style” store, “The Source” and a local electronics retailer. Test: Clothes lines, where people hang their clothes outside Hypotheses (H a0d H ): A 2 on lines to dry, are making a come-back as people . strive to reduce the amount of energy used. One green consumer who had both types of clothes lines (the pulley type and the collapsible clothes line tree style) decided to see if there is a deference in drying times by splitting the clothes to be dried evenly by type between the two types of clothes lines for 15 weeks. Test: An accounting student, trying to determine her optimal Hypotheses (H and H 0: A 3 career path, want to see how the incomes of . accountants varied based on which designation they held (CA, CMA, CGA) and whether they worked in industry or private practice. Test: Has the recent decline in the stock market affected Hypotheses (H and H ): 4 0 A investor’s retirement portfolios? A study three years . ago found that for families with the oldest working spouse between 50 and 60 years old, the average portfolio value was $325,000. A survey of 200 families in the same age group done last month found the average to be $275,000 with a standard deviation of $65,000. Test: DO NOT REMOVE THE STAPLE OR ANY PAGES Page 2 of 15 MGMT1050 Practice Final Examination A quality control inspector wants to see is a new Hypotheses (H a0d H ):A 5 supplier is providing castings within the requirement of . the standard deviation of the width being less than 0.85mm. A sample of 60 castings found the variance to be 0.6561mm2. Test: There has been controversy about the effectiveness of Hypotheses (H and H0): A 6 the national Do Not Call (DNC) List. In fact, many . people are complaining that they are getting more calls now that they have registered for the DNC List. A researcher obtained clearance from 200 randomly selected people on the DNC List to get access to their telephone records to compare how many call they received in September, prior to the implementation of the DNC List, and January, after registration for the DNC List. Test: Does choice of business school affect the choice of Hypotheses (H a0d H ):A 7 major or concentration? To test this, a researcher took . random samples of 100 graduating students from (1) Schulich, (2) Ivey, and (3) Laurier and categorized then by the following majors: (A) Accounting, (B) Marketing, (C) Finance, (D) International, (E) OB/HR and (F) Other. Test: 8 Hypotheses (H a0d H ):A Suppose that the study in question 7 only compared . Schulich and Ivey. Test: DO NOT REMOVE THE STAPLE OR ANY PAGES Page 3 of 15 MGMT1050 Practice Final Examination Suppose that the study in question 7 also looked at Hypotheses (H 0nd H )A 9 . whether the starting salaries offered to the graduating students were affected by the school and major. Test: Hypotheses (H 0nd H )A 1 Load management is important to maximize the 0 revenue of airlines. One practice that most airlines . use is overbooking. According to one industry source, the probability that an individual shows up for their flight is 90%. Therefore, the number of people showing up should be distributed with a binomial distribution. A statistical analyst with an airline accesses company records to see how many Test: people actually showed up for their flights when exactly 300 people were booked. This has happened 1225 times in the past year. Hypotheses (H 0nd H )A 1 According to a major study of traffic on highway 1 401 done 4 years ago, the standard deviation of the . speed of vehicles was 13.4kph. With the recent introduction of speed limiters on large trucks, there is concern that there will be more variability of speeds. Two-thousand vehicles are sampled on days with clear weather and dry road conditions. Test: Hypotheses (H 0nd H )A 1 A major office supply cost for large firms is toner in 2 printers. To see if a new line of “ECO” printers . saves toner, 200 workstations equipped with the standard printer used by the firm were randomly selected and half of these had their printer replaced with the “ECO” line printer. The toner usage was measured for one month. Test: DO NOT REMOVE THE STAPLE OR ANY PAGES Page 4 of 15 MGMT1050 Practice Final Examination PART II – TRUE/FALSE (8 MARKS, 1 MARK EACH) Instructions: Indicate whether the following statements are true or false on the Scantron Sheet provided, starting at #1. Use "A" for True and use "B" for False. There will be no deduction for an incorrect answer. 1. In a two-way ANOVA, it is easier to interpret main effects when the interaction component is not significant. 2. When the F test is used for ANOVA, the rejection region is always in the right tail. 3. The F test used for testing the difference in 2 population variances is always a one-tailed test. 4. The larger the p value, the more likely one is to reject the null hypothesis. 5. For a given level of significance, if the sample size is increased, the probability of committing a Type I error will increase. 6. Suppose, in testing a hypothesis about a proportion, the Z test statistic is computed to be 2.04. The null hypothesis should be rejected if the chosen level of significance is 0.01 and a two- tailed test is used. 7. The t distribution allows the calculation of confidence intervals for means for small samples when the population variance is not known, regardless of the shape of the distribution in the population. 8. The confidence interval obtained will always correctly estimate the population parameter. DO NOT REMOVE THE STAPLE OR ANY PAGES Page 5 of 15 MGMT1050 Practice Final Examination PART III – MULTIPLE CHOICE QUESTIONS (10 MARKS, 1 MARK EACH) Instructions: Answer each question below on the Scantron Sheet provided (start from question 9). There is only one best answer. There is no penalty for guessing. 9 The width of a confidence interval estimate for a prop
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