Qmb 3200 Test 1 With Complete Solutions

QMB 3200 Test 1What is the z score formula? - ANS-(the observation - mean) / standard deviationWhat does a z score tell us? - ANS-how many standard deviations a value of from the meanHow do you find the range? - ANS-biggest value minus smallest valueWhat is the formula used in excel to find the range? - ANS-=max(array) - min (array)If a data set has an odd number of observations, the mediana. Cannot be determinedb. is the value of the middle item when all items are arranged in ascending orderc. is the average value of the two middle items when all items are arranged in ascending order.d. must be equal to the mean - ANS-b. is the value of the middle item when all items are arranged in ascending orderWhich of the following represents the data point that occurs most frequently in a set of observations?a. Mean b. Mode c. All of these choices are correctd. Median - ANS-b. ModeThe median of a data set is represented by the:a. 50th percentile b. 75th percentile c. 100th percentiled. 25th percentile - ANS-a. 50th percentileWhich of the following is a possible reason for an outlier in a data set?a. A mistake was