Qmb 210 University Of Tampa Study Guide Questions And Correct Answers

Empirical Rule {Ans: A rule which states that if the distribution follows a bell-shaped, symmetrical curve centered around the mean, approximately 68%, 95%, and 99.7% of the values fall within one, two, and three standard deviations around the mean, respectively.}information {Ans: Data that are transformed into useful facts that can be used for a specific purpose, such as making a decision}Sample Coefficient of determination (R^2) {Ans: A coefficient that measures the percentage of the total variation of a dependent variable that is explained by an independent variable.}Consumer's risk {Ans: A Type II error that occurs in quality control settings, so-called because the customer is getting a product from a process that is not performing properly.}convenience sample {Ans: in which the members of the population are chosen to become part of the sample simply because they are easily accessible}survey {Ans: A method of collecting primary data by directly asking people as series of questions}