Category: busad265

Exam #1 Practice

To prepare for Exam #1 tomorrow I would suggest spending time understanding the concepts listed by Chapter in the Exam #1 Review.  In addition, I would suggest spending time practicing these tasks (the 14 listed below) using the various data sets in the black_7e_excel_database or other data sets in the text.

  1. Construct a stem-and-leaf plot.
  2. Construct a frequency distribution table.
  3. Draw a histogram.
  4. Calculate the class midpoints for the bins in the histogram
  5. Draw a cumulative frequency distribution curve.
  6. Calculate the mean.
  7. Calculate the median.
  8. Calculate the mode.
  9. Calculate the range.
  10. Calculate the mean absolute deviation (MAD).
  11. Calculate the variance.
  12. Calculate the standard deviation.
  13. What percent of values are within 1 or 2 standard deviations of the mean?
  14. Assuming the data are approximately normally distributed, what percent of values should be within 2 standard deviations of the mean according to the Empirical Rule?

Good luck!

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Exam #1 Review

For Exam 1 you need to be prepared to answer questions on the following topics:

Chapter 1

  • Define and differentiate between Population, Census, Sample
  • Define and differentiate between Descriptive Statistics and Inferential Statistics
  • Understand levels of data: Nominal, Ordinal, Interval, and Ratio

Chapter 2

  • Define and differentiate between Frequency distribution, Relative frequency, and Cumulative frequency
  • Understand approaches for determining Class Intervals (also referred to as “Bins” in a histogram)
  • Calculate Class midpoints and use to construct Frequency Polygons
  • Construct frequency distribution tables and produce Histograms
  • Calculate Cumulative Frequency and produce an Ogive
  • Understand appropriate use and how to produce stem-and-leaf plots, pie charts, Pareto charts and scatter plots.

Chapter 3

  • Define and calculate Mode, Median, Mean
  • Understand Percentile and Quartile
  • Define and calculate Range, MAD, Variance and Standard Deviation
  • Define and understand how to apply the Empirical Rule

The test format may include True/False, Multiple Choice, and Short Answer questions as you’ve seen on Quizzes. In addition, you should prepare for questions requiring Numerical Calculation, Short Essay, Case Study with business decision interpretation and production of Charts or Graphs similar to what’s been on the Exercises (but without any need for a laptop or other computing device).

Feel free to post questions here and I will do my best to answer in advance or during class Thursday.

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Exercise #5

Due on Thursday, September 12th

Complete the following problems on p.74-75
3.11 a, b, c, d
3.12 a, b, c, d
3.14
3.15
3.19 a, b, c
3.20 a, b, c, d
3.21

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Exercise #4

Exercise #4, described below, is due in class on Thu, Sep 12th.

  • Use the data in Problems 3.1 – 3.10 (all ten problems) on p. 60-61.
  • For each set of data, compute the mean, median, and mode.
  • Do NOT calculate any percentiles or quartiles.
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Exercise #3

Exercise #3, described below, is due in class on Tue, Sep 10th.

1. Complete Problems 2.30, 2.31, 2.32, and 2.33 on p 43-44

2. Use the black_7e_excel_database to complete the following.

  • Use graphical analysis to estimate the retail price of gasoline assuming a per-barrel spot price of $200.
  • Use graphical analysis to estimate average annual household food expenditures in Pueblo County.
  • Present appropriate graphs to support your estimates.
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Exam #1

The first exam will be in class on Tuesday, September 17th.

The exam will cover Chapters 1, 2 and 3.

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