For probability purposes, an experiment is ________.
A) a process that results in some outcome
B) the collection of all possible outcomes
C) a theoretical result
D) the absolute values of all outcomes
Q. 2The sales data for a company measured weekly for the past year would be considered cross-sectional data since the sales values are computed from the entire company.
Indicate whether the statement is true or false
Q. 3Test at the 10 level of significance the null hypothesis that the population mean sales are the same for the four regions.
What will be an ideal response?
Q. 4What is bootstrapping in Crystal Ball?
A) It is a statistical tool that provides a priori sensitivity information about the impact of each model variable on a target forecast.
B) It is a statistical technique that fits probability distributions to multiple data series.
C) It is a statistical technique that analyzes sample statistics empirically by repeatedly sampling the data and creating distributions of the statistics.
D) It is a statistical tool that allows individuals to define correlations between groups of assumptions in a model.
Q. 5An example of coding a categorical variable would be to code No as 0 and Yes as 1.
Indicate whether the statement is true or false
Q. 6Probability is ________.
A) the observed result of an experiment
B) the chance that an event will not happen
C) the likelihood that an outcome occurs
D) the number of successes divided by the number of failures
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