QM 520 - Chapter 8: Statistical Inference: Estimation for Single Populations. Questions and Answers.
Chapter Eight
B 1. When a statistic calculated
... [Show More] from sample data is used to estimate
a population parameter, it is called _______.
M A. an interval estimate
Term B. a point estimate
C. a statistical parameter
D. a good guess
A 2. When a range of values is used to estimate a population
parameter, it is called _______.
E A. an interval estimate
Term B. a point estimate
C. a statistical parameter
D. a range estimate
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Chapter 8: Statistical Inference: Estimation for Single
Populations 235
A 3. Catherine Chao, Director of Marketing Research, is evaluating
consumer acceptance of a new toothpaste package. Her staff
reports that 17% of a random sample of 200 households prefer
the new package to all other package designs. If Catherine
concludes that 17% of all households prefer the new package,
she is using a _______.
M A. a point estimate
BApp B. a range estimate
C. a statistical parameter
D. an interval estimate
D 4. Brian Vanecek, VP of Operations at Portland Trust Bank, is
evaluating the service level provided to walk-in customers.
Accordingly, his staff recorded the waiting times for 45 randomly
selected walk-in customers, and calculated that their mean
waiting time was 15 minutes. If Brian concludes that the
average waiting time for all walk-in customers is 15 minutes, he
is using a ________.
M A. a range estimate
BApp B. a statistical parameter
C. an interval estimate
D. a point estimate
C 5. Eugene Gates, Marketing Director of Mansfield Motors
Manufacturers, Inc.’s Electrical Division, is leading a study to
assess the relative importance of product features. An item on a
survey questionnaire distributed to 100 of Mansfield’s customers
asked them to rate the importance of “ease of maintenance” on
a scale of 1 to 10 (with 1 meaning “not important” and 10
meaning “highly important”). His staff assembled the following
statistics.
Ease of Maintenance
Mean 7.5
Standard
De
via
tio
n
1.5
If Eugene concludes that the average rate of “ease of
maintenance” for all customers is 7.5, he is using ________.
M A. arange estimate
236 Test Bank
BApp B. a statistical parameter
C. a point estimate
D. an interval estimate [Show Less]