Week 3
1. Randbetween generates random numbers based on what kind of probability distribution:
- All of these
- Normal
- Discrete
- Uniform
-
... [Show More] Bernoulli
2. The Data Analysis Toolpak in Excel and Sheets generates random numbers based on what
kind of probability distribution:
- All of these
- Discrete
- Normal
- Uniform
- Bernoulli
3. Below is a probability tree outlining 3 steps to introducing a new product – a market
research study, a test market initiative and a national marketing campaign. Calculate the
probability of success of all three steps. Express as a decimal with two decimal places.
Example 50% = 0.50
4. The spreadsheet below shows average outside temperature and retail food sales by a street
vendor. What is the relationship between temperature and sales?
- The correlation is strong
- The correlation is moderate
- Relationship cannot be determined with this data
- The correlation is weak
5. Assume that a simulation of your projected sales, based on historical data, projects a mean
of 1200 units and a standard deviation of 150. Using the empirical Rule, what is the likelihood
of selling more than 1500 units. ( Express as a percent using three decimals = e.g.50%=500)
6. A new baby thermometer uses an innovative design in which a monitor patch measures a
baby’s temperature each second and transfers that reading with a timecode to a smartphone
application. This is an example of the use of
-Continues time
- Discrete time
- Cannot be determined from this information
- Constant time
7. Below is the spreadsheet model we looked at in this module for measuring exponential
growth of an epidemic. Predict the number of users of a new social network at a future date
assuming similar exponential growth. How many users of the new service would we expect to
have in seven and a half months?
Uf=Ub*e^(r*t) = A5*EXP((A6*A7))=1200*EXP((0.35*7.5)= 16565
8. A bank savings account that pays an interest rate based on the balance at the end of each
month is an example of
- Arithmetic growth
- None of these
- Proportionate of geometric growth
- Exponential growth or decay
- Constant growth
9. Write the formula in cell C13 that shows an exponential forecast for next year based on the
past 10 years data.
10. Below is a regression analysis report that compared the clarity rating of diamonds for sale
on the Singapore diamond exchange to the price each diamond brought.
What percent of changes in price is due to the changes in quality? Express your answer as a
decimal with two decimal places, for example 50%=0.50 [Show Less]