Q:2-The probability of obtaining a test statistic value at least as extreme as the observed test statistic (computed from the sample) under the assumption that the null hypothesis is true, is called the:
Mark one answer:
P-value
Level of significance
Type I error
Level of confidence
Type II error
Q:3-A Lean Six Sigma team is comparing a new treatment to the existing process and would like to be 95% confident in the conclusion. What is the risk, or significance level threshold for the decision-making process?
Mark one answer:
0.025
0.95
0.05
Unknown from the data provided.
Q:4-A public poll on the perception of business ethics asked consumers and CEOs whether they considered 'insider trading' a management practice that is 'always wrong'. A two proportions test was performed on the data, to see if the views of consumers differed from those of CEOs on this issue. The p-value of the test was computed to be 0.06. Is this enough evidence to declare a significant difference between consumers and CEOs on this issue, at a 10% significance level?
Mark one answer:
Yes. The data do provide enough evidence at the 10% level to conclude that the proportion of consumers that consider insider trading to be always wrong is the same as the proportion of CEOs that do.
No. There isn't enough evidence to suggest that one group differs from the other on this issue.
Yes. The data do provide enough evidence at the 10% level to conclude that the proportion of consumers that consider insider trading always wrong is significantly different from the proportion of CEOs that do.
There isn't enough data supplied in this question to make any conclusions.
Q:5-Which is the correct set of assumptions needed for comparing 3 or more means?
Mark one answer:
Independent observations and Normality
Equal variances, Independent observations, and Normality
Independent observations, Large sample sizes, and Normality
Dependent observations and Equal variances
Equal variances and Large sample sizes