Probability

· Calculate probabilities and joint probabilities on the events of driving to work everyday for 10 days. · Identify the meaning of independent and dependent of this event · Understand the basic logic of probability theory Monday 30 minutes Tuesday 35 minutes Wednesday 30 minutes Thursday 25 minutes Friday 35 minutes Monday 35 minutes Tuesday 25 minutes Wednesday 30 minutes Thursday 30 minutes Friday 35 minutes

Frequency Distributions

Why is it important to be familiar with frequency distributions in the business world? Give examples by using a distribution chart from a set of data.

Sampling

Describe the process of selecting and evaluating a sample. Why is sampling important to business? Are there situations in business where sampling would not be effective?

Regression Analysis

Why is it important for you to study regression analysis in a business course? Are there situations in business where you will need to use regression analysis? Understand the limitations of the linear regression method.

What kind of correlation do you expect to find? What is the direction of causality in this relationship? What method is best for testing the relationship between the dependent and independent variables: ANOVA or regression? Discuss the significance and interpretation of the equation and discuss the graph.

Look at the data below for the income levels and prices paid for cars for ten people: Annual Income Level Amount Spent on Car 38,000 10,000 40,000 14,000 117,000 37,000 17,000 2,500 23,000 6,000 79,000 18,000 33,000 4,000 66,000 5,000 15,000 1,000 52,000 5,000 Answer the following questions: A. What kind of correlation do you expect to find between annual income and amount spent on car? Will it be positive or negative? Will it be a strong relationship? Base your answer on your personal guess as well as by looking through the data. B. What is the direction of causality in this relationship - i.e. does having a more expen... click for more