Bus. Stats - Feb 27 Recording

Overview of Exam Instructions

• The exam includes a take-home portion that consists of multiple-choice and short-answer questions.

• The in-class portion must be completed on Tuesday.

• Students are required to submit the take-home exam during the in-class portion.

Exam Format

Take-Home Portion

• Starts with question 20 and includes multiple-choice questions

• Ends with short-answer questions

• Utilizes chapters 5 and 6 materials primarily

In-Class Portion

• Consists mainly of multiple-choice questions

• Related to chapters 4, 5, and 6 assignments

• Students should bring calculators

Exam Study Material

Excel Worksheets

• Essential for both sections of the exam, especially chapters 5 and 6

• Utilize provided worksheets on Canvas for calculations

• Worksheets contain information necessary for problems related to binomial, Poisson, and normal distributions

Key Chapters and Content

Chapter 5

• Reference the binomial and hypergeometric distributions

• Important to understand how to manipulate given Excel sheets for problem-solving

Chapter 6

• Focus on the normal distribution and how to calculate probabilities

• Key to understand cumulative probability formulas for exponential distribution

Key Formulas and Concepts

Binomial Distribution

• Formula for Expected Value: E(X) = n * p

• Variance Formula: Var(X) = n * p * (1 - p)

Poisson and Exponential Distributions

• Key Characteristics: Mean and variance are equal for Poisson; for exponential, the mean and standard deviation are equal.

• Mean (Expected Value) of Exponential Distribution: 1/lambda

Probability Problems

Typical Question Formats

• Students will be expected to calculate probabilities based on given statistics using the appropriate distribution formulas

• Be able to differentiate between mutually exclusive and independent events.

Example Question

• Given n = 8 and p = 0.37 in a binomial distribution scenario:

  • Calculate expected value and variance

Usage of Technology

• Students can use Excel or Google Sheets for calculations

• Caution against using external human resources for answers

Preparing for the Exam

• Complete highlighted problems from assignments on Canvas

• Review textbook examples pertaining to the take-home exam

Additional Exam Tips

• Bring necessary materials including calculators and answer sheets

• Stay organized with answer sheets and questions

• Revisit class notes and Excel worksheets before the exam

Questions and Clarifications

• Open for Q&A at the end of the review session

• Ensure copy of the take-home exam is obtained either in class or via email if watching online.