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.