CBE Business Statistics and Data Analysis Flashcards
6 cards from real CBE practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 CBE Business Statistics and Data Analysis flashcards as text
In regression analysis, the R-squared (R²) statistic measures:
Answer: The proportion of variance in the dependent variable explained by the independent variable(s)
R² ranges from 0 to 1 and indicates how well the regression model fits the data by showing the share of variance in the outcome explained by the predictors.
A Type I error in hypothesis testing occurs when:
Answer: A true null hypothesis is incorrectly rejected
A Type I error (false positive) is the mistake of rejecting the null hypothesis when it is actually true, with its probability equal to the significance level α.
Which measure of central tendency is most affected by extreme outliers in a dataset?
Answer: Mean
The mean is calculated using all values in the dataset, so extreme outliers pull it significantly away from the center of the distribution.
In time series analysis, autocorrelation refers to:
Answer: The correlation of a variable with its own past values
Autocorrelation (serial correlation) measures the degree to which a time series is correlated with lagged versions of itself, violating OLS regression assumptions.
The standard error of the mean (SEM) decreases as:
Answer: Sample size increases
SEM equals the population standard deviation divided by the square root of sample size, so larger samples produce more precise estimates of the population mean.
A 95% confidence interval for a population parameter means:
Answer: If repeated samples were taken, 95% of such intervals would contain the true parameter
A 95% CI is a frequentist concept meaning that the construction procedure produces intervals containing the true parameter 95% of the time across repeated sampling.