LESSON OBJECTIVE
Assessment Criteria AC 2.2 Analyse the results to draw valid conclusions in a business context Below are questions pertaining to lesson 5. Please ensure to answer each question correctly. 1. List 4 Advantages of the median 2. List 4 Advantages of the Mean 3. List 4 advantages of the Mode 4. Identify Limitations of the Median 5. Identify Limitations of the Mean 6 Identify Limitations of the Mode LESSON OBJECTIVE Assessment Criteria AC 2.1 Create information for decision making by summarising data using representative values Below are questions pertaining to lesson 4. Please ensure to answer each question correctly. 1. A clothes store manager has sales data of trouser sizes for the last month's sales. Which measure of central tendency should the manager use, if the manager is interested in the most sellable size? A) mean B) median C) mode D) standard deviation E) interquartile range 2. When do the mean, median and the mode have approximately the same value? A) always B) never C) in all symmetric distributions D) only in symmetric discrete distributions E) when the standard deviation is very small 3. A market research company has collected data on the price of a particular brand of soap in several different locations. The prices are as follows: $0.89, 0.95, 1.25, 1.36, 1.49, 1.65, 1.79, 1.89, 1.99. What are the upper and lower quartiles of soap prices for this brand? A) 1.72, 1.17 B) 1.84, 1.17 C) 1.72, 1.10 D) 2.21, 0.74 E) 1.84, 1.10 4. A survey in which customers taste five different brands of ice cream, and rank their favorites from 1 to 5, would be an example of which type of scale of measurement? A) nominal B) ordinal C) interval D) ratio E) mean 5. A key difference between calculating the sample mean and the population mean is that: A) we use and n instead of µ and N. B) we divide the sum of the observations by n - 1 instead of n. C) the sample observations are ranked and the middle value is selected as the population mean. D) There are no differences. Review The Video & Write A 200 Word Summary By Focusing On What You Have Learnt. |
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November 2016
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