Stratified sampling is beneficial when the population consists of easily identifiable groups with different characteristics.

According to the Central Limit Theorem, what is the standard deviation of the sampling distribution of the sample mean?

The Central Limit Theorem applies only when the population distribution is normal.

What is the key to effective cluster sampling?

For Exponential Smoothing, if the initial forecast for month 1 is 270, and the smoothing constant (α) is 0.2, and the actual demands for the first two months are 270 and 241 respectively, what is the forecast for month 3?

A Bar chart is a good representation when both variables are numerical.

Using the exponential smoothing method with a smoothing coefficient (alpha) of 0.3, calculate the forecast for the month of July if the actual demand in the month of June was 200 and the forecast for June was 190.

You are using an ARIMA model to forecast daily sales data. You set p=2, d=1, and q=2. How many past observations and errors does the model use to make a forecast?

Based on the syllabus, Exam 1 will take place on , you can start it anytime between a.m. (central time) and p.m. (central time) and once started you’ll have minutes to complete it.

A random sample of auto insurance claims in New York State (NYS) were studied and a count of the number of glass claims (to repair a window/windshield) was recorded. The 90% confidence interval for the population proportion of NYS auto insurance claims that are glass claims is (0.28, 0.34).A. Provide a sentence of interpretation for the confidence interval given above. B. State the point estimate for the confidence interval. C. State the margin of error for the confidence interval. D. An insurance company stated: ‘A majority of NYS auto insurance claims are not glass claims’. Does the CI support this with 90% confidence? Explain. E. What is the Z-score used in the calculation of the 90% confidence interval? E. Researchers are interested in planning a new study that hopes to estimate the true proportion of NYS auto claims that are glass claims within 2.5 percentage points. What sample size should be collected in order to accomplish this at 95% confidence while using the point estimate from the study above?