STAT 2002 Business Statistics Final Exam (Qns & Ans) 2026

STAT 2002 Business Statistics Final Exam (Qns & Ans) 2026

1. Which of the following methods is used to measure the
strength of relationship between two quantitative variables?
 - A) ANOVA
 - B) Correlation
 - C) Regression
 - D) Chi-square
 - Correct ANS: B) Correlation
 Rationale: Correlation assesses the strength and direction of a
linear relationship between two quantitative variables.
2. What does the p-value in hypothesis testing signify?
 - A) Probability of a type I error
 - B) The effect size
 - C) The probability of observing the data, assuming the null
hypothesis is true
 - D) The power of the test
 - Correct ANS: C) The probability of observing the data,
assuming the null hypothesis is true
 Rationale: The p-value measures the evidence against the
null hypothesis; a lower p-value indicates stronger evidence.

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