2CB Exam and Viva Questions

1. With appropriate examples explain the difference between data, information and knowledge.
2. Explain the points of difference between discrete and continuous variables. Use examples to
illustrate your answer.
3. What are the various types of graphical representations of data and measures of central
tendency?
4. How can the outcomes of random variables be represented? Give complete classification and
explain how can these representations be described?
5. During one holiday season, the Texas lottery played a game called the Stocking Stuffer. With
this game, total instant winnings of $34.8 million were available in 70 million $1 tickets, with
ticket prizes ranging from $1 to $1,000. Shown below are the various prizes and the probability
of winning each prize. Use these data to compute the expected value of the game, the
variance of the game and the standard deviation of the game.
Prize Probability
$1,000 .00002
100 .00063
20 .00400
10 .00601
4 .02403
2 .08877
1 .10479
0 .77176
(Ans: Expected value = 60.2 cents, standard deviation = $5.38 and variance = 28.98351
dollars2)
6. The Gallup survey discussed in the Decision Dilemma found that 65% of all financial consumers
were very satisfied with their primary financial institution. If this figure still holds true today,
suppose 40 financial consumers are sampled randomly. What is the probability that exactly
23 of the 40 are very satisfied with their primary financial institution. (Ans: .0784)
7. A bank has an average random arrival rate of 3.2 customers every 4 minutes. What is the
probability of getting exactly 10 customers during an 8-minute interval? (Ans: .0528)
8. The U.S. Environmental Protection Agency publishes figures on solid waste generation in the
United States. One year, the average number of waste generated per person per day was 3.58
pounds. Suppose the daily amount of waste generated per person is normally distributed,
with a standard deviation of 1.04 pounds. Of the daily amounts of waste generated per
person, 67.72% would be greater than what amount? (3.10 pounds)
9. What is ANOVA and when should it be used? Give two examples of situations when ANOVA
can be applied.
10. In the context of regression analysis, explain the terms dependent and independent variables
and the regression line. Explain the process of applying regression analysis.
11. A specialist in hospital administration stated that the number of FTEs (full time employees) in
a hospital can be estimated by counting the number of beds in the hospital (a common
measure of hospital size). A healthcare business researcher decided to develop a regression
model in an attempt to predict the number of FTEs of a hospital by the number of beds. She
surveyed 12 hospitals and obtained the following data. The data are represented in sequence,
according to the number of beds. (Ans: y = 30.888 + 2.232x)
No. of Beds FTEs No. of Beds FTEs
23 69 50 138
29 95 54 178
29 102 64 156
35 118 66 184
42 126 76 176
46 125 78 225