Statistics for Decision Making Final Spring 2026 Question Paper

4. a) b) C) Faculty of Business and Entrepreneurship Semester Final Examination, Summer 2026 Course Code: 0542-213, Course Title: Statistics for Decision Making Time: 02:00 Hours Section: 68A-68D; Teacher's initial: UFU, Kowbi Marks: 40 a) [Answer all the following questions. The figures in the right margin indicate the full marks and corresponding course outcomes Define Type-l error and Type-ll error. b) Demonstrate Multiple Linear Regression model with an example. (CLO 1L D) Marks: 2 (CLO 2, L 2) Marks: 3 (CLO3, L 3) Marks 5 b) A picnic committee is to be formed with 80 students of 2d year and 120 students of 1* year. Out of them, 45 students of 1" year are male and 28 students of 2 year are female. Develop a contingency table based on the above scenario il) If, a student is selected randomly, Identify the probability of - a) The student is from 2id year, b) The student is from 1" year and female, c) The student is male given that he is from 1" year Probability that a patient recovers from a liver disease is 0.4. if 5 people are known to have (CLO 3, L 3) this disease, Identify the probability that, Marks: 5 l) Exactly 4 people will be recovered il) At most 1 will be recovered iil) find the mean and variance of the distribution. A business Firm has the following data of the salary of 6 employees and their years of experience as follows: Salary (*000) Years of experience 24 4 43 7 47 6 51 35 5 38 5 Develop an estimated regression model and interpret the values of regression coefficients. Predict the salary of employees who have 10 years of experience. (CLO 3, L 3) Marks: 6 (CLO 3, L 3) b) Marks: 2 Utilize the formula of "Correlation Coefficient' and comment on your findings. (CLO 3, L 3) Marks: 4 The monthly salaries of employees in a company are approximately normally distributed (CLO 3, L 3) with a mean of Tk. 35,000 and a standard deviation of Tk. 8,000. Identify the probability Marks: 5 that a randomly selected employee will get - i) salary more than 50,000? i) salary between 40,000 to 55,000? A publisher finds an average of 6 printing mistakes in a book. Identify the probability of a randomly selected book containing at least 2 printing mistakes? Suppose, a researcher wants to check if the average test score of 35 students of 68"-batch is (CLO 3,L3) Marks: 3 (CLO 4, L 4) Marks: 5 notably different from the overall mean test score of 75 with population variance is 52. The score of 35 students was collected and the mean test score was found 78.5. inspect if we find enough evidence to support this claim at a significance level of 0.05?