PASS ACTIVITIES

Facilitator: Susan Ren

Unit of Study: QBUS5001 Quantitative Methods for Business

Year: 2018 Semester: 1 Week: 5

References: QBUS5001 Week 4 Lecture Slides; Previous PASS Agendas

Disclaimer: Please don't take PASS materials to your lecturer/tutor! “What happens in PASS stays in PASS…”

PROPOSED AGENDA LEARNING OUTCOMES

1. < Distinguishing parameters and estimators >

1. Key Concepts from Week 4 (25 mins)
2. < Understanding the Central Limit Theorem >

2. Practical Questions (25 mins) 3. < Understanding the sampling distribution of

the sample mean and sample proportion >

3. Closing (5 mins) 4. < Applying those concepts to practical

examples >
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_________________________________________________________________________________________________
Key Concepts from Week 4 (25 mins)
(1) Match the concepts with the right symbols:

Population size S

Sample size N

Population mean n

Sample mean μ

Population standard deviation ̅

𝑿

Sample standard deviation σ

(2) State the Central Limit Theorem (CLT):

Let X1, X2, ..., Xn be a _________________ of size _____ from _________ distribution with a __________
______________________ and a ___________________________________.
If n is large (n >______), the distribution of the __________________ can be approximated by:
̅~
𝑿

DISCLAIMER: PASS materials (e.g., activities/ questions/practice quizzes) have been developed by the PASS team using a range of
resources. Unlike lecture and tutorial materials, the content has not been developed in collaboration with lecturers and it does not have
the status of “formal course content”. Rather, it is based on common questions from students and your facilitator’s experiences. PASS
materials are only intended for PASS sessions and are not to be taken to lecturers or tutors. PASS material is not necessarily representative of
assessable/examinable content but does provide opportunities to deepen and apply your learning in specific unit of studies. For specific
advice on examinable content ALWAYS consult with your lecturers. The PASS team do not know what is on exams and cannot comment
on assessable materials at any time. It is not ethical for PASS facilitators to share their knowledge of the exams they have sat in the past, to
advantage PASS participants against people who do not come to PASS. The PASS management team have instructed PASS facilitators
not to provide such information at anytime.
And the Standardised random variable is:

Z= ~

(3) Sampling distribution of the sample proportion:

Under what conditions can we use the normal distribution to approximate the binomial distribution,
which can be written as ?

Therefore, by applying ______________, the sampling distribution of 𝑝̂ can be approximated by:

And the Standardised random variable is approximately:

Z= ~

_______________________________________________________________________________________________
Practical Questions (25 mins)

(1) Jack likes Italian food, but he doesn’t like to spend too much time waiting for his dish. He read
about a very efficient Italian restaurant, where customers only spend 3 minutes on average waiting
for food, with a standard deviation of 2 minutes (this information is claimed by a statistical expert,
based on population). So Jack ate lunch there for a whole month (31 times). Think about the
average waiting time of these 31 times, what is the probability that the average waiting time is less
than 2.5 minutes?

DISCLAIMER: PASS materials (e.g., activities/ questions/practice quizzes) have been developed by the PASS team using a range of
resources. Unlike lecture and tutorial materials, the content has not been developed in collaboration with lecturers and it does not have
the status of “formal course content”. Rather, it is based on common questions from students and your facilitator’s experiences. PASS
materials are only intended for PASS sessions and are not to be taken to lecturers or tutors. PASS material is not necessarily representative of
assessable/examinable content but does provide opportunities to deepen and apply your learning in specific unit of studies. For specific
advice on examinable content ALWAYS consult with your lecturers. The PASS team do not know what is on exams and cannot comment
on assessable materials at any time. It is not ethical for PASS facilitators to share their knowledge of the exams they have sat in the past, to
advantage PASS participants against people who do not come to PASS. The PASS management team have instructed PASS facilitators
not to provide such information at anytime.
*Alternatively, how would you solve this question using Excel? Write down the codes.

(2) A consulting agency claims that 80% of the corporate technology innovation projects go over
budget. If this claim is true, what is the probability that in a random sample of 350 innovation
projects, less than 75% of the projects will go over budget?

*Alternatively, how would you solve this question using Excel? Write down the codes.

________________________________________________________________________________________________

Closing (5 mins)

 Write down one thing that you learnt today. Do you still have any unresolved issues?

 Any feedback on today’s session?

 Next week: Statistical Inference II - Estimation. Please bring your lecture notes, calculator or
laptop with you if you like for some calculation exercises.
 Thank you all for coming today, and I am looking forward to seeing you again next week! 

DISCLAIMER: PASS materials (e.g., activities/ questions/practice quizzes) have been developed by the PASS team using a range of
resources. Unlike lecture and tutorial materials, the content has not been developed in collaboration with lecturers and it does not have
the status of “formal course content”. Rather, it is based on common questions from students and your facilitator’s experiences. PASS
materials are only intended for PASS sessions and are not to be taken to lecturers or tutors. PASS material is not necessarily representative of
assessable/examinable content but does provide opportunities to deepen and apply your learning in specific unit of studies. For specific
advice on examinable content ALWAYS consult with your lecturers. The PASS team do not know what is on exams and cannot comment
on assessable materials at any time. It is not ethical for PASS facilitators to share their knowledge of the exams they have sat in the past, to
advantage PASS participants against people who do not come to PASS. The PASS management team have instructed PASS facilitators
not to provide such information at anytime.
DISCLAIMER: PASS materials (e.g., activities/ questions/practice quizzes) have been developed by the PASS team using a range of
resources. Unlike lecture and tutorial materials, the content has not been developed in collaboration with lecturers and it does not have
the status of “formal course content”. Rather, it is based on common questions from students and your facilitator’s experiences. PASS
materials are only intended for PASS sessions and are not to be taken to lecturers or tutors. PASS material is not necessarily representative of
assessable/examinable content but does provide opportunities to deepen and apply your learning in specific unit of studies. For specific
advice on examinable content ALWAYS consult with your lecturers. The PASS team do not know what is on exams and cannot comment
on assessable materials at any time. It is not ethical for PASS facilitators to share their knowledge of the exams they have sat in the past, to
advantage PASS participants against people who do not come to PASS. The PASS management team have instructed PASS facilitators
not to provide such information at anytime.