Table of contents

1. Introduction to Statistics53m

Intro to Stats
22m

Intro to Collecting Data
8m

Sampling Methods
23m

2. Describing Data with Tables and Graphs2h 1m

Visualizing Qualitative vs. Quantitative Data
4m

Frequency Distributions
35m

Histograms
7m

Histograms w/ Graphing Calculator
13m

Bar Graphs and Pareto Charts
11m

Pie Charts
9m

Frequency Polygons
10m

Dot Plots
6m

Stemplots (Stem-and-Leaf Plots)
13m

Time-Series Graph
9m

3. Describing Data Numerically2h 8m

Mean
9m

Median
20m

Mode
7m

Standard Deviation
16m

Interpreting Standard Deviation
20m

Percentiles & Quartiles
14m

5-Number Summary Using a TI-84
10m

Boxplots
8m

Descriptive Statistics-Excel
11m

Boxplots-Excel
8m

4. Probability2h 26m

Basic Concepts of Probability
7m

Complements
6m

Addition Rule
17m

Multiplication Rule: Independent Events
11m

Introduction to Contingency Tables
17m

Multiplication Rule: Dependent Events
21m

Bayes' Theorem
13m

Fundamental Counting Principle
8m

Counting
41m

5. Binomial Distribution & Discrete Random Variables3h 28m

Discrete Random Variables
38m

Binomial Distribution
1h 17m

Finding Binomial Probabilities-Excel
17m

Poisson Distribution
45m

Finding Poisson Probabilities-Excel
15m

Hypergeometric Distribution
14m

6. Normal Distribution & Continuous Random Variables2h 21m

Uniform Distribution
19m

Standard Normal Distribution
39m

Probabilities & Z-Scores w/ Graphing Calculator
19m

Non-Standard Normal Distribution
30m

Finding Probabilities, Z Values, and X Values with the Normal Distribution-Excel
32m

7. Sampling Distributions & Confidence Intervals: Mean3h 37m

Sampling Distribution of the Sample Mean and Central Limit Theorem
19m

Distribution of Sample Mean - Excel
23m

Introduction to Confidence Intervals
22m

Confidence Intervals for Population Mean
1h 26m

Determining the Minimum Sample Size Required
12m

Finding Probabilities and T Critical Values - Excel
28m

Confidence Intervals for Population Means - Excel
25m

8. Sampling Distributions & Confidence Intervals: Proportion1h 33m

Sampling Distribution of Sample Proportion
35m

Confidence Intervals for Population Proportion
45m

Confidence Intervals for Population Proportion - Excel
12m

9. Hypothesis Testing for One Sample3h 32m

Steps in Hypothesis Testing
1h 8m

Performing Hypothesis Tests: Means
46m

Hypothesis Testing: Means - Excel
42m

Performing Hypothesis Tests: Proportions
28m

Hypothesis Testing: Proportions - Excel
27m

10. Hypothesis Testing for Two Samples4h 49m

Two Proportions
1h 12m

Two Proportions Hypothesis Test - Excel
28m

Two Means - Unknown, Unequal Variance
1h 2m

Two Means - Unknown Variances Hypothesis Test - Excel
12m

Two Means - Unknown, Equal Variance
15m

Two Means - Unknown, Equal Variances Hypothesis Test - Excel
9m

Two Means - Known Variance
12m

Two Means - Sigma Known Hypothesis Test - Excel
21m

Two Means - Matched Pairs (Dependent Samples)
42m

Matched Pairs Hypothesis Test - Excel
12m

11. Correlation1h 24m

Scatterplots & Intro to Correlation
26m

Correlation Coefficient
21m

Creating Scatterplots and FInding Correlation Coefficient - Excel
6m

Hypothesis Tests for Correlation Coefficient Using TI-85
17m

Inferences for the Correlation Coefficient - Excel
11m

12. Regression1h 59m

Linear Regression & Least Squares Method
26m

Residuals
12m

Coefficient of Determination
12m

Inferences for Slope
32m

Prediction Intervals
13m

Quadratic Regression
23m

13. Chi-Square Tests & Goodness of Fit2h 31m

Goodness of Fit Test
50m

Goodness of FIt Test Using TI-84
18m

Goodness of Fit Test - Excel
10m

Contingency Tables
13m

Independence Tests
14m

Homogeneity Tests
11m

Using Matrices on a TI-84
6m

Independence Test Using TI-84
12m

Independence Tests - Excel
13m

14. ANOVA2h 1m

Introduction to ANOVA
34m

Multiple Comparisons: Tukey Test
14m

Multiple Comparisons: Tukey-Kramer Test
15m

Multiple Comparisons: Bonferoni Test
24m

Two-Way ANOVA
32m

1. Introduction to Statistics

Intro to Stats

Statistics for Business

1. Introduction to Statistics

Intro to Stats

Previous problemNext problem

Struggling with Statistics for Business?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

A “routine buy” on the strategic sourcing matrix has which of the following characteristics?

High value and low supply risk

Low value and low supply risk

Low value and high supply risk

High value and high supply risk

Previous problemNext problem

Verified step by step guidance

Understand the strategic sourcing matrix: It is a tool used in procurement and supply chain management to categorize purchases based on their value and supply risk.

Define the characteristics of a 'routine buy': A routine buy typically involves items that are of low value and have low supply risk. These are standard purchases that do not require extensive management or strategic planning.

Analyze the options provided: Evaluate each option based on the definitions of value and supply risk. For example, high value and low supply risk would not fit the definition of a routine buy because routine buys are low value.

Match the correct characteristics: Identify the option that aligns with the definition of a routine buy, which is low value and low supply risk.

Conclude the reasoning: Confirm that the correct answer is 'Low value and low supply risk,' as this matches the characteristics of a routine buy in the strategic sourcing matrix.