GMAT Scores
a Recent College Graduate Is in the Process

question 50

Essay

GMAT Scores
A recent college graduate is in the process of deciding which one of three graduate schools he should apply to.He decides to judge the quality of the schools on the basis of the Graduate Management Admission Test (GMAT)scores of those who are accepted into the school.A random sample of six students in each school produced the following GMAT scores.Assume that the data are normally distributed with equal variances for each school.
$$\begin{array}{l}\text { GMAT SEons }\\\begin{array} { c c c } \hline \text { School 1 } & \text { School 2 } & \text { School 3 } \\\hline 650 & 105 & 590 \\620 & 550 & 510 \\630 & 700 & 520 \\580 & 630 & 500 \\710 & 600 & 490 \\690 & 650 & 530 \\\hline\end{array}\end{array}$$
-{GMAT Scores Narrative} Set up the ANOVA Table.Use $\alpha$ = 0.05 to determine the critical value.

Appreciate the value of validations and learning from prototypes and minimum viable products.

Understand the role of storyboarding and sketches in visualizing and communicating business plans and concepts.

Recognize the importance of feedback and data analysis in refining business ideas.

Acknowledge the benefits of experimentation in the entrepreneurial process.

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Definitions:

Trading Investments

Assets held by a firm for the purpose of selling them in the short term to generate profit from price fluctuations.

Unrealized Gain

The increase in value of an asset that has not been sold, and thus the profit has not been realized as the asset remains part of the portfolio.

Income Statement

A report that outlines a company's financial activities, including earnings, expenses, and net profit or loss, during a particular accounting timeframe.

Fair Value

The estimated market value of an asset or liability, based on current prices in an open and competitive market.