Business Analytics Exam Bank
Course Introduction
Business Analytics focuses on the systematic analysis of data to inform business decision-making. The course introduces students to key concepts such as data collection, data visualization, statistical analysis, and predictive modeling. Throughout the course, students learn how to leverage analytical tools and techniques to extract actionable insights from complex data sets, optimize business processes, and drive strategic outcomes. With practical applications and case studies, students develop skills in interpreting data, using software such as Excel and business analytics platforms, and communicating findings to stakeholders, preparing them for roles in today's data-driven business environment.
Recommended Textbook
Business Analytics Data Analysis and Decision Making 5th Edition by S. Christian Albright
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Chapter 1: Introduction to Data Analysis and Decision Making
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Sample Questions
Q1) The overall modeling process typically done in the business world always require seven steps: define the problem,collect and summarize data,develop a model,verify the model,select one or more suitable decisions,present the results to the organization,and implement the model and update it over time.
A)True
B)False
Answer: False
Q2) The decision-making process includes
A) optimization techniques for problems with no uncertainty
B) decision analysis for problems with uncertainty
C) structured sensitivity analysis
D) All of these choices
Answer: D
Q3) Data analysis includes
A) data description
B) data inference
C) the search for relationships in data
D) All of these options
Answer: D
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Chapter
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Sample Questions
Q1) The length of the box in the box plot portrays the
A) mean
B) median
C) range
D) interquartile range
E) third quartile
Answer: D
Q2) A variable is classified as ordinal if
A) there is a natural ordering of categories
B) there is no natural ordering of categories
C) the data arise from continuous measurements
D) we track the variable through a period of time
Answer: A
Q3) Cross-sectional data are data on a population at a distinct point in time,whereas time series data are data collected over time.
A)True
B)False
Answer: True
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Chapter 3: Finding Relationships Among Variables
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Sample Questions
Q1) We can infer that there is a strong relationship between two numerical variables when
A) the points on a scatterplot cluster tightly around an upward sloping straight line
B) the points on a scatterplot cluster tightly around a downward sloping straight line
C) either of these options
D) neither of these options
Answer: C
Q2) We are usually on the lookout for large correlations near
A) +1
B) -1
C) Either of these options
D) Neither of these options
Answer: C
Q3) The scatterplot is a graphical technique used to make apparent the relationship between two numerical variables.
A)True
B)False
Answer: True
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Chapter 4: Probability and Probability Distributions
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Sample Questions
Q1) The probability of an event and the probability of its complement always sum to A) 1
B) 0
C) any value between 0 and 1
D) any positive value
Q2) If events A and B are mutually exclusive,then the probability of both events occurring simultaneously is equal to
A) 0.0
B) 0.5
C) 1.0
D) any value between 0.5 and 1.0
Q3) There are two types of random variables,they are A) discrete and continuous
B) exhaustive and mutually exclusive
C) complementary and cumulative
D) real and unreal
Q4) Given that events A and B are independent and that P(A)= 0.8 and P(B/A)= 0.4,then P(A and B)= 0.32.
A)True
B)False
Page 6
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Chapter 5: Normal, Binomial, Poisson, and Exponential
Distributions
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Sample Questions
Q1) The Poisson probability distribution is one of the most commonly used continuous probability distributions.
A)True
B)False
Q2) Which probability distribution applies to the number of events occurring within a specified period of time or space
A) Binomial distribution
B) Poisson distribution
C) Any discrete probability distribution
D) Any continuous probability distribution
Q3) If the mean of an exponential distribution is 2,then the value of the parameter \(\lambda\) Is
A) 4
B) 2
C) 1
D) 0.5
Q4) The variance of a binomial distribution for which n = 50 and p = 0.20 is 8.0.
A)True B)False
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Chapter 6: Decision Making Under Uncertainty
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Sample Questions
Q1) When you use the expected monetary value (EMV)criterion,you are not using all of the information that is shown in the risk profiles of alternatives,since you are only comparing the means.
A)True
B)False
Q2) If all monetary values in a decision problem are costs,then it is customary to list them as __________ values in a cost table.
A) positive
B) negative
C) either positive or negative
D) All of these options
Q3) In the nomenclature of Bayes' Rule,which of the following are probabilities that are conditioned on information that is obtained?
A) Prior probabilities
B) Posterior probabilities
C) Marginal probabilities
D) Objective probabilities
E) Subjective probabilities
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Chapter 7: Sampling and Sampling Distributions
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Sample Questions
Q1) A sample of size 20 is selected at random from a population of size N.If the finite population correction factor is 0.9418,then N must be 169.
A)True
B)False
Q2) The approximate standard error of the sample mean is calculated as: A)
\(\sigma I \sqrt { n }\)
B)
\(s I \sqrt { n }\)
C)
\(2 \sigma/ \sqrt { n }\)
D)
\(2 s / \sqrt { n }\)
Q3) The finite population correction factor, \(\sqrt { \frac { N - n } { N - 1 } }\) ,should generally be used when:
A) N is any finite size
B) n is less than 5% of the population size N
C) n is greater than 5% of the population size N
D) n is any finite size
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Chapter 8: Confidence Interval Estimation
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Sample Questions
Q1) For a given confidence level,the procedure for controlling interval length usually begins with the specification of
A) the point estimate
B) the population standard deviation,s
C) the sample standard deviation,s
D) the interval half-length,B
Q2) Samples of exam scores for employees before and after a training class would be examples of paired data
A)True
B)False
Q3) In developing confidence interval for the difference between two population means using two independent samples,we use the pooled estimate \(s _ { p }\) in estimating the standard error of the sampling distribution of the sample mean difference \(\bar { x } _ { 1 } - \bar { x } _ { 2 }\) if the populations are normal with equal variances.
A)True
B)False
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Chapter 9: Hypothesis Testing
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Sample Questions
Q1) Lilliefors test for normality compare two cumulative distribution functions (cdf's): the cdf from a normal distribution and the cdf corresponding to the given data (called the empirical cdf).
A)True
B)False
Q2) An alternative hypothesis can have the signs >,<,or .
A)True
B)False
Q3) The alternative hypothesis is also known as the:
A) elective hypothesis
B) optional hypothesis
C) research hypothesis
D) null hypothesis
Q4) In testing the difference between two population means using two independent samples,we use the pooled variance in estimating the standard error of the sampling distribution of the sample mean difference \(X _ { 1 } - X _ { 2 }\) if the populations are normal with equal variances.
A)True
B)False
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Chapter 10: Regression Analysis: Estimating Relationships
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Sample Questions
Q1) An interaction variable is the product of an explanatory variable and the dependent variable.
A)True
B)False
Q2) A logarithmic transformation of the response variable Y is often useful when the distribution of Y is symmetric.
A)True
B)False
Q3) Regression analysis asks:
A) if there are differences between distinct populations
B) if the sample is representative of the population
C) how a single variable depends on other relevant variables
D) how several variables depend on each other
Q4) The percentage of variation explained \(R ^ { 2 }\) is the square of the correlation between the observed Y values and the fitted Y values.
A)True
B)False
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Chapter 11: Regression Analysis: Statistical Inference
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Sample Questions
Q1) Which of the following is the relevant sampling distribution for regression coefficients?
A) Normal distribution
B) t-distribution with n-1 degrees of freedom
C) t-distribution with n-1-k degrees of freedom
D) F-distribution with n-1-k degrees of freedom
Q2) The value of the sum of squares due to regression,SSR,can never be larger than the value of the sum of squares total,SST.
A)True
B)False
Q3) Heteroscedasticity means that the variability of Y values is larger for some X values than for others.
A)True
B)False
Q4) The term autocorrelation refers to:
A) analyzed data refers to itself
B) sample is related too closely to the population
C) data are in a loop (values repeat themselves)
D) time series variables are usually related to their own past values
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Chapter 12: Time Series Analysis and Forecasting
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Sample Questions
Q1) The seasonal component of a time series is harder to predict than the cyclic component;the reason is that cyclic variation is much more regular.
A)True
B)False
Q2) A moving average is the average of the observations in the past few periods,where the number of terms in the average is the span.
A)True
B)False
Q3) Extrapolation methods attempt to:
A) use non-quantitative methods to predict future values
B) search for patterns in the data and then use those to predict future values
C) find variables that are correlated with the data being predicted
D) predict the next period's value by using the latest period's value
Q4) Correlogram is a bar chart of autocorrelation at different lags.
A)True
B)False
Q5) If a random series has too few runs,then it is zigzagging too often.
A)True
B)False
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Chapter 13: Introduction to Optimization Modeling
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Sample Questions
Q1) The term nonnegativity refers to the condition where:
A) the objective function cannot be less than zero
B) the decision variables cannot be less than zero
C) the right hand side of the constraints cannot be greater than zero
D) the reduced cost cannot be less than zero
Q2) In linear programming we can use the shadow price to calculate increases or decreases in:
A) binding constraints
B) nonbinding constraints
C) values of the decision variables
D) the value of the objective function
Q3) In some cases,a linear programming problem can be formulated such that the objective can become infinitely large (for a maximization problem)or infinitely small (for a minimization problem).This type of problem is said to be:
A) infeasible
B) inconsistent
C) unbounded
D) redundant
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Chapter 14: Optimization Models
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Sample Questions
Q1) In formulating a transportation problem as linear programming model,which of the following statements are correct?
A) There is one constraint for each supply location
B) There is one constraint for each demand location
C) The sum of decision variables out of a supply location is constrained by the supply at that location
D) The sum of decision variables out of all supply locations to a specific demand location is constrained by the demand at that location
E) All of these options
Q2) In blending problems,if a quality constraint involves a quotient,then the problem will be nonlinear.
A)True
B)False
Q3) Multiple optimal solutions are quite common in linear programming models.
A)True
B)False
Q4) A global optimal solution is not necessarily the best solution overall.
A)True
B)False
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Chapter 15: Introduction to Simulation Modeling
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Sample Questions
Q1) When you try to find the most appropriate input probability distribution in a simulation model,you first have to choose the most appropriate family,and then you have to select the most appropriate member of that family
A)True
B)False
Q2) Simulation models are particularly useful for:
A) forecasting.
B) obtaining deterministic outputs.
C) evaluating constraints.
D) asking what-if questions.
Q3) The flaw of averages is the reason deterministic models can be very misleading.
A)True
B)False
Q4) Different random numbers generated by the computer are probabilistically dependent.This implies that when we generate a random number in a particular cell,it has some effect on the values of any other random numbers generated in the spreadsheet.
A)True
B)False
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Chapter 16: Simulation Models
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Sample Questions
Q1) In warranty cost models,the key input random variable is product lifetime.
A)True
B)False
Q2) The amount of variability of a financial output caused by different inputs can be investigated using:
A) the NPV function
B) a histogram of the NPV
C) a tornado chart of NPV
D) the value at risk (VAR)
E) All of these options
Q3) Given your answers to Questions 51 through 55,would you invest in this project? Suppose that GM earns a $4000 profit each time a person buys a car.We want to determine how the expected profit earned from a customer depends on the quality of GM's cars.The customer is assumed to buy a new car every five years,for a total of 10 cars through her lifetime.The customer will keep buying GM cars so long as they are satisfied with them.The probability that the customer will be satisfied with her GM car is 80%.If she is not satisfied with her GM car,she will buy another brand (we'll call all other brands cumulatively "Toyota").The probability that she is satisfied with "Toyota" is 85%.
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Chapter 17: Data Mining
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Sample Questions
Q1) Segmentation is also known as clustering,and involves trying to group entities into similar clusters.
A)True
B)False
Q2) Clustering is considered a supervised data mining technique.
A)True
B)False
Q3) Mya is investigating the factors that impact soda consumption.She examines a host of variables that help explain the amount consumed.Which type of data mining methodology is she most likely to use?
A) Market basket analysis
B) Prediction
C) Classification analysis
D) Forecasting
Q4) In a facts table,a supermarket database is likely to have which item listed in rows?
A) The number of units sold
B) Revenue generated from a particular unit
C) The department in which the unit was purchased
D) The individual items purchased
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Chapter 18: Importing Data Into Excel
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Sample Questions
Q1) Real-world datasets usually do not require any cleansing because they do not contain missing data or typographical errors.
A)True
B)False
Q2) Text file extensions end with:
A) *·.prn,*·txt *·xls
B) *·prn,*·txt *·csv
C) *·prn,*·txt *·doc
D) *·prn,*·txt *·jpg
Q3) Text files are also known as:
A) Excel spreadsheets
B) Excel workbooks
C) ASCII files
D) Notepad files
Q4) ASCII files are text files that can be opened and read in a text editor such as Notepad.
A)True
B)False
Q5) If you had imported the data using 'fixed width,' how would the output have changed?
20
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Chapter 19: Analysis of Variance and Experimental Design
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Sample Questions
Q1) Mook Corp.has utilized three different types of training for its employees.The company would like to determine whether or not there are differences in the effectiveness (in terms of worker productivity)across the training programs.What is the alternate hypothesis for the ANOVA test in the accompanying figure?
Q2) Contrast is the unavoidable confusion of some effects with others in an incomplete experimental design.
A)True
B)False
Q3) In a designed experiment,researchers control for various factors such as age,gender,or socioeconomic status.
A)True
B)False
Q4) Priti is wondering whether time of day impacts worker productivity.She randomly chooses 25 workers from each of the three shifts her company runs.The design of this study is A) even B) balanced
C) unbalanced
D) observational
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Chapter 20: Statistical Process Control
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Sample
Questions
Q1) Morgan decided the out-of-control behavior she observed might be due to the fact that she was using an extremely small sample.Therefore,she quadruples her sample size,and the sample is now much larger than even her original sample.Unfortunately,she forgets to adjust the upper and lower limits again to reflect the much larger sample size.What is likely to occur as she manually plots observations on the chart?
Q2) Taveen,the production manager at Wire Express,has noticed that one of his machines seems to stall out briefly toward the end of a run.He is wondering whether this stalling is affecting the width of the wire product.He creates several control charts and notices about 11 consecutive points above the centerline and three points beyond two standard deviations from the centerline.How should Taveen react?
Q3) The two basic types of control charts are control charts for factors and control charts for treatments.
A)True
B)False
Q4) Morgan is now using a smaller sample size,but she has forgotten to adjust the upper and lower limits to reflect the smaller sample size.What is likely to occur as she manually plots observations on the chart?
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