Business Analytics
Exam Questions
Course Introduction
Business Analytics is a course that introduces students to the principles, methodologies, and tools used to analyze data and make informed business decisions. The course covers topics such as data collection, data visualization, statistical analysis, predictive modeling, and data-driven decision making. Students will learn how to apply analytical techniques to solve real-world business problems, interpret results, and effectively communicate insights to stakeholders. Emphasis is placed on using software tools and case studies to give students hands-on experience with data analysis in various business contexts.
Recommended Textbook
Business Statistics A Decision Making Approach 8th Edition by David F. Groebner
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19 Chapters
2260 Verified Questions
2260 Flashcards
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Page 2
Chapter 1: The Where, why, and How of Data Collection
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167 Verified Questions
167 Flashcards
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Sample Questions
Q1) A college data base includes the number of people who are enrolled in each class the college offers.This is an example of:
A)nominal data.
B)ordinal data.
C)interval data.
D)ratio data.
Answer: D
Q2) Weekly stock closing prices for IBM would be classified as which of the following?
A)Cross-sectional data
B)Time-series data
C)Nominal data
D)Ordinal data
Answer: B
Q3) A common underpinning of all statistical sampling techniques is the concept of random selection.
A)True
B)False
Answer: True
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Chapter 2: Graphs,charts and Tablesdescribing Your Data
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138 Flashcards
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Sample Questions
Q1) An ogive is a graph of a joint frequency distribution.
A)True
B)False
Answer: False
Q2) The undergraduate students at your university are classified as freshmen,sophomores,juniors,or seniors.A recent study of undergraduates asked the students to indicate the number of credits they were registered for this term.The responses were 3,6,9,12,15,and 18.The number of cells in a joint frequency distribution for the two variables,class standing,and credit hours is:
A)4.
B)10.
C)24.
D)None of the above.
Answer: C
Q3) A histogram can be constructed for data that are either quantitative or qualitative. A)True
B)False
Answer: False
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4
Chapter 3: Describing Data Using Numerical Measures
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130 Flashcards
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Sample Questions
Q1) The advantage of using the interquartile range versus the range as a measure of variation is:
A)it is easier to compute.
B)it utilizes all the data in its computation.
C)it gives a value that is closer to the true variation.
D)it is less affected by extremes in the data.
Answer: D
Q2) In drawing a box and whisker plot the length of the whiskers is 1.5(Q3-Q1).
A)True
B)False
Answer: True
Q3) One of the primary advantages of using the median as a measure of the center for a set of data is that the median is not affected by extreme values in the data. A)True
B)False
Answer: True
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Chapter 4: Using Probability and Probability Distributions
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Sample Questions
Q1) When a patient arrives at a clinic complaining of several specific symptoms,the doctor who makes the diagnosis says that he is 80 percent certain that the patient has a particular problem.It is likely that he is basing this assessment on relative frequency of occurrence.
A)True
B)False
Q2) During the past week,of the 250 customers at the Dairy Queen who ordered a Blizzard,50 ordered strawberry.This means that of the next five Blizzard customers,exactly one will order strawberry.
A)True
B)False
Q3) At gambling casinos all over the country,a popular dice game is called craps.The probability of a player winning at this game can be assessed using:
A)subjective assessment.
B)classical probability.
C)relative frequency of occurrence.
D)None of the above.
Q4) Explain what is meant by the term mutually exclusive events.Cite an example.
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Chapter 5: Discrete Probability Distributions
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Sample Questions
Q1) The Nationwide Motel Company has determined that 70 percent of all calls for motel reservations request nonsmoking rooms.Recently,the customer service manager for the company randomly selected 25 calls.Assuming that the distribution of calls requesting nonsmoking rooms is described by a binomial distribution,the probability that more than 20 customers in the sample will request nonsmoking rooms is approximately 0.09.
A)True
B)False
Q2) Many people believe that they can tell the difference between Coke and Pepsi.Other people say that the two brands can't be distinguished.To test this,a random sample of 20 adults was selected to participate in a test.After being blindfolded,each person was given a small taste of either Coke or Pepsi and asked to indicate which brand soft drink it was.If people really can't tell the difference,the probability that fewer than 6 people will guess correctly is:
A)0.0148.
B)approximately 0.02.
C)0.0307.
D)0.0514.
Q3) Explain what the expected value of a discrete random variable measures.
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Chapter 6: Introduction to Continuous Probability
Distributions
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Sample Questions
Q1) The probability distribution for a continuous random variable is represented by a probability density function that defines a curve.
A)True
B)False
Q2) A study of cars arriving at a parking structure at the local airport shows that the time between arrivals is 1.2 minutes and is exponentially distributed.The probability that more than 2 minutes will elapse between the arrivals of cars is about 0.81.
A)True
B)False
Q3) A professor noted that the grades of his students were normally distributed with a mean of 75.07 and a standard deviation of 11.65.If only 10 percent of the students received grades of A,what is the minimum score needed to receive an A?
A)80.00
B)85.00
C)90.00
D)95.00
Q4) What is the difference between a normal distribution and the standard normal distribution?
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Chapter 7: Introduction to Sampling Distributions
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Sample Questions
Q1) The Central Limit Theorem is of most use to decision makers when the population is known to be normally distributed.
A)True
B)False
Q2) The State Department of Weights and Measures is responsible for making sure that commercial weighing and measuring devices,such as scales,are accurate so customers and businesses are not cheated.Periodically,employees of the department go to businesses and test their scales.For example,a dairy bottles milk in 1-gallon containers.Suppose that if the filling process is working correctly,the mean volume of all gallon containers is 1.00 gallon with a standard deviation equal to 0.10 gallons.Based on this information,if the department employee selects a random sample of n = 9 containers,what is the probability that the mean volume for the sample will be greater than 1.01 gallons?
A)0.3821
B)0.1179
C)0.6179
D)0.2358
Q3) A larger sample size reduces the potential for large sampling error.
A)True
B)False
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Chapter 8: Estimating Single Population Parameters
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Sample Questions
Q1) An analyst for a financial investment firm recently went through the effort to determine the required sample size for estimating the mean number of transactions per year for the clients of his firm.The calculations,which were based on a 95 percent confidence level and a margin of error of ± 3,gave a required sample size of 300.Given this information,the value used for the population standard deviation must have been about 26.5 transactions.
A)True
B)False
Q2) The chamber of commerce in a beach resort town wants to estimate the proportion of visitors who are repeat visitors.From previous experience they believe the portion is in the vicinity of 0.5 and they want to estimate the proportion to within ± 0.03 percentage points with 95 percent confidence.The sample size they should use is:
A)n = 1068.
B)n = 545.
C)n = 33.
D)n = 95.
Q3) In estimating a population mean,under what conditions would the t-distribution be used?
Q4) Under what circumstances would you wish to select a pilot sample?
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Chapter 9: Introduction to Hypothesis Testing
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Sample Questions
Q1) The Gordon Beverage Company bottles soft drinks using an automatic filling machine.When the process is running properly,the mean fill is 12 ounces per can.The machine has a known standard deviation of 0.20 ounces.Each day,the company selects a random sample of 36 cans and measures the volume in each can.They then test to determine whether the filling process is working properly.The test is conducted using a 0.05 significance level.What is the critical value in ounces?
Q2) If the probability of a Type I error is set at 0.05,then the probability of a Type II error will be 0.95.
A)True
B)False
Q3) If the sample data lead the decision maker to reject the null hypothesis,the alpha level is the maximum probability of committing a Type II error.
A)True B)False
Q4) The null and alternate hypotheses must be opposites of each other.
A)True B)False
Q5) What is meant by the terms Type I and Type II statistical error?
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Chapter 10: Estimation and Hypothesis Testing for Two
Population
Parameters
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Sample Questions
Q1) Suppose a survey is taken of two groups of people where each person is asked a yes/no question and the proportion of people who answer yes is calculated for each group.Which of the following is true about a hypothesis test of the difference in the two proportions?
A)Normality can be assumed if the sample size for each population is at least 30.
B)The t-distribution should be used if the standard deviations are unknown.
C)The standard deviation must be assumed equal.
D)Normality can be assumed if,in each group,at least 5 people say yes,and at 5 people say no.
Q2) To find a confidence interval on the difference between the means of independent samples,when the variances are unknown but assumed equal,the sample sizes of the two groups must be the same.
A)True
B)False
Q3) If the sample data lead us to suspect that the variances of the two populations are not equal,the t-test statistic and the degrees of freedom must be adjusted accordingly.
A)True
B)False
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Chapter 11: Hypothesis Tests and Estimation for Population
Variances
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Sample Questions
Q1) If we are interested in performing a one-tailed,upper-tail hypothesis test about a population variance where the level of significance is .05 and the sample size is n = 20,the critical chi-square value to be used is 30.1435.
A)True
B)False
Q2) In a hypothesis test for the equality of two variances,the lower-tail critical value does not need to be found as long as the larger sample variance is placed in the denominator of the test statistic.
A)True
B)False
Q3) In a two-tailed test for the equality of two variances,the critical value is determined by going to the F-distribution table with an upper-tail area equal to alpha divided by two.
A)True B)False
Q4) The F-distribution is used to test whether two sample variances are equal.
A)True B)False
Page 13
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Chapter 12: Analysis of Variance
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Sample Questions
Q1) A study recently conducted by a marketing firm analyzed three different advertising designs and four different income levels of potential customers.At each combination of factor A and factor B,5 customers are observed and the number of products produced are recorded.The total number of degrees of freedom associated with this two-factor ANOVA design is 59.
A)True
B)False
Q2) Which of the following is the minimum number of required replications per cell for a two-factor ANOVA design if you plan to test for interactive effects between factors A and B?
A)3
B)1
C)2
D)5
Q3) What are the assumptions for a one-way analysis of variance design?
Q4) In a one-way analysis of variance design,there is a single factor of interest but there may be multiple levels of the factor.
A)True
B)False
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Chapter 13: Goodness-Of-Fit Tests and Contingency Analysis
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Sample Questions
Q1) The goodness of test is essentially determining if the test statistic is significantly larger than zero.
A)True
B)False
Q2) Explain why,in performing a goodness-of-fit test,it is sometimes necessary to combine categories.
Q3) How can the degrees of freedom be found in a contingency table with cross-classified data?
A)When df are equal to rows minus columns
B)When df are equal to rows multiplied by columns
C)When df are equal to rows minus 1 multiplied by columns minus 1
D)Total number of cell minus 1
Q4) A goodness-of-fit test can be used to determine whether a set of sample data comes from a specific hypothesized population distribution.
A)True
B)False
Q5) Explain the basic logic behind the chi-square goodness-of-fit test.
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Chapter 14: Introduction to Linear Regression and Correlation Analysis
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Sample Questions
Q1) A study was recently conducted by Major League Baseball to determine whether there is a correlation between attendance at games and the record of home team's opponent.In this study,the dependent variable would be the record of the home team's opponent.
A)True
B)False
Q2) Two variables have a correlation coefficient that is very close to zero.This means that there is no relationship between the two variables.
A)True
B)False
Q3) If it is known that a simple linear regression model explains 56 percent of the variation in the dependent variable and that the slope on the regression equation is negative,then we also know that the correlation between x and y is approximately -0.75. A)True
B)False
Q4) Explain why it is important to construct scatter plots prior to conducting regression analysis.
Q5) Explain what is meant by the term least squares regression model.
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Chapter 15: Multiple Regression Analysis and Model Building
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Sample Questions
Q1) The assumption that the errors or residuals are independent is best checked by:
A)looking at a normal probability plot of the residuals.
B)looking a scatter plot of each x versus y.
C)looking at a residual plot versus x and checking for curvature.
D)looking at a plot of the residuals versus time and checking for trends.
Q2) If one independent variable affects the relationship between a second independent variable and the dependent variable,it is said that there is interaction between the two independent variables.
A)True
B)False
Q3) Which of the following regression output values is used in computing the variance inflation factors?
A)The standard error of the estimate
B)The regression intercept value
C)The F critical value from the F distribution for the appropriate number of degrees of freedom and the appropriate level of significance
D)The R-squared value
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Chapter 16: Analyzing and Forecasting Time-Series Data
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Sample Questions
Q1) In comparing two or more forecasting models,the MAD value is useful in determining how successful the models were in fitting historical data.
A)True
B)False
Q2) Which of the following statements about the Durbin-Watson d statistic is true?
A)It can assume any value between 0 and 4.
B)It may assume any value between -4 and + 4.
C)It may assume any positive value.
D)It has a maximum value of 2.
Q3) Herb Criner,an analyst for the Folgerty Company,recently gave a report in which he stated that the annual sales forecast based on 20 years of annual sales data was done using a seasonally adjusted,trend-based forecasting technique.Given the information presented here,this statement has the potential to be credible.
A)True
B)False
Q4) The forecasting interval is the unit of time for which forecasts are made.
A)True
B)False
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Chapter 17: Introduction to Nonparametric Statistics
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Sample Questions
Q1) If you are interested in testing whether the median of a population is equal to a specific value,an appropriate test to use is:
A)the Mann-Whitney U test.
B)the t-test.
C)the Wilcoxon signed rank test.
D)the Wilcoxon Matched-Pairs Signed Rank test.
Q2) The Wilcoxon signed rank test is always a one-tail test with the rejection region in the upper tail.
A)True
B)False
Q3) In a Kruskal-Wallis test when ties occur,each observation is given the ________ for which it is tied.
A)highest rank
B)lowest rank
C)mean rank
D)median rank
Q4) The Mann-Whitney U test is always a one-tailed test.
A)True
B)False
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Chapter 18: Introduction to Quality and Statistical Process Control
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Sample Questions
Q1) Total Quality Management and Kaizen are consistent concepts.
A)True
B)False
Q2) Trend charts and statistical process control charts are both used to graph data that are measured over time.
A)True
B)False
Q3) The six most common sources of variation are people,machines,materials,methods,measurement,and environment.
A)True
B)False
Q4) Which of the following is not a type of commonly used process control chart?
A)x-bar chart
B)R-chart
C)p-chart
D)n-chart
Q5) Total quality management and the Pareto Principle are actually two terms that mean the same thing.
A)True
B)False
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Chapter 19: Introduction to Decision Analysis
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Sample Questions
Q1) The goal of decision analysis is to focus on obtaining good outcomes.
A)True
B)False
Q2) Which of the following are two different names for the same thing?
A)Expected cost of uncertainty AND expected value of perfect information
B)Expected cost of uncertainty AND expected value under uncertainty
C)Expected value under uncertainty AND expected value under certainty
D)Expected value of perfect information AND expected value under certainty
Q3) Most business decisions are made in an environment of certainty.
A)True
B)False
Q4) When a decision maker must make a decision under uncertainty,having perfect information available prior to choosing an alternative would:
A)decrease the expected value or payoff.
B)increase the expected value or payoff.
C)may increase or decrease the expected value.
D)cause all probabilities to equal zero.
Q5) The two primary decision environments are certainty and uncertainty.
A)True
B)False
21
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