Business Analytics
Final Exam
Course Introduction
Business Analytics is the study and practice of using data, statistical analysis, and quantitative methods to inform business decision-making and drive organizational success. The course introduces students to the principles of data-driven management, including data collection, data visualization, predictive modeling, and decision analysis. Students learn to apply analytical tools and techniques such as regression analysis, forecasting, optimization, and simulation to real-world business problems in areas such as marketing, finance, operations, and strategy. Emphasis is placed on interpreting analytical results and communicating insights effectively to support evidence-based decisions in a dynamic business environment.
Recommended Textbook
Essentials of Statistics for Business and Economics 6th Edition by David R. Anderson
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13 Chapters
1749 Verified Questions
1749 Flashcards
Source URL: https://quizplus.com/study-set/3562 Page 2
Chapter 1: Data and Statistics
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104 Verified Questions
104 Flashcards
Source URL: https://quizplus.com/quiz/70723
Sample Questions
Q1) Refer to Exhibit 1-5. What percentage of households have monthly expenditure for long distance service between $40 and $100?
A)54%
B)82%
C)27%
D)41%
Answer: D
Q2) Refer to Exhibit 1-3. Years of Experience is an example of ________ data.
A)nominal
B)ordinal
C)interval
D)ratio
Answer: D
Q3) The subject of data mining deals with
A)methods for developing useful decision-making information from large data bases
B)keeping data secure so that unauthorized individuals cannot access the data
C)computational procedure for data analysis
D)computing the average for data
Answer: A
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Page 3
Chapter 2: Descriptive Statistics: Tabular and Graphical Presentations
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65 Verified Questions
65 Flashcards
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Sample Questions
Q1) A tabular method that can be used to summarize the data on two variables simultaneously is called
A)simultaneous equations
B)crosstabulation
C)a histogram
D)an ogive
Answer: B
Q2) In a cumulative percent frequency distribution, the last class will have a cumulative percent frequency equal to A)one
B)100
C)the total number of elements in the data set
D)None of these alternatives is correct.
Answer: B
Q3) The relative frequency of a class is computed by
A)dividing the midpoint of the class by the sample size
B)dividing the frequency of the class by the midpoint
C)dividing the sample size by the frequency of the class
D)dividing the frequency of the class by the sample size
Answer: D
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Chapter 3: Descriptive Statistics: Numerical Measures
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162 Verified Questions
162 Flashcards
Source URL: https://quizplus.com/quiz/70725
Sample Questions
Q1) Refer to Exhibit 3-4. The standard deviation is
A)6.969
B)7.071
C)48.570
D)50.000
Answer: B
Q2) Which of the following symbols represents the mean of the sample?
A) \(\sigma\)<sup>2</sup>
B) \(\sigma\)
C)\(\mu\)
D)\( \overline{\mathrm{x}} \)
Answer: D
Q3) Refer to Exhibit 3-1. The cumulative relative frequency for the class of 10 - 19
A)is 90
B)is .25
C)is .45
D)cannot be determined from the information given
Answer: C
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5
Chapter 4: Introduction to Probability
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146 Verified Questions
146 Flashcards
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Sample
Questions
Q1) In a recent survey in a Statistics class, it was determined that only 60% of the students attend class on Fridays. From past data it was noted that 98% of those who went to class on Fridays pass the course, while only 20% of those who did not go to class on Fridays passed the course.
a.What percentage of students is expected to pass the course?
b.Given that a person passes the course, what is the probability that he/she attended classes on Fridays?
Q2) The addition law is potentially helpful when we are interested in computing the probability of
A)independent events
B)the intersection of two events
C)the union of two events
D)conditional events
Q3) The sum of the probabilities of two complementary events is A)Zero
B)0.5
C)0.57
D)1.0
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Chapter 5: Discrete Probability Distributions
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121 Verified Questions
121 Flashcards
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Sample Questions
Q1) If you are conducting an experiment where the probability of a success is .02 and you are interested in the probability of 4 successes in 15 trials, the correct probability function to use is the
A)standard normal probability density function
B)normal probability density function
C)Poisson probability function
D)binomial probability function
Q2) A random variable that can assume only a finite number of values is referred to as a(n)
A)infinite sequence
B)finite sequence
C)discrete random variable
D)discrete probability function
Q3) A probability distribution showing the probability of x successes in n trials, where the probability of success does not change from trial to trial, is termed a
A)uniform probability distribution
B)binomial probability distribution
C)hypergeometric probability distribution
D)normal probability distribution
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Chapter 6: Continuous Probability Distributions
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165 Verified Questions
165 Flashcards
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Sample Questions
Q1) Refer to Exhibit 6-8. What is the probability that a randomly selected tire will have a life of at least 30,000 miles?
A)0.4772
B)0.9772
C)0.0228
D)0.5000
Q2) The driving time for an individual from his home to his work is uniformly distributed between 300 to 480 seconds.
a.Determine the probability density function.
b.Compute the probability that the driving time will be less than or equal to 435 seconds.
c.Determine the expected driving time.
d.Compute the variance.
e. Compute the standard deviation.
Q3) In a normal distribution, it is known that 27.34% of all the items are included from 100 up to the mean, and another 45.99% of all the items are included from the mean up to 145. Determine the mean and the standard deviation of the distribution.
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Chapter 7: Sampling and Sampling Distributions
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131 Verified Questions
131 Flashcards
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Sample Questions
Q1) The number of random samples (without replacement) of size 3 that can be drawn from a population of size 5 is A)15
B)10
C)20
D)125
Q2) In point estimation
A)data from the population is used to estimate the population parameter
B)data from the sample is used to estimate the population parameter
C)data from the sample is used to estimate the sample statistic
D)the mean of the population equals the mean of the sample
Q3) The average weekly earnings of bus drivers in a city are $950 (that is \(\mu\)) with a standard deviation of $45 (that is \(\sigma\)). Assume that we select a random sample of 81 bus drivers.
a.Compute the standard error of the mean.
b.What is the probability that the sample mean will be greater than $960?
c.If the population of bus drivers consisted of 400 drivers, what would be the standard error of the mean?
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Chapter 8: Interval Estimation
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131 Verified Questions
131 Flashcards
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Sample Questions
Q1) Refer to Exhibit 8-1. With a 0.95 probability, the margin of error is approximately
A)0.39
B)1.96
C)0.20
D)1.64
Q2) The Highway Safety Department wants to study the driving habits of individuals. A sample of 81 cars traveling on the highway revealed an average speed of 67 miles per hour with a standard deviation of 9 miles per hour.
a.Compute the standard error of the mean.
b.Determine a 99% confidence interval estimate for the speed of all cars.
Q3) For which of the following values of P is the value of P(1 - P) maximized?
A)P = 0.99
B)P = 0.90
C)P = 0.01
D)P = 0.50
Q4) Choo Choo Paper Company produces papers of various thickness. A random sample of 256 cuts had a mean thickness of 30.3 mils with a standard deviation of 4 mils. Develop a 95% confidence interval for the mean thickness of the population.
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Page 10
Chapter 9: Hypothesis Tests
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136 Verified Questions
136 Flashcards
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Sample Questions
Q1) Refer to Exhibit 9-2. The test statistic equals
A)-4
B)-3
C)-2
D)-1
Q2) The Bureau of Labor Statistics reported that the average yearly income of dentists in the year 2009 was $110,000. A sample of 81 dentists, which was taken in 2010, showed an average yearly income of $120,000. Assume the standard deviation of the population of dentists in 2010 is $36,000.
a.We want to test to determine if there has been a significant increase in the average yearly income of dentists. Provide the null and the alternative hypotheses.
b.Compute the test statistic.
c.Determine the p-value; and at 95% confidence, test the hypotheses.
Q3) The level of significance in hypothesis testing is the probability of
A)accepting a true null hypothesis
B)accepting a false null hypothesis
C)rejecting a true null hypothesis
D)None of these alternatives is correct.
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11
Chapter 10: Comparisons Involving Means, Experimental
Design and Analysis of Variance
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208 Verified Questions
208 Flashcards
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Sample Questions
Q1) Refer to Exhibit 10-10. The test statistic to test the null hypothesis equals
A)0.22
B)0.84
C)4.22
D)4.5
Q2) Which of the following is not a required assumption for the analysis of variance?
A)The random variable of interest for each population has a normal probability distribution.
B)The variance associated with the random variable must be the same for each population.
C)At least 2 populations are under consideration.
D)Populations have equal means.
Q3) If a hypothesis is rejected at 95% confidence, it
A)will not be rejected at 90% confidence
B)will also be rejected at 90% confidence
C)will sometimes be rejected at 90% confidence
D)None of these alternatives is correct.
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Page 12
Chapter 11: Comparisons Involving Proportions and a Test of Independence
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94 Verified Questions
94 Flashcards
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Sample Questions
Q1) Refer to Exhibit 11-5. The p-value is
A)between .1 and .05
B)between .05 and .025
C)between .025 and .01
D)less than 0.005
Q2) Refer to Exhibit 11-1. The p-value is
A)larger than 0.1
B)less than 0.1
C)less than 0.05
D)larger than 0.9
Q3) Refer to Exhibit 11-3. The p-value is
A)less than .005
B)between .005 and .01
C)between .01 and .025
D)between .025 and .05
Q4) The sampling distribution for a goodness of fit test is the
A)Poisson distribution
B)t distribution
C)normal distribution
D)chi-square distribution
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Chapter 12: Simple Linear Regression
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140 Verified Questions
140 Flashcards
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Sample Questions
Q1) Refer to Exhibit 12-7. The sample correlation coefficient equals
A)0.3162
B)-0.3162
C)0.10
D)-0.10
Q2) Compared to the confidence interval estimate for a particular value of y (in a linear regression model), the interval estimate for an average value of y will be A)narrower
B)wider
C)the same
D)None of these alternatives is correct.
Q3) Refer to Exhibit 12-2. The point estimate of y when x = 10 is A)-10
B)10
C)-4
D)4
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14
Chapter 13: Multiple Regression
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146 Verified Questions
146 Flashcards
Source URL: https://quizplus.com/quiz/70735
Sample Questions
Q1) Refer to Exhibit 13-9. The coefficient of X<sub>1</sub>
A)is significant
B)is not significant
C)can not be tested, because not enough information is provided D)None of these alternatives is correct.
Q2) Refer to Exhibit 13-6. The t value obtained from the table which is used to test an individual parameter at the 1% level is
A)2.65
B)2.921
C)2.977
D)3.012
Q3) Refer to Exhibit 13-9. If we are interested in testing for the significance of the relationship among the variables (i.e., significance of the model) the critical value of F at \(\alpha\) = 0.05 is
A)2.76
B)2.78
C)3.10
D)3.07
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