Business Analytics
Final Test Solutions
Course Introduction
Business Analytics is an interdisciplinary course that introduces students to the fundamental concepts, methods, and tools used to analyze business data and inform decision-making. The course covers key topics such as data collection and management, statistical analysis, predictive modeling, and data visualization. Students will learn about applying analytical techniques to solve real-world business problems, interpret the results of data analyses, and make evidence-based decisions. Practical exercises using specialized software and case studies from various industries allow students to develop the technical and critical thinking skills required in today's data-driven business environment.
Recommended Textbook
Business Statistics for Contemporary Decision Making 2nd Canadian Edition by Ken Black
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19 Chapters
1456 Verified Questions
1456 Flashcards
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Chapter 1: Introduction to Statistics
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79 Verified Questions
79 Flashcards
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Sample Questions
Q1) Law School Admission Test (LSAT)scores are an example of what type of measurement scale?
A)interval level data
B)ordinal level data
C)nominal level data
D)ratio level data
E)relative level data
Answer: A
Q2) A level of data measurement that has an absolute zero is called ___.
A)interval level
B)ordinal level
C)nominal level
D)ratio level
E)relative level
Answer: D
Q3) Numbers which are used to rank-order the performance of workers represent data measured at the interval level.
A)True
B)False
Answer: False
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Chapter 2: Charts and Graphs
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) A person has decided to construct a frequency distribution for a set of data containing 60 numbers.The lowest number is 23 and the highest number is 68.If 7 classes are used,the class width should be approximately ___.
A)5
B)7
C)9
D)11
E)12
Answer: B
Q2) In a histogram,the tallest bar represents the class with the highest cumulative frequency.
A)True
B)False
Answer: False
Q3) A scatter plot is useful for examining the relationship between two numerical variables.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Descriptive Statistics
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63 Verified Questions
63 Flashcards
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Sample Questions
Q1) Use computer packages to compute various measures of central tendency,variation,and shape on a set of data,as well as to describe the data distribution graphically.
Answer: Excel delivers a wide range of descriptive statistics.While Excel can generate individual statistics,it can also create several descriptive statistics at once,which makes it an especially useful tool for statisticians.
Q2) David Desreumaux,VP of Human Resources of Maritime Boat Manufacturing (MBM),is reviewing the employee training programs of MBM factories.His staff reports several statistics for safety training hours.The mean is 20 hours,the standard deviation is 5 hours,the median is 15 hours,and mode is 10 hours.The Pearsonian coefficient of skewness for safety training hours is ___.
E)0
Answer: C
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Chapter 4: Probability
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) If two events are mutually exclusive,then the two events are also independent.
A)True
B)False
Q2) Compare marginal,union,joint,and conditional probabilities by defining each one.
Q3) Let A be the event that a student is enrolled in an accounting course,and let S be the event that a student is enrolled in a statistics course.It is known that 30% of all students are enrolled in an accounting course and 40% of all students are enrolled in statistics.Included in these numbers are 15% who are enrolled in both statistics and accounting.A student is randomly selected,and it is found that the student is enrolled in accounting.What is the probability that this student is also enrolled in statistics?
A)0.15
B)0.75
C)0.375
D)0.50
E)0.80
Q4) If two events are mutually exclusive,then their joint probability is always zero. A)True
B)False
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Chapter 5: Discrete Distributions
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) The assumption of independent trials in a binomial distribution is not a great concern if the sample size is smaller than 1/20<sup>th</sup> of the population size.
A)True
B)False
Q2) Pinky Bauer,Chief Financial Officer of Harrison Haulers,Inc. ,suspects irregularities in the payroll system,and orders an inspection of a random sample of vouchers issued since January 1,2013.A sample of ten vouchers is randomly selected,without replacement,from the population of 2,000 vouchers.Each voucher in the sample is examined for errors and the number of vouchers in the sample with errors is denoted by x.If 20% of the population of vouchers contain errors,P(x>0)is ___.
A)0.8171
B)0.1074
C)0.8926
D)0.3020
E)1.0000
Q3) For the Poisson distribution,the mean and the variance are the same.
A)True
B)False
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7
Chapter 6: Continuous Distributions
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78 Verified Questions
78 Flashcards
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Sample Questions
Q1) If x is uniformly distributed over the interval 8 to 12,inclusively (8 \(\le\) x \(\le\) 12),then P(x < 7)is ___.
A)0.500
B)0.000
C)0.375
D)0.250
E)1.000
Q2) If x is uniformly distributed over the interval 8 to 12,inclusively (8 \(\le\) x \(\le\) 12),then the probability,P(10.0 \(\le\) x \(\le\) 11.5),is ___.
A)0.250
B)0.333
C)0.375
D)0.500
E)0.750
Q3) The standard normal distribution is also called a finite distribution because its mean is zero and standard deviation one,always.
A)True
B)False
Q4) Solve for probabilities in a continuous uniform distribution.
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Chapter 7: Sampling and Sampling Distributions
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76 Verified Questions
76 Flashcards
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Sample Questions
Q1) Suppose a population has a mean of 400 and a standard deviation of 24.If a random sample of size 144 is drawn from the population,the probability of drawing a sample with a mean less than 402 is ___.
A)0.3413
B)0.6826
C)0.8413
D)0.1587
E)0.9875
Q2) A carload of palletized aluminum castings has arrived at Mansfield Motor Manufacturers.The car contains 1,000 pallets of 100 castings each.Mario Munoz,manager of Quality Assurance,directs the receiving crew to deliver the 127th and 869th pallets to his crew for 100% inspection.Mario randomly selected 127 and 869 from a table of random numbers.Mario's sample of 200 castings is a ___.
A)simple random sample
B)systematic sample
C)stratified sample
D)cluster sample
E)convenience sample
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Chapter 8: Statistical Inference: Estimation for Single Populations
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) Life tests performed on a sample of 13 batteries of a new model indicated: (1)an average life of 75 months,and (2)a standard deviation of 5 months.Other battery models,produced by similar processes,have normally distributed life spans.The 90% confidence interval for the population mean life of the new model is ___.
A)66.78 to 83.23
B)72.72 to 77.28
C)72.53 to 77.47
D)66.09 to 83.91
E)73.34 to 76.25
Q2) Catherine Chao,Director of Marketing Research,is evaluating consumer acceptance of a new toothpaste package.She randomly selects a sample of 200 households.Forty households prefer the new package to all other package designs.The point estimate for this population proportion is ___.
A)0.20
Q3) Estimate a population proportion using the z statistic.
Page 10
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Chapter 9: Statistical Inference: Hypothesis Testing for
Single Populations
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79 Verified Questions
79 Flashcards
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Sample Questions
Q1) When a false null hypothesis is rejected,the researcher has made a Type II error.
A)True
B)False
Q2) A company produces an item that is supposed to have a six centimetre hole punched in the centre.A quality control inspector is concerned that the machine which punches the hole is "out-of-control" (hole is too large or too small).In an effort to test this,the inspector is going to gather a sample punched by the machine and measure the diameter of the hole.The alternative hypothesis used to statistical test to determine if the machine is out-of-control is
A)the mean diameter is > 6 centimetres.
B)the mean diameter is < 6 centimetres.
C)the mean diameter is = 6 centimetres.
D)the mean diameter is 6 centimetres.
E)the mean diameter is 6 centimetres.
Q3) The rejection and nonrejection regions are divided by a point called the critical value.
A)True
B)False
Q4) Solve for possible Type II errors when failing to reject the null hypothesis.
Page 11
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Chapter 10: Statistical Inferences About Two Populations
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70 Verified Questions
70 Flashcards
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Sample Questions
Q1) Suppose that .06 of each of two populations possess a given characteristic.Samples of size 400 are randomly drawn from each population.What is the probability that the differences in sample proportions will be greater than 0.02?
A)0.4535
B)0.9535
C)0.1170
D)0.5465
E)0.4650
Q2) Suppose that .06 of each of two populations possess a given characteristic.Samples of size 400 are randomly drawn from each population.The standard deviation for the sampling distribution of differences between the first sample proportion and the second sample proportion (used to calculate the z score)is ___.
A)0.00300
B)0.01679
C)0.05640
D)0.00014
E)0.12000
Q3) Test hypotheses and develop confidence intervals about the difference in two dependent populations.
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12
Chapter 11: Analysis of Variance and Design of Experiments
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/72022
Sample Questions
Q1) Test a factorial design using a two-way analysis of variance,noting the advantages and applications of such a design and accounting for possible interaction between two treatment variables.
Q2) The statistical methods of analysis of variance assume equal sample means.
A)True
B)False
Q3) Pate's Pharmacy,Inc.operates a regional chain of 120 pharmacies.Each pharmacy's floor plan includes a greeting card department which is relatively isolated.Sandra Royo,Marketing Manager,feels that the level of lighting in the greeting card department may affect sales in that department.She chooses three levels of lighting (soft,medium,and bright)and randomly assigns six pharmacies to each lighting level.Sandra's experimental design is a ___.
A)factorial design
B)random block design
C)normalized block design
D)completely randomized design
E)fractional design
Q4) Describe an experimental design and its elements,including independent variables-both treatment and classification-and dependent variables.
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Chapter 12: Simple Regression Analysis and Correlation
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84 Flashcards
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Sample Questions
Q1) The numerical value of the coefficient of correlation must be ___.
A)between -1 and +1
B)between -1 and 0
C)between 0 and 1
D)equal to SSE/(n - 2)
E)between 0 and -1
Q2) A t test is used to determine whether the coefficients of the regression model are significantly different from zero.
A)True
B)False
Q3) A cost accountant is developing a regression model to predict the total cost of producing a batch of printed circuit boards as a function of batch size (the number of boards produced in one lot or batch).The dependent variable is ___.
A)batch size
B)unit variable cost
C)fixed cost
D)total cost
E)total variable cost
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14
Chapter 13: Multiple Regression Analysis
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/72024
Sample Questions
Q1) In a multiple regression analysis with N observations and k independent variables,the degrees of freedom for the residual error is given by (N - k - 1).
A)True
B)False
Q2) Calculate the residual,standard error of the estimate,coefficient of multiple determination,and adjusted coefficient of multiple determination of a regression model.
Q3) In the estimated multiple regression model y = b<sub>0</sub> + b<sub>1</sub>x<sub>1</sub> + b<sub>2</sub><sub> </sub>x<sub>2</sub>,if the values of x<sub>1</sub> and x<sub>2</sub> are both increased by one unit,the value of y will increase by (b<sub>1</sub>+ b<sub>2</sub>)units.
A)True
B)False
Q4) The mean square error (MS<sub>err</sub>)is calculated by dividing the sum of squares error (SS<sub>err</sub>)by the number of error degrees of freedom (df<sub>err</sub>).
A)True
B)False
Q5) Understand the limitations and pitfalls of multiple regression analysis.
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Chapter 14: Building Multiple Regression Models
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) Recognize when multicollinearity is present,understanding general techniques for preventing and controlling it.
Q2) Yvonne Yang,VP of Finance at Discrete Components,Inc.(DCI),wants a regression model which predicts the average collection period on credit sales.Her data set includes two qualitative variables: sales discount rates (0%,2%,4%,and 6%),and total assets of credit customers (small,medium,and large).The number of dummy variables needed for "sales discount rate" in Yvonne's regression model is ___.
A)1 B)2 C)3 D)4 E)7
Q3) An "all possible regressions" search of a data set containing 7 independent variables will produce ___ regressions.
A)13
B)127
C)48 D)64 E)97
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Page 16
Chapter 15: Time-Series Forecasting and Index Numbers
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77 Verified Questions
77 Flashcards
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Sample Questions
Q1) One of the ways to overcome the autocorrelation problem in a regression forecasting model is to transform the variables by taking the first-order differences.
A)True
B)False
Q2) The motivation for using an index number is to ___.
A)transform the data to a standard normal distribution
B)transform the data for a linear model
C)eliminate bias from the sample
D)reduce data to an easier-to-use,more convenient form
E)reduce the variance in the data
Q3) An exponential smoothing technique in which the smoothing constant alpha is equal to one is equivalent to a naïve forecasting model.
A)True
B)False
Q4) Test for autocorrelation using the Durbin-Watson test,overcoming it by adding independent variables and transforming variables and taking advantage of it with autoregression.
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17
Chapter 16: Analysis of Categorical Data
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76 Verified Questions
76 Flashcards
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Sample Questions
Q1) The null hypothesis in a chi-square goodness-of-fit test is that the observed distribution is same as the expected distribution.
A)True
B)False
Q2) A variable contains five categories.It is expected that data are uniformly distributed across these five categories.To test this,a sample of observed data is gathered on this variable resulting in frequencies of 27,30,29,21,and 24.Using \(\alpha\) = .01,the critical value of chi-square is ___.
A)7.78
B)15.09
C)9.24
D)13.28
E)15.48
Q3) A two-way table used for a test of independence is sometimes called a contingency table.
A)True B)False
Q4) Use the chi-square goodness-of-fit test to analyze probabilities of multinomial distribution trials along a single dimension.
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Chapter 17: Nonparametric Statistics
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81 Flashcards
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Sample Questions
Q1) Nonparametric statistical techniques are based on fewer assumptions about the population and the parameters compared to parametric statistical techniques.
A)True
B)False
Q2) Charles Clayton monitors the daily performance of his investment portfolio by recording a "+" or a "-"sign to indicate whether the portfolio's value increased or decreased from the previous day.His record for the last eighteen business days is "- + +- - + - - + + + - + + + + -".The number of runs in this sample is ___.
A)uncertain
B)four
C)five
D)nine
E)one
Q3) The appropriate test for comparing the means of two populations using ordinal-level data from two related samples is the Wilcoxon test and not Mann-Whitney U test.
A)True
B)False
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19
Chapter 18: Statistical Quality Control
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Sample Questions
Q1) An R Chart is to be developed for use in quality control.The average of the ranges is calculated to be 0.30.The sample sizes were 6 each.What would the upper control limit be?
A)2.0040
B)2.3040
C)0.6012
D)0.0500
E)1.0982
Q2) According to Garvin,transcendent quality implies that a product ___.
A)conforms to design and engineering specifications
B)has an innate excellence
C)has no measurable attributes
D)is fit for the consumer's intended use
E)has measurable attributes
Q3) Upper and lower control limits are usually based upon ___.
A)± 3 standard deviations
B)± 2 standard deviations
C)± 1 standard deviation
D)± 4 standard deviations
E)± 6 standard deviations
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Chapter 19: Decision Analysis
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78 Flashcards
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Sample Questions
Q1) A risk-avoider decision maker will bail out of a risky scenario only if the compensation to bail out is more than the expected monetary payoff from the risky scenario.
A)True
B)False
Q2) A risk-taker decision maker will bail out of a risky scenario only if the compensation to bail out is more than the expected monetary payoff from the risky scenario.
A)True
B)False
Q3) In a decision-making under uncertainty scenario,the decision maker attempts to develop a strategy based on payoffs since virtually no information is available about which state of nature will occur.
A)True
B)False
Q4) In a decision-making under uncertainty scenario using the strategy of minmax regret,all the entries in the opportunity loss table must be zero or positive.
A)True
B)False
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