Business Analytics
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Course Introduction
Business Analytics is the study and practice of using data-driven techniques, statistical analysis, and modeling to inform and improve business decision-making. The course introduces students to key concepts and methodologies such as data visualization, predictive modeling, data mining, and optimization. Through real-world case studies and hands-on projects, students learn how to collect, process, interpret, and communicate insights from data, enabling organizations to identify trends, solve problems, and gain a competitive advantage in today's dynamic business environment.
Recommended Textbook
Business Statistics For Contemporary Decision Making 9th Edition by Ken Black
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Page 2
Chapter 1: Introduction to Statistics
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Sample Questions
Q1) Statistics is commonly divided into two branches called descriptive statistics and summary statistics.
A)True
B)False
Answer: False
Q2) On discovering an improperly adjusted drill press,Jack Joyner,Director of Quality Control,ordered an inspection of every fifth casting drilled during the evening shift.Jack is ordering a ___________________.
A) statistic from the castings
B) census of the castings
C) sample of the castings
D) sorting of the castings
E) parameter of the castings
Answer: C
Q3) Statistics are used to market vitamins.
A)True
B)False
Answer: True
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Chapter 2: Charts and Graphs
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Sample Questions
Q1) The cumulative frequency for a class is 27.The cumulative frequency for the next (non-empty)class will be _______.
A) less than 27
B) equal to 27
C) next class frequency minus 27
D) 27 minus the next class frequency
E) 27 plus the next class frequency
Answer: E
Q2) In a frequency distribution,the first class interval begins at 18.The midpoint of the first class interval is 19.5,and the midpoint of the last class interval is 49.5.How many class intervals are there?
A) 11
B) 17
C) 22
D) 33
E) 34
Answer: A
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Page 4
Chapter 3: Descriptive Statistics
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Sample Questions
Q1) The mean life of a particular brand of light bulb is 1200 hours and the standard deviation is 50 hours. It can be concluded that at least 89% of this brand of bulbs will last between _______.
A) 1100 and 1300 hours
B) 1150 and 1250 hours
C) 1050 and 1350 hours
D) 1000 and 1400 hours
E) 950 and 1450 hours
Answer: C
Q2) The empirical rule says that approximately what percentage of the values would be within 2 standard deviations of the mean in a bell shaped set of data?
A) 95%
B) 68%
C) 50%
D) 97.7%
E) 100%
Answer: A
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Chapter 4: Probability
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Sample Questions
Q1) Max Sandlin is exploring the characteristics of stock market investors. He found that sixty percent of all investors have a net worth exceeding $1,000,000; 20% of all investors use an online brokerage; and 10% of all investors a have net worth exceeding $1,000,000 and use an online brokerage. An investor is selected randomly,and E is the event "net worth exceeds $1,000,000" and O is the event "uses an online brokerage." P(O \(\cup\) E)= _____________.
A) 0.17
B) 0.50
C) 0.80
D) 0.70
E) 0.10
Q2) Which of the following statements is not true regarding probabilities:
A)probability is the basis for inferential statistics
B)probabilities are subjective measures with limited value in business.
C)probabilities are used to determine the likelihood of certain outcomes
D)probabilities can inform many business decisions.
Q3) If two events are mutually exclusive,then the two events are also independent.
A)True
B)False
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Page 6
Chapter 5: Discrete Distributions
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Sample Questions
Q1) Dorothy Little purchased a mailing list of 2,000 names and addresses for her mail order business,but after scanning the list she doubts the authenticity of the list. She randomly selects five names from the list for validation. If 40% of the names on the list are non-authentic,and x is the number of non-authentic names in her sample,P(x>0)is
A) 0.2172
B) 0.9533
C) 0.1846
D) 0.9222
E) 1.0000
Q2) A Poisson distribution is characterized by one parameter.
A)True
B)False
Q3) The amount of time a patient waits in a doctor's office is an example of a continuous random variable
A)True
B)False
Q4) The number of successes in a hypergeometric distribution is unknown
A)True
B)False
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Chapter 6: Continuous Distributions
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Sample Questions
Q1) Since a normal distribution curve extends from minus infinity to plus infinity,the area under the curve is infinity.
A)True
B)False
Q2) If x is uniformly distributed over the interval 8 to 12,inclusively (8 \(\le\) x \(\le\) 12),then the probability,P(13 \(\le\) x \(\le\) 15),is __________________.
A) 0.250
B) 0.500
C) 0.375
D) 0.000
E) 1.000
Q3) A correction for continuity must be made when approximating the binomial distribution problems using a normal distribution.
A)True
B)False
Q4) For an exponential distribution,the mean and the median are equal.
A)True
B)False
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8
Chapter 7: Sampling and Sampling Distributions
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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) In some situations,sampling may be the only option because the population is inaccessible.
A)True
B)False
Q3) Suppose 40% of the population of pre-teens have a TV in their bedroom.If a random sample of 500 pre-teens is drawn from the population,then the probability that 44% or fewer of the pre-teens have a TV in their bedroom is _______.
A) 0.9644
B) 0.4644
C) 0.0356
D) 0.0400e) 0.9600
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Page 9
Chapter 8: Statistical Inference: Estimation for Single Populations
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Sample Questions
Q1) 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
B) 0.25
C) 0.40
D) 0.45
E) 0.55
Q2) The table t value associated with the upper 5% of the t distribution and 12 degrees of freedom is _______.
A) 2.179
B) 1.782
C) 1.356
D) 3.055
E) 3.330
Q3) A t-distribution is similar to a normal distribution,but with flatter tails. A)True
B)False
Page 10
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Chapter 9: Statistical Inference: Hypothesis Testing for
Single Populations
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Sample Questions
Q1) When a researcher fails to reject a false null hypothesis,a Type II error has been committed.
A)True
B)False
Q2) The first step in testing a hypothesis is to establish a true null hypothesis and a false alternative hypothesis.
A)True
B)False
Q3) Business researchers sometimes need to test for equality of population variance.The hypothesis test about a population variance is performed using a chi-square test.
A)True
B)False
Q4) Whenever hypotheses are established such that the alternative hypothesis is " >8",where is the population mean,the hypothesis test would be a two-tailed test.
A)True
B)False
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Chapter 10: Statistical Inferences About Two Populations
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Sample Questions
Q1) If the populations are normally distributed and the variances of the two populations are equal,it is appropriate to use the "pooled" formula to determine the t-statistic for the hypothesis test of the difference in the two population means.
A)True
B)False
Q2) Lucy Baker is analyzing demographic characteristics of two television programs,American Idol (population 1)and 60 Minutes (population 2). Previous studies indicate no difference in the ages of the two audiences. (The mean age of each audience is the same.) Lucy plans to test this hypothesis using a random sample of 100 from each audience. Her alternate hypothesis is ____________.
A) \(\mu\)<sub>1</sub> - \(\mu\)<sub>2</sub> < 0
B) \(\mu\)<sub>1</sub> - \(\mu\)<sub>2</sub> > 0
C) \(\mu\)<sub>1</sub> - \(\mu\)<sub>2</sub> = 0
D) \(\mu\)<sub>1</sub> - \(\mu\)<sub>2</sub> \(\neq\) 0
E) \(\mu\)<sub>1</sub> - \(\mu\)<sub>2</sub> = 1
Q3) The F statistic is a ratio of two independent sample variances.
A)True
B)False
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Page 12
Chapter 11: A Nalysis of Variance and Design of Experiments
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Sample Questions
Q1) An experimental design contains only independent variables.
A)True
B)False
Q2) Medical Wonders is a specialized interior design company focused on healing artwork.The CEO,Kathleen Kelledy claims that artwork has healing effects for patients staying in a hospital,as measured by reduced length of stay.Her current client is a children's cancer hospital.Kathleen is interested in determining the effect of three different pieces of healing artwork on children.She chooses three paintings (a horse photo,a bright abstract,and a muted beach scene)and randomly assigns six hospital rooms to each painting.In Kathleen's experimental design "reduced length of stay" is
A) the dependent variable
B) a concomitant variable
C) a treatment variable
D) a blocking variable
E) a constant
Q3) Analysis of variance may be used to test the differences in the means of more than two independent populations.
A)True
B)False
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Chapter 12: Simple Regression Analysis and Correlation
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Sample Questions
Q1) In the regression equation,y=2.164+1.3657x n=6,the mean of x is 8.667,S<sub>xx</sub>=89.333 and S<sub>e</sub>=3.44.A 95% prediction interval for y when x=8 is _________
A) (9.13, 17.05)
B) (2.75, 23.43)
C) (10.31, 15.86)
D) (3.56, 22.62)
E) (12.09, 14.09)
Q2) A cost accountant is developing a regression model to predict the total cost of producing a batch of printed circuit boards as a linear function of batch size (the number of boards produced in one lot or batch).The slope of the accountant's model is
A) batch size
B) unit variable cost
C) fixed cost
D) total cost
E) total variable cost
Q3) The slope of the regression line,y = 21 5x,is 5.
A)True
B)False
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Chapter 13: Multiple Regression Analysis
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Sample Questions
Q1) Multiple t-tests are used to determine whether the independent variables in the regression model are significant.
A)True
B)False
Q2) 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).
A)True
B)False
Q3) 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
Q4) The F value that is used to test for the overall significance of a multiple regression model is calculated by dividing the sum of mean squares regression (SS<sub>reg</sub>)by the sum of squares error (SS<sub>err</sub>).
A)True
B)False
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15
Chapter 14: Building Multiple Regression Models
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Sample Questions
Q1) Stepwise regression is one of the ways to prevent the problem of multicollinearity.
A)True
B)False
Q2) If a square-transformation is applied to a series of positive numbers,all greater than 1,the numerical values of the numbers in the transformed series will be smaller than the corresponding numbers in the original series.
A)True
B)False
Q3) An "all possible regressions" search of a data set containing 5 independent variables will produce ______ regressions.
A) 31
B) 10
C) 25
D) 32
E) 24
Q4) Recoding data cannot improve the fit of a regression model.
A)True
B)False
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Chapter 15: Time-Series Forecasting and Index Numbers
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Sample Questions
Q1) One of the main techniques for isolating the effects of seasonality is decomposition.
A)True
B)False
Q2) Index numbers facilitate comparison of ____________.
A) means
B) data over time
C) variances
D) samples
E) deviations
Q3) Typically,the denominator used to calculate an index number is a measurement for the ____________ period.
A) base
B) current
C) spanning
D) intermediate
E) peak
Q4) Autocorrelation in a regression forecasting model can be detected by the F test.
A)True
B)False
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Chapter 16: Analysis of Categorical Data
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Sample Questions
Q1) 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 degrees of freedom for this test are _______.
A) 5
B) 4
C) 3
D) 2
E) 1
Q2) A chi-square goodness-of-fit test to determine if the observed frequencies in seven categories are uniformly distributed has six degrees of freedom.
A)True
B)False
Q3) A chi-square goodness-of-fit test to determine if the observed frequencies in ten categories are Poisson distributed has nine degrees of freedom.
A)True
B)False
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Chapter 17: Nonparametric Statistics
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Sample Questions
Q1) The Kruskal-Wallis test is an extension of the HYPERLINK "http://en.wikipedia.org/wiki/Mann%E2%80%93Whitney_U" \o "Mann-Whitney U" Mann-Whitney U test to 3 or more groups.
A)True
B)False
Q2) Nonparametric statistical techniques are based on fewer assumptions about the population and the parameters compared to parametric statistical techniques.
A)True
B)False
Q3) The one-sample runs test is a ______________________.
A) nonparametric test for statistical independence
B) parametric test for statistical independence
C) nonparametric test of randomness
D) nonparametric test for correlation
E) parametric test of sequences
Q4) Statistical techniques based on assumptions about the population from which the sample data are selected are called parametric statistics.
A)True
B)False
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Chapter 18: Statistical Quality Control
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Sample Questions
Q1) If no variation occurred between manufactured items,the resulting points on a control chart would form a horizontal line.
A)True
B)False
Q2) A quality circle studying the problem of incorrect prices on purchase orders identified several potential causes: incorrect information from requesting department,out-of-date catalogs from suppliers,defective computer software,and worker practices in the purchasing department. These potential cause-and-effect relationships are best illustrated by a _______________.
A) check list
B) Pareto chart
C) control chart
D) point-and-figure chart
E) Fishbone diagram
Q3) Inspecting the attributes of a finished product to determine whether the product is acceptable,is in need of rework,or is to be rejected is called after-process quality control.
A)True
B)False
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Chapter 19: Decision Analysis
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Sample Questions
Q1) Dan Hein owns the mineral and drilling rights to a 1,000 acre tract of land. If he drills a well and does not strike oil his net loss will be $50,000,but if he drills a well and strikes oil his net gain will be $100,000.If he does not drill,his loss is the cost of the mineral and drilling rights,which amount to $1000.For Dan's decision problem,the variable "oil in the tract" is one of the ___________.
A) payoffs
B) decision alternatives
C) states of nature
D) revised probabilities
E) prior probabilities
Q2) The value of perfect information is the difference between the monetary payoff with perfect information and the expected monetary payoff with no information.
A)True
B)False
Q3) The value of sample information is the ratio of the expected monetary value with information to the expected monetary value without information.
A)True
B)False
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