Business Intelligence
Exam Preparation Guide
Course Introduction
Business Intelligence is a course that introduces students to the processes and technologies used to transform raw data into meaningful and useful information for business analysis purposes. The course covers key topics such as data warehousing, data mining, data visualization, and reporting tools to support strategic and operational decision-making. Students will learn how to collect, organize, analyze, and present business data using industry-standard software, gaining practical experience in interpreting data to inform business strategies and improve organizational performance. Ethics, data governance, and best practices in business intelligence are also emphasized throughout the course.
Recommended Textbook
Business Analytics Data Analysis and Decision Making 5th Edition by S. Christian Albright
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1051 Verified Questions
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Chapter 1: Introduction to Data Analysis and Decision Making
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30 Flashcards
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Sample Questions
Q1) Which of the following is not one of the types of models described in Data Analysis & Decision Making book?
A) Algebraic model
B) Spreadsheet model
C) Scale model
D) Graphical model
Answer: C
Q2) Which of the following statements are false?
A) The modeling process discussed in Data Analysis & Decision Making book is five-step process.
B) Dealing with uncertainty requires a basic understanding of probability.
C) Uncertainty is a key aspect of most business problems.
D) Data description and data inference are included under data analysis.
Answer: A
Q3) Graphical models are probably the least intuitive and most quantitative type of model.
A)True
B)False
Answer: False
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Chapter 2: Describing the Distribution of a Single Variable
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Sample Questions
Q1) A histogram is based on binning the variable,which means putting the variable into discrete categories.
A)True
B)False
Answer: True
Q2) The difference between the largest and smallest values in a data set is called the range.
A)True
B)False
Answer: True
Q3) The median of a data set with 30 values would be the average of the 15<sup>th</sup> and the 16<sup>th</sup> values when the data values are arranged in ascending order.
A)True
B)False
Answer: True
Q4) Data can be categorized as cross-sectional or time series.
A)True
B)False
Answer: True
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Chapter 3: Finding Relationships Among Variables
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Sample Questions
Q1) Strongly related variables have a relationship close to zero if the relationship is nonlinear.
A)True
B)False
Answer: True
Q2) Problems in data analysis where we want to compare a numerical variable across two or more subpopulations are called comparison problems.
A)True
B)False
Answer: True
Q3) It is possible that the data points are close to a curve and have a correlation close to 0,because correlation is relevant only for measuring linear relationships.
A)True
B)False
Answer: True
Q4) To form a scatterplot of X versus Y,X and Y must be paired 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) The multiplication rule for two events A and B is: P(A and B)= P(A|B)P(A).
A)True
B)False
Q3) The probability that event A will not occur is denoted as \(P ( \bar { A } )\).
A)True
B)False
Q4) Subjective probability is the probability that a given event will occur,given that another event has already occurred.
A)True
B)False
Q5) Suppose that after graduation you will either buy a new car (event A)or take a trip to Europe (event B).Events A and B are mutually exclusive.
A)True
B)False
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Chapter 5: Normal, Binomial, Poisson, and Exponential
Distributions
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Sample Questions
Q1) A random variable X is normally distributed with a mean of 175 and a standard deviation of 50.Given that X = 150,its corresponding Z- score is -0.50.
A)True
B)False
Q2) The Poisson probability distribution is one of the most commonly used continuous probability distributions.
A)True
B)False
Q3) Using the standard normal distribution,the Z- score representing the 99th percentile is 2.326.
A)True
B)False
Q4) Using the standard normal curve,the Z- score representing the 10th percentile is 1.28. A)True
B)False
Q5) The number of loan defaults per month at a bank is Poisson distributed. A)True
B)False
7
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Chapter 6: Decision Making Under Uncertainty
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Sample Questions
Q1) In a single-stage decision tree problem,all ___________ are made first and then all ___________ is (are)resolved.
A) decisions;uncertainty
B) calculations;probabilities
C) EMV calculations;posterior probabilities
D) likelihoods;posterior probabilities
E) prior probabilities;joint probabilities
Q2) In decision trees,a probability node (a circle)is a time when the decision maker makes a decision.
A)True
B)False
Q3) In a single-stage decision problem,a single decision is made first,and then all uncertainty is resolved.
A)True
B)False
Q4) Rational decision makers are never willing to violate the expected monetary value (EMV)maximization criterion when large amounts of money are at stake.
A)True
B)False
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Chapter 7: Sampling and Sampling Distributions
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77 Flashcards
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Sample Questions
Q1) With proportional sample sizes:
A) The proportion of a stratum in the sample is independent of the proportion of that stratum in the population
B) The proportion of a stratum in the sample is the same as the proportion of that stratum in the population
C) The proportion of a stratum in the sample is greater than the proportion of that stratum in the population
D) The proportion of a stratum in the sample is less than the proportion of that stratum in the population
Q2) In stratified sampling,the population is divided into relatively homogeneous subsets called strata,and then random samples are taken from each stratum.
A)True
B)False
Q3) The standard error of an estimate is the standard deviation of the sampling distribution of the estimate.It measures how much estimates from different samples vary.
A)True
B)False
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Chapter 8: Confidence Interval Estimation
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Sample Questions
Q1) A confidence interval is an interval estimate for which there is a specified degree of certainty that the actual true value of the population parameter will fall within the interval.
A)True
B)False
Q2) The interval estimate 18.5 \(\pm\)
2.5 was developed for a population mean when the sample standard deviation s was 7.5.Had s equaled 15,the interval estimate would be 37 \(\pm\) 5.0.
A)True
B)False
Q3) If you decrease the confidence level,the confidence interval . A) decreases B) increases C) stays the same
D) may increase or decrease,depending on the sample data
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Chapter 9: Hypothesis Testing
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Sample Questions
Q1) A null hypothesis can only be rejected at the 10% significance level if and only if:
A) a 90% confidence interval includes the hypothesized value of the parameter
B) a 90% confidence interval does not include the hypothesized value of the parameter C) the null hypothesis is biased
D) the null hypotheses includes sampling error
Q2) A type II error occurs when:
A) the null hypothesis is incorrectly accepted when it is false
B) the null hypothesis is incorrectly rejected when it is true C) the sample mean differs from the population mean D) the test is biased
Q3) If a null hypothesis about a population mean \(\mu\) is rejected at the 0.025 level of significance,then it must also be rejected at the 0.01 level. A)True B)False
Q4) The Lilliefors test is used to test for normality. A)True B)False
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Chapter 10: Regression Analysis: Estimating Relationships
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Sample Questions
Q1) Cross-sectional data are usually data gathered from approximately the same period of time from a cross-sectional of a population.
A)True
B)False
Q2) A negative relationship between an explanatory variable X and a response variable Y means that as X increases,Y decreases,and vice versa.
A)True
B)False
Q3) In a multiple regression analysis with three explanatory variables,suppose that there are 60 observations and the sum of the residuals squared is 28.The standard error of estimate must be 0.7071.
A)True
B)False
Q4) The coefficients for logarithmically transformed explanatory variables should be interpreted as the percent change in the dependent variable for a 1% percent change in the explanatory variable.
A)True
B)False
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Chapter 11: Regression Analysis: Statistical Inference
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Sample Questions
Q1) In a multiple regression problem involving 30 observations and four explanatory variables,SST = 800 and SSE = 240.The value of the F-statistic for testing the significance of this model is 14.583.
A)True
B)False
Q2) If exact multicollinearlity exists,that means that there is redundancy in the data.
A)True
B)False
Q3) A multiple regression model involves 40 observations and 4 explanatory variables produces SST = 1000 and SSR = 804.The value of MSE is 5.6.
A)True
B)False
Q4) Time series data often exhibits which of the following characteristics?
A) homoscedasticity
B) heteroscedasticity
C) autocorrelation
D) multicollinearity
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Chapter 12: Time Series Analysis and Forecasting
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Sample Questions
Q1) The runs test uses a series of 0's and 1's.The 0's and 1's represent whether each observation is:
A) above or below the predicted value of Y
B) above or below the mean value of Y
C) is above or below the mean value of the previous two observations
D) is positive or negative
Q2) The runs test is a formal test of the null hypothesis of randomness.If there are too many or too few runs in the series,then we conclude that the series is not random.
A)True
B)False
Q3) Winter's method is an exponential smoothing method,which is appropriate for a series with trend but no seasonality.
A)True
B)False
Q4) In a multiplicative seasonal model,we multiply a "base" forecast by an appropriate seasonal index.These indexes,one for each season,typically average to 1.
A)True
B)False
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Chapter 13: Introduction to Optimization Modeling
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Sample Questions
Q1) If a constraint has the equation \(3 x + 2 y \leq 60\) ,then the constraint line passes through the points (0,20)and (30,0):
A)True
B)False
Q2) 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
Q3) The set of all values of the changing cells that satisfy all constraints,not including the nonnegativity constraints,is called the feasible region.
A)True
B)False
Q4) The optimal solution to any linear programming model is:
A) the maximum objective function line
B) the minimum objective function line
C) the corner point of a polygon
D) the maximum or minimum of a parabola
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Chapter 14: Optimization Models
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Sample Questions
Q1) Many organizations must determine how to schedule employees to provide adequate service.If we assume that an organization faces the same situation each week,this is referred to as
A) static scheduling problem
B) dynamic scheduling problem
C) transportation scheduling problem
D) All of these options
Q2) If an LP problem is not correctly formulated,Solver will automatically indicate that it is infeasible when trying to solve it.
A)True
B)False
Q3) The decision variables in transportation problems are:
A) profits
B) costs
C) flows
D) capacities
Q4) Multiple optimal solutions are quite common in linear programming models.
A)True
B)False
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Chapter 15: Introduction to Simulation Modeling
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Sample Questions
Q1) The RAND()function in excel models which of the following probability distributions:
A) Normal(0,1)
B) Uniform(0,1)
C) Normal(-1,1)
D) Uniform(-1,1).
Q2) Which of the following statements are true?
A) A probability distribution is symmetric (around some point)if the distribution to the left of the point is a mirror image of the distribution to the right of the point.
B) We say a distribution is skewed to the right (or positively skewed)if the "longer tail" is the right tail.
C) We say a distribution is skewed to the left (or negatively skewed)if the "longer tail" is the left tail.
D) All of the above
Q3) If we want to model a random stock price,we should do so with an unbounded symmetric probability distribution.
A)True
B)False
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Chapter 16: Simulation Models
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Sample Questions
Q1) Which of the following functions is not appropriate in cases where we run a single simulation?
A) RISKMIN
B) RISKMAX
C) RISKPERCENTILE
D) RISKSIMTABLE
E) None of these options
Q2) A key objective in cash flow models is often to determine the amount of debt that must be taken out to maintain a minimum cash balance.
A)True
B)False
Q3) In a bidding model,once we have the bidding strategy that maximizes the expected profit,we no longer should consider the bidders risk aversion.
A)True
B)False
Q4) In bidding models,the simulation input variable is the number of competitors who will bid.
A)True
B)False
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Chapter 17: Data Mining
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Sample Questions
Q1) Megan is examining the likelihood of people riding the subway.The dependent variable takes on the value of 1 if the individual rides the subway and 0 otherwise.Therefore,she could use logistic regression to examine this question.
A)True
B)False
Q2) If the estimate on the female variable is positive,what does this indicate about credit card usage?
Q3) The predicted value from a logistic regression will be:
A) between 0 and 1
B) between -1 and 1
C) less than 0
D) greater than 1
Q4) A data mart is typically smaller than a data warehouse.
A)True
B)False
Q5) Data mining is used to examine known,expected patterns and relationships among variables.
A)True
B)False
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Chapter 18: Importing Data Into Excel
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Sample Questions
Q1) The data in the accompanying figure was imported using "Text Import Wizard." How did the first three rows of text data appear in the text file prior to importing?
Q2) Repetitive tasks are best handled by copying and pasting.
A)True
B)False
Q3) A primary key contains a unique,specific value that is not duplicated through any instances within that field.
A)True
B)False
Q4) ASCII files are text files that can be opened and read in a text editor such as Notepad.
A)True
B)False
Q5) Text file extensions end with:
A) *·.prn,*·txt *·xls
B) *·prn,*·txt *·csv
C) *·prn,*·txt *·doc
D) *·prn,*·txt *·jpg
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Chapter 19: Analysis of Variance and Experimental Design
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Sample Questions
Q1) Suppose Mook Corp.was interested in running a two-way ANOVA.What other factors might you recommend they include in the test?
Q2) An observational study:
A) analyzes data already available
B) makes it possible to rule out factors over which the researcher has no control for the observed effects
C) examines individuals that have been selected by the researchers D) allows researchers to control for all extraneous factors
\[\begin{array} { | l | c | c | c | c | c | c | }
\hline \text { ANOVA } \\
\hline \text { Source of Variation } & \text { SS } & \boldsymbol { d f } & \boldsymbol { M S } & \boldsymbol { F } & \boldsymbol { P } \text {-value } & \boldsymbol { F } \text { crit } \\
\hline \text { Between Groups } & & 1 & 44082.89 & 263.86 & 0.00 & 4.23 \\
\hline \text { Within Groups } & 4343.79 & 26 & 167.07 & & & \\
\hline \text { Total } & 48426.68 & 27 & & & & \\
\hline \end{array}\]
Q3) What does the ANOVA output in the accompanying figure indicate?
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Chapter 20: Statistical Process Control
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Sample Questions
Q1) Mohammed is monitoring the diameter of bolts that are being produced on one of his assigned production lines.During this process,he notices nine,consecutive measurements that jumped above the upper control limit.He immediately examines the machine,finds it to be misaligned,and makes a small adjustment.Mohammed has likely committed:
A) a type II error
B) both a type I and type II error
C) a type I error
D) neither a type I nor a type II error
Q2) The \(\bar { X }\) chart charts the averages of small subsamples through time.
A)True
B)False
Q3) "Tampering" can actually make a system worse. A)True
B)False
Q4) A p chart plots the proportions of items that are conforming.
A)True
B)False
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