Business Research Methods
Exam Solutions
Course Introduction
Business Research Methods introduces students to the foundational principles and techniques used to conduct effective research within the business environment. The course covers key topics such as research design, data collection methods (both qualitative and quantitative), sampling, measurement, and data analysis. Students learn how to formulate research problems, develop research proposals, evaluate sources, and interpret research findings to inform business decision-making. Emphasis is placed on ethical considerations in business research and the application of research results to solve real-world business challenges. Through case studies and practical assignments, students gain hands-on experience in conducting and presenting business research projects.
Recommended Textbook
Basic Business Statistics 12th Edition by Mark
L. Berenson
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Page 2
Chapter 1: Introduction
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Sample Questions
Q1) Most colleges admit students based on their achievements in a number of different areas. Whether a student has taken any advanced placement courses is an example of a ________ variable.
Answer: categorical
Q2) Student grades (A to F)are an example of continuous numerical data.
A)True
B)False
Answer: False
Q3) Most colleges admit students based on their achievements in a number of different areas. The grade obtained in senior level English. (A, B, C, D, or F)is an example of a ________ variable.
Answer: categorical
Q4) The Commissioner of Health in New York State wanted to study malpractice litigation in New York. A sample of 31 thousand medical records was drawn from a population of 2.7 million patients who were discharged during 2010. Using the information obtained from the sample to predict population characteristics with respect to malpractice litigation is an example of ________.
Answer: inferential statistics
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3
Chapter 2: Organizing and Visualizing Data
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Q1) Referring to Table 2-12, if the sample is a good representation of the population, we can expect ________ percent of the females in the population will not be against the plan.
Answer: 88.46% or (36.54 + 51.92)
Q2) Referring to Table 2-9, the relative frequency of the second class is ________. Answer: 85/250 or 17/50 or 34% or 0.34
Q3) The main principle behind the Pareto chart is the ability to separate the "vital few" from the "trivial many."
A)True
B)False
Answer: True
Q4) Referring to Table 2-4, what percentage of the respondents rated overall television quality with a rating from 50 through 75?
A) 11
B) 40
C) 44
D) 56
Answer: D
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4
Chapter 3: Numerical Descriptive Measures
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Sample Questions
Q1) Referring to Table 3-12, what is the sample covariance between the performance scores and the rating?
Answer: 88.8905
Q2) In exploratory data analysis, a boxplot can be used to illustrate the median, quartiles, and extreme values.
A)True
B)False
Answer: True
Q3) Referring to Table 3-7, what is the coefficient of variation of the change in cost?
Answer: 50.29%
Q4) Referring to Table 3-3, the arithmetic mean of the number of vitamin supplements sold in this sample is ________.
Answer: 28
Q5) Referring to Table 3-7, what is the standard deviation of the change in the cost?
Answer: $491.8
Q6) Referring to Table 3-5, construct a boxplot for the rate of return.
Answer: 11ea3099_b7ff_908c_a80d_0f3df623be86_TB1604_00
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Chapter 4: Basic Probability
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Sample Questions
Q1) Referring to Table 4-11, if an adult is selected at random, what is the probability that he/she is a registered voter who prefer to get his/her current information from the television?
Q2) The closing price of a company's stock tomorrow can be lower, higher or the same as today's closing price. After evaluating all the information available on the company's fundamentals and the economic environment, an analyst has determined that the probability that tomorrow's closing price will be higher than today's is determined to be 25%. This is an example of using which of the following probability approach?
A) A priori probability
B) Empirical probability
C) Subjective probability
D) Conditional probability
Q3) A debate team of 4 is to be chosen from a class of 35. There are two twin brothers in the class. How many possible ways can the team be formed which will include both of the twin brothers?
Q4) Referring to Table 4-6, if a randomly selected student has not passed the ELM, the probability the student is not from northern Texas is ________.
Q5) Referring to Table 4-8, what percentage of the students live in a dormitory?
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Chapter 5: Discrete Probability Distributions
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Q1) Referring to Table 5-7, if you can invest 90% of your money on the house in neighborhood A and the remaining on the house in neighborhood B, what is the portfolio expected return of your investment?
Q2) Referring to Table 5-7, if your investment preference is to maximize your expected return while exposing yourself to the minimal amount of risk, will you choose a portfolio that will consist of 10%, 30%, 50%, 70%, or 90% of your money on the house in neighborhood A and the remaining on the house in neighborhood B?
Q3) Referring to Table 5-10, what is the probability that more than four of the new employees will be from University A?
Q4) The number of customers arriving at a department store in a 5-minute period has a binomial distribution.
A)True
B)False
Q5) Referring to Table 5-7, what is the variance of the gain in value for the house in neighborhood B?
Q6) Referring to Table 5-8, if you decide to choose Design A for 70% of the production lines and Design B for the remaining production lines, what is the coefficient of variation of your investment?
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Chapter 6: The Normal Distribution and Other Continuous Distributions
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Sample Questions
Q1) A catalog company that receives the majority of its orders by telephone conducted a study to determine how long customers were willing to wait on hold before ordering a product. The length of waiting time was found to be a random variable best approximated by an exponential distribution with a mean length of waiting time equal to 2.8 minutes (i.e. the mean number of calls answered in a minute is 1/2.8). What is the probability that a randomly selected caller is placed on hold fewer than 7 minutes?
A) 0.0009119
B) 0.082085
C) 0.917915
D) 0.9990881
Q2) You were told that the amount of time lapsed between consecutive trades on the New York Stock Exchange followed a normal distribution with a mean of 15 seconds. You were also told that the probability that the time lapsed between two consecutive trades to fall between 16 to 17 seconds was 13%. The probability that the time lapsed between two consecutive trades would fall below 13 seconds was 7%. What is the probability that the time lapsed between two consecutive trades will be between 15 and 16 seconds?
Q3) Referring to Table 6-6, 10% of the annual returns will be at least what amount?
Q4) The probability that a standard normal variable Z is positive is ________.
Page 8
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Chapter 7: Sampling and Sampling Distributions
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Sample Questions
Q1) Major league baseball salaries averaged $3.26 million with a standard deviation of $1.2 million in a recent year. Suppose a sample of 100 major league players was taken. Find the approximate probability that the mean salary of the 100 players was less than $2.5 million.
A) Approximately 0
B) 0.0151
C) 0.9849
D) Approximately 1
Q2) For sample size 16, the sampling distribution of the mean will be approximately normally distributed
A) regardless of the shape of the population.
B) if the shape of the population is symmetrical.
C) if the sample standard deviation is known.
D) if the sample is normally distributed.
Q3) The only way one can eliminate sampling error is to take the whole population as the sample.
A)True
B)False
Q4) ________ results from the failure to collect data on all subjects in the sample.
Q5) Coverage error results in a ________.
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Chapter 8: Confidence Interval Estimation
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Sample Questions
Q1) Referring to Table 8-5, 95% of all confidence intervals constructed similarly to this one with a sample size of 10 will contain the mean of the population.
A)True
B)False
Q2) Referring to Table 8-13, construct a 95% confidence interval estimate of the population proportion of managers who have caught salespeople listing a "strip bar" as a restaurant on an expense report.
Q3) Referring to Table 8-1, they should sample ________ employees if they want to estimate the mean score of the employees within 5 points with 90% confidence.
Q4) The standardized normal distribution is used to develop a confidence interval estimate of the population proportion when the sample size is sufficiently large.
A)True
B)False
Q5) Referring to Table 8-7, the critical value for a 99% confidence interval for this sample is ________.
Q6) Referring to Table 8-3, the confidence interval will be based on ________ degrees of freedom.
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Chapter 9: Fundamentals of Hypothesis Testing:
One-Sample Tests
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Sample Questions
Q1) Referring to Table 9-8, what critical value should the company officials use to determine the rejection region?
Q2) Referring to Table 9-8, the null hypothesis would be rejected.
A)True
B)False
Q3) Referring to Table 9-1, the parameter the manager is interested in is
A) the mean number of defective light bulbs per case produced at the plant.
B) the mean number of defective light bulbs per case among the 46 cases.
C) the mean number of defective light bulbs per case produced during the morning shift.
D) the proportion of cases with defective light bulbs produced at the plant.
Q4) The statement of the null hypothesis always contains an equality.
A)True
B)False
Q5) Referring to Table 9-6, if the test is performed with a level of significance of 0.05, the null hypothesis would be rejected.
A)True
B)False
Q6) Referring to Table 9-7, state the alternative hypothesis for this study.
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Chapter 10: Two-Sample Tests
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Sample Questions
Q1) The statistical distribution used for testing the difference between two population variances is the ________ distribution.
A) t
B) standardized normal
C) binomial
D) F
Q2) Referring to Table 10-5, the number of degrees of freedom is A) 14.
B) 13.
C) 8.
D) 7.
Q3) Referring to Table 10-11, the same decision would be made with this test if the level of significance had been 0.10 rather than 0.05.
A)True
B)False
Q4) Referring to Table 10-7, the p-value of the test statistic is ________.
Q5) Referring to Table 10-4, the computed t statistic is ________.
Q6) Referring to Table 10-6, the p-value for a two-tail is ________.
Q7) Referring to Table 10-6, there are ________ degrees of freedom for this test.
Page 12
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Chapter 11: Analysis of Variance
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Sample Questions
Q1) Referring to Table 11-4, the decision made at 0.005 level of significance implies that all 3 means are significantly different.
A)True
B)False
Q2) Referring to Table 11-7, what is the p-value of the F test statistic for testing the block effects?
Q3) Referring to Table 11-12, based on the results of the hypothesis test, it appears that there is a significant effect associated with the shape of the logo.
A)True
B)False
Q4) In a two-way ANOVA, it is appropriate to interpret main effects when the interaction component is not significant.
A)True
B)False
Q5) Referring to Table 11-8, what are the degrees of freedom of the randomized block F test for the difference in the means at a level of significance of 0.05?
Q6) Referring to Table 11-3, the among group variation or SSA is ________.
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Chapter 12: Chi-Square Tests and Nonparametric Tests
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Q1) Referring to Table 12-18, what is the mean of the Wilcoxon rank sum test statistic T ?
Q2) Referring to Table 12-12, how many children in the survey spent less than 2 hours watching TV and no more than 2 hours reading storybooks on average?
A) 8
B) 130
C) 175
D) 687
Q3) The Kruskal-Wallis test is an extension of which of the following for two independent samples?
A) Pooled-variance t test
B) Paired-sample t test
C) Wilcoxon rank sum test
D) McNemar test
Q4) The McNemar test is approximately distributed as a standardized normal random variable.
A)True
B)False
Q5) Referring to Table 12-5, the test will involve ________ degrees of freedom.
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Chapter 13: Simple Linear Regression
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Sample Questions
Q1) Referring to Table 13-12, the degrees of freedom for the F test on whether the number of load applications recorded affects the amount of time are
A) 1, 28.
B) 1, 29.
C) 28, 1.
D) 29, 1.
Q2) Referring to Table 13-3, the error or residual sum of squares (SSE)is ________.
Q3) Referring to Table 13-10, the value of the F test statistic equals the square of the t test statistic when testing whether the number of customers who make purchases is a good predictor for weekly sales.
A)True
B)False
Q4) Referring to Table 13-10, it is inappropriate to compute the Durbin-Watson statistic and test for autocorrelation in this case.
A)True
B)False
Q5) Referring to Table 13-3, the least squares estimate of the slope is ________.
Q6) Referring to Table 13-10, what is the value of the coefficient of determination?
Q7) Referring to Table 13-4, the error or residual sum of squares (SSE)is ________.
Page 15
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Chapter 14: Introduction to Multiple Regression
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Sample Questions
Q1) Referring to Table 14-9, the value of adjusted r² is A) 0.4576.
B) 0.5626.
C) 0.6472. D) 95.5414.
Q2) Referring to Table 14-10, to test the significance of the multiple regression model, the null hypothesis should be rejected while allowing for 1% probability of committing a type I error.
A)True
B)False
Q3) Referring to Table 14-17 and using both Model 1 and Model 2, there is insufficient evidence to conclude that the independent variables that are not significant individually are significant as a group in explaining the variation in the dependent variable at a 5% level of significance?
A)True
B)False
Q4) Referring to Table 14-14, the predicted mileage for a 300 horsepower, 6-cylinder car is ________.
Q5) Referring to Table 14-17 Model 1, what is the standard error of estimate?
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Chapter 15: Multiple Regression Model Building
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Q1) Referring to Table 15-6, the model that includes X?, X?, X?, X? and X? should be among the appropriate models using the Mallow's Cp statistic.
A)True
B)False
Q2) Referring to Table 15-6, the variable X? should be dropped to remove collinearity.
A)True
B)False
Q3) The Cp statistic is used
A) to determine if there is a problem of collinearity.
B) if the variances of the error terms are all the same in a regression model.
C) to choose the best model.
D) to determine if there is an irregular component in a time series.
Q4) Collinearity is present if the dependent variable is linearly related to one of the explanatory variables.
A)True
B)False
Q5) Referring to Table 15-6, what is the value of the variance inflationary factor of Edu?
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Chapter 16: Time-Series Forecasting
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Q1) Referring to Table 16-12, using the regression equation, what is the forecast for the revenues in the first quarter of 2012?
Q2) Which of the following statements about moving averages is not true?
A) It can be used to smooth a series.
B) It gives equal weight to all values in the computation.
C) It is simpler than the method of exponential smoothing.
D) It gives greater weight to more recent data.
Q3) A first-order autoregressive model for stock sales is: Sales = 800 + 1.2(Sales) . If sales in 2010 is 6,000, the forecast of sales for 2011 is ________.
Q4) The cyclical component of a time series
A) represents periodic fluctuations which reoccur within 1 year.
B) represents periodic fluctuations which usually occur in 2 or more years.
C) is obtained by adjusting for the seasonal variation.
D) is obtained by adjusting for calendar variation.
Q5) MAD is the summation of the residuals divided by the sample size.
A)True
B)False
Q6) Referring to Table 16-7, the forecast for the demand in 2009 is ________.
Q7) Referring to Table 16-7, the fitted trend value for 2000 is ________.
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Chapter 17: Statistical Applications in Quality Management
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Sample Questions
Q1) The cause of variation that can be reduced only by changing the system is ________ cause variation.
Q2) An in-control process must be achieved before being able to estimate process capability.
A)True
B)False
Q3) Common causes of variation are correctable without modifying the system.
A)True
B)False
Q4) Referring to Table 17-10, based on the c chart, it appears that the process is out of control.
A)True
B)False
Q5) Referring to Table 17-5, a p control chart is to be made for these data. The upper control limit is ________, and the lower control limit is ________.
Q6) Referring to Table 17-5, the process seems to be in control.
A)True
B)False
Q7) Referring to Table 17-10, construct a c chart for the number of defective items.
Page 19
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Chapter 18: A Roadmap for Analyzing Data
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Sample Questions
Q1) The opinions (classified as "for," "neutral" or "against")of a sample of 200 people broken down by gender about the latest congressional plan to eliminate anti-trust exemptions for professional baseball. You can present this information using a scatter plot.
A)True
B)False
Q2) A survey claims that 9 out of 10 doctors recommend aspirin for their patients with headaches. To test this claim, a random sample of 100 doctors results in 83 who indicate that they recommend aspirin. Which of the following tests will you perform?
A) t test for the mean
B) Z test for the proportion
C) Pooled-variance t test
D) Separate-variance t test
Q3) A sample of 200 students at a Big-Ten university was taken after the midterm to ask whether they went bar hopping the weekend before the midterm or spent the weekend studying, and whether they did well or poorly on the midterm. You can use a contingency table to present this information.
A)True
B)False
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