Data Analysis for Business Test Preparation
Course Introduction
Data Analysis for Business introduces students to the core techniques and tools used to transform raw data into valuable business insights. The course covers essential concepts such as data collection, data cleaning, and exploratory data analysis using spreadsheets and statistical software. Emphasis is placed on interpreting data visualizations, applying descriptive and inferential statistics, and leveraging data-driven decision-making in a business context. Through real-world case studies and hands-on exercises, students learn how to identify trends, solve business problems, and communicate findings effectively to stakeholders, preparing them to make evidence-based decisions in various business environments.
Recommended Textbook
Introduction to Business Statistics 7th Edition by Ronald M. Weiers
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2550 Verified Questions
2550 Flashcards
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Chapter 1: A Preview of Business Statistics
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Sample Questions
Q1) List the steps included in the research process.
Answer: a.Defining the problem in specific terms that can be answered by research
b.Deciding on the type of data required
c.Determining through what means the data will be obtained
d.Planning for the collection of data and,if necessary,selection of a sample
e.Collecting and analyzing the data f.Drawing conclusions and reporting the findings
g.Following through with decisions that take the findings into consideration
Q2) Six classmates told you their scores on the last statistics exam.Based on this information,you conclude that the average exam score for the entire class was 82.This is an example of descriptive statistics.
A)True
B)False
Answer: False
Q3) When a sample is so large as to include all members of the population,it is referred to as a completed ____________________.
Answer: census
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3
Chapter 2: Visual Description of Data
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Sample Questions
Q1) The following stem-and-leaf output has been generated by Minitab.This data has a negative mode. Stem-and-leaf of \(\mathrm { C } 2 \quad \mathrm {~N} = 75\)
Leaf Unit \(= 0.01\)
\(\begin{array} { l l l } 1 & - 2 & 6 \\ 2 & - 2 & 0 \\ 5 & - 1 & 555 \\ 8 & - 1 & 420 \\ 22 &0 & 99999887777665 \\ 36 & - 0 & 44322111111000 \\ ( 14 ) & 0 & 01122233333344 \\ 25 & 0 & 66678889999 \\ 14 & 1 & 0022222334 \\ 4 & 1 & 56 \\ 2 & 2 & 03 \end{array}\)
A)True
B)False
Answer: True
Q2) Voters participating in a recent election exit poll in Michigan were asked to state their political party affiliation.Coding the data 1 for Republican,2 for Democrat and 3 for Independent,the data collected were as follows: 3,2,3,2,1,1,3,2,1,3,1,2,3,1,3,3,3,3,2,1,1,3,2,3,1
Construct a frequency bar chart.
Answer: 11ea83ae_4656_e753_908c_7fe6b96f1ef2_TB6252_00_TB6252_00
Q3) ____________________ is also known as marginal or one-way tabulation.
Answer: Simple tabulation
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Page 4
Chapter 3: Statistical Description of Data
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Sample Questions
Q1) A sample of 13 monthly sales figures (in thousands of dollars)are: 10,6,5,10,9,7,10,9,6,8,9,6,and 6.
What is the sample variance?
Answer: 3.359
Q2) Compute the mean salary.
Answer: 24.692
Q3) What is the variance?
Answer: 34.79
Q4) The speed of cars traveling down a particular road follows a distribution that is not bell-shaped and symmetrical has a mean equal to 50 miles per hour (MPH)and a standard deviation equal to 6 MPH.What is the minimum percent of cars that would be expected to fall between 38 MPH and 62 MPH?
Answer: Using Chebyshev's Theorem,we would expect 75% of the cars to fall within these limits.
Q5) For each of the past 10 years,the U.S.unemployment rate has been recorded as follows: 6.7,5.5,5.7,5.2,4.5,3.8,3.8,3.6,3.5,and 4.9.Find the mean unemployment rate for this period.
Answer: 4.72
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Chapter 4: Data Collection and Sampling Methods
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Sample Questions
Q1) Nonsampling errors can be reduced by increasing the size of a sample.
A)True
B)False
Q2) A statistic is a characteristic of a sample such as the sample mean or sample standard deviation.
A)True
B)False
Q3) When the respondents to a questionnaire have different characteristics from those who did not choose to participate in the survey,the survey will likely suffer from
Q4) What is data warehouse?
Q5) A census can be viewed as a "sample" that includes the entire population.
A)True
B)False
Q6) Fill in the blank: Data that are collected by someone other than the researcher,for purposes other than the problem or decision at hand,are referred to as
Q7) What is data mining?
Q8) What is survey research?
Q9) What are the three major sources of error in survey research? Page 6
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Chapter 5: Probability: Review of Basic Concepts
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Sample Questions
Q1) Uncertainty plays an important role in our daily lives and activities as well as in business.
A)True
B)False
Q2) A survey revealed that 21.5% of the households had no checking account,66.9% had regular checking accounts,and 11.6% had NOW accounts.Of those households with no checking account 40% had savings accounts.Of the households with regular checking accounts 71.6% had a savings account.Of the households with NOW accounts 79.3% had savings accounts. The probability that a randomly selected household with a savings account has no checking account is:
A) 0.1309.
B) 0.1290.
C) 0.1437.
D) 0.2150. E) 0.4000.
Q3) Using the letter identifications,calculate P (A or F).
Q4) Bayes' theorem is an extension of the concept of conditional probability.
A)True
B)False
Q5) What is the probability that an item selected at random is a Mother burger?
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Chapter 6: Discrete Probability Distributions
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Sample Questions
Q1) Let x be a Poisson random variable with \(\lambda\) = 6.Use the table of Poisson probabilities to find:
A)P(x 8)
B)P(x = 8)
C)P(x 5)
D)P(6 x 10)
Q2) What is the probability that all four T.V.homes in the sample are served by cable?
Q3) The ____________________ for a discrete random variable lists all possible values the variable can assume,along with their respective probabilities of occurrence.
Q4) In the following equation,what do n,x,and \(\pi\) represent? \[\mathrm
Q5) Find the standard deviation of the number of children in an Egyptian household.
Q6) Find the expected number of children in a randomly selected Egyptian household.
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Chapter 7: Continuous Probability Distributions
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Sample Questions
Q1) The speed of cars passing through a checkpoint follows a normal distribution with a mean of 62.6 miles per hour and a standard deviation of 3.7 miles per hour.What is the probability that the next car passing by will be exceeding 65.5 miles per hour?
Q2) The average waiting time at the checkout counter for a large grocery chain is 2.45 minutes with a standard deviation of 24 seconds (0.40 minutes).Assume that the distribution of waiting time is normal.What is the probability that a customer must wait more than 3 minutes for check out?
Q3) In the normal distribution,the total area beneath the curve represents the probability for all possible outcomes for a given event.
A)True
B)False
Q4) The exponential distribution is a family of discrete distributions,all of which are negatively skewed.
A)True
B)False
Q5) For a value of z = -1.59,explain the steps needed to find the area to the left of this value.
Q6) Determine P(-2.45 z 0),assuming a standard normal distribution.
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Chapter 8: Sampling Distributions
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Sample Questions
Q1) Why is the central limit theorem basic to the concept of statistical inference?
Q2) A manufacturer of galvanized chains advertises the load capacity of a 16-foot length of chain has an average of 2650 lbs.and a standard deviation of 520 lbs.If a retailer receives an order of 75 chains,what is the probability that the sample mean will be greater than 2775 lbs?
Q3) A trucking firm has trucks that average a payload of 22.5 tons and a standard deviation of 1.5 tons.An accounting firm is auditing the shipping orders for the past year for billing errors.It chooses a random sample of 64 shipping orders.What is the probability that the sample mean weight will be within 1 ton of the true population mean of 22.5 tons?
Q4) In a production of 1000 plastic moldings,75 were incompletely formed and had to be discarded.Based on these data the total production of plastic moldings should have what estimated proportion of incompletely formed moldings?
Q5) List all possible samples of 2 families that can be selected without replacement from this population.
Q6) If young children watch an average of 105 minutes of TV per day with a standard deviation of 30 minutes per day,what is the probability that a random sample of 60 children will watch more than 110 minutes of TV per day?
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Chapter 9: Estimation From Sample Data
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Sample Questions
Q1) The more certain we wish to be that the interval estimate contains the population parameter,the wider the interval will have to be.
A)True
B)False
Q2) A personnel manager is conducting a study of sales supervisory salaries in this industry.A survey for the salaries of 36 sales supervisors found a mean of $48.41 thousand and a standard deviation of $18.3 thousand.Determine a 98-percent confidence interval (in thousands of dollars)for the mean of all sales supervisory salaries in this industry.
Q3) With other factors unchanged,a higher confidence level will require a narrower confidence interval.
A)True
B)False
Q4) The t distribution is used to calculate a confidence interval when the population is normally distributed and the population standard deviation is known.
A)True
B)False
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Chapter 10: Hypothesis Tests Involving a Sample Mean or Proportion
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Sample Questions
Q1) What is the decision rule?
Q2) During the last energy crisis,a government official claimed that the average car owner refilled the tank when there was more than 3 gallons left.To check the claim,10 cars were surveyed as they entered a gas station.The amount of gas was measured and recorded as follows: 3,5,3,2,3,3,2,6,4,and 1.If we assume that the amount of gas remaining in tanks is normally distributed with a standard deviation of one gallon,can we conclude at the 10% significance level that the official was correct?
Appropriate test: ____________________
Test statistic = ____________________
Conclusion: _________________________
Interpretation: _____________________________________________
Q3) State the null and alternative hypotheses.
Q4) Reducing the probability of a Type I error also reduces the probability of a Type II error.
A)True
B)False
Q5) Directional assertions lead to what is called a two-tail test.
A)True B)False
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Chapter 11: Hypothesis Tests Involving Two Sample Means
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Sample Questions
Q1) In testing the difference between two population means using two independent samples,the population standard deviations are assumed to be unknown,each sample size is ? 30,and the calculated test statistic z = 2.56.If the test is two-tail and 5% level of significance has been specified,the conclusion should be to:
A) reject the null hypothesis.
B) not to reject the null hypothesis.
C) choose two other independent samples.
D) none of these answers is correct.
Q2) The A-1 Video Rental has run two specials in the local newspaper.One was a two-for-one rental for Tuesday through Thursday.The second was for $1 off on Friday and Saturday.A computer output is shown below: \[\begin{array} { l c r c c }
& \text { n } & \text { MEAN } & \text { STDEV } & \text { SEMEAN } \\
\text { Tues-Thur } & 15 & 185.5 & 28.2 & 7.3 \\
\text { Fri-Sat } & 13 & 268.2 & 30.6 & 8.5
\end{array}\] Determine at the 0.05 level if the standard deviations of the populations are equal.
Test statistic = ____________________
Conclusion: ____________________
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Chapter 12: Analysis of Variance Tests
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173 Flashcards
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Sample Questions
Q1) In employing the randomized block design,the expected effect is to:
A) increase the treatment sum of squares (SSTR).
B) reduce the error sum of squares (SSE).
C) improve the significance of any differences within the treatment groups.
D) reduce the total sum of squares (SST).
E) increase the error sum of squares (SSE).
Q2) State the null and alternative hypothesis. H<sub>0</sub>: ____________________ H<sub>1</sub>: ___________________________________
Q3) What is a factor?
Q4) When there are just two treatments,the randomized block design is equivalent to the nondirectional ______________________________ t-test.
Q5) Develop a randomized block design to test for the difference between the average number of customers per day between four different stores using \(\alpha\) = 0.05 and using the days as the blocking variable. Calculate the test statistic.
Q6) What is the computed value for Factor B (music)sum of squares (SSB)?
Q7) What is the number of the treatment degrees of freedom?
Q8) Compute the mean squares for blocks (MSB).
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Chapter 13: Chi-Square Applications
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Sample Questions
Q1) A sample of size 20 is used to obtain the following statistics: \(\sum x _ { i } = 4363\) and \(\Sigma \mathrm { x } _ { i } ^ { 2 } = 953,180\) Estimate the population variance with 98% confidence.
Lower value = ____________________
Upper value = ____________________
Q2) The number of degrees of freedom in a test of a contingency table with r rows and c columns is _________________________.
Q3) For a chi-square distributed random variable with 12 degrees of freedom and a significance level of 0.025 the chi-square value from the table is 23.337.Which of the following computed values of chi-square will lead to acceptance of the null hypothesis?
A) 42.22
B) 28.43
C) 31.34 D) 26.34
E) 18.26
Q4) What is the expected frequency of the cell Rambo and Non-member?
Q5) What is the conclusion?
Q6) Determine the rejection region at the 5% significance level.
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Chapter 14: Nonparametric Methods
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Sample Questions
Q1) Assume the population is symmetrically distributed.At a 0.05 significance level,state the appropriate decision rule.
Q2) Use the Wilcoxon rank sum test on the data below to determine at the 10% significance level whether the two population medians differ. \[\begin{array} {
l l }
\text { Sample 1: } & 32 & 22 & 19 & 29 & 20 & 34 & 25 & 9 & 28 & 17 \\ \text { Sample 2: } & 29 & 20 & 18 & 27 & 19 & 23 & 19 & 12 & 22 & 10 \end{array}\] H<sub>0</sub>: ____________________ H<sub>1</sub>: ____________________
Test statistic = ____________________
Rejection region = ____________________
If necessary,separate your answers with commas,for example x,y,z,etc.
Conclusion: _____________________________
Interpretation:
Q3) State the appropriate conclusion employing a 0.05 significance level.
Q4) Like the randomized block ANOVA,the Friedman test has the goal of comparing treatments,though it is concerned their medians rather than their means. A)True B)False
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Chapter 15: Simple Linear Regression and Correlation
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Sample Questions
Q1) In testing the hypotheses \(H _ { 0 } : \beta _ { 1 } = 0\) vs. \(\mathrm { H } _ { 1 } : \beta _ { 1 } \neq 0\) ,what is the conclusion at the 0.05 significance level?
Q2) For n = 16 data points, \(r ^ { 2 } = 0.81\) At the 0.05 level of significance,can we conclude that the true coefficient of correlation could be zero?
Q3) In simple linear regression,the coefficient of correlation r and the least squares estimate \(b _ { 1 }\) of the population slope \(\beta _ { 1 }\) : A) must have the same numerical value. B) must have opposite signs. C) must have the same sign. D) may have opposite signs or the same sign.
Q4) Given that the simple linear regression equation is \(\hat { y } = 13.223 - 1.257\) ,use Minitab to create a normal probability plot of the residuals.
Q5) What is residual analysis,and what information can it provide?
Q6) Using the least-squares regression line,predict the salary of an employee with 11 years of experience.
Q7) Construct a 95% prediction interval for an individual y value when x = 6.5.
Q8) Differentiate between a confidence interval and a prediction interval.
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Chapter 16: Multiple Regression and Correlation
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Sample Questions
Q1) Calculate the coefficient of multiple determination.
Q2) It is a good idea to make point estimates based on x values that lie beyond the range of the underlying data.
A)True
B)False
Q3) In testing the significance of a multiple regression model in which there are three independent variables,the null hypothesis is:
A)\(H _ { 0 } : \beta _ { 1 } = \beta _ { 2 } = \beta _ { 3 } = 1\)
B) \(H _ { 0 } : \beta _ { 0 } = \beta _ { 1 } = \beta _ { 2 } = \beta _ { 3 }\)
C) \(H _ { 0 } : \beta _ { 1 } = \beta _ { 2 } = \beta _ { 3 } = 0\)
D) \(H _ { 0 } : \beta _ { 0 } = \beta _ { 1 } = \beta _ { 2 } = \beta _ { 3 } \neq 0\)
Q4) For the multiple regression model \(\hat { Y }\) = 50 + 25x<sub>1</sub>10x<sub>2</sub> + 8x<sub>3</sub>,if x<sub>2</sub> were to increase by 5,holding x<sub>1</sub> and x<sub>3</sub> constant,the value of y would:
A) increase by 5.
B) increase by 50.
C) decrease on average by 5.
D) decrease on average by 50.
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Chapter 17: Model Building
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Sample Questions
Q1) In general,on what basis are independent variables selected for entry into the equation during stepwise regression?
Q2) What is multicollinearity?
Q3) The estimated regression equation for a sample of 500 college professors is given by: \(\hat { Y }\) = 275 - 3x - 2D,where y is retirement age,x is pre-retirement annual income (in $1000s),and D is a dummy variable that takes the value of 0 for female professors and 1 for male professors.Assume that there is a relationship between y,x and D.What is the average age of retirement for female professors with pre-retirement income of $68,500? ____________________ years
Q4) For a sample of 200 recent credit-card customers of a company's on-line store,the following data are available: the dollar amount of merchandise ordered during the visit,how much time (minutes)the customer spent at the site during the purchase visit,and whether the customer used a Visa,Master Card,or other.Describe the format of a linear regression equation for estimating the dollar amount of the order on the basis of the other variables described above.If any qualitative variables are used,indicate the strategy for coding them.
Q5) When is it desirable to make use of stepwise regression technique?
Q6) Discuss some of the signals for the presence of multicollinearity.
Page 20
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Chapter 18: Models for Time Series and Forecasting
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Sample Questions
Q1) The time series component that reflects the irregular changes in a time series that are not caused by any other component,and tends to hide the existence of the other more predictable components,is called:
A) trend.
B) cyclical.
C) seasonal.
D) random variation.
Q2) Different values of the smoothing constant employed in exponential smoothing cause the smoothing procedure to react more or less rapidly to changes in the value of a series.Which of the following smoothing constants causes the least rapid reaction to a change in the current value of a series?
A) 0.30
B) 0.25
C) 0.15
D) 0.10
E) 0.40
Q3) Compute the de-seasonalized value for February if the inventory in February is $48,000.
Q4) Compute the seasonal index for February.
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Chapter 19: Decision Theory
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Sample Questions
Q1) What price should ABC choose using the maximin criterion?
Q2) Another term for regret is ______________________________.
Q3) Define payoff table.
Q4) A person bets his remaining savings on a horse race based on the large payoff if his horse wins.Which of the following decision making criteria does this typify?
A) Maximum
B) Maximax
C) Minimax
D) Minimax regret
E) Maximum expected payoff
Q5) A decision situation can be expressed as either a payoff table or a decision tree diagram.
A)True
B)False
Q6) Determine the expected opportunity loss (EOL)from investing in each company.
Company A: ____________________ thousand
Company B: ____________________ thousand
Company C: ____________________ thousand
Q7) What decision will be made using the maximax criterion?
Page 22
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Chapter 20: Total Quality Management
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Sample Questions
Q1) Control charts are available for individual observations,moving averages,and moving ranges.
A)True
B)False
Q2) Differentiate between a variable and an attribute.
Q3) Although both statistical process control (SPC)and acceptance sampling make inferences on the basis of samples,SPC uses sampled products to make inferences about a larger population of the products,while acceptance sampling uses the sampled products to make inferences about the process from which they came.
A)True
B)False
Q4) For control chart,the lower and upper control limits are usually set at:
A) five standard deviations from the centerline.
B) four standard deviations from the centerline.
C) three standard deviations from the centerline.
D) two standard deviations from the centerline.
E) one standard deviation from the centerline.
Q5) What is just-in-time manufacturing,and how does it contribute to total quality management?
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