Decision Making with Data Solved Exam Questions
Course Introduction
This course explores the principles and methodologies behind effective decision making using data-driven approaches. Students learn to collect, analyze, interpret, and communicate data to inform business and organizational strategies. Topics include statistical analysis, data visualization, predictive modeling, and the ethical implications of data use. Through real-world case studies and practical exercises, participants develop the skills necessary to transform raw data into actionable insights, supporting sound decisions in complex and dynamic environments.
Recommended Textbook
Business Statistics For Contemporary Decision Making 9th Edition by Ken Black
Available Study Resources on Quizplus
19 Chapters
1767 Verified Questions
1767 Flashcards
Source URL: https://quizplus.com/study-set/3702
Chapter 1: Introduction to Statistics
Available Study Resources on Quizplus for this Chatper
94 Verified Questions
94 Flashcards
Source URL: https://quizplus.com/quiz/73687
Sample Questions
Q1) Miguel Hernandez,Senior Vice President of Human Resources at Memorial Hospital,is exploring the usage of nursing over-time hours in the emergency department during the last operating year (January 1,2012,through December 31,2012).Miguel intends to survey the emergency department nurses regarding their perception of over-time needs.For this survey y the set of all emergency department nurses who worked at Memorial Hospital during the last operating year is _________.
A) a parameter
B) a sample
C) the population
D) a statistic
E) the frame
Answer: C
Q2) A descriptive measure of the sample is called a statistic.
A)True
B)False
Answer: True
Q3) The complete collection of all entities under study is called the sample.
A)True
B)False
Answer: False
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Charts and Graphs
Available Study Resources on Quizplus for this Chatper
92 Verified Questions
92 Flashcards
Source URL: https://quizplus.com/quiz/73688
Sample Questions
Q1) Dot Plots are mainly used to display a large data set.
A)True
B)False
Answer: False
Q2) A Pareto chart and a pie chart are both types of qualitative graphs.
A)True
B)False Answer: True
Q3) In a histogram,the tallest bar represents the class with the highest cumulative frequency.
A)True
B)False
Answer: False
Q4) A histogram can be described as a type of vertical bar chart.
A)True
B)False Answer: True
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Descriptive Statistics
Available Study Resources on Quizplus for this Chatper
81 Verified Questions
81 Flashcards
Source URL: https://quizplus.com/quiz/73689
Sample Questions
Q1) For grouped data,the midpoint of each class interval is used to represent all the values in a class interval.
A)True
B)False
Answer: True
Q2) The sum of deviations about the arithmetic mean is always equal to zero.
A)True
B)False
Answer: True
Q3) The average starting salary for graduates at a university is $33,000 with a standard deviation of $2,000. If a histogram of the data shows that it takes on a mound shape,the empirical rule says that approximately 95% of the graduates would have a starting salary between _______.
A) 29,000 and 37,000
B) 27,000 and 39,000
C) 25,000 and 41,000
D) 29,000 and 37,000.
E) 21,000 and 29,000
Answer: B
To view all questions and flashcards with answers, click on the resource link above.
Page 5
Chapter 4: Probability
Available Study Resources on Quizplus for this Chatper
87 Verified Questions
87 Flashcards
Source URL: https://quizplus.com/quiz/73690
Sample Questions
Q1) Suppose that the probability that LIBOR (London inter-bank offered rate)will increase next trimester is 0.025.Assume also that the probability that your company will open a new branch overseas is 0.20.If the probability that at least one of the two events occur,i.e.,LIBOR increases and/or your company opens a new overseas branch,is 0.21,what is the probability that both events occur?
A) 0.225
B) 0.015
C) 0.010
D) 0.007
E) 0.005
Q2) Given P (A)= 0.45,P (B)= 0.30,P (A \(\cap\) B)= 0.05.Find P (A|B).
A) 0.45
B) 0.135
C) 0.30
D) 0.111
E) 0.167
Q3) If two events are mutually exclusive,then the two events are also independent.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 6
Chapter 5: Discrete Distributions
Available Study Resources on Quizplus for this Chatper
88 Verified Questions
88 Flashcards
Source URL: https://quizplus.com/quiz/73691
Sample Questions
Q1) A student randomly guesses the answers to a five question true/false test.If there is a 50% chance of guessing correctly on each question,what is the probability that the student misses exactly 1 question?
A) 0.200
B) 0.031
C) 0.156
D) 0.073
E) 0.001
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 1,2006. 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
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Continuous Distributions
Available Study Resources on Quizplus for this Chatper
90 Verified Questions
90 Flashcards
Source URL: https://quizplus.com/quiz/73692
Sample Questions
Q1) Suppose the total time to fill a routine prescription at a local pharmacy is 35 minutes based on the time the physician places the order to the time it is dispensed.Assume the standard deviation is 11 minutes and the z score is 0. What is x?
A) -35.0
B) 0.0
C) 70.0
D) 35.0
E) -1.0
Q2) The standard normal distribution is also called a finite distribution because its mean is zero and standard deviation one,always.
A)True
B)False
Q3) A z score is the number of __________ that a value is from the mean.
A) variances
B) standard deviations
C) units
D) miles
E) minutes
To view all questions and flashcards with answers, click on the resource link above.
8
Chapter 7: Sampling and Sampling Distributions
Available Study Resources on Quizplus for this Chatper
93 Verified Questions
93 Flashcards
Source URL: https://quizplus.com/quiz/73693
Sample Questions
Q1) Sampling errors cannot by determined objectively for nonrandom sampling techniques.
A)True
B)False
Q2) If every unit of the population has the same probability of being selected to the sample,then the researcher is probably conducting random sampling.
A)True
B)False
Q3) The employees in certain division of Cybertronics Inc.need to complete a certification online.On average,it takes 20 hours to complete the coursework and successfully pass all tests,and the standard deviation is 6 hours.If you select a random sample of size 30,the probability that the employees in your sample have taken,on average,more than 20.5 hours is ______.
A) 0.47
B) 0.45
C) 0.41
D) 0.32
E) 0.01
To view all questions and flashcards with answers, click on the resource link above.
Chapter 8: Statistical Inference: Estimation for Single Populations
Available Study Resources on Quizplus for this Chatper
88 Verified Questions
88 Flashcards
Source URL: https://quizplus.com/quiz/73694
Sample Questions
Q1) A random sample of 64 items is selected from a population of 400 items.The sample mean is 200. The population standard deviation is 48.From this data,a 95% confidence interval to estimate the population mean can be computed as _______.
A) 189.21 to 210.79
B) 188.24 to 211.76
C) 190.13 to 209.87
D) 190.94 to 209.06
E) 193.45 to 211.09
Q2) When a range of values is used to estimate a population parameter,it is called a range estimate.
A)True
B)False
Q3) The table t value associated with the upper 10% of the t distribution and 23 degrees of freedom is _______.
A) 1.319
B) 1.714
C) 2.069
D) 1.321
E) 2.332
To view all questions and flashcards with answers, click on the resource link above.
Chapter 9: Statistical Inference: Hypothesis Testing for
Single Populations
Available Study Resources on Quizplus for this Chatper
101 Verified Questions
101 Flashcards
Source URL: https://quizplus.com/quiz/73695
Sample Questions
Q1) The lifetime of a squirrel follows a normal distribution with mean months and a standard deviation \(\sigma\)=7 months.To test the alternative hypothesis that > 40,25 squirrels are randomly selected.The null hypothesis is rejected when the sample mean is bigger than 43.Assuming that =45,the probability of type II error is approximately
A) 0.076
B) 0.016
C) 0.05
D) 0.011
E) 0.983
Q2) The executives of CareFree Insurance,Inc.feel that "a majority of our employees perceive a participatory management style at CareFree." A random sample of 200 CareFree employees is selected to test this hypothesis at the 0.05 level of significance. Eighty employees rate the management as participatory. The null hypothesis is
A) n = 30
B) n = 200
C) p = 0.50
D) p < 0.50
E) n > 200
Page 11
To view all questions and flashcards with answers, click on the resource link above.
Chapter 10: Statistical Inferences About Two Populations
Available Study Resources on Quizplus for this Chatper
98 Verified Questions
98 Flashcards
Source URL: https://quizplus.com/quiz/73696
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) 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) The difference in two sample means is normally distributed for sample sizes 30,only if the populations are normally distributed.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
12
Chapter 11: A Nalysis of Variance and Design of Experiments
Available Study Resources on Quizplus for this Chatper
106 Verified Questions
106 Flashcards
Source URL: https://quizplus.com/quiz/73697
Sample Questions
Q1) The statistical methods of analysis of variance assume that the populations are normally distributed.
A)True
B)False
Q2) As director of the employee wellness and productivity program in your company,you are interested in comparing the effects of strength training,aerobic training,and yoga on decreasing rates of injury and absenteeism.The company has 9 divisions with roughly the same number of employees,and you randomly assign 3 divisions to participate in strength training,3 to aerobic training,and 3 to yoga.Your null hypothesis is ______.
A) \(\mu\)<sub>1</sub>\(\neq\)\(\mu\)<sub>2</sub> \(\neq\)\(\mu\)<sub>3</sub>
B) \(\mu\)<sub>1</sub> \(\ge\)\(\mu\)<sub>2</sub> \(\ge\) \(\mu\)<sub>3</sub>
C) \(\mu\)<sub>1</sub> \(\le\)\(\mu\)<sub>2</sub> \(\le\) \(\mu\)<sub>3</sub> D) \(\mu\)<sub>1</sub>= \(\mu\)<sub>2</sub> = \(\mu\)<sub>3</sub>
E) \(\mu\)<sub>1</sub> \(\le\)\(\mu\)<sub>2</sub> \(\ge\) \(\mu\)<sub>3</sub>
Q3) In experimental design,classification variables are independent variables.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 13
Chapter 12: Simple Regression Analysis and Correlation
Available Study Resources on Quizplus for this Chatper
106 Verified Questions
106 Flashcards
Source URL: https://quizplus.com/quiz/73698
Sample Questions
Q1) A researcher has developed the regression equation y = 2.164 + 1.3657x,where n = 6,the mean of x is 8.667,S<sub>xx </sub>= 89.333,and S<sub>e </sub>= 3.44.The 90% confidence prediction interval for y when x = 1 is ______.
A) ( 2.14, 9.2)
B) ( 2.54, 10.6)
C) ( 3.04, 9.92)
D) ( 3.14, 10.2)
E) ( 3.24, 10.4)
Q2) The equation of the trend line for the data based on sales (in $1000)of a local restaurant over the years 2005-2010 is Sales= -265575+132.571 year.The equation of the trend line when using 1 to 6 for 2005-2010 is ________
A) -265575+132.571x
B) 132,571x
C) 97.284+132.571x
D) -263571+98x
E) 2004+37.2x
Q3) The range of admissible values for the coefficient of determination is 1 to +1.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 14
Chapter 13: Multiple Regression Analysis
Available Study Resources on Quizplus for this Chatper
93 Verified Questions
93 Flashcards
Source URL: https://quizplus.com/quiz/73699
Sample Questions
Q1) The multiple regression formulas used to estimate the regression coefficients are designed to ________________.
A) minimize the total sum of squares (SST)
B) minimize the sum of squares of error (SSE)
C) maximize the standard error of the estimate
D) maximize the p-value for the calculated F value
E) minimize the mean error
Q2) A slope in a multiple regression model is known as a partial slope because it ignores the effects of other explanatory variables.
A)True
B)False
Q3) The F test is used to determine whether the overall regression model is significant.
A)True B)False
Q4) 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
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 14: Building Multiple Regression Models
Available Study Resources on Quizplus for this Chatper
95 Verified Questions
95 Flashcards
Source URL: https://quizplus.com/quiz/73700
Sample Questions
Q1) A useful technique in controlling multicollinearity involves the _________.
A) use of variance inflation factors
B) use the backward elimination procedure
C) use the forward elimination procedure
D) use the forward selection procedure
E) use all possible regressions
Q2) The regression model y = \(\beta\)<sub>0</sub> + \(\beta\)<sub>1</sub> x<sub>1</sub> + \(\beta\)<sub>2</sub> x<sub>2</sub> + \(\beta\)<sub>3</sub> x<sub>1</sub>x<sub>2</sub> + \(\varepsilon\) is a first order model.
A)True
B)False
Q3) If a qualitative variable has 4 categories,how many dummy variables must be created and used in the regression analysis?
A) 3
B) 4
C) 5
D) 6
E) 7
To view all questions and flashcards with answers, click on the resource link above. Page 16
Chapter 15: Time-Series Forecasting and Index Numbers
Available Study Resources on Quizplus for this Chatper
94 Verified Questions
94 Flashcards
Source URL: https://quizplus.com/quiz/73701
Sample Questions
Q1) 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
Q2) An exponential smoothing technique in which the smoothing constant alpha is equal to one is equivalent to a regression forecasting model.
A)True
B)False
Q3) Two popular general categories of smoothing techniques are averaging models and exponential models.
A)True
B)False
Q4) One of the ways to overcome the autocorrelation problem in a regression forecasting model is to increase the level of significance for the F test
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Chapter 16: Analysis of Categorical Data
Available Study Resources on Quizplus for this Chatper
85 Verified Questions
85 Flashcards
Source URL: https://quizplus.com/quiz/73702
Sample Questions
Q1) The number of degrees of freedom in a chi-square goodness-of-fit test is the number of categories minus the number of parameters estimated.
A)True
B)False
Q2) Ophelia O'Brien,VP of Consumer Credit of American First Banks (AFB),monitors the default rate on personal loans at the AFB member banks. One of her standards is "no more than 5% of personal loans should be in default." On each Friday,the default rate is calculated for a sample of 500 personal loans. Last Friday's sample contained 30 defaulted loans. Using \(\alpha\) = 0.01,the appropriate decision is _______.
A) reject the null hypothesis p > 0.05
B) do not reject the null hypothesis p = 0.05
C) reject the null hypothesis \(\mu\) > 30
D) do not reject the null hypothesis \(\mu\) \(\le\) 30
E) do nothing
Q3) 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
To view all questions and flashcards with answers, click on the resource link above.
Page 18
Chapter 17: Nonparametric Statistics
Available Study Resources on Quizplus for this Chatper
99 Verified Questions
99 Flashcards
Source URL: https://quizplus.com/quiz/73703
Sample Questions
Q1) In the Wilcoxon test of the differences between two populations,the value z statistic was calculated to be 1.80.If the level of significance is 0.10,which of the following decisions is appropriate?
A) Reject the null hypothesis
B) Do not reject the null hypothesis
C) Indeterminate without the sample size
D) Indeterminate without all of the data
E) Inconclusive
Q2) Which of the following tests might be used to compare the means of two populations if the samples are related?
A) Mann-Whitney test
B) Wilcoxon test
C) Runs test
D) Spearman's test
E) Kruskal-Wallis test
Q3) 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
To view all questions and flashcards with answers, click on the resource link above. Page 19
Chapter 18: Statistical Quality Control
Available Study Resources on Quizplus for this Chatper
86 Verified Questions
86 Flashcards
Source URL: https://quizplus.com/quiz/73704
Sample Questions
Q1) Jake Flanaghan,Vice President for inpatient pharmacy,at Great Atlantic Medical Center,is designing a c chart to monitor the number of inpatient medication errors that occur each month. The total number of medication errors for January - December last year was 37. The centerline for Jake's c chart is ___________.
A) 3.08
B) 37
C) 8.35
D) -2.18
E) 0.00
Q2) For a p chart,the standard deviation of the proportions is 0.079057.The number of items in each sample is 30.Then p is ______.
A) There is not enough information to determine p
B) 0.25
C) 0.33
D) 0.45
E) 0.48
Q3) A quality circle is a round-table of top-level quality managers.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
Page 20
Chapter 19: Decision Analysis
Available Study Resources on Quizplus for this Chatper
91 Verified Questions
91 Flashcards
Source URL: https://quizplus.com/quiz/73705
Sample Questions
Q1) The expected monetary value without information is $60,and the expected monetary payoff with perfect information is $120.The expected value of perfect information is __.
A) $60
B) $2
C) $180
D) $0.50
E) $120
Q2) In a decision-making under risk scenario,the expected monetary value of a decision alternative is the weighted average (using the probability of each state of nature as the weight)of the payoffs to the decision alternative in each state of the nature.
A)True
B)False
Q3) The concept of utility can be helpful to apply decision analysis techniques to situations which do not lend themselves to expected monetary value analysis.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 21