Statistical Analysis for Business Test Bank
Course
Introduction
Statistical Analysis for Business introduces students to the fundamental concepts and techniques of statistics as applied to the business environment. The course covers topics such as descriptive statistics, probability distributions, sampling, hypothesis testing, regression analysis, and data interpretation. Emphasis is placed on understanding how to analyze and present data for decision-making, solve real-world business problems, and utilize statistical software tools. Through practical exercises and case studies, students develop the skills necessary to apply statistical reasoning to various areas of business, including finance, marketing, operations, and management.
Recommended Textbook
Business Analytics Data Analysis and Decision Making 5th Edition by S. Christian Albright
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20 Chapters
1051 Verified Questions
1051 Flashcards
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Page 2
Chapter 1: Introduction to Data Analysis and Decision Making
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30 Verified Questions
30 Flashcards
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Sample Questions
Q1) Which of the following is an Excel add-in for performing what-if analyses?
A) PrecisionTree
B) TopRank
C) Solver
D) @Risk
E) StatTools
Answer: B
Q2) Decision-making includes optimization techniques for problems with certainty,decision analysis for problems with certainty,and structured sensitivity analysis.
A)True
B)False
Answer: False
Q3) The decision-making concepts covered in Data Analysis & Decision Making book include which of the following?
A) Optimization techniques
B) Decision analysis with uncertainty
C) Structured sensitivity analysis
D) All of these options
Answer: D
Page 3
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Chapter 2: Describing the Distribution of a Single Variable
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Sample Questions
Q1) A distribution of a numerical variable with no skewness is said to be symmetric.
A)True
B)False
Answer: True
Q2) Suppose that a sample of 10 observations has a standard deviation of 3,then the sum of the squared deviations from the sample mean is 30.
A)True
B)False
Answer: False
Q3) Both ordinal and nominal variables are categorical.
A)True
B)False
Answer: True
Q4) A frequency table indicates how many observations fall within each category,and a histogram is its graphical analog.
A)True
B)False
Answer: True
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Chapter 3: Finding Relationships Among Variables
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Sample Questions
Q1) Scatterplots are also referred to as A) crosstabs
B) contingency charts
C) X-Y charts
D) all of these options
E) none of these options
Answer: C
Q2) We study relationships among numerical variables using A) correlation
B) covariance
C) scatterplot charts
D) all of these options
E) none of these options
Answer: D
Q3) We are usually on the lookout for large correlations near A) +1
B) -1
C) Either of these options
D) Neither of these options
Answer: C
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Chapter 4: Probability and Probability Distributions
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Sample Questions
Q1) The number of car insurance policy holders is an example of a discrete random variable.
A)True
B)False
Q2) Given that events A and B are independent and that P(A)= 0.8 and P(B/A)= 0.4,then P(A and B)= 0.32.
A)True
B)False
Q3) Conditional probability is the probability that an event will occur,with no other events taken into consideration.
A)True
B)False
Q4) If P(A)= P(A|B),then events A and B are said to be
A) mutually exclusive
B) independent
C) exhaustive
D) complementary
Q5) Two events A and B are said to mutually be exclusive if P(A and B)= 0.
A)True
B)False
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Chapter 5: Normal, Binomial, Poisson, and Exponential
Distributions
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Sample Questions
Q1) The Poisson probability distribution is one of the most commonly used continuous probability distributions.
A)True
B)False
Q2) Poisson distribution is appropriate to determine the probability of a given number of defective items in a shipment.
A)True
B)False
Q3) A binomial distribution with n number of trials,and probability of success p can be approximated well by a normal distribution with mean np and variance \(\sigma ^ { 2 } = n p ( 1 - p ) \text { if } n p > 5 \text { and } n ( 1 - p ) > 5\)
A)True
B)False
Q4) The standard deviation \(\sigma\)
Of a probability distribution is a:
A) measure of variability of the distribution
B) measure of central location
C) measure of relative likelihood
D) measure of skewness of the distribution
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Chapter 6: Decision Making Under Uncertainty
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Sample Questions
Q1) Utility function is a function that encodes a person's or company's feelings toward risk.
A)True
B)False
Q2) Bayes' rule can be used for updating the probability of an uncertain outcome after observing the results of a test or study.
A)True
B)False
Q3) Expected monetary value (EMV)is:
A) the average or expected value of the decision if you knew what would happen ahead of time
B) the weighted average of possible monetary values,weighted by their probabilities
C) the average or expected value of the information if it was completely accurate
D) the amount that you would lose by not picking the best alternative
E) a decision criterion that places an equal amount on all states of nature
Q4) In general,the expected monetary values (EMV)represent possible payoffs.
A)True
B)False
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Chapter 7: Sampling and Sampling Distributions
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Sample Questions
Q1) The sampling distribution of any point estimate (such as the sample mean or proportion)is the distribution of the point estimates we would obtain from all possible samples of a given size drawn from the population.
A)True
B)False
Q2) A confidence interval is an interval calculated from the population data,where we strongly believe the true value of the population parameter lies.
A)True
B)False
Q3) A list of all members of the population is called a:
A) sampling unit
B) probability sample
C) frame
D) relevant population
Q4) A sample of size 20 is selected at random from a population of size N.If the finite population correction factor is 0.9418,then N must be 169.
A)True
B)False
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Chapter 8: Confidence Interval Estimation
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Sample Questions
Q1) If you are constructing a confidence interval for a single mean,the confidence interval will with an increase in the sample size.
A) decrease
B) increase
C) stay the same
D) increase or decrease,depending on the sample data
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) Two independent samples of sizes 20 and 25 are randomly selected from two normal populations with equal variances.In order to test the difference between the population means,the test statistic is:
A) a standard normal random variable
B) approximately standard normal random variable
C) t-distributed with 45 degrees of freedom
D) t-distributed with 43 degrees of freedom
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Chapter 9: Hypothesis Testing
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Sample Questions
Q1) The power of a test is the probability of rejecting the null hypothesis when the alternative hypothesis is true.
A)True
B)False
Q2) Lilliefors test for normality compare two cumulative distribution functions (cdf's): the cdf from a normal distribution and the cdf corresponding to the given data (called the empirical cdf).
A)True
B)False
Q3) An alternative or research hypothesis is usually the hypothesis a researcher wants to prove.
A)True
B)False
Q4) The p-value of a test is the smallest level of significance \(a\) at which the null hypothesis can be rejected.
A)True
B)False
Q5) An alternative hypothesis can have the signs >,<,or . A)True
B)False
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Chapter 10: Regression Analysis: Estimating Relationships
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Sample Questions
Q1) The percentage of variation (R<sup>2</sup>)ranges from
A) 0 to +1
B) -1 to +1
C) -2 to +2
D) -1 to 0
Q2) Outliers are observations that A) lie outside the sample
B) render the study useless
C) lie outside the typical pattern of points on a scatterplot D) disrupt the entire linear trend
Q3) The adjusted R<sup>2</sup> is used primarily to monitor whether extra explanatory variables really belong in a multiple regression model
A)True
B)False
Q4) When the scatterplot appears as a shapeless swarm of points,this can indicate that there is no relationship between the response variable Y and the explanatory variable X,or at least none worth pursuing.
A)True
B)False
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Chapter 11: Regression Analysis: Statistical Inference
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Sample Questions
Q1) Which of the following is true regarding regression error,e
A) it is the same as a residual
B) it can be calculated from the observed data
C) it cannot be calculated from the observed data
D) it is unbiased
Q2) Which of the following definitions best describes parsimony?
A) Explaining the most with the least
B) Explaining the least with the most
C) Being able to explain all of the change in the response variable
D) Being able to predict the value of the response variable far into the future
Q3) In regression analysis,extrapolation is performed when you:
A) attempt to predict beyond the limits of the sample
B) have to estimate some of the explanatory variable values
C) have to use a lag variable as an explanatory variable in the model
D) don't have observations for every period in the sample
Q4) One method of dealing with heteroscedasticity is to try a logarithmic transformation of the data.
A)True
B)False
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Chapter 12: Time Series Analysis and Forecasting
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Sample Questions
Q1) If a random series has too few runs,then it is zigzagging too often.
A)True
B)False
Q2) There are a variety of deseasonalizing methods,but they are typically variations of:
A) ratio-to-seasonality methods
B) ratio-to-exponential-smoothing methods
C) ratio-to-moving-average methods
D) linear trend
Q3) A time series is any variable that is measured over time in sequential order.
A)True
B)False
Q4) The smoothing constant used in simple exponential smoothing is analogous to the span in moving averages.
A)True
B)False
Q5) In a random walk model,there are significantly more runs than expected,and the autocorrelations are not significant.
A)True
B)False
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Chapter 13: Introduction to Optimization Modeling
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Sample Questions
Q1) In general,the complete solution of a linear programming problem involves three stages: formulating the model,invoking Solver to find the optimal solution,and performing sensitivity analysis.
A)True
B)False
Q2) All optimization problems include decision variables,an objective function,and constraints.
A)True
B)False
Q3) If the objective function has the equation \(\min \{ 15 x + 25 y \}\) ,then the y-intercept of the objective function line is 40:
A)True
B)False
Q4) If the objective function has the equation \(\min \{ 4 x + 2 y \}\) ,then the slope of the objective function line is 2:
A)True
B)False
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15
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) A minimum cost network flow model (MCNFM)has the following advantage relative to the special case of a simple transportation model:
A) a MCNFM does not require capacity restrictions on the arcs of the network
B) the flows in a general MCNFM don't all necessarily have to be from supply locations to demand locations
C) a MCNFM is generally easier to formulate and solve
D) All of these options
Q3) A global optimal solution is not necessarily the best solution overall.
A)True B)False
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Chapter 15: Introduction to Simulation Modeling
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Sample Questions
Q1) Assume that x is a random number between 0 and 1,and that the number of units expected to be sold is uniformly distributed between 300 and 500.Then,sales are given by the expression
A) 300 + x
B) 500 - x
C) 300 + 200 x
D) 500 - 200 x
E) 300 + 500 x
Generate a set of 40 random numbers in a column in an Excel spreadsheet by using RAND function.Fix the set of random numbers by copying the column to another column and using the "Paste Special" command with the "Values" option selected.
Q2) If we want to model a random stock price,we should do so with an unbounded symmetric probability distribution.
A)True
B)False
Q3) Sometimes it is convenient to treat a discrete probability distribution as continuous,and vice versa.
A)True
B)False
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Chapter 16: Simulation Models
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Sample Questions
Q1) The two random variables we typically simulate as inputs in bidding models are?
A) Number of bidding competitors and bid amount
B) Number of bidding competitors and bid profit
C) Individual bid amounts and net bidding profits
D) Mean number of bidding competitors and net bidding profit
E) None of these options
Q2) Bidding for contracts is an example of which of the following types of simulation model application?
A) Operations models
B) Financial models
C) Marketing models
D) Games of chance
E) None of these options
Q3) RISKMAX and RISKMIN are can be used to find the probability of meeting a given due date in a manufacturing model.
A)True
B)False
Q4) What is the standard deviation of the ending balance? What does the distribution look like now? What should Amanda infer from this?
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Chapter 17: Data Mining
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Sample Questions
Q1) Create a pivot table that illustrates something meaningful about the variables in the accompanying table.
Q2) Which methodology is used to group products that customers purchase together?
A) Market basket analysis
B) Prediction
C) Classification analysis
D) Forecasting
Q3) Data mining is used to examine known,expected patterns and relationships among variables.
A)True
B)False
Q4) Clustering is considered a supervised data mining technique.
A)True
B)False
Q5) If the estimate on the female variable is positive,what does this indicate about credit card usage?
Q6) A data mart is typically smaller than a data warehouse. A)True
B)False
Q7) What does the pivot table indicate about spending habits?
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Chapter 18: Importing Data Into Excel
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Sample Questions
Q1) A primary key contains a unique,specific value that is not duplicated through any instances within that field.
A)True
B)False
Q2) Structure query language (SQL):
A) is the "language of databases"
B) was developed in 2010
C) is the "language of Excel"
D) is used to differentiate queries across packages
Q3) Michael needs to create a database that contains a table with information about each car produced,a table with information about the line in which each car was produced,and a table with information about the experience of workers on the line in which each car was produced.Which type of database would allow him to enter this information only once,but also create three separate tables with information on the car,the line,and the workers?
A) Single-table database
B) Flat file database
C) Relational database
D) Web database
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Page 20
Chapter 19: Analysis of Variance and Experimental Design
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Sample Questions
Q1) What does the ANOVA output in the accompanying figure indicate?
Q2) The null hypothesis that indicates there are no differences in population means across levels is \(H _ { 0 } : \mu _ { 1 } = \mu _ { 2 } = \mu _ { J }\)
A)True
B)False
Q3) In a full factorial design,researchers assign experimental units to each treatment level combination.
A)True
B)False
Q4) What is the logical next step once Mook Corp.has identified that workers attending different training programs have different productivity levels?
Q5) Contrast is the unavoidable confusion of some effects with others in an incomplete experimental design.
A)True B)False
Q6) Suppose Mook Corp.was interested in running a two-way ANOVA.What other factors might you recommend they include in the test?
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Page 21
Chapter 20: Statistical Process Control
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Sample Questions
Q1) Which of the following are attributes charts?
A) p chart, \(x\) chart,and u chart
B) p chart, \(X\) chart,and u chart
C) p chart,c chart,and u chart
D) p chart,c chart,and R chart
Q2) The control limits for an R chart are set:
A) one mean distance from the average \(R\)
B) at -1 and +1
C) three standard deviations from the average \(R\)
D) at 0 and +1
Q3) Taveen,the production manager at Wire Express,has noticed that one of his machines seems to stall out briefly toward the end of a run.He is wondering whether this stalling is affecting the width of the wire product.He creates several control charts and notices about four consecutive points above the centerline and one point beyond two standard deviations from the centerline.How should Taveen react?
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Page 22