Statistical Analysis for Managers
Test Preparation
Course Introduction
Statistical Analysis for Managers introduces students to the fundamental concepts of statistics as applied to managerial decision-making. The course covers descriptive statistics, probability distributions, sampling methods, hypothesis testing, regression analysis, and data interpretation, emphasizing their use in real-world business scenarios. Through hands-on exercises and case studies, students learn how to collect, analyze, and present data-driven insights, enabling them to make informed decisions and solve complex management problems efficiently. The course also incorporates statistical software tools to reinforce learning and application of key techniques in business analytics.
Recommended Textbook
Essentials of Business Analytics 1st Edition by Jeffrey
D. Camm
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12 Chapters
688 Verified Questions
688 Flashcards
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Chapter 1: Introduction
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30 Verified Questions
30 Flashcards
Source URL: https://quizplus.com/quiz/22189
Sample Questions
Q1) Walmart handles over one million purchase transactions per hour. Although the data represents opportunities,
A) it also presents analytical challenges from a processing point of view.
B) it can be processed, or analyzed in a reasonable amount of time.
C) it has itself led to a decrease in the use of analytics.
D) it seldom has valuable applications of analytics.
Answer: A
Q2) In a financial sector, we use ______ to construct financial instruments such as derivatives.
A) descriptive and prescriptive models
B) predictive models
C) descriptive models
D) prescriptive models
Answer: B
Q3) A better understanding of consumer behavior through analytics leads to a(n):
A) decrease in demand.
B) assured increase in sales.
C) more effective pricing strategies.
D) poor customer satisfaction.
Answer: C
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Chapter 2: Descriptive Statistics
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60 Verified Questions
60 Flashcards
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Sample Questions
Q1) Consider a sample on the waiting times (in minutes) at the billing counter in a grocery store to be 15, 24, 18, 15, 21, 20, 15, 22, 19, 16, 15, 22, 20, 15, and 21. Compute the 25th, 50th, and 75th percentiles.
Answer: 25 percentile = 15.
50 percentile = 19.
75 percentile = 21.
Q2) Compute the coefficient of variation for the following sample data.
32 41 36 24 29 30 40 22 25 37
A) 18.64 percent
B) 21.36 percent
C) 20.28 percent
D) 21.67 percent
Answer: B
Q3) Any data value with a z-score less than -3 or greater than +3 is treated as a(n) A) outlier.
B) usual value.
C) whisker.
D) z-score value.
Answer: A
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Page 4
Chapter 3: Data Visualization
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61 Verified Questions
61 Flashcards
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Sample Questions
Q1) In order to visualize three variables in two-dimensional graph, we use a
A) 2-D chart.
B) 3-D chart.
C) bubble chart.
D) column chart.
Answer: C
Q2) In a business, the values indicating the business's current operating characteristics, such as its financial position, the inventory on hand, customer service metrics, are typically known as
A) company performance indicators.
B) performance indicators.
C) key performance indicators.
D) business performance indicators.
Answer: C
Q3) ______ are visual methods of displaying data.
A) Tables
B) Charts
C) Pivot tables
D) Crosstabs
Answer: B
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Chapter 4: Linear Regression
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60 Verified Questions
60 Flashcards
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Sample Questions
Q1) A linear regression analysis for which any one unit change in the independent variable is assumed to:
A) have the same change in the dependent variable.
B) have no change in the dependent variable.
C) have an inverse effect on the dependent variable
D) have a nullifying effect on the dependent variable.
Q2) _____ refers to the data set used to compare model forecasts and ultimately pick a model for predicting values of the dependent variable.
A) Codomain
B) Training set
C) Validation set
D) Range
Q3) A _____ is used to visualize sample data graphically and to draw preliminary conclusions about the possible relationship between the variables.
A) contingency table
B) scatter chart
C) Gantt chart
D) pie chart
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6
Chapter 5: Time Series Analysis and Forecasting
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58 Verified Questions
58 Flashcards
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Sample Questions
Q1) Using a large value for order k in the moving averages method is effective in:
A) tracking changes in a time series more quickly.
B) smoothing out random fluctuations.
C) providing a more accurate forecast variable value.
D) eliminating the effect of seasonal variations in the time series.
Q2) The process of _____ might be used to determine the value of smoothing constant that minimizes the mean squared error.
A) quantization
B) nonlinear optimization
C) clustering
D) curve fitting
Q3) The value of an independent variable from the prior period is referred to as a
A) lagged variable
B) dummy variable
C) predictor variable
D) categorical variable
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Chapter 6: Data Mining
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60 Verified Questions
60 Flashcards
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Sample Questions
Q1) Which of the following methods is used by the analyst to decide if a particular variable needs to be retained in the sample during the sampling process?
A) Descriptive statistics and data visualization
B) Regression
C) Outlier analysis
D) Data Testing
Q2) Which of the following is true of Euclidean distances?
A) It is used to measure dissimilarity between categorical variable observations.
B) It is not affected by the scale on which variables are measured.
C) It increases with the increase in similarity between variable values.
D) It is susceptible to distortions from outlier measurements.
Q3) k-means clustering is the process of:
A) agglomerating observations into a series of nested groups based on a measure of similarity.
B) organizing observations into one of a number of groups based on a measure of similarity.
C) reducing the number of variables to consider in a data-mining approach.
D) estimating the value of a continuous outcome variable.
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8
Chapter 7: Spreadsheet Models
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60 Flashcards
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Sample Questions
Q1) Anna operates a consignment shop where she sells cloths for women and children. The average consignments sold per month is 1000. The average material cost and the selling price of each consignment is $8 and $20, respectively.
The monthly fixed cost to run this business is given below:
Rental cost: $750
Utilities: $150
Advertising: $35
Insurance: $100
Labor cost: $4000 a. Using the spreadsheet model, construct a one-way data table with number of consignments sold per month as the column input and profit as the output.
Breakeven occurs when profit goes from a negative to a positive value. Vary number of consignments sold per month from 400 to 1200 in increments of 100. In which interval does breakeven occur?
b. Use Goal Seek to find the exact breakeven point. Assign <b>Set cell</b>: equal to the location of profit, <b>To value</b>: = 0, and<b> By changing cell</b>: equal to the location of the number of sold consignments in your model.
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Chapter 8: Linear Optimization Models
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60 Flashcards
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Sample Questions
Q1) Reference - 8.2: Which of the following visualization tools could help understand this problem better?
A) A time-series plot
B) A scatter chart
C) A network graph
D) A contour plot
Q2) The reduced cost indicates the change in the optimal objective function value that results from changing the right-hand side of the nonnegativity constraint from:
A) 1 to 0.
B) 0 to 1.
C) 1 to .
D) to 1.
Q3) The nonnegativity constraints create a feasible region that is:
A) unbound by the horizontal axis only.
B) an area with no point satisfying all the constraints.
C) symmetric about the vertical axis around the origin.
D) bound by the horizontal and vertical axes.
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Chapter 9: Integer Linear Optimization Models
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60 Flashcards
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Sample Questions
Q1) Which of the following is true about generating alternatives in binary optimization?
A) If the second-best solution is very close to optimal, it is always preferred over the true optimal solution because of factors outside the model.
B) If alternative solutions exist, it would not help management because some factors that make one alternative are not preferred over the factors that make another alternative.
C) If the solution is a unique optimal solution, it would be good for management to know how much worse the second-best solution is than the unique optimal solution.
D) If any alternative solution exists, it would only be a second-best next to the optimal solution because there is no third-best or an alternative second-best solution to any binary integer programming problem.
Q2) The sum of two or more binary variables must be less than or equal to one in _____ constraint.
A) corequisite
B) conditional
C) multiple-choice
D) mutually exclusive
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Chapter 10: Nonlinear Optimization Models
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60 Verified Questions
60 Flashcards
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Sample Questions
Q1) The _____ of a solution is a mathematical concept that refers to the set of points within a relatively close proximity of the solution.
A) objective function contour
B) neighborhood
C) regression equation
D) Lagrangian multiplier
Q2) In the Bass forecasting model, parameter m:
A) measures the likelihood of adoption due to a potential adopter being influenced by someone who has already adopted the product.
B) measures the likelihood of adoption, assuming no influence from someone who has already adopted the product.
C) refers to the number of people estimated to eventually adopt the new product.
D) refers to the number of people who have already adopted the new product.
Q3) If the portfolio variance were equal to zero, the amount of risk would be _____.
A) unity
B) a positive number greater than 1
C) negative always
D) zero
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12
Chapter 11: Monte Carlo Simulation
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59 Flashcards
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Sample Questions
Q1) The process of evaluating a decision in the face of uncertainty by quantifying the likelihood and magnitude of an undesirable outcome is known as _____.
A) risk analysis
B) regression analysis
C) data mining
D) decision tree analysis
Q2) The _____ function in Excel is used to compute the statistics required to create a histogram.
A) NORM.INV
B) RAND
C) FREQUENCY
D) STDEV.S
Q3) ASP cannot guarantee an optimal solution to a simulation optimization model because
A) the optimization problem will have only one local optimal solution due to the linear relationship.
B) of sampling error resulting from nonlinear relationships.
C) it is not possible to compare solutions across runs.
D) of sampling error resulting from the presence of the random variables.
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Page 13
Chapter 12: Decision Analysis
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60 Flashcards
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Sample Questions
Q1) _____ is a measure of the total worth of a consequence reflecting a decision maker's attitude toward considerations such as profit, loss, and risk.
A) Cost-to-company
B) Utility
C) Decision value
D) Regret
Q2) Which of the following tools is used to create decision trees in Excel?
A) MegaStat
B) Analytic Solver Platform
C) Arena
D) Data Analysis
Q3) The probabilities of both sample information and a particular state of nature occurring simultaneously are termed as _____.
A) joint probabilities
B) probable probabilities
C) preliminary probabilities
D) posterior probabilities
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