BUS Analytics Chapter 2

The _____ shows the number of data items with values less than or equal to the upper class limit of each class. a. cumulative frequency distribution b. frequency distribution c. percent frequency distribution d. relative frequency distribution

A. The cumulative frequency distribution shows the number of data items with values less than or equal to the upper class limit of each class.

A variable whose values are not known with certainty is called a _____. a. certain variable b. random variable c. constant variable d. decision variable

B. A quantity whose values are not known with certainty is called a random variable, or uncertain variable.

Data collected from several entities over several time periods is a. categorical and quantitative data. b. time series data. c. source data. d. cross-sectional data.

B. Time series data are collected over several time periods.

_____ act(s) as a representative of the population. a. The analytics b. The variance c. A sample d. The random variables

C. A subset of the population is known as a sample, and it acts as a representative of the population

_____ are collected from several entities at the same point in time. a. Time series data b. Categorical and quantitative data c. Cross-sectional data d. Random data

C. Cross-sectional data are collected from several entities at the same, or approximately the same, point in time.

The data on the time taken by 10 students in a class to answer a test is an example of a. population data. b. categorical data. c. time series data. d. quantitative data.

D. Data are considered quantitative data if numeric and arithmetic operations, such as addition, subtraction, multiplication, and division, can be performed on them

Compute the relative frequencies for the data given in the table below: Grades # of students A 16 B 28 C 33 D 13 Total 90 a. 0.31, 0.14, 0.37, 0.18 b. 0.37, 0.14, 0.31, 0.18 c. 0.14, 0.31, 0.37, 0.18 d. 0.18, 0.31, 0.37, 0.14

D. The relative frequency of a bin equals the fraction or proportion of items belonging to a class. Relative frequency of a bin = Frequency of the bin /n.

The simplest measure of variability is the a. variance. b. standard deviation. c. coefficient of variation. d. range

D. The simplest measure of variability is the range.

A variable is defined as a a. quantity of interest that can take on same values. b. set of values. c. quantity of interest that can take on different values. d. characteristic that takes on same values from a set of values.

A. A characteristic or a quantity of interest that can take on different values is known as a variable.

A summary of data that shows the number of observations in each of several nonoverlapping bins is called a. a frequency distribution. b. a sample summary. c. a bin distribution. d. an observed distribution.

A. A frequency distribution is a summary of data that shows the number (frequency) of observations in each of several nonoverlapping classes, typically referred to as bins, when dealing with distributions.

The act of collecting data that are representative of the population data is called a. random sampling. b. sample data. c. population sampling. d. applications of business analytics.

A. A representative sample can be gathered by random sampling of the population data.

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.

A. Any data value with a z-score less than -3 or greater than +3 is treated as an outlier

Which of the following are necessary to be determined to define the classes for a frequency distribution with quantitative data? a. Number of nonoverlapping bins, width of each bin, and bin limits b. Width of each bin and bin lower limits c. Number of overlapping bins, width of each bin, and bin upper limits d. Width of each bin and number of bins

A. The three steps necessary to define the classes for a frequency distribution with quantitative data are: determine the number of nonoverlapping bins, determine the width of each bin, and determine the bin limits.

A _____ determines how far a particular value is from the mean relative to the data set's standard deviation a. coefficient of variation b. z-score c. variance d. percentile

B. A z-score helps us determine how far a particular value is from the mean relative to the data set's standard deviation.

The data on grades (A, B, C, and D) scored by all students in a test is an example of a. quantitative data. b. sample data. c. categorical data. d. analytical data.

C. If arithmetic operations cannot be performed on the data, they are considered categorical data.

The correlation coefficient will always take values a. greater than 0. b. between -1 and 0. c. between -1 and +1. d. less than -1.

C. The correlation coefficient will always take values between -1 and +1.

The variance is based on the a. deviation about the median. b. number of variables. c. deviation about the mean. d. correlation in the data.

C. The variance is based on the deviation about the mean, which is the difference between the value of each observation (xi) and the mean.