business analytics midterm 1

beginning of hwk 2

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A quantity of interest that can take on different values is known as a(n)

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

A _____ is a graphical summary of data previously summarized in a frequency distribution.

A common graphical presentation of quantitative data is a histogram. This graphical summary can be prepared for data previously summarized in a frequency, a relative frequency, or a percent frequency distribution.

_____ acts as a representative of the population.

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

A set of values corresponding to a set of variables is defined as a(n) _____.

An observation is a set of values corresponding to a set of variables.

Any data value with a z-score less than -3 or greater than +3 is considered to be a(n) _____.

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

Which graph represents a negative linear relationship between x and y?

C A negative relationship means that if one variable gets bigger, the other variable tends to get smaller.

Which of the following best exemplifies big data?

Cellphone owners around the world generate vast amounts of data by calling, texting, tweeting, and browsing the Web on a daily basis.

When working with data sets in Excel, _____ can be used to automatically highlight cells that meet specified requirements.

Conditional formatting in Excel can make it easy to identify data that satisfy certain conditions in a data set.

_____ are collected from several entities at the same point in time.

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

When working with large spreadsheets with many rows of data, it can be helpful to _____ the data to better find, view, or manage subsets of data.

Excel contains an option to sort and filter data so that one can identify patterns of the data more easily.

Which of the following is not an approach to making decisions?

Guess and check

Which one of the following is used in predictive analytics?

Linear regression

The data collected from the customers in restaurants about the quality of food is an example of a(n) _____.

Nonexperimental, or observational, studies make no attempt to control the variables of interest. Some restaurants use observational studies to obtain data about customer opinions on the quality of food, quality of service, atmosphere, and so on.

_____ analytics are techniques that use models, constructed from past data, to predict the future or to ascertain the impact of one variable on another.

Predictive

Which of the following analytical techniques helps us arrive at the best decision?

Prescriptive analytics

Compute the relative frequencies for the data given in the table below: Grades Number of students A 16 B 28 C 33 D 13 Total 90

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. d. 0.18, 0.31, 0.37, 0.14

James's manager asked him to sort the last names in the following list in descending order. What does this mean? Customer ID First Last Sales Quantity Discount Profit

To sort in descending order is to sort from Z to A.

A Wall Street Journal subscriber survey asked 46 questions about subscriber characteristics and interests. State whether each of the following questions provides categorical or quantitative data. (a)What is your age? (b)Are you male or female? (c)When did you first start reading the WSJ? High school, college, early career, midcareer, late career, or retirement? (d)How long have you been in your present job or position? (e)What type of vehicle are you considering for your next purchase?

a.Quantitativeb.Categoricalc.Categoricald.Quantitativee.Categorical

The correlation coefficient will always take values _____.

between -1 and +1

The extraction of information on the number of shipments, how much was included in each shipment, the date each shipment was sent, and so on from the manufacturing plant's database exemplifies _____.

data queries

In order to manage an organization's human resource activities, such as hiring employees, tracking, and influencing employee retention, HR personnel use _____.

descriptive and predictive analytics

Data-driven decision making tends to decrease a firm's _____.

risk

Picks and Axes Inc. is an Internet-based retail seller of hiking boots and mountaineering gear. The company decides to open retail stores across the major areas of the city to help complement its Internet-based strategy. This activity would be categorized as a(n) _____.

strategic decision

The decisions concerning an organization's goals and future plans are called _____.

strategic decisions

Scores on Ms. Bond's test have a mean of 70 and a standard deviation of 11. Michelle has a score of 48. Convert Michelle's score to a z-score. (Round to two decimal places if necessary.)

z-score = (value - mean) / standard deviation = (48 - 70) / 11 = -2