Analytics Exam 1 MC

__________ are used in the pharmaceutical industry to assess the risk of introducing a new drug.

Simulations

Advanced analytics generally refers to

predictive and prescriptive analytics

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

prescriptive analytics

The act of collecting data that are representative of the population data is called

random sampling

Which of the following gives the proportion of items in each bin?

relative frequency

Data collected from several entities over a period of time (minutes, hours, days, etc.) are called

time series data

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

variable

The difference in a variable measured over observations (time, customers, items, etc.) is known as

variation

The goal regarding using an appropriate number of bins is to show the

variation in data

In a survey of patients in a local hospital, 62.42% of the respondents indicated that the health care providers needed to spend more time with each patient. Who makes up the population?

All patients in a local hospital

In a survey of patients in a local hospital, 62.42% of the respondents indicated that the health care providers needed to spend more time with each patient. Who makes up the sample?

All survey respondents

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.

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

Cross sectional data

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

Guess and check

The __________ function is used for the conditional computation of expressions in Excel.

IF

__________ is the most critical step of the decision-making process.

Identifying and defining the problem

The __________ function pairs each element of the first array with its counterpart in the second array, multiplies the elements of the pairs together, and adds the results.

SUMPRODUCT

The following table is used to lookup information on a specific product. The Product ID is entered into cell B2 and the information is returned in the shaded box. There are several formulas in the table. How could I look at the cells that use the value in cell B2?

Select "Trace Dependents" in the Formula Auditing Group on the Formulas tab.

Which of the following design guidelines, if followed, enables the user to update the model parameters without the risk of mistakenly creating an error in a formula?

Separating the parameters from the spreadsheet model

examples of quantitative/categorical data

What is your age? QUANTITATIVE Are you male or female? CATEGORICAL When did you first start reading the WSJ? High school, college, early career, midcareer, late career, or retirement? CATEGORICAL How long have you been in your present job or position? QUANTITATIVE What type of vehicle are you considering for your next purchase? Nine response categories include sedan, sports car, SUV, minivan, and so on: CATEGORICAL

A one-way data table summarizes

a single input's impact on the output of interest.

Corporate-level managers use ______ to summarize sales by region, current inventory levels, and other company-wide metrics all in a single screen

data dashboards

The U.S. Internal Revenue Service uses _____________ to identify patterns that distinguish questionable annual personal income tax filings.

data mining

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

An Excel __________ quantifies the impact of changing the value of a specific input on an output of interest.

data table

Optimization models can be used to

decide on how to invest cash received from insurance policies

A(n) ____________ refers to a model input that can be controlled in a spreadsheet model.

decision variable

Data dashboards are a type of _________ analytics.

descriptive

A summary of data that shows the number of observations in each of several nonoverlapping bins is called a(n)

frequency distribution

Excel's __________ tool allows the user to determine the value of an input cell that will cause the value of a related output cell to equal some specified value.

goal seek

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

histogram

Tactical decisions are concerned with

how the organization should achieve the goals and objectives set by its strategy

A(n) __________ is a visual representation that shows which entities affect others in a model.

influence diagram

The letter grades (A, B, C, D, F) of business analysis students are recorded by a professor. This variable's classification

is categorical data

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

observation

With reference to a spreadsheet model, an uncontrollable model input is known as a(n)

parameter

A forecast that helps direct police officers to areas where crimes are likely to occur based on past data is an example of

predictive analytics

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

risk

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.

sort and filter

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

Which of the following relationships would have a negative correlation coefficient?

supply and demand

If covariance between two variables is near 0, it implies that

the variables are not linearly related