MGT512_exam1

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.

In the financial sector, ___________________________ are used to construct financial instruments such as derivatives.

predictive models

Utility theory is the study of the __________________ or relative desirability of a particular outcome that reflects the decision maker's attitude toward a collection of factors, such as profit, loss, and risk.

total worth

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

variable.

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

variation in the data.

Compute the IQR for the following data. 10, 15, 17, 21, 25, 12, 16, 11, 13, 22

9.50

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. What is the population being studied?

? ​All patients in a local hospital ?

Data that are too large or too complex to be handled by standard data-processing techniques and typical desktop software are called _______________________ .​

Big Data

A data visualization tool that updates in real time and gives multiple outputs is called

a data dashboard.

The charts that are helpful in making comparisons between categorical variables are

bar charts and column charts.

A better understanding of consumer behavior through analytics directly leads to

better pricing strategies.

The correlation coefficient will always take values

between -1 and +1.

In order to visualize three variables in a two-dimensional graph, we use a

bubble chart.

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

data dashboards

When a decision maker is faced with several alternatives and an uncertain set of future events, s/he uses ______ to develop an optimal strategy.

decision analysis

In a business, the values indicating the business's current operating characteristics, such as its financial position, the inventory on hand, and customer service metrics, are typically known as

key performance indicators.

A time series plot is also known as a

line chart.

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

observation.

A ____________________ decision is concerned with how the organization should achieve the goals and objectives set by its strategy.

tactical

Tactical decisions define

the steps taken to achieve the goals and objectives.

Tables should be used instead of charts when

the values being displayed have different units or very different magnitudes.

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

the variables are not linearly related.

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

time series data.

Which of these are examples of unstructured data? (Check all that apply.)

Facebook postings, Twitter

In the spectrum of business analytics, which is the most complex?

Prescriptive

What do the letters ETL stand for?

extract, transform, load

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

strategic decisions.

One of the 4 Vs of big data that refers to uncertainty due to data inconsistency and incompleteness, ambiguities, latency, deception, and model approximations is _________.

veracity

Which one of the following statements is not true concerning PivotTables in Excel?

PivotTables summarize only quantitative data.

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

Prescriptive analytics

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

frequency distribution.

An effective display of trend and magnitude is achieved by using a combination of a

heat map and sparklines.

A two-dimensional graph representing the data using different shades of color to indicate magnitude is called a

heat map.

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

histogram

The ______________________ shows the number of data items with values less than or equal to the upper class limit of each class.

cumulative frequency distribution

The data dashboard for a marketing manager may have KPIs related to

current sales measures and sales by region.

The letter grades of business analysis students is recorded by a professor (4=A, 3=B, 2=C, 1=D). This variable's classification

is categorical data.

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

observational study.

The ________________ is a point estimate of the population mean for the variable of interest.

sample mean

A _____________ is a graphical presentation of the relationship between two quantitative variables.

scatter chart

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

A line chart In Excel that has no axes but is used to provide a visual of overall trends for time series data is called a

sparkline.

A _______________ decision involves higher-level issues and is concerned with the overall direction of the organization, defining the overarching goals and aspirations for the organization's future.

strategic

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.

What is another word for an alphanumeric data type?

string

A ______________ is useful for visualizing hierarchical data along multiple dimensions.

treemap

A _____________ is a line that provides an approximation of the relationship between the variables.

trendline

_____________________ refers to the technology that allows data, collected from sensors in all types of machines, to be sent over the Internet to repositories where it can be stored and analyzed.

Internet of Things (IoT)

Which of the following graphs provides information on outliers and IQR of a data set?

Box plot

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.

Which one of the following is used in predictive analytics?

Linear regression

______________________ refers to a programming model used within Hadoop that performs the two major steps for which it is named: the map step and the reduce step.

MapReduce

_____________ data is a category of data in which the data are persistent and stable over time, such as data about employee.

Master

In a database with a CUSTOMER table, the field for phone number must be the number datatype.

False

__________ is an open-source programming environment that supports big data processing through distributed storage and distributed processing on clusters of computers.

Hadoop

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

Identifying and defining the problem

Which of the following are necessary to be determined to define the classes for a frequency distribution with quantitative data?

Number of nonoverlapping bins, width of each bin, and bin limits

What is the mode of the data set given below? 35, 47, 65, 47, 22

47

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.)​

-2

Compute the geometric mean for the following data on growth factors of an investment for 10 years. 1.10, 0.50, 0.70, 1.21, 1.25, 1.12, 1.16, 1.11, 1.13, 1.22

1.0148

Compute the mode for the following data. 12, 16, 19, 10, 12, 11, 21, 12, 21, 10

12

Compute the 50th percentile for the following data. 10, 15, 17, 21, 25, 12, 16, 11, 13, 22

15.5

The scores of a sample of students in a Math test are 20, 15, 19, 21, 22, 12, 17, 14, 24, 16 and in a Stat test are 16, 12, 19, 17, 22, 14, 20, 21, 24, 15, 13. Compute the mean scores for both the Math _____ and the Stat ______ tests. Round to 1st decimal place, if needed.

18 17.5

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 median.

19

Compute the third quartile for the following data. 10, 15, 17, 21, 25, 12, 16, 11, 13, 22

21.25

Compute the coefficient of variation for the following sample data. 32, 41, 36, 24, 29, 30, 40, 22, 25, 37

21.36%

Compute the median of the following data. 32, 41, 36, 24, 29, 30, 40, 22, 25, 37

31

Compute the mean of the following data. 56, 42, 37, 29, 45, 51, 30, 25, 34, 57

40.6

Use technology to compute the standard deviation for the following sample data. 32, 41, 36, 24, 29, 30, 40, 22, 25, 37

6.75

For data having a bell-shaped distribution, approximately _____ percent of the data values will be within one standard deviation of the mean.

68

_______________ act(s) as a representative of the population.

A sample

Scores on Ms. Bond's test have a mean of 70 and a standard deviation of 11. David has a score of 52 on Ms. Bond's test. Scores on Ms. Nash's test have a mean of 64 and a standard deviation of 6. Steven has a score of 52 on Ms. Nash's test. Which student has the higher standardized score?

David's standardized score is -1.64 and Steven's standardized scores -2.00. Therefore, David has the higher standardized score.

The data on the time taken by 10 students in a class to complete an exam is an example of what type of data?

Quantitative data

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

Relative frequency

Which of these is the programming language used specifically for retrieving and maintaining data in a relational database?

SQL

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

Simulations

_____ merges maps and statistics to present data collected over different geographies.

The geographic information system

When you, as a student, take an exam and that data is stored in a table, that an example of transactional data.

True

For a table called STUDENT, which of the following fields could be the primary key?

User ID

____________________ assigns values to outcomes based on the decision maker's attitude toward risk, loss, and other factors.

Utility theory

The range of data types now available for analysis refers to which of the 4 Vs?

Variety

An alternative for a stacked column chart when comparing more than a couple of quantitative variables in each category is a

clustered column chart.

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.

Data dashboards are a type of _________ analytics.

descriptive

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.

The variance is based on the

deviation about the mean.

In a(n) ________________, one or more variables are identified and controlled or manipulated so that data can be obtained about how they influence the variable of interest identified first.

experimental study

In a table of data with columns and rows, another word for column is _________.

field

Making visual comparisons between categorical variables is difficult in a

pie chart.

Advanced analytics generally refers to

predictive and prescriptive analytics.

A data ______________ is a request to obtain information with certain characteristics from a database.​

query

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

random sampling.

The difference between the largest and the smallest data values is the __________.

range

The simplest measure of variability is the

range.

A set of tables with data that are linked together via primary and foreign key fields is called a ___________ database.

relational

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

variation.

Most companies must deal with terabytes of data or more, which represents which of the 4 Vs of big data?

volume

​_______________ 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

DJ needs to display data over time. Which of the following charts should DJ use?

​line chart