INFO 320 - Exam 1 Prep (Chapters 1-3)
Tables should be used instead of charts when
the values being displayed have different units or very different magnitudes.
A _____________ is a line that provides an approximation of the relationship between the variables.
trendline
Veracity is:
uncertainty due to data inconsistency & incompleteness, ambiguities, latency deception, model approximations.
A bar chart is a graphical presentation that
uses horizontal bars to display the magnitude of quantitative data.
A characteristic or 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
A _____________________ determines how far a particular value is from the mean relative to the data set's standard deviation.
z-score
To summarize and analyze data with both a cross tabulation and charting, Excel typically pairs
PivotCharts with PivotTables
The tools of business analytics are useful for all of the following except
enabling us to eliminate all risk in decision making.
A summary of data that shows the number of observations in each of several nonoverlapping bins is called a(n)
frequency distribution
Deleting the grid lines in a table and the horizontal lines in a chart
increases the data-ink ratio
Which of the following techniques 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)
observational study
A ______________ is used for examining data with more than two variables, and it includes a different vertical axis for each variable.
parallel-coordinates plot
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
Advanced analytics generally refers to
predictive and prescriptive analytics
In a financial sector, we use ______ to construct financial instruments such as derivatives.
predictive models
Sports franchises dynamically adjust ticket prices throughout the season to reflect the relative attractiveness and potential demand for each game by using
prescriptive analytics
Which of the following analytical techniques is designed to output the best decision?
prescriptive analytics
A children's apparel manufacturer could use descriptive analytics to
present supply chain to managers visually.
The use of analytics in health care is becoming exceedingly important in order to control costs as well as
provide more effective treatments
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
The act of collecting data that are representative of the population data is called
random sampling
Which one of the following statements is not true concerning PivotTables in Excel? a. PivotTables are also known as crosstabulation tables. b. PivotTables summarize only categorical and quantitative data. c. PivotTables are interactive. d. PivotTables summarize data for two variables.
PivotTables summarize only categorical and quantitative data
Fields may be chosen to represent all of the following except ____________ in the body of a PivotTable.
filters
Data-ink is the ink used in a table or chart that
is necessary to convey the meaning of the data to the audience.
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
DJ needs to display data over time. Which of the following charts should DJ use?
line chart
A better understanding of consumer behavior through analytics leads to
more effective pricing strategies
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
The ________________ is a point estimate of the population mean for the variable of interest.
sample mean
To better understand the relationship between advertising dollars spent and the subsequent sales, I could create a ________________ chart
scatter (A scatter chart is a graphical presentation of the relationship between two quantitative variables.)
A _____________ is a graphical presentation of the relationship between two quantitative variables.
scatter chart
A useful chart for displaying multiple variables is the
scatter chart matrix
The Quick Analysis button is a feature available in Excel that gives you
shortcuts for Conditional Formatting, adding Data Bars, and other operations.
The decisions concerning an organization's goals and future plans are called:
strategic decisions
Data collected from several entities over a period of time (minutes, hours, days, etc.) are called
time series data
Simulation optimization helps
to find good decisions in highly complex and highly uncertain settings.
Which of the following types of graphs is useful for visualizing hierarchical data along multiple dimensions?
treemap and parallel coordinates plot
______ are visual methods for displaying data.
Charts
DJ needs to display data over time. Which of the following charts should he use?
Line chart
______________________ 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
_____________________ 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)
Compute the relative frequencies for students who earned an A shown in the table of grades below. Grades Number of Students A 10 B 31 C 36 D 6 Total: 83
0.12 (10/83)
The College Board originally scaled SAT scores so that the scores for each section were approximately normally distributed with a mean of 500 and a standard deviation of 100. Assuming SAT scores follow a bell-shaped distribution; use the empirical rule to find the percent of students who scored more than 600.
16%
A survey was conducted including a random sample of 50 companies that covered 10 different industries. The survey asked about how long the company has been in business, the company's annual revenue from the previous fiscal year, the industry, and annual profit margin from the previous fiscal year. How many observations were included in this study?
50
The test scores of 8 students are listed below. Find the standard deviation of the test scores. 80 82 83 86 89 92 95 99
6.71 (use STDEV.S function on Excel)
For data having a bell-shaped distribution, approximately _____ percent of the data values will be within one standard deviation of the mean.
68
A sample of 13 adult males' heights are listed below. 70, 72, 71, 70, 69, 73, 69, 68, 70, 71, 67, 71, 74 Find the range of the data
7
The College Board originally scaled SAT scores so that the scores for each section were approximately normally distributed with a mean of 500 and a standard deviation of 100. Assuming SAT scores follow a bell-shaped distribution; use the empirical rule to find the percent of students who scored less than 700.
97.5% (The z-score for this situation is 700 - 500 / 100 = 2. Recall that 95% of observations will fall within 2 standard deviations of mean. This means that 2.5% of observations will fall above +2 standard deviations and 2.5% of observations will fall below -2 standard deviations. Since 2.5% of students score above 700--above +2 standard deviations--97.5% of students score less than 700--below +2 standard deviations)
A retail store owner offers a discount on product A and predicts that customers would purchase products B and C in addition to product A. Identify the technique used to make such a prediction.
Data mining
The College Board reported that in 2014, the mean Math Level 2 SAT subject test score was 686 with a standard deviation of 96. Assuming scores follow a bell-shaped distribution; use the empirical rule to find the percent of students who scored less than 494.
The College Board reported that in 2014, the mean Math Level 2 SAT subject test score was 686 with a standard deviation of 96. Assuming scores follow a bell-shaped distribution; use the empirical rule to find the percent of students who scored less than 494.
The total of relative frequencies for a data set is always 1.
True
The following question was asked of 500 people who were shopping at a local mall on the weekend: "How many different business publications do you read in an average week?" What type of study was conducted?
an observational study
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 charts that are helpful in making comparisons between categorical variables are
bar charts and column charts
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
A data visualization tool that updates in real time and gives multiple outputs is called a(n)
data dashboard
Corporate-level managers use ______ to summarize sales by region, current inventory levels, and other company-wide metrics all in a single screen.
data dashboards
Supply network design models provide data about plant and distribution center locations that will minimize cost while still meet the customer service requirements. These models are referred to as
optimization models
Any data value with a z-score less than -3 or greater than +3 is considered to be a(n)
outlier
A graphical presentation used to examine more than two variables in which each variable is represented by a different vertical axis is called a
parallel coordinates plot
Making visual comparisons between categorical variables is difficult in a
pie chart
What is the mode of the data set given below? 35, 47, 65, 47, 22
47
______ encompasses reports, data dashboards, and descriptive statistics to describe past data.
descriptive analytics
__________ is an open-source programming environment that supports big data processing through distributed storage and distributed processing on clusters of computers
Hadoop
Data dashboards are a type of _________ analytics.
descriptive
Does talking on cell phones while driving affect reaction time? Researchers measured the reaction times of 162 study participants as they talked on cell phones and found that the average level of distraction from their driving was rated 2.2 out of 5, while those not talking on cell phones rated an average level of distraction from their driving at 3.9 out of 5. The population being studied in this case is all drivers.
True
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. In this scenario, David has the higher standardized score.
True (52-70/11 = -1.63 while 52-64/6 = -2; David has the higher score)
You have been asked to reorganize the Excel table below into order of sales using the Sales column. Which option will allow you to do this quickly?
Use the Sort function to organize the data into order of sales.
The data dashboard for a marketing manager may have KPIs related to
current sales measures and sales by region
The U.S. Internal Revenue Service uses _____________ to identify patterns that distinguish questionable annual personal income tax filings.
data mining
Professional sports teams use analytics to
decide how much to offer players in contract negotiations
When a decision maker is faced with several decision alternatives and an uncertain set of future events, he/she uses ______ to develop an optimal strategy.
decision analysis
