MKTG 3228 Exam 1

The College Board reported that 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 percentage of students who scored less than 494.

2.5% z-score = (494 - 686) / 96 = -2. Recall that 95% of observations fall within two standard deviations of the mean, which means 2.5% of observations fall in each tail. Since we want to know the percentage of students who scored less than 494, we essentially want to know the percentage of observations that fall below -2 standard deviations. 2.5% of observations fall below -2 standard deviations.

_____ acts as a representative of the population.

A sample

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.

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

Identifying and defining the problem

The correlation coefficient will always take values _____.

between -1 and +1

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

box plot

_____ are visual methods of displaying data.

charts

Data dashboards are a type of _____analytics.

descriptive

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

histogram

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

is categorical data

Data-ink is the ink used in a table or chart that _____.

is necessary to convey the meaning of the data to the audience

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

line chart

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

outlier

The simplest measure of variability is the _____.

range

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

scatter chart

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

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

strategic decisions

Tables should be used instead of charts when _____.

the values being displayed have different units or very different magnitudes