Quan Exam 1 Chap 1-4

Tactical decisions are concerned with _____.

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

Deleting the grid lines in a table and the horizontal lines in a chart _____.

increases the data-ink ratio

A disadvantage of stacked-column charts and stacked-bar charts is that _____.

it can be difficult to perceive small differences in areas

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

The best way to differentiate chart elements is by using _____.

labels

If a z-score is zero, then the corresponding x-value must be equal to the _____.

mean

Compute the relative frequency for students who earned a C shown in the table of grades below.

0.43

Below is a histogram for the number of days that it took Wyche Accounting to perform audits in the last quarter of last year. What is the frequency of the 25-28 bin?

1

What is the total relative frequency?

1

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

12

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 score is -2.00. Therefore, David has the higher standardized score.

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

Data dashboards are a type of _____ analytics.

Descriptive

In a normal distribution, which is greater, the mean or the median?

Neither the mean or the median (they are equal)

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

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

Observation

Two events are independent if _____.

P(A | B) = P(A) or P(B | A) = P(B)

_____ 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

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

Predictive Analysis

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

Predictive Models

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

Prescriptive

_____ analytics use techniques that take input data and yield a best course of action.

Prescriptive

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

Prescriptive Analytics

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

Quantitative Data

The simplest measure of variability is the _____.

Range

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

Simulations

Susan would like to create a graph to display the number of males and females in her class who got an A, B, C, D, and F on the last test. Which of the following graphs could she use?

Stacked-column 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

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

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

Tactical

_____ acts as a representative of the population.

The Sample

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

Data Mining

The random variable X is known to be uniformly distributed between 2 and 12. Compute the standard deviation of X.

2.887

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

Risk

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

Utility Theory

A _____ determines how far a particular value is from the mean relative to the data set's standard deviation.

Z-score

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 triangular distribution is a good model for _____ distributions.

skewed

A joint probability is the _____.

probability of the intersection of two events

In many cases, white space in a chart can improve _____.

readability

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

Relative frequency

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

Sample Mean

Which of the following graphs cannot be used to display categorical data?

Scatter chart

Identify the shape of the distribution in the figure below.

Skewed Right (highest>lowest)

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 that has no axes but is used to provide information on overall trends for time series data is called a _____.

Sparkline

Internet of Things (IoT)

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

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

Which of the following sources of big data is not publicly available?

Medical Records

What is the mean of x, given the exponential probability function

20

A manager of a fast food restaurant wants the drive-thru employee to ask every fifth customer if he or she is satisfied with the service. Who makes up the sample?

All survey respondents

_____ are visual methods of displaying data.

Charts

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

Conditional Formatting

The variance is based on the _____.

Deviation about the mean

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

Time series Data

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

a data dashboard

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

Bayes' theorem is a method used to compute _____ probabilities.

posterior

The center of a normal curve is _____.

the mean of the distribution

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 the data

The distribution of hourly sales for a local family owned store is normally distributed with a mean of $225 per hour and a standard deviation of $75 per hour. Which of the following intervals contains the middle 95% of hourly sales?

$75-$375

Scores on Ms. Nash's test have a mean of 64 and a standard deviation of 9. Steve has a score of 52. Convert Steve's score to a z-score. (Round to two decimal places if necessary.)

-1.33

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 relative frequency for students who earned an A shown in the table of grades below.

0.12

Compute the relative frequencies for the data given in the table below:

0.18, 0.31, 0.37, 0.14

Below is a histogram for the number of days that it took Wyche Accounting to perform audits in the last quarter of last year. What is the relative frequency of the 21-24 bin?

0.25

Fast food restaurants pride themselves in being able to fill orders quickly. A study was done at a local fast food restaurant to determine how long it took customers to receive their order at the drive-thru. It was discovered that the time it takes for orders to be filled is exponentially distributed with a mean of 1.5 minutes. What is the probability that it takes less than one minute to fill an order?

0.4866

The newest model of smart car is supposed to get excellent gas mileage. A thorough study showed that gas mileage (measured in miles per gallon) is normally distributed with a mean of 75 miles per gallon and a standard deviation of 10 miles per gallon. What is the probability that, if driven normally, the car will get 100 miles per gallon or better?

0.6%

What is the total area under the normal distribution curve?

1

Compute the geometric mean for the following data on growth factors of an investment for 10 years.

1.0148

A survey of 100 random high school students finds that 85 students watched the Super Bowl, 25 students watched the Stanley Cup Finals, and 20 students watched both games. How many students did not watch either game?

10

A health conscious student faithfully wears a device that tracks his steps. Suppose that the distribution of the number of steps he takes is normally distributed with a mean of 10,000 and a standard deviation of 1,500 steps. How many steps would he have to take to make the cut for the top 5% for his distribution?

12,467

Compute the 50th percentile for the following data.

15.5

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 scores follow a bell-shaped distribution, use the empirical rule to find the percentage of students who scored less than 400.

16%

A health conscious student faithfully wears a device that tracks his steps. Suppose that the distribution of the number of steps he takes in a day is normally distributed with a mean of 10,000 and a standard deviation of 1,500 steps. What percent of the days does he exceed 13,000 steps?

2.28%

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 scores follow a bell-shaped distribution, use the empirical rule to find the percentage of students who scored greater than 700.

2.5%

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%

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.

21.36%

Never use a _____ chart when a _____ chart will suffice.

3-D; 2-D

The number of minutes that Samantha waits to catch the bus is uniformly distributed between 0 and 15 minutes. What is the probability that Samantha has to wait less than 4.5 minutes to catch the bus?

30%

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

31

Consider the data below. What percentage of students scored grade C?

37%

Below is the data for the number of days that it took Wyche Accounting to perform audits in the last quarter of last year. 56, 42, 37, 29, 45, 51, 30, 25, 34, 57 What is the median number of days that it took Wyche Accounting to perform audits in the last quarter of last year?

39.5

Below is a histogram for the number of days that it took Wyche Accounting to perform audits in the last quarter of last year. What is the bin size for the histogram?

4

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

40.6

What is the mode of the data set given below?

47

Use technology to compute the standard deviation for the following sample data.

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

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 random variable X is known to be uniformly distributed between 2 and 12. Compute E(X), the expected value of the distribution.

7

The newest model of smart car is supposed to get excellent gas mileage. A thorough study showed that gas mileage (measured in miles per gallon) is normally distributed with a mean of 75 miles per gallon and a standard deviation of 10 miles per gallon. What value represents the 50th percentile of this distribution?

75

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

9.50

A health conscious student faithfully wears a device that tracks his steps. Suppose that the distribution of the number of steps he takes in a day is normally distributed with a mean of 10,000 and a standard deviation of 1,500 steps. One day he took 13,000 steps. What was his percentile on that day?

97.7%

A manager of a fast food restaurant wants the drive-thru employee to ask every fifth customer if he or she is satisfied with the service. Who makes up the population?

All customers who use the drive-thru window of this fast food restaurant

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

The _____ probability distribution can be used to estimate the number of vehicles that go through an intersection during the lunch hour.

Poisson

Select the histogram that is moderately skewed right.

B

A better understanding of consumer behavior through analytics directly leads to _____.

Better Pricing Strategies

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

Box Plot

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

C

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

Categorical Data

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.

Natalie needs to compare the number of employees by job title for the last five years. Which of the following charts should Natalie use?

Clustered-column (bar) chart

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

Cross-sectional Data

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

Data Dashboards

A retail store owner offers a discount on product A and predicts that the customers would purchase products B and C in addition to product A. Identify the technique used to make such a prediction.

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

_____ is the process of removing variables from the analysis without losing crucial information.

Dimension Reduction

The software package most commonly used for creating simple charts is _____.

Excel

To generate a scatter chart matrix, we use _____.

Excel Add-In XLMiner

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

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

Frequency Distribution

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

Guess and Check

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

Hadoop

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

Heat Map

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

Heat map and spark lines

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

Histogram

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

Identifying and Defining the Problem

Which statement is true about mutually exclusive events?

If events A and B cannot occur at the same time, they are called mutually exclusive.

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

Random Sampling

The ratio of the amount of ink used in a table or chart that is necessary to convey information to the total amount of ink used in the table and chart is known as data-ink ratio. Using additional ink that is not necessary to convey information has what effect on the data-ink ratio?

It reduces the data-ink ratio.

Data sets commonly include observations with missing values for one or more variables. In some cases missing data naturally occur; these are called _____.

Legitimately missing data

A time series plot is also known as a _____.

Line chart

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

Line chart

Which one of the following is used in predictive analytics?

Linear Regression

Which Excel command will return all modes when more than one mode exists?

MODE.MULT

_____ 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

To summarize and analyze data with both a crosstabulation and charting, Excel typically pairs _____.

PivotCharts with PivotTables

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

PivotTables can be built using data arrayed in rows.

Which of the following statements is correct?

The binomial distribution is a discrete probability distribution and the normal distribution is a continuous probability distribution.

Sample space is _____.

The collection of all possible outcomes

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

The geographic information system

Which of the following is a discrete random variable?

The number of times a student guesses the answers to questions on a certain test

Which of the following is not a characteristic of the normal probability distribution?

The standard deviation must be 1.

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 chart that is recommended as an alternative to a pie chart is a _____.

bar chart

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

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

clustered column chart

A PivotChart, in few instances, is the same as a _____.

clustered-column chart

A graphical presentation that uses vertical bars to display the magnitude of quantitative data is known as a _____.

column chart

An experiment consists of determining the speed of automobiles on a highway by the use of radar equipment. The random variable in this experiment is a _____.

continuous random variable

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

Making visual comparisons between categorical variables may be difficult in a _____.

pie chart

Advanced analytics generally refers to _____.

predictive and prescriptive analytics

An initial estimate of the probabilities of events is a _____ probability.

prior

A _____ describes the range and relative likelihood of all possible values for a random variable.

probability distribution for a random variable

Optimization models can be used to _____.

decide on how to invest cash received from insurance policies

A variable that can only take on specific numeric values is called a _____.

discrete random variable

Fields may be chosen to represent all of the following except _____ in the body of a PivotTable.

filters

Bar charts use _____.

horizontal bars to display the magnitude of the quantitative variable

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

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

Probability is the _____.

numerical measure of the likelihood that an event will occur

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

observational study

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

outlier

A _____ is used for examining data with more than two variables, and it includes a different vertical axis for each variable.

parallel-coordinates plot

We create multiple dashboards _____.

so that each dashboard can be viewed on a single screen

To avoid problems in interpreting the differences in color in a heat map, ____ can be added.

sparklines

All the events in the sample space that are not part of the specified event are called _____.

the complement of the event

Using multiple lines on a line chart or employing multiple charts is an alternative to a _____.

three-dimensional chart

All of the following are examples of discrete random variables except _____.

time

Simulation optimization helps _____.

to find good decisions in highly complex and highly uncertain settings

A light bulb manufacturer uses descriptive analytics _____.

to present supply chain to managers visually

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

tree map

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

trendline

The event containing the outcomes belonging to A or B or both is the _____ of A and B.

union