Analytics Final Exam

What is the relative frequency of class D?

.36

In the probability table below, which value is a marginal probability?

.5

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

Consider the following frequency distribution.

11, 26, 44, 48, 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. What percent of the days does he exceed 13,000 steps?

2.28%

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%

Consider the data below. What percentage of students scored grade C? Grades ABCD Number of students 16 28 33 13 Total 90

37%

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

7

If an asset declines in value from $5,000 to $2,500 over nine years, what is the mean annual growth rate in the asset's value over these nine years? Enter your answer as a percentage. If needed, round your answer to two decimal digits.

7.41%

The weekly demand for an item in a retail store follows a uniform distribution over the range 70 to 83. What would be the weekly demand if its corresponding computer-generated value is 0.5?

76.5

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

Identifying and defining the problem

A time series plot of a period of time (in years) versus sales (in thousands of dollars) is shown below. Which of the following data patterns best describes the scenario shown?

Linear trend pattern

Consider a sample with data values of 53, 55, 70, 58, 64, 57, 53, 69, 57, 68, and 53. Compute the mean, median, and mode. If required, round your answers to two decimal places.

Mean = 59.73 Median = 57.00 Mode = 53.00

A time series plot of a period of time (in years) versus revenue (in millions of dollars) is shown below. Which of the following data patterns best describes the scenario shown?

Nonlinear trend pattern

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

Prescriptive analytics

__________, or modeling, is the process of translating a verbal statement of a problem into a mathematical statement.

Problem formulation

A time series plot of a period of time (in months) versus sales (in number of units) is shown below. Which of the following data patterns best describes the scenario shown?

Seasonal pattern

A time series plot of a period of time (quarterly) versus quarterly sales (in $1,000s) is shown below. Which of the following data patterns best describes the scenario shown?

Seasonal pattern and linear trend

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

Simulations

A time series plot of a period of time (in weeks) versus sales (in 1,000's of gallons) is shown below. Which of the following data patterns best describes the scenario shown?

Time series with a horizontal pattern

Which of the following states the objective of time series analysis?

To uncover a pattern in a time series and then extrapolate the pattern into the future

Using the diagram below, which of the following would be a likely mathematical expression for Total Cost?

Total Cost = Fixed Cost + Total Variable Cost

Suppose that at the beginning of 2004 you invested $10,000 in the Stivers mutual fund and $5,000 in the Trippi mutual fund. The value of each investment at the end of each subsequent year is provided in the table below:

Trippi Mutual Fund

In a recent report, the top 5 most-visited English-language web sites were google.com (GOOG), facebook.com (FB), youtube.com (YT), yahoo.com (YAH), and wikipedia.com (WIKI). The most-visited web sites for a sample of 50 Internet users follow.

categorical

Data dashboards are a type of _________ analytics.

descriptive

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

increases the data-ink ratio.

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

line chart

Spreadsheet models are referred to as what-if models because they

llow easy instantaneous recalculation for a change in model inputs

Probability is the

numerical measure of the likelihood that an event will occur.

The term __________ refers to the expression that defines the quantity to be maximized or minimized in a linear programming model.

objective function

A forecast is defined as a(n)

prediction of future values of a time series.

A simulation model extends spreadsheet modeling by

replacing the use of single values for parameters with a range of possible values.

Constraints are

restrictions that limit the settings of the decision variables.

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

scatter chart

Trend refers to

the long-run shift or movement in the time series observable over several periods of time.

An exponential trend pattern occurs when

the percentage change between periods in the value of the variable is relatively constant.

Tables should be used instead of charts when

the values being displayed have different units or very different magnitudes

A disadvantage of the simple what-if analyses is that

there is no indication of the likelihood of various output values.

A set of observations on a variable measured at successive points in time or over successive periods of time constitute a

time series

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

variable.