BUS ANALYT 1

Mean

=AVERAGE(B2:B12)

Geometric Mean:

=GEOMEAN(E5:E12)

Which of the two mutual funds performed better over this time period?

=INDEX(B15:B16,MATCH(MAX(C15:C16),C15:C16,0)

Median

=MEDIAN(B2:B12)

mode

=mode(B2:b12)

_____ acts as a representative of the population. a. A sample b. The variance c. A random variable d. The variable

A sample

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? a. All patients in a local hospital b. All survey respondents c. Hospital patients d. Cannot be determined from the information given.

All survey respondents

Which of the following graphs provides information on outliers and IQR of a data set? a. Scatter chart b. Line chart c. Histogram d. Box plot

Box plot

Which of the following best exemplifies big data? a. A pharmacy keeps track of customer purchases to send its customers coupons. b. Five hundred Facebook users upload one thousand pictures per day. c. A local grocery store collects data from those that scan their loyalty card. d. Cellphone owners around the world generate vast amounts of data by calling, texting, tweeting, and browsing the Web on a daily basis.

Cellphone owners around the world generate vast amounts of data by calling, texting, tweeting, and browsing the Web on a daily basis.

_____ are collected from several entities at the same point in time. a. Cross-sectional data b. Categorical and quantitative data c. Time series data d. Random data

Cross-sectional data

Which of the following is not an approach to making decisions? a. Tradition b. Intuition c. Guess and check d. Rules of thumb

Guess and check

_____ 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. a. Advanced analytics b. MapReduce c. Internet of Things (IoT) d. Hadoop

Internet of Things (IoT)

DJ needs to display data over time. Which of the following charts should he use? a. Pie chart b. Line chart c. Scatter chart d. Bar chart Hide Feedb

Line chart

Which Excel command will return all modes when more than one mode exists? a. MODE.MULT b. MODE.SNGL c. MODES d. MODE

MODE.MULT

Which of the following are necessary to be determined to define the classes for a frequency distribution with quantitative data? a. Width of each bin and bin lower limits b. Number of overlapping bins, width of each bin, and bin upper limits c. Number of nonoverlapping bins, width of each bin, and bin limits d. Width of each bin and number of bins

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

Which one of the following statements is not true concerning PivotTables in Excel? a. PivotTables summarize data for two variables. b. PivotTables are also known as crosstabulation tables. c. PivotTables can be built using data arrayed in rows. d. PivotTables are interactive.

PivotTables can be built using data arrayed in rows.

____ analytics are techniques that use models, constructed from past data, to predict the future or to ascertain the impact of one variable on another. a. Simulation b. Descriptive c. Prescriptive d. Predictive

Predictive

In the spectrum of business analytics, which is the most complex? a. Prescriptive b. Operational c. Predictive d. Descriptive

Prescriptive

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? a. Cannot be determined. b. Time series data c. Quantitative data d. Categorical data

Quantitative data

Which of the following gives the proportion of items in each bin? a. Class size b. Relative frequency c. Frequency d. Bin proportion

Relative frequency

Which of the following graphs cannot be used to display categorical data? a. Stacked-column chart b. Pie chart c. Scatter chart d. Clustered-column chart

Scatter chart

Which of the following relationships would have a negative correlation coefficient? a. Cost of a car and the amount of tax to be paid b. Supply and demand c. The square footage of a home and the price of the home d. Amount of a bill at a restaurant and the amount of the tip

Supply and demand

Find the range of the data.

The range can be found by subtracting the smallest value from the largest value in a data set.

What is the total relative frequency?

The relative frequencies always add to 1

The charts that are helpful in making comparisons between categorical variables are _____. a. scatter charts and line charts b. bar charts and scatter charts c. bar charts and column charts d. column charts and line charts

bar charts and column charts

he correlation coefficient will always take values _____. a. greater than 0 b. between -1 and 0 c. between -1 and +1 d. less than -1

between -1 and +1

When working with data sets in Excel, _____ can be used to automatically highlight cells that meet specified requirements. a. conditional formatting b. averaging c. summing d. sorting

conditional formatting

The _____ shows the number of data items with values less than or equal to the upper class limit of each class. a. relative frequency distribution b. cumulative frequency distribution c. percent frequency distribution d. frequency distribution

cumulative frequency distribution

Corporate-level managers use _____ to summarize sales by region, current inventory levels, and other company-wide metrics all in a single screen. a. simulations b. data dashboards c. crosstabulation d. tables

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. a. Data mining b. Data dashboards c. Simulation d. Data query

data mining

The U.S. Internal Revenue Service uses _____ to identify patterns that distinguish questionable annual personal income tax filings. a. data mining b. decision analysis c. utility theory d. prescriptive analytics

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 _____. a. spreadsheet models b. data queries c. data mining d. data dashboards

data queries

Optimization models can be used to _____. a. assess the risk of investment portfolios b. decide on how to invest cash received from insurance policies c. successfully manage commercial real estate risk d. forecast future financial performance

decide on how to invest cash received from insurance policies

When a decision maker is faced with several alternatives and an uncertain set of future events, s/he uses _____ to develop an optimal strategy. a. data mining b. utility theory c. decision analysis d. predictive analytics

decision analysis

Data dashboards are a type of _____ analytics. a. descriptive b. decision c. prescriptive d. predictive

descriptive

The variance is based on the _____. a. correlation in the data b. number of variables c. deviation about the mean d. deviation about the median Hide Feedback

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. a. categorical study b. variable study c. observational study d. experimental study

experimental study

Fields may be chosen to represent all of the following except _____ in the body of a PivotTable. a. columns b. values c. filters d. rows

filters

A summary of data that shows the number of observations in each of several nonoverlapping bins is called a(n) _____. a. sample summary b. observed distribution c. frequency distribution d. bin distribution

frequency distribution

relative frequency formula

frequency/sum of all frequencies

A _____ is a graphical summary of data previously summarized in a frequency distribution. a. histogram b. line chart c. box plot d. scatter chart

histogram

Bar charts use _____. a. vertical bars to display the magnitude of the quantitative variable b. horizontal and vertical bars to display the magnitude of the quantitative variable c. vertical bars to display the magnitude of the categorical variable d. horizontal bars to display the magnitude of the quantitative variable

horizontal bars to display the magnitude of the quantitative variable

Deleting the grid lines in a table and the horizontal lines in a chart _____. a. decreases the data-ink ratio b. increases the non-data-ink ratio c. increases the data-ink ratio d. does not affect the data-ink ratio

increases the data-ink ratio

The letter grades (A, B, C, D, F) of business analysis students are recorded by a professor. This variable's classification _____. a. is categorical data b. is time series data c. is quantitative data d. Cannot be determined.

is categorical data

Data-ink is the ink used in a table or chart that _____. a. is necessary to convey the meaning of the data to the audience b. helps in presenting data when the audience need not know exact values c. does not help in conveying the data to the audience d. increases the non-data-ink ratio Hide Feedback

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

A time series plot is also known as a _____. a. boxplot b. line chart c. dot plot d. frequency graph

line chart

Which one of the following is used in predictive analytics? a. Optimization model b. Linear regression c. Data dashboard d. Data visualization

linear regression

A set of values corresponding to a set of variables is defined as a(n) _____. a. event b. factor c. quantity d. observation

observation

The data collected from the customers in restaurants about the quality of food is an example of a(n) _____. a. cross-sectional study b. observational study c. variable study d. experimental study

observational study

Any data value with a z-score less than -3 or greater than +3 is considered to be a(n) _____. a. z-score value b. outlier c. statistic d. whisker

outlier

A forecast that helps direct police officers to areas where crimes are likely to occur based on past data is an example of _____. a. descriptive analytics b. prescriptive analytics c. decision analysis d. predictive analytics

predictive analytics

Advanced analytics generally refers to _____. a. predictive and prescriptive analytics b. decision analysis c. descriptive and prescriptive analytics d. simulation

predictive and prescriptive analytics

Which of the following analytical techniques helps us arrive at the best decision? a. Descriptive analytics b. Predictive analytics c. Prescriptive analytics d. Data mining

prescriptive analytics

In the financial sector, _____ are used to construct financial instruments such as derivatives. a. descriptive models b. prescriptive models c. descriptive and prescriptive models d. predictive models

prescriptive models

The act of collecting data that are representative of the population data is called _____. a. population sampling b. sample data c. sources of data d. random sampling

random sampling

The simplest measure of variability is the _____. a. coefficient of variation b. range c. standard deviation d. variance

range

In many cases, white space in a chart can improve _____. a. stability b. functionality c. readability d. complexity

readability

Data-driven decision making tends to decrease a firm's _____. a. profit b. market value c. productivity d. risk

risk

The _____ is a point estimate of the population mean for the variable of interest. a. median b. sample mean c. geometric mean d. sample

sample mean

A _____ is a graphical presentation of the relationship between two quantitative variables. a. histogram b. pie chart c. scatter chart d. bar chart

scatter chart

____ are used in the pharmaceutical industry to assess the risk of introducing a new drug. a. Simulations b. Charts c. Spreadsheet models d. Data dashboards

simulations

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. a. manipulate b. sort and filter c. chart d. split

sort and filter

Tables should be used instead of charts when _____. a. there are more than two columns of data b. the values being displayed have different units or very different magnitudes c. the reader needs relative comparisons of data d. the reader need not differentiate the columns and rows

the values being displayed have different units or very different magnitudes

If covariance between two variables is near 0, it implies that _____. a. the variables are negatively related b. a positive relationship exists between the variables c. the variables are strongly related d. the variables are not linearly related

the variables are not linearly related

Data collected from several entities over a period of time (minutes, hours, days, etc.) are called _____. a. source data b. categorical and quantitative data c. time series data d. cross-sectional data

time series data

Simulation optimization helps _____. a. to find good decisions in highly complex and highly uncertain settings b. to model certainty using optimization techniques c. in assigning values to outcomes d. in identifying the constraints of the situation

to find good decisions in highly complex and highly uncertain settings

A light bulb manufacturer uses descriptive analytics _____. a. to achieve efficiency in delivery of goods b. to present supply chain to managers visually c. to plan capacity utilization by incorporating the inherent uncertainty in commodities pricing d. to schedule staff and vehicle for delivery

to present supply chain to managers visually

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. a. financial wellness b. total worth c. feasibility d. total cost

total worth

A _____ is a line that provides an approximation of the relationship between the variables. a. sparkline b. line chart c. gridline d. trendline

trendline

_____ assigns values to outcomes based on the decision maker's attitude toward risk, loss, and other factors. a. Optimization model b. Simulation optimization c. Data dashboard d. Utility theory

utility theory

A quantity of interest that can take on different values is known as a(n) _____. a. observation b. variable c. sample d. parameter

variable

The difference in a variable measured over observations (time, customers, items, etc.) is known as _____. a. observed differences b. descriptive analytics c. variable change d. variation

variation

The goal regarding using an appropriate number of bins is to show the _____. a. number of observations b. correlation in the data c. variation in the data d. number of variables

variation in the data

A _____ determines how far a particular value is from the mean relative to the data set's standard deviation. a. z-score b. percentile c. coefficient of variation d. varianc

z-score

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.)

z-score = (value - mean) / standard deviation = (48 - 70) / 11 = -2