Business Analytics Midterm pt1

the limitation of covariance as a descriptive measure of association is that it ...

... is very sensitive to the units of the variables

what is not true about linear programming?

1. linear programming can have more than one objective function 2. linear programming can only solve maximization problems

if a man's height is normally distributed with a mean of 5'10", which value is least likely?

4'11"

if a value represents the 95th percentile, this means what?

95% of all values are below this value

the normal curve is also called what?

a bell-shaped curve

if the correlation of variables is close to 0, then we expect to see what?

a cluster of points with no apparent relationship on the scatterplot

gender, and state of residence are examples of what kind of data?

categorical

what do we study relationships among numerical values using?

correlation, covariance, scatterplot charts

what is the most common type of chart for showing the distribution of a numercical value?

histogram

what is one characteristic of a bell-shaped curve?

it is symmetrical

what is correlation only useful for?

measuring the strength of a linear relationship

which of the following are equal in a normal distribution?

mode/median/standard deviation

a histogram that is positively skewed is also called what?

skewed to the right

how is the median described if the number of observations is even?

the average of the middle two numbers

the median can also be described as what?

the middle observation when the data values are arranged in ascending order

as a measure of variability, what is defined as the maximum value, minus the minimum value?

the range

what do correlation and covariance measure ?

the strength and direction of a linear relationship between two numerical variables

a variable is classified as ordinal if?

there is a natural ordering of categories

the daily closing of the Dow Jones Industrial Average over a period of 30 days is best described as what kind of data?

time-series

what is not assumed in linear programming?

whole numbers