Analytics Exam 1

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

Simulations

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

allow easy instantaneous recalculation for a change in model inputs

The simplest measure of variability is the

range

If covariance between two variables is near 0, it implies that

the variables are not linearly related.

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

time series

A light bulb manufacturer uses descriptive analytics

to present supply chain to managers visually.

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

variable

Which of the following design guidelines, if followed, enables the user to update the model parameters without the risk of mistakenly creating an error in a formula?

. Separating the parameters from the spreadsheet mode

Compute the relative frequencies for the data given in the table below: Grades ABCD Number of students 16,28,33,13 Total90

0.18, 0.31, 0.37, 0.14

Compute the geometric mean for the following data on growth factors of an investment for 10 years. 1.10, 0.50, 0.70, 1.21, 1.25, 1.12, 1.16, 1.11, 1.13, 1.22

1.0148

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%

Compute the coefficient of variation for the following sample data. 32, 41, 36, 24, 29, 30, 40, 22, 25, 37

21.36%

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

31

Use technology to compute the standard deviation for the following sample data. 32, 41, 36, 24, 29, 30, 40, 22, 25, 37

6.75

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.

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

Cross-sectional data

Excel's __________ tool allows the user to determine the value of an input cell that will cause the value of a related output cell to equal some specified value.

Goal Seek

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

Graph C. A negative relationship means that if one variable gets bigger, the other variable tends to get smaller.

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

Identifying and defining the problem

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

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?

Quantitative data

_______________ acts as a representative of the population.

THE SAMPLE

The modeling process begins with the framing of a _________ model that shows the relationships between the various parts of the problem being modeled.

conceptual

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

data dashboards

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.

Optimization models can be used to

decide on how to invest cash received from insurance policies.

A(n) ____________ refers to a model input that can be controlled in a spreadsheet model.

decision variable

Data dashboards are a type of _________ analytics.

descriptive

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

is categorical data

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

observation

With reference to a spreadsheet model, an uncontrollable model input is known as a(n)

parameter

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

predictive analytics

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

sample mean