Business Analytics

What is the lowest level of measurement to which a median can be computed?

Ordinal

A goodness of fit test is always conducted as a(an) _____.

upper-tail test

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

Which of the following are correct statements regarding the goodness-of-fit test?

Data may be of nominal scale

True or False: When conducting a hypothesis test with chi-square analysis, the rejection region is in the lower or left tail of a chi-square distribution.

False

True or false: The claim that "male and female students at Coastal Carolina University prefer different parking lots on campus" is an example of a chi-square null hypothesis.

False

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

Identifying and defining the problem

_____________________ 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.

Internet of Things (IoT)

The members of each basketball team wear numbers on their jerseys. What scale of measurement are these numbers considered?

Nominal

Which of the following assumptions is necessary to apply a nonparametric test of hypothesis using the chi-square distribution?

None of these

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

Income is a variable often used in business and economics. Income is an example of a variable that uses the

Ratio scale

A portion or part of a population is called a

Sample

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

Simulations

True or False: The number of children in a family is a discrete variable

True

True or false: The chi-square goodness-of-fit test can be applied if there are equal or unequal expected frequencies.

True

True or false: The chi-square goodness-of-fit test is appropriate for nominal and ordinal levels of data.

True

True or false: When conducting a hypothesis test with chi-square analysis, the null hypothesis is rejected when the differences between the expected and observed frequencies are relatively large.

True

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

Utility theory

The chi-square has

a family of distributions

A chart that is recommended as an alternative to a pie chart is a

bar chart

A better understanding of consumer behavior through analytics directly leads to

better pricing strategies

The decisions concerning an organization's goals and future plans are called

strategic decisions

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

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

Optimization models can be used to

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.

decision analysis

Data dashboards are a type of _________ analytics

descriptive

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

A population where each element of the population is assigned to one and only one of several classes or categories is a _____.

multinomial population

The chi-square distribution can assume

only positive values

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

Advanced analytics generally refers to

predictive and prescriptive analytics

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

predictive models

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

risk

The computed chi-square value is positive because the difference between the observed and expected frequencies is

squared

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

tactical

Tactical decisions define

the steps taken to achieve the goals and objectives

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

_______________ 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

​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