FINAL c207
#74) What is an advantage of a balanced scorecard? O It requires minimal data. O It increases the amount of available data to analyze. O It requires little effort to establish a meaningful dashboard. O It emphasizes strategy and organizational results
It requires minimal data.
#29). A spa wants to determine which duration of its massage packages is the most popular. The spa has 30-minute, 50-minute, and 75-minute sessions. Which statistical measure should be used and is LESS affected by OUTLIERS and skewed data? O Mean O Median O Standard deviation O ModeMedian
Median
#31e) 6. What results from starting an analysis with flawed data? choose 2 answers. a. Spreadsheets must be used to increase like the likelihood of analyzing the flawed data b. Data must be put in a table or a chart so that errors can be more easily detected c. Missing data tend to skew the results of the analysis d. More time is spent managing data than analyzing data
c. Missing data tend to skew the results of the analysis d. More time is spent managing data than analyzing data
#34). Financial analyst theorizes that commute times increase as the percentage of land availability for homes in a city decreases. To test this theory, the analyst uses a regression analysis. Which analysis result is supportive of this analyst's theory? -The P value for the regression coefficient is 1 -The R-squared value is 0.90 -The P value for the regression coefficient is 0.50 -The R-squared value is 0.10
-The R-squared value is 0.90
#3) How are companies using analytics and big data to create value? A) By developing tailored products and services for specific customer segments B) By downsizing to streamline operations C) By identifying the underlying causes of trends for management evaluation D) By maximizing the use of social media to reach customers
A) By developing tailored products and services for specific customer segments
#31d) In an experimental study, researchers are testing a new flea-preventive medication on dogs using a blind study. Dogs are treated with the new medication or with a placebo. Who should know which dogs are given the medication or the placebo for this bind study? a. Only the researchers b. Only the dog owners c. Neither the researchers nor dog owners nor the response gatherers d. The researchers, the dog owners, and the response gathers.
c. Neither the researchers nor dog owners nor the response gatherers
#31b) 2. Which is an Omission error? a. When data is inaccurate b. When not all the data has been reviewed c. When crucial data is missing d. When data contains outliers
c. When crucial data is missing
#68) A county government is creating a budget for the next fiscal year. They wish to use analytics to guide their discount about costs. Which analytics method can be the county apply to this issue? Average COSTS per project spent by other similar counties Median number of projects completed last year Average number of projects completed Median cost for all county projects
$ important to government
#39) A plant manager wants to compare the production output for three assembly lines. Why is ANOVA the correct analysis technique to use for this scenario? -ANOVA can determine the rate at which production is completed for each assembly line -ANOVA can determine whether there is a significant difference in the output among the assembly lines -ANOVA can determine the reason one assembly line outperforms the others -ANOVA can determine which assembly line has the most output
-ANOVA can determine the rate at which production is completed for EACH assembly line
#43) What describes fact-based decision-making according to quality management principles? Choose 2 answers. -Decisions foster trust in plans. -Decisions reduce external bias. -Decisions have a marginal effect on relationships with suppliers. -Decisions are based on the instincts of experienced leaders.
-Decisions foster trust in plans. -Decisions are based on the instincts of experienced leaders.
#1) which two statistics of a sample ARE ADVERSELY influenced by outliers - Mean of a sample -Median of a sample -Interquartile range of a sample -Standard deviation of a sample
-Mean -Standard deviation
#37) A BOUTIQUE specializing in gits reviews its sales data over the last year. It observes a slow decline in revenue in the first quarter, a growth in revenue in the second quarter, a slight decline in revenue in the third quarter, and a rapid increase in revenue in the fourth quarter. Which data pattern type can the sales data be assessed against? -Irregularity -Seasonality -Cyclicality -Random variation
-Seasonality
#42) Which quality management principle should team members apply? -focusing on auxiliary tasks so that as many steps as possible are added to a process -committing to a new style of leadership that lets employees choose what they want to do each day -training all employees in the managerial process so both the organization and employees benefit -analyzing ALL adjustments made in one part of a system that may effect other parts of the system
-analyzing all adjustments made in one part of a system that may effect other parts of the system
#20) a SCHOOL BOARD has nine voting members. five members need to be chosen each year for the finance committee. why should the combination technique be used when selecting committee members? -bc the selection order of committee members is important -bc there is a correlation btw committee member meeting attendance and selection -bc the selection order of committee members is not important -bc there is NOT a correlation btw committee meeting attendance and selection
-bc there is NOT a correlation btw committee meeting attendance and selection
#64 ) Which exam type compares one student's performance on a test to other students' performance? O An ad hoc test O A criterion-referenced test O A norm-referenced test O An essay test
A norm-referenced test
#36) A company runs a regression analysis to identify the impact of volume on demand, which can be shown in an equation is Y = 50x + 110 What volume is required to produce a demand of 10510? 208 210 525,500 525.610
208 in Y=10510 in the equation and solve for x: Y = 50x + 110 10510 = 50x + 110 10400 = 50x x = 208
#54) what is the primary OBJECTIVE of the SIX SIGMA quality control management a. producing a balanced score card b. approaching PERFECTION in manufacturing operations c.providing organizational roadmap for project managers and operations managers d. establishing ISO 9000 standards for excellence
6 SIGMA = PERFECTION
#28) A car dealership sells both new and used cars. The number of new cars sold on a given day ranges from 5 to 30 while the number of used cars sold ranges from 5 to 40. The number of used cars sold is manually exclusive to the number of new cars sold. Which statistic would be used to compare the number of new and used car sales on any given day? A) Chi-Square B) F-Statistic C) R-Square D) Z-Score
B) F-Statistic
#66) Two vendors sell a dozen raw materials that a company needs to build its products. Which type of analysis should be used to determine if one of the vendors has a statistically better average price at a given point in time? O Data analysis O Background analysis O Heuristic analysis O Graphical analysis
Background analysis
#38) A bakery owner would like to know how many cakes to sell for monthly profit to equal zero. Which analysis method should the owner perform Breakeven Cross over ANOVA T-test
Breakeven determine the minimum amount of revenue they need to cover their costs and achieve a net profit of zero.
#49) how does ISHIKAWA seven basic tools of quality be used. choose 2 answer choices. a. the tools make trends easier to recognize in one graph b. the tools can be used in combination with each other c. the output for one tool can be used as another tools input d. the tools should only be used by high level managers not by average workers
COMBINATION OUTPUT / INPUT
#50) which two types of graphs analyze measurements or trends over time a. paretto chart b. check sheet c. control chart d. Run chart
CONTROL n RUN
#2) Why is a quantitative analysis important to the decision making process? A) It creates risk management dashboard B) It increases the experience of top management C) It provides metric-analysis surveys D) It examines and describes large data sets
D) It examines and describes large data sets
#35) An analyst used multiple linear regression to explore how a big box store's sales (y) are predicted by the store's advertising expenditure dollars (variable x1) and the advertising expenditure dollars of a specialty store (variable x2) in the same market. The estimated regression is y =651.57+92.30x1-26.89x2. How are advertising expenditures and sales related in this scenario? A. If the big box store increases its advertising expenditures, its sales will decrease. B. If the specialty store decreases its advertising expenditures, it will decrease the big box store's sales C. If the big box store decreases its advertising expenditures, It sales will increase D. If the specialty store increases its advertising expenditures, It will decrease the big box stores sales.
D. If the specialty store increases its advertising expenditures, It will decrease the big box stores sales.
#48) Which activity is enhanced by improving operational processes and identifying the ROOT CAUSE of problems? A. Change management operations B. Corporate social responsibility C. Compliance with industry standards D. Organizational performance
D. Organizational performance
#24) An electronics retailer was presented with in-store signage in two formats. Each branch of the store used the signage that matched its location and an analysis was performed to compare means on sales. Which type of variable do the sales represent? Criterion variable Target variable Independent variable Dependent variable
Dependent variable
#47) Which process is considered a statistical process control procedure? A. Determining if the precision of a manufactured product is within a tolerable range B. Forecasting future consumer demand for new product C. Evaluating consumer complaints about manufacturing defects D. Aligning marketing strategy with manufacturing capabilities
Determining if the precision of a manufactured product is within a tolerable range
#59). Which analytic used in healthcare is calculated as a proportion of new cases compared to person-time units? O Incidence rate O Cumulative incidence O Morbidity rate O Prevalence
Incidence rate
#57) What does PREVALENCE measure when studying disease frequency? O Potential future cases of a disease O Only past cases of a disease O Only new cases of a disease O ALL existing cases of a disease
O ALL existing cases of a disease
#56) What does BIG DATA include? O Information that can be analyzed with spreadsheets O Both structured and unstructured data O Powerful extraction tools O Inferential statistics for large companies
O Both structured and unstructured data
#58) A HOSPITAL is restructuring its business and administrative functions. Which component of service delivery could be analyzed with a data analytics approach to help determine whether the hospital is adequately STAFFED for each shift? O Staff education levels O Patient satisfaction levels O Patient-to-staff ratios O Staff productivity levels
O Patient-to-staff ratios
#44) A company's marketing team tells an analyst that fewer customers are opening emails in the recent email campaign. The analyst interviews a few marketing coordinators and discovers changes were made to the email subject line between the last successful email campaign and the recent one. The analyst then uses a statistical technique to compare the email open rates for each campaign. Which step does the comparison of the email open rate represent in the plan-do-check-act cycle? O Check O Plan O Act O Do
O Plan
#14 ) A patient satisfaction survey was conducted at family practice A. the average rating of online telemedicine visits was 4.5 out of 5. While in-person visits received a 3.0 out of 5. Which samples should be used to compare the ratings? a. Online family practices telemedicine visits and in-person family practice visits. b. Online ratings of other family practices and online ratings fall all family practice A visits c. Total family practice visits and online telemedicine visits d. Total family practice A visits and in-person visits
ONLINE -AND-IN PERSON
#6) A student with a MASTERs degree is presumed to already have a BACHELOR's degree Which type of data does this represent Interval data Ordinal data Nominal data Ratio data
Ordinal data
#76) A major HOSPITAL system wants to improve its level of patient satisfaction. Management has recently asked patients to complete a survey as part of the discharge process. From this survey, a net promoter score is derived and tracked over time. What does a net promoter score reveal? O The effectiveness of a new advertising campaign O How management feels about subordinate employees O The strength of an organization's customer relations O How existing employees make advancements within an organization
Patient satisfaction = CUSTOMERS
#45) Which process is designed to proactively act before a problem occurs? O Quality control O Common cause variation activity O Quality assurance O Plan-do-check-act activity
Quality assurance is proactive.
#17) A BAKERY owner expects to sell 50 cakes on Fridays, 65 cakes on Saturday, and 35 cakes each day the rest of the week. The owner tracks the number of cakes sold by day over the next week and performs chi-square analysis of the data. The calculated P value is less than 0.0001. What can the bakery owner conclude? A) There is a significant difference between weekend and weekday sales. The null hypothesis should be accepted B) There is significant difference between the P value and the chi-square value. The null hypothesis should be accepted C) There is a significant difference between observed cake sales for each day of the week. The null hypothesis should be rejected D) There is a significant difference between the OBSERVED and EXPECTED cake sale counts. The null hypothesis should be rejected
REJECT-null OBSERVED+ EXPECTED
#16) Which use of statistics would apply to employees? Determining financial interest rates Influencing future vendor prices Collaborating with competitors on wholesale pricing Predicting future levels of financial risk
RISK
#53) how do a run chart and control chart DIFFER? a run chart reveals trends in manufacturing problems over time wheres a control chart is essentially a snapshot in time. they are the same except a run chart includes limits or constraints a control chart reveals trends in manufacturing problems overtime whereas a run chart is essentially a snapshot in time
RUN -OVERTime control-snapshot
#5) Which management strategy takes a LIFE CYCLE approach to measure performance and is built on a system of partnership and inclusiveness. Goals based management (GBM) Outcome based management (OBM) Results based management (RBM) Performance based management (PBM)
Results based management (RBM)
#77) A professional services FIRM is undergoing a business process improvement exercise to improve productivity, staff morale, and client satisfaction. Management compensation will be tied specifically to improvement in productivity during the fiscal year. Which tool should be used to quantify a measurable standard to help the company track the productivity goal for the fiscal year? O Key performance indicator O Results-based management O Net promoter score O Balanced scorecard
Results-based management
#41) A doctoral student is surveying chief executive officers (CEOs) to understand their levels of satisfaction with work life balance over a period of three years. The student receives responses to a survey with a question regarding how many hours a week each CEO works. Which statistical Approach should be used to display the data for analysis Bell curve Median Mean Scatterplot
Scatterplot
#7) Which two characteristics must a researcher consider concerning data quality when ensuring that an analysis is based on a clean data set? Choose 2 answers The data must be relevant The data elements must be UNIQUE The data CANNOT contain outliers The age of the data does not matter if the data are complete
The data elements must be UNIQUE The data CANNOT contain outliers
#67) How is a cost-benefit analysis different in the public and private sectors? PUBLIC- BENEFIT PRIVATE COST O The public sector focuses almost exclusively on cost, while the private sector focuses primarily on benefits. O The public sector focuses almost exclusively on benefits, while the private sector focuses primarily on cost. O The public sector is governed by tax policy, whereas the private sector is incentivized by product pricing. O The public sector usually focuses on the general welfare of the population, whereas the private sector usually focuses on profits.
The public sector focuses almost exclusively on benefits, while the private sector focuses primarily on cost
#26) A manager has been asked to evaluate the risk of loss for a new business strategy. The manager plots the results of several simulated projections to determine the likelihood of a result being a loss. Which statistics will transform different data to the same scale so that the manager can compare the projections? Z-score Mode Variance Median
Z-score
#40) A digital marketing manager wants to determine whether conversion rates from the company's latest email campaign are about the same as the industry average or significantly different. Which statistical concept should be used to measure the data set? a. Bell curve b. Median c. Mean d. Standard deviation
c. Mean
#32) A normally distributed data index of vehicle safety ratings has a mean of 100 and a standard deviation of 15. What is the probability that a randomly selected vehicle safety score from the data set will be between 85 and 115? a. 68.3% b. 95.4% c. 99.7% d. 100%
a. 68.3%
#25) Research data indicate 95% confidence in a study in which subjects who were shown a product advertisement exhibited brand awareness compared to a control group who did not see the advertisement. What can be concluded from this study? a. The advertisement was effective in building brand awareness b. Five percent of the subjects did not like the advertisement c. The advertisement was effective in increasing sales e. Ninety-five percent of the subjects liked the brand
a. The advertisement was effective in building brand awareness
#30) A NONPROFIT organization is determining which existing donors will donate again for a current campaign. The organization decides to look at its door database for all donors who have donated two or more times over the past 5 years. Which measure should be used to determine the probability of receiving a donation from an existing donor over time? a. Z-score b. F-statistic c. R-squared d. Median
a. Z-score
#12) When researchers are studying the effect of new drug treatments on patients, bias can be introduced by patients if they are aware of who receives the placebo. Which type of research design eliminates this type of bias? a. Observational study b. Blind study c. Time series study d. Prospective cohort study
b. Blind study
#13) What is true about outliers? Choose two answers a. All observed outliers should be eliminated from a study prior to analysis b. Outliers detected in a study are useful in determining if something does NOT belong in study c. All outliers are statistically significant when using a normal distribution d. Outliers that are miskeyed can be corrected prior to analysis
b. Outliers detected in a study are useful in determining if something does NOT belong in study c. All outliers are statistically significant when using a normal distribution
#33) Which Healthcare analytics is calculated as a proportion of existing cases and new cases compared to the total population? a. morbidity rate b. incidence rate c. cumulative incidence d. prevalence
b. incidence rate
#52) how is a cause-and-effect diagram used? a.as a financial risk calculation tool for a new product relief b. to brainstorm causes for an intermittency problem c. to assign blame for manufacturing problems d.As a software tool to automatically generate a business process diagram
b. to brainstorm causes for an intermittency problem
#63) A major hospital system has been experiencing financial SETBACKS because it does not know how many beds are available at any given time. How should management use a key performance indicator (KPI) dashboard to resolve this problem? Choose 2 answers. By identifying and correcting past failures in the reporting of bed availability By gathering historical bed utilization data that can be displayed graphically in a histogram
both cases we analysing past data or past records to know the actual situation or availability or occupancy of beds in the hospital to know the actual situation.
#11) Why are experiments conducted using random sample populations? a. Because random sample populations ensure bias elimination b. Because studying an entire population is difficult and impractical c. Because the software to analyze entire populations is expensive d. Because entire population data have too many outliers
c. Because the software to analyze entire populations is expensive
#69) A county government wants to start a cost-effective recycling program. How can the county apply data analytic approaches to attain this goal? a. By conducting best practices research regarding audit performance b. By benchmarking similar strategies of other counties c. By ALIGNING fund allocations with the number of department employees d. By analyzing budgetary impacts of county contracts
c. By aligning fund allocations with the number of department employees
#18) A researcher notes that people who exercise daily tend to sleep better. The researcher then asks subjects to keep a sleep diary and record the number of hours they sleep each night. Some diaries have few entries, but the subjects claim they are well rested. Which type of error is represented in this research? Response bias lack of blinding conscious bias cause and effect confusion
cause and effect confusion
#71) Which input could be used to create and evaluate a process that would improve an organization's performance? O Data gathered from a customer survey OInformation from an employee handbook O Rules and regulations imposed on the banking industry O Suggestions from a close competitor
customers feedback is the best way to improve organizational performance
#31a) A sample of 1,020 people was asked how many minutes they exercise on a typical day. The data were plotted and determined to be skewed left with a mean if 44.75 minutes. Which Boxplot correctly graphs this data?
d
#21) Phone calls for a company are routed randomly to one of eight call centers. Six are based in the united states, and two are based in another country. What is the probability that an incoming call will be routed to a U.S based call center? a. 25% b. 33% c. 67% d. 75%
d. 75%
#15) A laboratory uses a graduated cylinder to measure liquid volume in metric units. Which type of experimental design is this laboratory implementing? a. Qualitative research b. Precision research c. Development research d. Quantitative research
d. Quantitative research
#55) an organization develops a new strategic plan and seeks ways to improve process performance by reducing variation to only 3.4 defeats per million process outputs. Which tool can the organization use to meet this goal? a. linear programming b.statistical process control c. just-in-time d. Six Sigma
d. Six Sigma
#31c) What is an appropriate management use of statistics? a. Ordering products for a region based on one store b. Justifying organizational decisions after they have been implemented c. Implementing changes based on customer survey response rate d. Understanding the demographics of customers
d. Understanding the demographics of customers
#8) which two tools make it easier to detect an out-of-range error experimental studies relational database observational studies spreadsheets
experimental studies observational studies
#46) How does 6 SIGMA relate to a firms application of a SIPOC diagram it is equivalent to linear programming it measure supplier and input reliability it continually measure processes and outputs it produces a balanced scorecard
it is EQUIVALENT to linear programming
#27) A store owner wants to know the average sales for each day of the week. Which statistic is this store owner looking for? A) Median B) Variance C) Distribution D) Mean
mean
#75) What is the purpose of LINKING strategy to performance assessment in an organization? O To translate the organization's mission for only team players O To provide a target of where an organization needs or desires to be O To decrease the organization's action plans O To increase the organization's data collection
need a TARGET to aim for when linking strategy to performance
#4) which type of analytics classification uses experimental design and optimization to suggest a course of action? predictive analytics prescriptive analytics descriptive analytics diagnostic analytics
prescriptive analytics
#72) What is a DISADVANTAGE of a key performance indicator (KPI)? O It makes it difficult to use data-driven results to quantify performance. O It focuses on long-term goals rather than short-term gains. O It only indicates what changes are statistically significant. O It only accounts for quantitative measures
quantity of keys
How do balanced SCORECARD and key performance indicator (KPI) dashboards DIFFER? O Balanced scorecards are better for graphical or visual representations than KPI dashboards. O KPI dashboards link company operations with company strategy. O KPI dashboards do not illustrate both financial and nonfinancial data. O Balanced scorecards encourage desired behavior changes.
scorecard = graphical
70. A HOSPITAL wants to increase revenue by performing more SURGERIES each day. This can be accomplished by reducing the turnaround time between surgeries in operating rooms. What is this objective an example of? O A balanced scorecard O A departmental income statement O A key performance indicator O A managerial directive
surgeries are the key to happiness
#31) A sample of 1,020 people was asked how many minutes they exercise on a typical day. The data were plotted and determined to be normally distributed with a mean of 36.75 minutes. Which boxplot correctly graphs this data?
the median is in the middle of the box and whiskers are almost same on the both sides of the box = normally distributed data.
#19) A researcher wants to estimate the average wholesale price of a gallon of gas in the United States. Several; gas stations owners along the East Coast are asked what price they pay wholesale for a gallon of gas. The researcher then averages these values for the sample mean price of a gallon of gas. Which problem would be discovered if the researcher's work were evaluated? there is faulty operationalization in the data collection there is conscious bias in the data the sample data are not representative of the population there is response bias in the data
there is response bias in the data
#10) What are random errors caused by ? respondents favoring certain outcomes unpredictable fluctuations in readings An instrument that needs calibration biased data
unpredictable fluctuations in readings
#23) which element is associated with control charts hypothesis testing correlation upper and lower limits probability index
upper and lower limits
#51) which tools are often referred to a FISHBONE chart or diagram? a. histogram b. cause - and - effect diagram c. scatter diagram d. flowchart
when you eat the fishbone you have to deal with the cause and effect
#9) An analyst creates a scatterplot of a company's monthly sales such that the sales are on the vertical y-aixs and the month is on the horizontal x-axis. The scatterplot shows close to perfect, positive linear relationship. Which time series pattern ill the monthly sales data exhibit? •Seasonal •Trend •Cyclical •Irregular
•Cyclical