Statistics Chapter 1 Q&A

Operations Management

Distribution of inventory items in a big box store.

True or false: Busy managers want to see detailed numerical explanations in technical reports.

False

True or false: Different assumptions will lead you to the same answer so it is not necessary to state your assumptions.

False

Marketing

Identifying repeat customers.

Which of the following are rules for a data analyst? Multiple select question. Know and follow accepted procedures. Never disclose sources of financial support. Protect confidential information. Maintain data integrity.

Know and follow accepted procedures. Protect confidential information. Maintain data integrity.

Finance

Risk assessment of an investment.

True or false: A statistic can be a single summary measure of a data set.

True

True or false: Statistics supports critical thinking by helping one identify illogical conclusions or to see holes in another's argument.

True

True or false: There are generally accepted statistical methods for dealing with missing data and unusual data.

True

Auditing

A sample of errors from invoice statements.

Which statistical pitfall best matches the following statement match? Rebecca's dog was bitten by a snake while they were jogging. You should never take your dog jogging because they will be bitten by a snake. Multiple choice question. A. Conclusions from rare events. B. Conclusions from nonrandom samples. C. Assuming a causal link.

A. Conclusions from rare events.

Knowing how to set a pricing strategy for rental cars would be an example of what type of analytics? Multiple choice question. A. Prescriptive B. Descriptive C. Absolute D. Predictive

A. Prescriptive

Business students need to study statistics because Multiple choice question. A. it gives your company a competitive advantage if you know how to use and interpret data. B. it will make you an expert in data analysis. C. statisticians demand the highest salaries in business and have knowledge that other employees cannot acquire. D. it will guarantee that you will have a job for life.

A. it gives your company a competitive advantage if you know how to use and interpret data.

Which statistical pitfall does the following statement match? "People who belong to health clubs tend to have college degrees therefore exercise increases your IQ." Multiple choice question. A. Unconscious Bias B. Assuming a Causal Link C. Conclusions from Rare Events D. Conclusions from small samples

B. Assuming a Causal Link

_________ analytics look at historical data, ___________ analytics are used to help make decisions about business objectives, and _____________ analytics help forecast customer behavior.

Blank 1: Descriptive Blank 2: Prescriptive Blank 3: Predictive

Where should a graph or table be placed in a report? Multiple choice question. A. At the beginning of the report, before the text. B. At the end of the report, without labels. C. In the narrative, near the paragraph in which they are cited. D. In a separate document.

C. In the narrative, near the paragraph in which they are cited.

Statistics allows us to test our ideas using __________. Multiple choice question. A. anecdotal information B. our opinions C. empirical or sample evidence D. subjective assumptions.

C. empirical or sample evidence

Collecting, organizing, and summarizing a particular data set are known as ___________ statistics.

Descriptive

Which of the following are tools used in descriptive statistics? Multiple select question. Numerical Summaries Point estimate Graphs and Charts Confidence interval

Numerical Summaries Graphs and Charts

Which of the following are examples of inferential statistics? Multiple select question. Prof. Plum wants to determine the average of an exam that he gave to his 40 students. He calculated the average using all 40 test scores. Prof. Stats randomly selects 50 female students at State University to estimate the average height of all female students at State. A manufacturer of light bulbs randomly selects 100 light bulbs to test the longevity of all light bulbs that the company produces. A chart showing the average annual return for several mutual funds.

Prof. Stats randomly selects 50 female students at State University to estimate the average height of all female students at State. A manufacturer of light bulbs randomly selects 100 light bulbs to test the longevity of all light bulbs that the company produces.

Which of the following are the responsibilities of a data analyst? Multiple select question. Referencing sources Accurately reporting information Identifying degrees of uncertainty Supporting a popular view

Referencing sources Accurately reporting information Identifying degrees of uncertainty

Statistical analysis is constrained by Multiple select question. too much honesty from respondents. lack of computer software. lack of money to research. lack of time to collect data.

lack of money to research. lack of time to collect data.

The specialized vocabulary of statistics crosses ____________ barriers to improve problem solving for multinational businesses.

language

It can be expensive or impossible to measure everything in a population so businesses often take a __________ to make predictions or estimates.

sample

The type of statistics that refers to drawing conclusions about a population set of data based on a sample set of data is known as _____________ statistics. (Please type on word per blank.)

inferential

The best time to hire a statistical expert is at the ____________ of a project.

beginning

A company code of ethics addresses things such as (Check all that apply) Multiple select question. conflicts of interest policies on confidentiality calculation methods for statistical analysis sources of data inaccuracy

conflicts of interest policies on confidentiality sources of data inaccuracy