Deck 1: Introduction to Statistics and Business Analytics

Question 1

The complete collection of all entities under study is called the sample.

Answer 1

False

Question 2

All numerical data must be analyzed statistically in the same way because all of them are represented by numbers.

Answer 2

False

Question 3

A list of final grades in an introductory class in business is an example of statistics

Answer 3

False

Question 4

A portion or subset of the entities under study is called the statistic.

Question 5

A descriptive measure of the sample is called a statistic.

Question 6

Statistics is commonly divided into two branches called descriptive statistics and summary statistics.

Question 7

A variable can take on different values.

Question 8

Measurements occur when a standard process is used to assign numbers to attributes or characteristics of a variable.

Question 9

Variables and measurement data are interchangeable terms.

Question 10

A census is the process of gathering data on all the entities in the population.

Question 11

One piece of data includes a variety of variables.

Question 12

Statistics are used to market vitamins.

Question 13

Gathering data from a sample to reach conclusions about the population from which the sample was drawn is called descriptive statistics.

Question 14

A variable is a numerical description of each of the possible outcomes of an experiment.

Question 15

The basis for inferential statistics is the ability to make decisions about population parameters without having to complete a census of the population.

Question 16

Virtually all areas of business use statistics in decision making.

Question 17

A descriptive measure of the population is called a parameter.

Question 18

Statistics can be used to predict business in the future.

Question 19

Calculation of population parameters is usually either impossible or excessively time consuming and costly.

Question 20

A graph of purchases made from one store location would be an example of statistics within a business context.

Question 21

Nominal and ordinal data are sometimes referred to as quantitative data.

Question 22

The lowest level of data measurement is the ratio level.

Question 23

If big data has variety, then it can be said that the data are from several different sources such as videos, retail scanners, and the internet.

Question 24

The highest level of data measurement is the ratio level.

Question 25

Big data refers to a standard set of variables collected from customers, suppliers, and staff.

Question 26

The manner in which numerical data can be analyzed statistically depends on the level of data measurement represented by numbers being analyzed.

Question 27

With interval data, the zero point is a matter of convention and does not mean the absence of the phenomenon under observation.

Question 28

Extracting and transforming data are two steps in data visualization.

Question 29

Nominal and ordinal data are sometimes referred to as qualitative data.

Question 30

Numbers which are used to rank-order the performance of workers represent data measured at the interval level.

Question 31

The term "garbage in, garbage out" refers to the volume of the data used by a business.

Question 32

Interval and Ratio data are sometimes referred to as quantitative data.

Question 33

One goal of data visualization is to make complex data easier to understand.

Question 34

Numbers which are used only to classify or categorize the observations represent data measured at the nominal level.

Question 35

Big data should encompass all four characteristics of variety, velocity, virtuous, and volume.

Question 36

The main objective of business analytics is to transform data into meaningful information for business managers.

Question 37

Descriptive statistics focuses on what has happened or is happening within the business.

Question 38

If a manager relies on his/her gut instinct to make critical business decisions, this is an example of business analytics in action.

Question 39

Big data can include unstructured data such as writings and photographs.

Question 40

Velocity refers to the speed with which data are available to the business for analysis.

Question 41

Simulation is a mathematical strategy one would expect to find within both predictive and prescriptive analytics.

Question 42

Which of the following statements about business statistics is not true?

A)Virtually every area of business uses statistics in decision making.
B)Presenting business statistics always requires the use of a specific graph called a bar chart.
C)There is a wide variety of uses and applications of statistics in business.
D)Business statistics can be used to forecast future values and predict trends.

Question 43

If data indicated that a new product could serve as a cheaper substitute for a company's product, the CEO of the latter company might __________:

A)increase prices
B)decrease costs
C)look for a new, unique use of his/her product
D)try to put the competitor out of business
E)close several production plans

Question 44

Which of the following would be the least helpful type of data to a car manufacturer when making business decisions?

A)Economic data
B)School attendance data
C)Financial data
D)Competitor data
E)Employment data

Question 45

The three categories of business analytics could be described as describing what has happened, predicting potential relationships among data, and prescribing future decisions under uncertainty.

Question 46

Many companies sponsor local sporting teams and events.What data is least likely to be part of the decision to sponsor that event?

A)Whether that event is somehow tied to their product
B)Whether costs will be decreased through the sponsorship
C)The overlap of event attendees and the company's customers
D)The perceived goodwill in the community of such a sponsorship
E)Potential sales that could occur at the event

Question 47

When a person collects information from the entire population, this is called a _______.

A)parameter
B)sample
C)population
D)census
E)statistic

Question 48

Sue Taylor, Director of Global Industrial Sales, is concerned by a deteriorating sales trend. Specifically, the number of industrial customers is stable at 1,500, but they are purchasing less each year.She orders her staff to search for causes of the downward trend by surveying all 1,500 industrial customers.For this study, the set of 1,500 industrial customers is ______________.

A)a parameter
B)a sample
C)the population
D)a statistic
E)the frame

Question 49

Rebecca Sear, Marketing Director of a regional restaurant chain, is directing a study to identify and assess the in-dining experience of the customers at one of the restaurants.She directs her staff to design a web-based market survey for distribution to all of the restaurant's 1265 customers who enjoyed a meal during the past 6 months.For this study, the set of 1265 customers is ________________.

A)a parameter
B)a sample
C)the population
D)a statistic
E)the frame

Question 50

Prescriptive analytics is the second step in big data analysis, following descriptive statistics.

Question 51

A book publisher uses statistics in decision-making.Of the following statistics, which would this publisher not consider in their decisions?

A)Trends in purchases of hard copy and ebooks.
B)The cost of paper.
C)Trends in attendance at book clubs
D)Trends in local grocery stores
E)Revenue of competitors

Question 52

Miguel Hernandez, Senior Vice President of Human Resources at Memorial Hospital is exploring the usage of nursing overtime hours in the emergency department during the last operating year.Staffing records and emergency department visits for 20 days between the period of January 1, 2018, and December 31, 2018, are selected for analysis.For this study, the group of 20 days is a __________.

A)parameter
B)sample
C)population
D)statistic
E)frame

Question 53

Sue Taylor, Director of Global Industrial Sales, is concerned by a deteriorating sales trend. Specifically, the number of industrial customers is stable at 1,500, but they are purchasing less each year.She orders her staff to search for causes of the downward trend by selecting a focus group of 40 industrial customers.For this study, the set of 40 industrial customers is ________.

A)a parameter
B)a sample
C)the population
D)a statistic
E)the frame

Question 54

Rebecca Sear, Marketing Director of a regional restaurant chain, is directing a study to identify and assess the in-dining experience of the customers at one of the restaurants.She directs her staff to design a web-based market survey for distribution to 100 of all the restaurant's customers who enjoyed a meal during the past 6 months.For this study, the set of 100 customers is ________________.

A)a parameter
B)a sample
C)the population
D)a statistic
E)the frame

Question 55

Which of the following is not a graphical example of business statistics?

A)A table that lists all customers
B)A pie chart of careers at the company
C)A graph of profits for the last ten years
D)A bar graph of sales by product
E)A chart of dividends paid out the past few years

Question 56

Prescriptive analytics is optimal for taking risk and uncertainty into account by looking at the effects of future actions.

Question 57

Miguel Hernandez, Senior Vice President of Human Resources at Memorial Hospital, is exploring the usage of nursing overtime hours in the emergency department during the last operating year (January 1, 2018, through December 31, 2018).Miguel intends to survey the emergency department nurses regarding their perception of overtime needs.For this survey the set of all emergency department nurses who worked at Memorial Hospital during the last operating year is _________.

A)a parameter
B)a sample
C)the population
D)a statistic
E)the frame

Question 58

If the U.S.Census indicated that in general, the population was moving to the northern states, what business decisions might that information impact?

A)How much inventory to hold
B)Whether to increase product prices
C)Whether to build a new plant
D)How much to spend on a new plant
E)Where to locate a new plant

Question 59

A news report states that sales of U.S.homes declined 3% during the previous month.Which type of business would be most likely to include this information in their business decisions?

A)car manufacturer
B)business attire
C)lumber company
D)deli stores
E)gas and oil companies

Question 60

If the U.S.Census indicated that in general, wages having increased, what business decisions might that information impact?

A)How much inventory to hold
B)Whether to increase product prices
C)Whether to build a new plant
D)How much to spend on a new plant
E)Where to locate a new plant

Question 61

Jessica Salas, President of Salas Products, is reviewing the warranty policy for her company's new model of automobile batteries.Life tests performed on a sample of 100 batteries indicated an average life of seven years under normal usage.Jessica recommended a six-year warranty period for the new model.This is an example of _____________.

A)descriptive statistics
B)executive forecasting
C)population derivation
D)sample persuasion
E)inferential statistics

Question 62

Sue Taylor, Director of Global Industrial Sales, is concerned by a deteriorating sales trend. Specifically, the number of customers is stable at 1,500, but they are purchasing less each year.
She orders her staff to search for causes of the downward trend by selecting a focus group of 40 industrial customers.Sue is ordering a __________.

A)statistic from the industrial customers
B)census of the industrial customers
C)sample of the industrial customers
D)sorting of the industrial customers
E)parameter of the industrial customers

Question 63

The process of summarizing sample data is called

A)inferential statistics
B)nominal data
C)descriptive statistics
D)deferential statistics
E)nonparametric statistics

Question 64

On discovering an improperly adjusted drill press, Jack Joyner, Director of Quality Control, ordered a 100% inspection of all castings drilled during the evening shift.Jack is ordering a ___________________.

A)statistic from the castings
B)census of the castings
C)sample of the castings
D)sorting of the castings
E)parameter of the castings

Question 65

Using data from a group to generalize to a larger group involves the use of _______.

A)descriptive statistics
B)inferential statistics
C)population derivation
D)sample persuasion
E)relative level data

Question 66

Sue Taylor, Director of Global Industrial Sales, is concerned by a deteriorating sales trend. Specifically, the number of customers is stable at 1,500, but they are purchasing less each year.
She orders her staff to search for causes of the downward trend by surveying all 1,500 industrial customers.Sue is ordering a __________.

A)statistic from the industrial customers
B)census of the industrial customers
C)sample of the industrial customers
D)sorting of the industrial customers
E)parameter of the industrial customers

Question 67

A new sales person is paid a commission on each sale.This person made $2,000 in commission his first month on the job.From this he concludes that he will make $24,000 during his first year.This is an example of _______.

A)inferential statistics
B)nominal data
C)descriptive statistics
D)deferential statistics
E)nonparametric statistics

Question 68

On discovering an improperly adjusted drill press, Jack Joyner, Director of Quality Control, ordered an inspection of every fifth casting drilled during the evening shift.Jack is ordering a ___________________.

A)statistic from the castings
B)census of the castings
C)sample of the castings
D)sorting of the castings
E)parameter of the castings

Question 69

The Chamber of Commerce wants to assess its membership's opinions of the North American Free Trade Agreement.One-hundred of the 2,000 members are randomly selected and contacted by telephone.Seventy-five reported an overall favorable opinion, and twenty-five reported an overall unfavorable opinion.The proportion, 0.75, is a ___________.

A)parameter
B)statistic
C)population
D)sample
E)frame

Question 70

Pinky Bauer, Chief Financial Officer of Harrison Haulers, Inc., suspects irregularities in the payroll system, and orders an inspection of "each and every payroll voucher issued since January 1, 2013." Pinky is ordering a __________________.

A)statistic from the payroll vouchers
B)census of the payroll vouchers
C)sample of the payroll vouchers
D)sorting of the payroll vouchers
E)parameter of the payroll vouchers

Question 71

On discovering an improperly adjusted drill press, Jack Joyner, Director of Quality Control, ordered an inspection of every fifth casting drilled during the evening shift.Less than 1% of the sampled castings were defective; so, Jack released the evening shift's production to assembly.This is an example of _______________.

A)nonparametric statistics
B)nominal data
C)descriptive statistics
D)inferential statistics
E)judgmental statistics

Question 72

Pinky Bauer, Chief Financial Officer of Harrison Haulers, Inc., suspects irregularities in the payroll system, and orders an inspection of "every tenth payroll voucher issued since January 1, 2013." Pinky is ordering a __________________.

A)statistic from the payroll vouchers
B)census of the payroll vouchers
C)sample of the payroll vouchers
D)sorting of the payroll vouchers
E)parameter of the payroll vouchers

Question 73

A student makes an 82 on the first test in a statistics course.From this, she estimates that her average at the end of the semester (after other tests)will be about 82.This is an example of _______.

A)descriptive statistics
B)inferential statistics
C)population derivation
D)sample persuasion
E)relative level data

Question 74

The Universal Pulp Company has a plant in Portland, Oregon.Management wants to determine the average number of sick days taken per worker in this plant in 2018.To do this, management gathers records on all the workers in the plant and averages the number of sick days taken in 2018 by each worker.This process is using _______.

A)nonparametric statistics
B)nominal data
C)descriptive statistics
D)inferential statistics
E)a census

Question 75

A market researcher is interested in determining the average income for families in Duval County, Florida.To accomplish this, she takes a random sample of 400 families from the county and uses the data gathered from them to estimate the average income for families in the entire county.This process is an example of _______.

A)nonparametric statistics
B)nominal data
C)descriptive statistics
D)inferential statistics
E)census

Question 76

A local manufacturing plant randomly selected 200 items from a production run and 9 of them are defective.The proportion of defective items in this sample is a ________.

A)parameter
B)sample
C)population
D)statistic
E)frame

Question 77

The Magnolia Swimming Pool Company wants to determine the average number of years it takes before a major repair is required on one of the pools that the company constructs.The president of the company asks Rick Johnson, a company accountant, to randomly contact fifty families that built Magnolia pools in the past ten years and determine how long it was in each case until a major repair.The information will then be used to estimate the average number of years until a major repair for all pools sold by Magnolia.The average based on the data gathered from the fifty families can best be described as a _______.

A)parameter
B)sample
C)population
D)statistic
E)frame

Question 78

A cancer research group was interested in determining the percentage of women 40 years or older that have regularly scheduled mammograms.To accomplish this, they surveyed 500 women in this age group and based on the 155 women that responded affirmatively, estimated the percentage of all women in this age group that have regularly scheduled mammograms.This process is an example of _________.

A)nonparametric statistics
B)nominal data
C)descriptive statistics
D)inferential statistics
E)census

Question 79

Miguel Hernandez, Senior Vice President of Human Resources at Memorial Hospital is exploring the usage of nursing overtime hours in the emergency department during the last operating year.Staffing records and emergency department visits for all 365 days between the period of January 1, 2018, and December 31, 2018, are selected for analysis.Miguel's collection method can best be classified as a

A)statistic
B)census
C)sample
D)sorting
E)parameter

Question 80

What proportion of San Diego's registered voters favors trade restrictions with China? In an effort to determine this, a research team calls every registered voter in San Diego and contacts them.The proportion determined from the data gathered is a _______.

A)parameter
B)sample
C)population
D)statistic
E)frame