Question 1

Business analytics combine "traditional" statistical methods with methods and
techniques from management science and information systems to form an interdisciplinary tool
that supports fact-based management decision making.

Accepted Answer

Business analytics is an interdisciplinary field that combines statistical methods with management science and information systems to provide data-driven insights for decision making in business.

Question 2

Which of the following is not true about business analytics?
A) It enables you to use statistical methods to analyze and explore data to uncover unforeseen relationships.
B) It enables you to use management science methods to develop optimization models that impact an organization's strategy, planning, and operations.
C) It enables you to use complex mathematics to replace the need for organizational decision making and problem solving.
D) It enables you to use information systems methods to collect and process data sets of all sizes.

Accepted Answer

Business analytics does not replace the need for organizational decision making and problem solving. Rather, it provides tools and methods to support decision making and problem solving processes.

Question 3

Most analysts focus on the cost of tuition as the way to measure the cost of a college education. But incidentals, such as textbook costs, are rarely considered. A researcher at Drummand
University wishes to estimate the textbook costs of first-year students at Drummand. To do so,
She monitored the textbook cost of 250 first-year students and found that their average textbook
Cost was $600 per semester. Identify the variable of interest to the researcher.
A) The textbook cost of first-year Drummand University students.
B) The year in school of Drummand University students.
C) The age of Drummand University students.
D) The cost of incidental expenses of Drummand University students.

Accepted Answer

The variable of interest to the researcher is the textbook cost of first-year Drummand University students, as she is specifically monitoring and estimating this cost.

Question 4

Managers need an understanding of statistics to be able to present and describe
information accurately, draw conclusions about large populations based on small samples,
improve processes, and make reliable forecasts.

Accepted Answer

Statistics can be helpful in various management functions, including but not limited to data analysis, decision making, and performance evaluation. A basic understanding of statistical concepts can assist managers in interpreting numerical data, identifying trends, and making informed business decisions.

Question 5

Those methods involving the collection, presentation, and characterization of a set of data in order to properly describe the various features of that set of data are called
A) statistical inference.
B) DCOVA framework.
C) operational definition.
D) descriptive statistics.

Accepted Answer

Descriptive statistics involve the collection, presentation, and characterization of a set of data in order to properly describe the various features of that set of data. Statistical inference involves making generalizations about a larger population based on a smaller sample. The DCOVA framework is a problem-solving approach used in science education. Operational definition involves defining a concept or variable in terms of the procedures used to measure or manipulate it.

Question 6

The Commissioner of Health in New York State wanted to study malpractice litigation in New
York. A sample of 31 thousand medical records was drawn from a population of 2.7 million
patients who were discharged during 2010. The collection, presentation, and characterization of
the data from patient medical records are examples of _______.

Accepted Answer

The answer of The Commissioner of Health in New York...

Question 7

The oranges grown in corporate farms in an agricultural state were damaged by some unknown
fungi a few years ago. Suppose the manager of a large farm wanted to study the impact of the
fungi on the orange crops on a daily basis over a 6-week period. On each day a random sample
of orange trees was selected from within a random sample of acres. The daily average number of
damaged oranges per tree and the proportion of trees having damaged oranges were calculated. In
this study, the presentation and characterization of the two main measures calculated each day
(i.e., average number of damaged oranges per tree and proportion of trees having damaged
oranges) is called _______ .

Accepted Answer

The answer of The oranges grown in corporate farms in...

Question 8

A study is under way in Yosemite National Forest to determine the adult height of American pine trees. Specifically, the study is attempting to determine what factors aid a tree in reaching heights
Greater than 60 feet tall. It is estimated that the forest contains 25,000 adult American pines. The
Study involves collecting heights from 250 randomly selected adult American pine trees and
Analyzing the results. Identify the variable of interest in the study.
A) The age of an American pine tree in Yosemite National Forest.
B) The height of an American pine tree in Yosemite National Forest.
C) The number of American pine trees in Yosemite National Forest.
D) The species of trees in Yosemite National Forest.

Accepted Answer

The variable of interest in the study is the height of an American pine tree in Yosemite National Forest, as the study aims to determine factors that help trees reach heights greater than 60 feet.

Question 9

The process of using data collected from a small group to reach conclusions about a large group is called
A) statistical inference.
B) DCOVA framework.
C) operational definition.
D) descriptive statistics.

Accepted Answer

Statistical inference is the process of using data collected from a small group to reach conclusions about a large group. It involves analyzing the sample data and using statistical techniques to make predictions or inferences about the larger population from which the sample was taken. Choice B refers to a framework for data analysis, while choice C refers to defining a concept or variable in measurable terms. Descriptive statistics (choice D) involve summarizing and describing the characteristics of a dataset, but do not necessarily involve making inferences about a larger population.

Question 10

The estimation of the population average family expenditure on food based on the sample average expenditure of 1,000 families is an example of
A) inferential statistics.
B) descriptive statistics.
C) DCOVA framework.
D) operational definition.

Accepted Answer

Inferential statistics is used to make inferences or predictions about a population based on a sample of data. In this case, we are using the sample average expenditure of 1,000 families to estimate the population average family expenditure on food, which is an example of inferential statistics.

Question 11

Compiling the number of registered voters who turned out to vote for the primary
in Iowa is an example of descriptive statistics.

Accepted Answer

Descriptive statistics summarize and organize characteristics of a data set, such as compiling the number of registered voters who turned out to vote, which is an example of describing a dataset without inferring beyond the data.

Question 12

Problems may arise when statistically unsophisticated users who do not understand
the assumptions behind the statistical procedures or their limitations are misled by results
obtained from computer software.

Accepted Answer

This statement is true. Statistics software can provide accurate results, but if the user does not understand the assumptions and limitations, they may misinterpret the output and draw incorrect conclusions. It is important for users to have a basic understanding of statistical concepts and techniques to properly use the software.

Question 13

A professor computed the sample average exam score of 20 students and used it to
estimate the average exam score of the 1,500 students taking the exam. This is an example of
inferential statistics.

Accepted Answer

This is an example of inferential statistics as the professor is using information from a sample to make an inference about the population.

Question 14

Using the number of registered voters who turned out to vote for the primary in
Iowa to predict the number of registered voters who will turn out to vote in Vermont's primary is
an example of descriptive statistics.

Accepted Answer

Using data from one state to predict the behavior of another state is an example of inferential statistics, not descriptive statistics. Descriptive statistics only involves describing and summarizing data from a specific population or sample.

Question 15

The Commissioner of Health in New York State wanted to study malpractice litigation in New
York. A sample of 31 thousand medical records was drawn from a population of 2.7 million
patients who were discharged during 2010. Using the information obtained from the sample to
predict population characteristics with respect to malpractice litigation is an example of _______.

Accepted Answer

The answer of The Commissioner of Health in New York...

Question 16

The collection and summarization of the socioeconomic and physical characteristics of the employees of a particular firm is an example of
A) inferential statistics.
B) descriptive statistics.
C) operational definition.
D) DCOVA framework.

Accepted Answer

Descriptive statistics involve collecting, organizing, summarizing, and presenting data in a meaningful way. The collection and summarization of the socioeconomic and physical characteristics of employees would fall under the category of descriptive statistics. Inferential statistics, on the other hand, involve drawing conclusions or making inferences about a population based on sample data. Operational definition and DCOVA framework are not relevant to this scenario.

Question 17

The Human Resources Director of a large corporation wishes to develop an employee benefits
package and decides to select 500 employees from a list of all (N = 40,000) workers in order to
study their preferences for the various components of a potential package. In this study, methods
involving the collection, presentation, and characterization of the data are called _______.

Accepted Answer

The answer of The Human Resources Director of a large...

Question 18

Which of the following is not an element of descriptive statistical problems?
A) An inference made about the population based on the sample.
B) The population or sample of interest.
C) Tables, graphs, or numerical summary tools.
D) Identification of patterns in the data.

Accepted Answer

Descriptive statistics is concerned with describing and summarizing the characteristics of a sample or population. It does not involve making inferences about the population based on the sample, as that is the realm of inferential statistics. Therefore, option A is not an element of descriptive statistical problems. The other options - the population or sample of interest, tables, graphs, or numerical summary tools, and identification of patterns in the data - are all key elements of descriptive statistics.

Question 19

The oranges grown in corporate farms in an agricultural state were damaged by some unknown
fungi a few years ago. Suppose the manager of a large farm wanted to study the impact of the
fungi on the orange crops on a daily basis over a 6-week period. On each day a random sample
of orange trees was selected from within a random sample of acres. The daily average number of
damaged oranges per tree and the proportion of trees having damaged oranges were calculated. In
this study, drawing conclusions on any one day about the true population characteristics based on
information obtained from the sample is called _______.

Accepted Answer

The answer of The oranges grown in corporate farms in...

Question 20

The Human Resources Director of a large corporation wishes to develop an employee benefits
package and decides to select 500 employees from a list of all (N = 40,000) workers in order to
study their preferences for the various components of a potential package. In this study, methods
that result in decisions concerning population characteristics based only on the sample results are
called _______.

Accepted Answer

The answer of The Human Resources Director of a large...

Quiz 20: Probability and Combinatorics

Business analytics combine "traditional" statistical methods with methods and techniques from management science and information systems to form an interdisciplinary tool that supports fact-based management decision making.

Which of the following is not true about business analytics?

Managers need an understanding of statistics to be able to present and describe information accurately, draw conclusions about large populations based on small samples, improve processes, and make reliable forecasts.

Those methods involving the collection, presentation, and characterization of a set of data in order to properly describe the various features of that set of data are called

The process of using data collected from a small group to reach conclusions about a large group is called

The estimation of the population average family expenditure on food based on the sample average expenditure of 1,000 families is an example of

Compiling the number of registered voters who turned out to vote for the primary in Iowa is an example of descriptive statistics.

Problems may arise when statistically unsophisticated users who do not understand the assumptions behind the statistical procedures or their limitations are misled by results obtained from computer software.

A professor computed the sample average exam score of 20 students and used it to estimate the average exam score of the 1,500 students taking the exam. This is an example of inferential statistics.

Using the number of registered voters who turned out to vote for the primary in Iowa to predict the number of registered voters who will turn out to vote in Vermont's primary is an example of descriptive statistics.

The collection and summarization of the socioeconomic and physical characteristics of the employees of a particular firm is an example of

Which of the following is not an element of descriptive statistical problems?