Exam 1: Introduction to Statistics and Business Analytics

The CFO of a mid-level investment firm reports that the company has lost thousands of dollars through its data mining process due to poor data accuracy and quality.She is addressing an issue related to:

Big data can be seen as a large amount of either organized or unorganized data that is analyzed to _________________:

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

A database management software system is needed for big data to enable users to __________________.

Volume, variety, velocity and veracity are four important characteristics associated with _____________.

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

Variables and measurement data are interchangeable terms.

Statistics can generally be divided into the two branches of _______ and _________.

A variable can take on different values.

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 _______.

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 _______.

Data visualization is most commonly used in which category of business analytics?

You are the owner of a camping site and want to estimate the average age of your customers.For this purpose, you select a representative sample of your clients and offer them a discount on their next visit as compensation for filling out a short questionnaire that includes relevant age intervals.The average age of your customers being estimated through these responses is:

The large growth in the numbers and types of data available to researchers, data scientists, and business decision makers is most commonly referred to as ______________.

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

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 __________.

Which of the following statements is correct?

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 _____________.

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

A company uses business analytics to focus on the best course of action within specific circumstances.This would fit within which category of business analytics?