Exam 1: Introduction to Statistics and Business Analytics

After acquiring a major investment firm, managers of the acquiring company needed a process to transform the mountains of the acquired company's data into useful business information.This can be done with _________________.

A marketing survey is conducted to ascertain the market potential of several new products.A series of focus groups is used to conduct this survey.At the end of one of the sessions, the group members are asked to rank the remaining eight products in order of desirability.A one indicates the most favored product and an eight is awarded to the least desirable.These numbers are examples of which level of data?

The final stage in the process of business analytics is _____________.

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 __________________.

If a company is concerned that the data they have received may contain some false information, they are concerned about the _________ of the data.

One of the main ways to organize the study of statistics is to divide it in two branches.These two branches are _______ statistics and _______ statistics.

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

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.

During her lecture Professor Lewis stated that extracting and storing data will not ensure business value.The use of big data requires that the user _____________.

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 ___________________.

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

Which scale of measurement has these two properties: linear distance is meaningful and the location of origin (or zero point)is arbitrary?

How much inventory do Christmas tree sales lots keep? A researcher goes from location to location around the city counting the number of trees in each lot.These numbers most likely represent what level of data?

Members of the accounting department's clerical staff were asked to rate their supervisor's leadership style as either (1)authoritarian or (2)participatory.This is an example of _______.

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 marketing demographic survey is undertaken to determine the market potential for a new product.One of the questions asked is: What type of residence do you live in? Respondents are offered several possible answers including: house, apartment, or condominiums.In order to computerize the survey answers, the responses are coded as a 1 if the answer is "house", a 2 if the answer is an "apartment", and a 3 if the answer is a "condominium".These numbers, 1, 2, and 3, are examples of which level of data?

Companies collect terabytes of new data every day that are then added to its peta-bytes of historical data in order to _______________.

A company has collected data that they believe will help them identify the characteristics of their top customers.After some analysis, it is discovered that they need data on the age and income of these customers.Therefore, the company needs data that has more ____________

Sales of a restaurant (in dollars)are an example of what level of data measurement?

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