Question 1

In the z-score formula, which of the following is true if the value in the numerator is a negative value?

Accepted Answer

A)  that the xi value lies to the left of the mean 
B)  that the mean is of lesser value than the xi value 
C)  that the mean is of negative value 
D)  that the numerator value cannot be divided by the standard deviation 
A)  that the xi value lies to the left of the mean 
B)  that the mean is of lesser value than the xi value 
C)  that the mean is of negative value 
D)  that the numerator value cannot be divided by the standard deviation

Question 2

Which of the following types of conditions is most likely to render a midrange value useless?

Accepted Answer

A)  having repetitious values in the data set 
B)  having the data arranged from least to greatest in value 
C)  having a small sample size 
D)  having extreme values in a data 
A)  having repetitious values in the data set 
B)  having the data arranged from least to greatest in value 
C)  having a small sample size 
D)  having extreme values in a data

Question 3

In the equation Cp = (upper specification - lower specification)/total variation, what does Cp denote?

Accepted Answer

A)  capacity variation index 
B)  capability pattern 
C)  process capability index 
D)  capability push 
A)  capacity variation index 
B)  capability pattern 
C)  process capability index 
D)  capability push

Question 4

Which of the following describes variance?

Accepted Answer

A)  It is the difference between the maximum value and the minimum value in the data set. 
B)  It is the difference between the first and third quartiles of a data set. 
C)  It is the average of the squared deviations of the observations from the mean. 
D)  It is the average of the greatest and least values in the data set. 
A)  It is the difference between the maximum value and the minimum value in the data set. 
B)  It is the difference between the first and third quartiles of a data set. 
C)  It is the average of the squared deviations of the observations from the mean. 
D)  It is the average of the greatest and least values in the data set.

Question 5

Skewness describes the lack of symmetry of data.

Accepted Answer

A) True 
 B)False

Question 6

The measures the degree of asymmetry of observations around the mean.

Accepted Answer

A)  coefficient of variation 
B)  return to risk factor 
C)  coefficient of skewness 
D)  coefficient of kurtosis 
A)  coefficient of variation 
B)  return to risk factor 
C)  coefficient of skewness 
D)  coefficient of kurtosis

Question 7

For two variables, a positive correlation coefficient indicates .

Accepted Answer

A)  a linear relationship exists for which one variable increases as the other also increases 
B)  a linear relationship exists for one variable that increases while the other decreases 
C)  that the two variables have no linear relationship with each other 
D)  a nonlinear relationship with no linear correlation between the two variables 
A)  a linear relationship exists for which one variable increases as the other also increases 
B)  a linear relationship exists for one variable that increases while the other decreases 
C)  that the two variables have no linear relationship with each other 
D)  a nonlinear relationship with no linear correlation between the two variables

Question 8

Which of the following is true of midspread?

Accepted Answer

A)  It is an example of a measure of location. 
B)  It is calculated by finding the difference between the highest and lowest values in the data set. 
C)  It is affected by extreme values. 
D)  It is calculated using only the middle 50% of the data. 
A)  It is an example of a measure of location. 
B)  It is calculated by finding the difference between the highest and lowest values in the data set. 
C)  It is affected by extreme values. 
D)  It is calculated using only the middle 50% of the data.

Question 9

The is the observation that occurs most frequently.

Accepted Answer

A)  mode 
B)  mean 
C)  outlier 
D)  median 
A)  mode 
B)  mean 
C)  outlier 
D)  median

Question 10

The difference between the first and third quartiles is referred to as the .

Accepted Answer

A)  standard deviation 
B)  variance 
C)  interquartile range 
D)  midrange 
A)  standard deviation 
B)  variance 
C)  interquartile range 
D)  midrange

Question 11

The purpose of sampling is to .

Accepted Answer

A)  enumerate all the values in the population 
B)  measure all items of interest for a particular interest or investigation 
C)  obtain sufficient information to draw a valid inference about a population 
D)  calculate all variables and observations within a population 
A)  enumerate all the values in the population 
B)  measure all items of interest for a particular interest or investigation 
C)  obtain sufficient information to draw a valid inference about a population 
D)  calculate all variables and observations within a population

Question 12

Give an account of Excel's Descriptive Statistics Tool.

Accepted Answer

Excel provides a useful tool for basic d

Question 13

If the distribution of observations are such that mode < median < mean, the histogram would be said to be negatively skewed.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following describes standard deviation?

Accepted Answer

A)  It is the average of the greatest and least values in the data set. 
B)  It is the square root of the variance. 
C)  It is the difference between the first and third quartiles of a data set. 
D)  It is the average of the squared deviations of the observations from the mean. 
A)  It is the average of the greatest and least values in the data set. 
B)  It is the square root of the variance. 
C)  It is the difference between the first and third quartiles of a data set. 
D)  It is the average of the squared deviations of the observations from the mean.

Question 15

Compare and contrast methods of summarizing and describing data
Use the spreadsheet below to answer the following question(s).
Below is the table showing rate of shoes sold per day and the highest-priced shoe sold that day for a one-week period. The rate of shoes sold per day (X) and the price of the shoes (Y). $$\begin{array}{l}\begin{array} { | l | l | } 
\hline\text { Shoes sold }\
 \text { in \% (X) } & \text { Price (Y) } \
\hline 15 & \$ 48 \
\hline 27 & \$ 55 \
\hline 10 & \$ 40 \
\hline 13 & \$ 88 \
\hline 25 & \$ 53 \
\hline 9 & \$ 47 \
\hline 18 & \$ 40 \
\hline & \
\hline
\end{array}
\end{array}$$
-Use Excel to calculate the coefficient of variation of X.

Accepted Answer

A)  0.42 
B)  0.31 
C)  7.04 
D)  16.47 
A)  0.42 
B)  0.31 
C)  7.04 
D)  16.47

Question 16

Compare and contrast methods of summarizing and describing data
Use the spreadsheet below to answer the following question(s).
Below is the table showing rate of shoes sold per day and the highest-priced shoe sold that day for a one-week period. The rate of shoes sold per day (X) and the price of the shoes (Y). $$\begin{array}{l}\begin{array} { | l | l | } 
\hline\text { Shoes sold }\
 \text { in \% (X) } & \text { Price (Y) } \
\hline 15 & \$ 48 \
\hline 27 & \$ 55 \
\hline 10 & \$ 40 \
\hline 13 & \$ 88 \
\hline 25 & \$ 53 \
\hline 9 & \$ 47 \
\hline 18 & \$ 40 \
\hline & \
\hline
\end{array}
\end{array}$$
-Use Excel to calculate the covariance between variables X and Y.

Accepted Answer

A)  2.67 
B)  0.02 
C)  16.71 
D)  7.04 
A)  2.67 
B)  0.02 
C)  16.71 
D)  7.04

Question 17

Which of the following is true of covariance, between two variables, when one of the deviations from the mean is positive and the other is negative?

Accepted Answer

A)  the degree of linear association is high between the two variables 
B)  there is no covariance between the two variables 
C)  the covariance will be negative 
D)  the covariance will be positive 
A)  the degree of linear association is high between the two variables 
B)  there is no covariance between the two variables 
C)  the covariance will be negative 
D)  the covariance will be positive

Question 18

The table below shows the sales per day at a grocery store over a period of a week. Calculate the z-score for sales on Day 4. $\begin{array}{|c|l|}
\hline \text { Day } & \begin{array}{l}
\text { Sales per day in } \
\text { \$(Xi) }
\end{array} \\hline 1 & 5000 \
\hline 2 & 5304 \
\hline 3 & 6430 \
\hline 4 & 7889 \
\hline 5 & 5333 \
\hline 6 & 6109 \
\hline 7 & 6734 \
\hline
\end{array}$

Accepted Answer

Z-score is calculated using the formula,

Question 19

is a measure of the linear association between two variables, X and Y.

Accepted Answer

A)  Kurtosis 
B)  Proportion 
C)  Skewness 
D)  Covariance 
A)  Kurtosis 
B)  Proportion 
C)  Skewness 
D)  Covariance

Question 20

Compare and contrast methods of summarizing and describing data
Use the spreadsheet below to answer the following question(s).
Below is the table showing rate of shoes sold per day and the highest-priced shoe sold that day for a one-week period. The rate of shoes sold per day (X) and the price of the shoes (Y). $$\begin{array}{l}\begin{array} { | l | l | } 
\hline\text { Shoes sold }\
 \text { in \% (X) } & \text { Price (Y) } \
\hline 15 & \$ 48 \
\hline 27 & \$ 55 \
\hline 10 & \$ 40 \
\hline 13 & \$ 88 \
\hline 25 & \$ 53 \
\hline 9 & \$ 47 \
\hline 18 & \$ 40 \
\hline & \
\hline
\end{array}
\end{array}$$
-Use Excel to calculate the correlation between variables X and Y.

Accepted Answer

A)  16.47 
B)  0.02 
C)  16.71 
D)  7.04 
A)  16.47 
B)  0.02 
C)  16.71 
D)  7.04

In the z-score formula, which of the following is true if the value in the numerator is a negative value?

Which of the following types of conditions is most likely to render a midrange value useless?

In the equation Cp = (upper specification - lower specification)/total variation, what does Cp denote?

Which of the following describes variance?

Skewness describes the lack of symmetry of data.

The measures the degree of asymmetry of observations around the mean.

For two variables, a positive correlation coefficient indicates .

Which of the following is true of midspread?

The is the observation that occurs most frequently.

The difference between the first and third quartiles is referred to as the .

The purpose of sampling is to .

Give an account of Excel's Descriptive Statistics Tool.

If the distribution of observations are such that mode < median < mean, the histogram would be said to be negatively skewed.

Which of the following describes standard deviation?

Which of the following is true of covariance, between two variables, when one of the deviations from the mean is positive and the other is negative?

is a measure of the linear association between two variables, X and Y.

Business Analytics

Analytics on Spreadsheets

Visualizing and Exploring Data

Probability Distributions and Data Modeling

Sampling and Estimation

Statistical Inference

Trendlines and Regression Analysis

Forecasting Techniques

Introduction to Data Mining

Spreadsheet Modeling and Analysis

Monte Carlo Simulation and Risk Analysis

Linear Optimization

Applications of Linear Optimization

Integer Optimization

Decision Analysis

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Exam 4: Descriptive Statistical Measures

In the z-score formula, which of the following is true if the value in the numerator is a negative value?

Which of the following types of conditions is most likely to render a midrange value useless?

In the equation Cp = (upper specification - lower specification)/total variation, what does Cp denote?

Which of the following describes variance?

Skewness describes the lack of symmetry of data.

The measures the degree of asymmetry of observations around the mean.

For two variables, a positive correlation coefficient indicates .

Which of the following is true of midspread?

The is the observation that occurs most frequently.

The difference between the first and third quartiles is referred to as the .

The purpose of sampling is to .

Give an account of Excel's Descriptive Statistics Tool.

If the distribution of observations are such that mode < median < mean, the histogram would be said to be negatively skewed.

Which of the following describes standard deviation?

Which of the following is true of covariance, between two variables, when one of the deviations from the mean is positive and the other is negative?

is a measure of the linear association between two variables, X and Y.

Business Analytics

Analytics on Spreadsheets

Visualizing and Exploring Data

Probability Distributions and Data Modeling

Sampling and Estimation

Statistical Inference

Trendlines and Regression Analysis

Forecasting Techniques

Introduction to Data Mining

Spreadsheet Modeling and Analysis

Monte Carlo Simulation and Risk Analysis

Linear Optimization

Applications of Linear Optimization

Integer Optimization

Decision Analysis

Filters