Exam 1: Introduction to Statistics

Online retailers are consistently pursuing new ways to improve market share and establish better relations with customers.One of the most common methods is to provide recommendations when customers place an order based upon similar or complementary items.These most likely patterns in purchases would most be an example of what type of analytics?

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 ___.

The category of business analytics that is often used to optimize the performance of a system in the business would be __________.

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 percent of respondents reported an overall favourable opinion, and twenty-five percent reported an overall unfavourable opinion.The proportion, 0.75, is a ___.

A salesperson is paid a commission on each sale.This person made $2,000 in their first month on the job.Based on this the salesperson concludes they will make $24,000 during their first year.This is an example of ___.

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

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 ___.

If a company receives a lot of data within a short amount of time, then the data has both ________ and ________.

Virtually all areas of business use statistics in decision making.

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

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

Using a bubble chart to display production levels for an organization's various product line is an example of data visualization.

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

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

The CIO for a large hospitality business has been inundated with information and data regarding customer needs and spending preferences.However, her in-house data analytics team has advised her that what she really needs is to develop an understanding of relationships.With this knowledge she should will be able to recognize new patterns and undiscovered trends.This category of analytics is called ___________.

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

Marc Fortier, Director of Human Resources, is exploring the causes of employee absenteeism at Lennoxville Bottling during the last operating year (January 1, 2019 through December 31, 2019).For this study, the set of all employees who worked at Lennoxville Bottling during the last operating year is ___.

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

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 condominium.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?

A business is attempting to find the best small town in Canada in which to relocate.As part of the investigation, the elevations of all small towns in Canada are researched.Some towns are located high in the Rockies with elevations over 2,000 metres.There are even some towns located in the Maritimes with elevations below sea level.These elevations can best be described as which level of data?