Question 1

Two different sets of data can never have the same z-scores.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following is the equation for calculating the coefficient of variation (CV)?

Accepted Answer

A) CV = standard deviation/mean 
B) CV = standard deviation - z-score/mean (total variation) 
C) CV = value of observation's distance from mean/standard deviation 
D) CV = mean/(standard deviation)² 
A) CV = standard deviation/mean 
B) CV = standard deviation - z-score/mean (total variation) 
C) CV = value of observation's distance from mean/standard deviation 
D) CV = mean/(standard deviation)²

Question 3

Use the table below to answer the following question(s).
Below is a table showing the costs per order of items bought by a computer hardware store.
 $\begin{array}{l|l|l}
\hline \text { Supplier } & \text { Item Description } & \text { Cost per Order } \
\hline \text { Aloham Technologies } & \text { Monitors } & \$ 250 \
\hline \text { Aloham Technologies } & \text { Hard Disks } & \$ 220 \
\hline \text { Aloham Technologies } & \text { Power Supply } & \$ 88 \
\hline \text { Aloham Technologies } & \text { Graphics Card } & \$ 300 \
\hline \text { Aloham Technologies } & \text { Processor } & \$ 325 \
\hline \text { Aloham Technologies } & \text { Speakers } & \$ 88 \
\hline \text { MindRoot Hardwares } & \text { Flashdrive } & \$ 9 \
\hline \text { MindRoot Hardwares } & \text { Graphics Card } & \$ 299 \
\hline \text { MindRoot Hardwares } & \text { CD-ROM } & \$ 88 \
\hline \text { MindRoot Hardwares } & \text { Bluetooth Device } & \$ 80 \
\hline
\end{array}$

-Calculate the mean cost per order.

Accepted Answer

A) $220.54 
B) $174.70 
C) $159 
D) $88 
A) $220.54 
B) $174.70 
C) $159 
D) $88

Question 4

The coefficient of skewness is computed as ________.

Accepted Answer

A)   CS = $\sum_{i=1}^{N}\left(x_{i}-\bar{x}\right.$ )³ 
B) CS = $\sqrt { \frac { \sum _ { i = 1 } ^ { N } \left( x _ { i } - \mu \right) ^ { 3 } } { \sigma ^ { 3 } } }$ 
C) CS = $\frac{\sum_{i=1}^{N}\left(x_{i}-\mu\right)^{2}}{\sigma^{2}}$ 
D) CS = $\frac{\frac{1}{N} \sum_{i=1}^{N}\left(x_{i}-\mu\right)^{3}}{\sigma^{3}}$ 
A)   CS = $\sum_{i=1}^{N}\left(x_{i}-\bar{x}\right.$ )³ 
B) CS = $\sqrt { \frac { \sum _ { i = 1 } ^ { N } \left( x _ { i } - \mu \right) ^ { 3 } } { \sigma ^ { 3 } } }$ 
C) CS = $\frac{\sum_{i=1}^{N}\left(x_{i}-\mu\right)^{2}}{\sigma^{2}}$ 
D) CS = $\frac{\frac{1}{N} \sum_{i=1}^{N}\left(x_{i}-\mu\right)^{3}}{\sigma^{3}}$

Question 5

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 6

How can outliers be identified in a data set?

Accepted Answer

Outliers can make a significant differen

Question 7

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 8

Which of the following formula is used to compute covariance between two variables X and Y?

Accepted Answer

A) cov (X,Y)= $\frac { \sum _ { i = 1 } ^ { N } \left( x _ { i } - \mu _ { x } \right) \left( y _ { i } - \mu _ { y } \right) } { N }$ 
B) cov (X,Y)= $\frac { \sum _ { i = 1 } ^ { N } \left( x _ { i } - \mu _ { x } \right) ^ { 2 } } { N }$ 
C) cov (X,Y)= $\sum_{i=1}^{N} \frac{\left(x_{i}-\mu_{x}\right)^{2}}{y_{i}-\mu_{y}}$ 
D) cov (X,Y)= $\frac{\sum_{i=1}^{N}\left(x_{i}-\mu_{x}\right)^{2}}{N^{2}}$ 
A) cov (X,Y)= $\frac { \sum _ { i = 1 } ^ { N } \left( x _ { i } - \mu _ { x } \right) \left( y _ { i } - \mu _ { y } \right) } { N }$ 
B) cov (X,Y)= $\frac { \sum _ { i = 1 } ^ { N } \left( x _ { i } - \mu _ { x } \right) ^ { 2 } } { N }$ 
C) cov (X,Y)= $\sum_{i=1}^{N} \frac{\left(x_{i}-\mu_{x}\right)^{2}}{y_{i}-\mu_{y}}$ 
D) cov (X,Y)= $\frac{\sum_{i=1}^{N}\left(x_{i}-\mu_{x}\right)^{2}}{N^{2}}$

Question 9

Give an account of Excel's Descriptive Statistics Tool.

Accepted Answer

Excel provides a useful tool for basic d

Question 10

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).
 $$\begin{array} { | l | l | } 
\hline \begin{array} { c } 
\text { Shoes sold } \
\text { in \% } ( \mathbf { X } )
\end{array} & \text { Price (Y) } \
\hline 15 & \$ 48 \
\hline 27 & \$ 55 \
\hline 10 & \$ 40 \
\hline 13 & \$ 88 \
\hline 25 & \$ 53 \
\hline 9 & \$ 47 \
\hline 18 & \$ 40 \
\hline & \
\hline
\end{array}$$
-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 11

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.

Accepted Answer

Z-score is calculated using the formula,

Question 12

According to the interquartile range, extreme outliers are more than 3*IQR away from the left of Q1 or to the right of Q3.

Accepted Answer

A) True 
 B)False

Question 13

________ is a measure of the linear relationship between two variables, X and Y, which does not depend on the units of measurement.

Accepted Answer

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

Question 14

The larger the variance, the more the data are spread out from the mean.

Accepted Answer

A) True 
 B)False

Question 15

In statistical notation, the elements of a data set are typically labeled as ________.

Accepted Answer

A) summation operators 
B) letters in capitals 
C) Greek letters 
D) subscripted variables 
A) summation operators 
B) letters in capitals 
C) Greek letters 
D) subscripted variables

Question 16

Which of the following is true for a median?

Accepted Answer

A) A median is only meaningful for interval or ordinal data and not for ratio data. 
B) Medians can be calculated no matter how the data is arranged. 
C) Medians are affected by outliers. 
D) For an even number of observations, the median is the mean of the two middle numbers. 
A) A median is only meaningful for interval or ordinal data and not for ratio data. 
B) Medians can be calculated no matter how the data is arranged. 
C) Medians are affected by outliers. 
D) For an even number of observations, the median is the mean of the two middle numbers.

Question 17

What is statistical thinking? How is it important to making business decisions?

Accepted Answer

Statistical thinking is a philosophy of

Question 18

Which of the following is true of variance?

Accepted Answer

A) The formula to calculate variance of a population is not the same as the formula to calculate variance of a sample. 
B) Its value is inversely proportional to the degree to which the data is spread from the mean. 
C) It only requires the middle 50% of data to be calculated. 
D) It is the square root of standard deviation. 
A) The formula to calculate variance of a population is not the same as the formula to calculate variance of a sample. 
B) Its value is inversely proportional to the degree to which the data is spread from the mean. 
C) It only requires the middle 50% of data to be calculated. 
D) It is the square root of standard deviation.

Question 19

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 20

In finance, the ________ is the ratio of a fund's excess returns (annualized total returns minus Treasury bill returns)to its standard deviation.

Accepted Answer

A) field ratio 
B) Sortino ratio 
C) Calmar ratio 
D) Sharpe ratio 
A) field ratio 
B) Sortino ratio 
C) Calmar ratio 
D) Sharpe ratio

Two different sets of data can never have the same z-scores.

Which of the following is the equation for calculating the coefficient of variation (CV)?

The coefficient of skewness is computed as ________.

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

How can outliers be identified in a data set?

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

Which of the following formula is used to compute covariance between two variables X and Y?

Give an account of Excel's Descriptive Statistics Tool.

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.

According to the interquartile range, extreme outliers are more than 3*IQR away from the left of Q1 or to the right of Q3.

________ is a measure of the linear relationship between two variables, X and Y, which does not depend on the units of measurement.

The larger the variance, the more the data are spread out from the mean.

In statistical notation, the elements of a data set are typically labeled as ________.

Which of the following is true for a median?

What is statistical thinking? How is it important to making business decisions?

Which of the following is true of variance?

The purpose of sampling is to ________.

In finance, the ________ is the ratio of a fund's excess returns (annualized total returns minus Treasury bill returns)to its standard deviation.

Introduction to Business Analytics

Analytics on Spreadsheets

Visualizing and Exploring Data

Probability Distributions and Data Modeling

Sampling and Estimation

Statistical Inference

Predictive Modeling and Analysis

Regression Analysis

Forecasting Techniques

Simulation and Risk Analysis

Introduction to Data Mining

Linear Optimization

Applications of Linear Optimization

Integer Optimization

Nonlinear and Non-Smooth Optimization

Optimization Models with Uncertainty

Decision Analysis

Filters

Exam 4: Descriptive Statistical Measures

Two different sets of data can never have the same z-scores.

Which of the following is the equation for calculating the coefficient of variation (CV)?

The coefficient of skewness is computed as ________.

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

How can outliers be identified in a data set?

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

Which of the following formula is used to compute covariance between two variables X and Y?

Give an account of Excel's Descriptive Statistics Tool.

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.

According to the interquartile range, extreme outliers are more than 3*IQR away from the left of Q1 or to the right of Q3.

________ is a measure of the linear relationship between two variables, X and Y, which does not depend on the units of measurement.

The larger the variance, the more the data are spread out from the mean.

In statistical notation, the elements of a data set are typically labeled as ________.

Which of the following is true for a median?

What is statistical thinking? How is it important to making business decisions?

Which of the following is true of variance?

The purpose of sampling is to ________.

In finance, the ________ is the ratio of a fund's excess returns (annualized total returns minus Treasury bill returns)to its standard deviation.

Introduction to Business Analytics

Analytics on Spreadsheets

Visualizing and Exploring Data

Probability Distributions and Data Modeling

Sampling and Estimation

Statistical Inference

Predictive Modeling and Analysis

Regression Analysis

Forecasting Techniques

Simulation and Risk Analysis

Introduction to Data Mining

Linear Optimization

Applications of Linear Optimization

Integer Optimization

Nonlinear and Non-Smooth Optimization

Optimization Models with Uncertainty

Decision Analysis

Filters