Deck 1: Data and Business Decisions

Question 1

A unit of measure that provides a way to objectively quantify performance is called a ________.

A)statistic
B)population
C)metric
D)data

Answer 1

metric

Question 2

Outcomes such as communication effectiveness,environmental and regulatory compliance,and organizational citizenship would be considered ________ outcomes.

A)customer-focused
B)workforce-focused
C)financial and market
D)leadership and governance

Answer 2

leadership and governance

Question 3

By analyzing and extracting meaning from data to support evaluation and decision making,companies gather ________.

A)variables
B)data
C)information
D)metrics

Answer 3

information

Question 4

A metric that is derived from counting something is called a(n)________ metric.

A)continuous
B)nominal
C)discrete
D)ordinal

Question 5

Outcomes such as absenteeism,turnover,safety,training effectiveness,and leadership development would be considered ________ outcomes.

A)customer-focused
B)workforce-focused
C)financial and market
D)leadership and governance

Question 6

Data on ________ is most likely to be collected using surveys,interviews,and focus groups.

A)customer satisfaction
B)material usage
C)sales
D)fixed input costs

Question 7

The act of obtaining data associated with a metric is called ________.

A)measurement
B)population
C)information
D)evaluation

Question 8

Outcomes such as reliability,defect levels,setup times,time to market,and productivity would be considered ________ outcomes.

A)customer-focused
B)workforce-focused
C)product and process
D)leadership and governance

Question 9

Numerical facts and figures that are collected through some type of measurement process are called ________.

A)statistics
B)data
C)information
D)variables

Question 10

Internal data might include all of the following except ________.

A)material costs
B)economic conditions
C)accounts receivable
D)sales.

Question 11

Data that are routinely collected by accounting,marketing and operations functions of a business are called ________.

A)nominal data
B)external data
C)internal data
D)ordinal data

Question 12

Outcomes such as customer satisfaction and dissatisfaction,complaints and complaint resolution,and customer perceived value would be considered ________ outcomes.

A)customer-focused
B)workforce-focused
C)product and process
D)leadership and governance

Question 13

All of the following are examples of a discrete metric except ________.

A)responses on a 5-point rating scale
B)flipping a coin
C)a person's height
D)outcome of rolling a dice

Question 14

Data on production output,material costs,sales,and accounts receivable,are collected by an organization through ________.

A)industry trade associations
B)government databases
C)Standard & Poor's Compustat data sets
D)internal record‐keeping

Question 15

All of the following are examples of a continuous metric except ________.

A)a person's weight
B)income
C)blood pressure
D)flipping a coin

Question 16

External data may include all of the following except ________.

A)population trends
B)accounts receivables
C)industry performance
D)international trade data

Question 17

Any metric involving time,volume,weight or dollars would be classified as a(n)________ metric.

A)discrete
B)ordinal
C)continuous
D)binomial

Question 18

Outcomes such as revenue,profit and loss,net assets,earnings per share,and new product and service introductions would be considered ________ outcomes.

A)customer-focused
B)workforce-focused
C)financial and market
D)leadership and governance

Question 19

Data that is often used by a business for comparative purposes,marketing projects,and economic analyses would be categorized as ________.

A)internal data
B)special studies
C)ordinal data
D)external data

Question 20

Numerical values associated with a metric are called ________.

A)data
B)measures
C)population
D)regressors

Question 21

Age (in years)would be an example of ________ data.

A)nominal
B)ordinal
C)interval
D)ratio

Question 22

An example of ordinal data would be ________.

A)classifying employees by job title
B)rating a restaurant as poor,good,or very good
C)organizing customer flow by day of the week
D)listing time taken per task by a worker

Question 23

Which of the following is true of nominal data?

A)Nominal data usually have a natural order and can be ranked.
B)Nominal data are usually expressed as proportions or percentages.
C)Nominal data measure the distance between observations.
D)Nominal data has a natural zero.

Question 24

Data that is ordered or ranked according to some relationship to one another are called ________ data.

A)ratio
B)ordinal
C)nominal
D)interval

Question 25

Measures of temperature using the Fahrenheit scale is an example of ________ data.

A)nominal
B)ordinal
C)interval
D)ratio

Question 26

Which of the following is true of ordinal data?

A)Ordinal data have no fixed units of measurement.
B)Ordinal data can be interpreted in the form of ratios.
C)Ordinal data allows meaningful comparison of ranges,averages,and other statistics.
D)Ordinal data is the strongest form of measurement.

Question 27

Data that consists of a single variable is called ________ data.

A)cross-sectional
B)univariate
C)time series
D)multivariate

Question 28

Data that consists of two or more variables is called ________ data.

A)cross-sectional
B)univariate
C)time series
D)multivariate

Question 29

Data that has a natural zero is called ________ data.

A)ratio
B)ordinal
C)nominal
D)interval

Question 30

________ data are collected over an extended period of time.

A)Cross-sectional
B)Univariate
C)Time series
D)Multivariate

Question 31

________ data are collected over a single period of time.

A)Cross-sectional
B)Univariate
C)Time series
D)Multivariate

Question 32

Race and ethnicity is an example of ________ data.

A)nominal
B)ordinal
C)interval
D)ratio

Question 33

An example of interval data would be ________.

A)classifying customers by geographical region
B)rating a movie as bad,good,or excellent
C)ranking potential employees by SAT scores
D)comparing retail stores by number of units sold

Question 34

An example of nominal data would be ________.

A)classifying employees by job title
B)rating a restaurant as poor,good,or very good
C)ranking customer flow by day of the week
D)comparing stores by sales in dollars

Question 35

Salary would be an example of ________ data.

A)nominal
B)ordinal
C)interval
D)ratio

Question 36

Data that are ordered have a specified measure of the distance between observations but have no natural zero are called ________ data.

A)ratio
B)ordinal
C)nominal
D)interval

Question 37

An example of ratio data would be ________.

A)classifying students by college majors
B)rating a book as poor,good,or very good
C)organizing material costs by cost per unit
D)classifying stores by sales in dollars

Question 38

Data that is sorted into categories according to specified characteristics are called ________ data.

A)ratio
B)ordinal
C)nominal
D)interval

Question 39

Zip code would be an example of ________ data.

A)ordinal
B)interval
C)nominal
D)ratio

Question 40

Freshman,sophomore,junior,or senior would be examples of ________ data.

A)nominal
B)ordinal
C)interval
D)ratio

Question 41

The process of developing likely estimates of future values based on historical data is called ________.

A)predictive statistics
B)statistical inference
C)descriptive statistics
D)information gathering

Question 42

If all the college students in this university are the population,then college students in this class that live on campus would be an example of ________.

A)a point estimate
B)a process
C)a sample
D)ratio data

Question 43

Which of the following is used to find the number of cells in a range that contains numbers using Microsoft Excel?

A)MAX(range)
B)COUNT(range)
C)SUM(range)
D)NUMBER(range)

Question 44

In Microsoft Excel,a function that returns TRUE if all conditions are true,and FALSE if not,is ________.

A)MAX(range)
B)COUNT(range)
C)AND(condition 1,condition 2…)
D)COUNTIF(range,criteria)

Question 45

The three major components of statistical methodology are ________.

A)nominal,ordinal,and interval data
B)data,information,and decisions
C)descriptive statistics,statistical inference,and predictive statistics
D)graphs,charts,and spreadsheets

Question 46

A ________ refers to all the items of interest for a particular decision or investigation.

A)class
B)sample
C)population
D)group

Question 47

Which of the following is used to find the mean value of a range of cells using Microsoft Excel?

A)MEAN(range)
B)MIN(range)
C)SUM(range)
D)AVERAGE(range)

Question 48

Which of the following principles underlie statistical thinking?

A)All work occurs in a system of interconnected processes.
B)All processes are identical without any degree of variation.
C)Better performance results from increasing variation.
D)Variations in measurement will not occur unless there are variations in the true values.

Question 49

________ refer(s)to summary measures of population characteristics computed from samples.

A)Statistics
B)Data
C)Ordinal data
D)Decision models

Question 50

Which of the following functions is used to find the smallest value in a range of cells using Microsoft Excel?

A)MAX(range)
B)MIN(range)
C)SUM(range)
D)AVERAGE(range)

Question 51

Which of the following is used to add values in a range of cells using Microsoft Excel?

A)ADD(range)
B)MIN(range)
C)SUM(range)
D)PLUS(range)

Question 52

The strongest and most useful form of measurement is the ________.

A)nominal scale
B)ordinal scale
C)ratio scale
D)interval scale

Question 53

________ is a systematic way of doing things to achieve desired results.

A)Variation
B)A measure
C)Information
D)A process

Question 54

All college students in the U.S.that live on campus would be an example of a ________.

A)sample
B)population
C)class
D)group

Question 55

Which of the following functions is used to find the largest value in a range of cells using Microsoft Excel?

A)MAX(range)
B)MIN(range)
C)SUM(range)
D)AVERAGE(range)

Question 56

One of the most overlooked concepts in management decision making is ________.

A)symmetry in data
B)uncontrollable variation
C)technological improvements
D)theoretical reasoning

Question 57

The process of collection,organization,and description of data is called ________.

A)predictive statistics
B)statistical inference
C)descriptive statistics
D)decision modeling

Question 58

Which of the following is used to find the number of cells within a range that meet specified criteria using Microsoft Excel?

A)CHECKIF(range)
B)COUNT(range)
C)SUM(range)
D)COUNTIF(range,criteria)

Question 59

The process of drawing conclusions about unknown characteristics of a population based on sample data is called ________.

A)predictive statistics
B)statistical inference
C)descriptive statistics
D)information gathering

Question 60

A(n)________ refers to a subset of a population.

A)measure
B)process
C)interval estimate
D)sample

Question 61

Which of the following is the best chart for displaying U.S.exports to Europe over 20 years (in billions of dollars)?

A)pie chart
B)line chart
C)area chart
D)scatter diagram

Question 62

In Microsoft Excel,a logical function that returns TRUE if any condition is true,and FALSE if not,is ________.

A)OR(condition 1,condition 2 ...)
B)IF(condition,value if true,value if false)
C)VLOOKUP(value,table range,column number)
D)COUNTIF(range,criteria)

Question 63

In Microsoft Excel,the chart that displays the contributions of each value to the total by stacking the rectangles is called a ________.

A)stacked bar chart
B)stacked column chart
C)stacked histogram
D)stacked line chart

Question 64

Which of the following is the best chart for displaying the consumption of fossil fuels as a proportion of total energy consumption?

A)column chart
B)area chart
C)line chart
D)scatter diagram

Question 65

In Microsoft Excel,a logical function that returns one value if the condition is true and another if the condition is false,is ________.

A)OR(condition 1,condition 2 ...)
B)IF(condition,value if true,value if false)
C)VLOOKUP(value,table range,column number)
D)AND(condition 1,condition 2…)

Question 66

In Microsoft Excel,the chart that compares values across categories using vertical rectangles,is called a ________.

A)clustered column chart
B)stacked column chart
C)100% stacked column chart
D)bar chart

Question 67

In Microsoft Excel,the chart that is used to plot prices of shares,such as the daily high,low,and close,is a ________.

A)surface chart
B)doughnut chart
C)bubble chart
D)stock chart

Question 68

In Microsoft Excel,the ________ chart is similar to the pie chart but can contain more than one data series.

A)stock
B)surface
C)doughnut
D)bubble

Question 69

Data can be distorted by ________.

A)manipulating the scale
B)using more than one chart or graph
C)presenting data in different units of measurement
D)using two-dimensional charts

Question 70

Which of the following is the best chart for displaying the most popular pizza topping among a group of college students?

A)line chart
B)area chart
C)pie chart
D)scatter diagram

Question 71

Discrete data are usually easier to capture and record,but provide less information than continuous data.

Question 72

Metrics can be either discrete,ratio,or continuous.

Question 73

Mean,median,and mode are examples of raw data collected by firms.

Question 74

In Microsoft Excel,the chart that compares the percentage that each value contributes to a total is called a ________.

A)clustered column chart
B)stacked column chart
C)100% stacked column chart
D)bar chart

Question 75

In Microsoft Excel,a type of scatter chart in which the size of the data marker corresponds to the value of a third variable,is called a ________.

A)stock chart
B)surface chart
C)doughnut chart
D)bubble chart

Question 76

Which of the following is the best chart for displaying a comparison between house size (in square feet)versus the home market value (in dollars)?

A)pie chart
B)line chart
C)area chart
D)scatter diagram

Question 77

Data are rarely used in the business environment as firms prefer using information.

Question 78

Obtaining ratio data is usually more expensive than obtaining categorical data.

Question 79

In Microsoft Excel,the function that looks up a value in a table is ________.

A)AVERAGE(condition 1,condition 2 ...)
B)IF(condition,value if true,value if false)
C)VLOOKUP(value,table range,column number)
D)COUNTIF(range,criteria)

Question 80

In Microsoft Excel,the ________ chart is used to show three-dimensional data.

A)stock
B)surface
C)doughnut
D)bubble