Deck 1: An Introduction to Business Statistics and Analytics

Question 1

Statistical inference is the science of using a sample of measurements to make generalizations about the important aspects of a population of measurements.

Answer 1

True

Question 2

An example of a quantitative variable is the manufacturer of a car.

Answer 2

False

Question 3

An example of a qualitative variable is the mileage of a car.

Answer 3

False

Question 4

It is possible to use a random sample from a population to make statistical inferences about the entire population.

Question 5

The number of sick days per month taken by employees for the last 10 years at Apex Co. is an example of time series data.

Question 6

Time series data are data collected at the same time period.

Question 7

Daily high temperature in a local community collected over a 30-day time period is an example of cross-sectional data.

Question 8

In an experimental study, the aim is to manipulate or set the value of the response variable.

Question 9

A population is a set that includes all elements about which we wish to draw a conclusion.

Question 10

Using a nonrandom sample procedure in order to support a desired conclusion is an example of an unethical statistical procedure.

Question 11

The number of sick days taken by employees in 2008 for the top 10 technology companies is an example of time series data.

Question 12

Cross-sectional data are data collected at the same or approximately the same point in time.

Question 13

Processes produce outputs over time.

Question 14

Selecting many different samples and running many different tests can eventually produce a result that makes a desired conclusion be true.

Question 15

If we examine some of the population measurements, we are conducting a census of the population.

Question 16

The science of describing the important aspects of a set of measures is called statistical inference.

Question 17

A random sample is selected so that every element in the population has the same chance of being included in the sample.

Question 18

A quantitative variable can also be referred to as a categorical variable.

Question 19

In an observational study, the variable of interest is called a response variable.

Question 20

In a data set of information on college business students, an example of an element is their cumulative GPA.

Question 21

In systematic sampling, the first element is randomly selected from the first (N/n) elements.

Question 22

Secondary data are data taken from an existing source.

Question 23

A recording error is an error of observation.

Question 24

By taking a systematic sample in which we select every 100th shopper arriving at a specific store, we are approximating a random sample of shoppers.

Question 25

Convenience sampling is a type of probability sampling in which we select elements to sample because we believe they have the highest probability of responding.

Question 26

Data warehousing is defined as a process of centralized data management and retrieval.

Question 27

Judgment sampling occurs when a person who is extremely knowledgeable about the population under consideration selects the population elements that they feel are most representative of the population.

Question 28

The term big data refers to the use of survey data by big business.

Question 29

If we sample without replacement, we do not place the unit chosen on a particular selection back into the population.

Question 30

Stratification can at times be combined with multistage cluster sampling to develop an appropriate sample.

Question 31

An individual collecting data directly through planned experimentation is obtaining primary data.

Question 32

The target population is the result of sampling from the original population that is of interest to the researcher.

Question 33

Errors of non-observation occur when data values are recorded incorrectly.

Question 34

A sampling error can occur because of incomplete information.

Question 35

Business analytics is a new field that does not use traditional statistics to analyze big data.

Question 36

Sampling error occurs because a characteristic of a random sample may not exactly equal the population characteristic that we are attempting to estimate.

Question 37

In order to select a stratified random sample, we divide the population into overlapping groups of similar elements.

Question 38

Judgment sampling is an example of convenience sampling.

Question 39

A low response rate has no effect on the validity of a survey's findings.

Question 40

A common practice in selecting a sample from a large geographic area is multistage cluster sampling.

Question 41

Prescriptive analytics involve methods used to find anomalies, patterns, and associations in data sets with the purpose of predicting future outcomes.

Question 42

Methods for obtaining a sample are called

A) sample surveys.
B) probability sampling.
C) random sampling.
D) sampling designs.

Question 43

When we are choosing a random sample and we do not place chosen units back into the population, we are

A) sampling with replacement.
B) sampling without replacement.
C) using a systematic sample.
D) using a voluntary response sample.

Question 44

A ratio variable has the following characteristic.

A) qualitative
B) inherently defined zero value
C) categorical in nature
D) predictable

Question 45

________ sampling is where we know the chance that each element will be included in the sample, which allows us to make statistical inferences about the sample population.

A) Convenience
B) Voluntary
C) Probability
D) Judgment

Question 46

Which of the following is a type of question used in survey research?

A) dichotomous
B) open-ended
C) multiple-choice
D) All of the other answers are correct.

Question 47

Data that are collected by an individual through personally planned experimentation or observation are ________.

A) secondary data
B) quantitative data
C) primary data
D) variables

Question 48

Which of the following is not a method of numerical descriptive analytics?

A) factor analysis
B) cluster analysis
C) bullet graphs
D) association learning

Question 49

A population that consists of all the customers who will use the drive-thru of the local fast food restaurant is called a(n) ________.

A) infinite population
B) random sample population
C) statistical population
D) finite population

Question 50

Nonoverlapping groups of similar elements in a population are called

A) clusters.
B) frames.
C) strata.
D) stages.

Question 51

A Yes or No question is ________.

A) dichotomous
B) evaluative
C) open-ended
D) systematic

Question 52

________ consists of a set of concepts and techniques that are used to describe populations and samples and to make statistical inferences about populations by using samples.

A) Traditional statistics
B) Random sampling
C) Data mining
D) Time series analysis

Question 53

A ________ is a list of all the units in a population.

A) sample
B) frame
C) census
D) variable

Question 54

Transactional data are now used by businesses as part of

A) survey analysis.
B) big data.
C) descriptive statistics.
D) experimental studies.

Question 55

________ uses traditional or newer graphics to present visual summaries of business information.

A) Nonparametric predictive analytics
B) Parametric predictive analytics
C) Prescriptive analytics
D) Graphical descriptive analytics

Question 56

In ________ we select elements because they are easy to sample.

A) random sampling
B) convenience sampling
C) judgment sampling
D) probability sampling

Question 57

________ occurs when some population elements are excluded from the process of selecting the sample.

A) Nonresponse
B) Error of observation
C) Undercoverage
D) Sample frame

Question 58

Which of the following is a quantitative variable?

A) the manufacturer of a cell phone
B) a person's gender
C) mileage of a car
D) whether a person is a college graduate
E) whether a person has a charge account

Question 59

Which of the following is not a supervised learning technique in predictive analytics?

A) linear regression
B) factor analysis
C) decision trees
D) neural networks

Question 60

________ is the difference between a numerical descriptor of the population and the corresponding descriptor of the sample.

A) Sampling error
B) Nonobservation error
C) Observation error
D) Nonresponse

Question 61

________ is the science of using a sample to make generalizations about the important aspects of a population.

A) Time series analysis
B) Descriptive statistics
C) Random sample
D) Statistical inference

Question 62

Any characteristic of an element is called a ________.

A) set
B) process
C) variable
D) census

Question 63

________ is a necessary component of a runs plot.

A) Observation over time
B) Qualitative variable
C) Random sampling of the data
D) Cross-sectional data

Question 64

Jersey numbers of soccer players is an example of a(n) ________ variable.

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

Question 65

The process of assigning a value of a variable to each element in a data set is called ________.

A) sampling
B) measurement
C) experimental analysis
D) observational analysis

Question 66

The two types of quantitative variables are

A) ordinal and ratio.
B) interval and ordinal.
C) nominative and ordinal.
D) interval and ratio.
E) nominative and interval.

Question 67

A ________ is a display of individual measurements versus time.

A) runs plot
B) statistical analysis
C) random sample
D) measurement

Question 68

A person's telephone area code is an example of a(n) ________ variable.

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

Question 69

Examining all population measurements is called a ________.

A) census
B) frame
C) sample
D) variable

Question 70

Any characteristic of a population unit is a(n)

A) measurement.
B) sample.
C) observation.
D) variable.

Question 71

An identification of police officers by rank would represent a(n) ________ level of measurement.

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

Question 72

Measurements from a population are called

A) elements.
B) observations.
C) variables.
D) processes.

Question 73

A ________ is a subset of the units in a population.

A) census
B) process
C) sample
D) variable

Question 74

Statistical ________ refers to using a sample of measurements and making generalizations about the important aspects of a population.

A) sampling
B) process
C) analysis
D) inference

Question 75

A(n) ________ variable is a qualitative variable such that there is no meaningful ordering or ranking of the categories.

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

Question 76

The number of miles a truck is driven before it is overhauled is an example of a(n) ________ variable.

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

Question 77

The weight of a chemical compound used in an experiment that is obtained using a well-adjusted scale represents a(n) ________ level of measurement.

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

Question 78

Temperature (in degrees Fahrenheit) is an example of a(n) ________ variable.

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

Question 79

College entrance exam scores, such as SAT scores, are an example of a(n) ________ variable.

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

Question 80

Which of the following is a categorical variable?

A) air temperature
B) bank account balance
C) daily sales in a store
D) whether a person has a traffic violation
E) value of company stock