Question 1

Which of the following is an example of lead information?

Accepted Answer

A)  Measurement of sales in response to a recently implemented ad campaign 
B)  Measurement of price sensitivity of customers in a given city 
C)  Measurement of rate of customer complaints following an employee training program 
D)  None of the answers is correct.

Question 2

Any request for information from a database is an example of:

Accepted Answer

A)  pattern discovery. 
B)  data mining. 
C)  query. 
D)  association analysis.

Question 3

For a health care management company, indicators such as bed utilization, overtime wages, and patients served would represent what sort of information?

Accepted Answer

A)  Unstructured 
B)  Indirect causal relationship 
C)  Key performance indicators 
D)  None of the answers is correct.

Question 4

In describing the data-generating process for "click-throughs" for one of your firm's advertising campaigns you've assumed the following relationship: Yi = f (Hi, Ji) + Ui, where Yi is if individual i clicked through, Hi is individual i's household income, Ji is an indicator for whether or not individual i has a job. What type of factors might be contained in Ui?

Accepted Answer

A)  A factor that affects Ji but does not affect Yi. 
B)  A factor that affects Hi but does not affect Yi. 
C)  A factor that affects Hi and Yi. 
D)  None of the answers is correct.

Question 5

Use the following dataset to answer the following question. $$\begin{array} { | l | c | c | c | c | } 
\hline { \text { Firm } } & \text { Year } & \text { \# ur Emplayees } &  { \text { Sales } } & \text { Prafits } \
\hline \text { Jirr's Auto } & 2014 & 23 & \$ 741,000 & \$ 52,000 \
\hline \text { Mecharnic Zone } & 2014 & 15 & \$ 510,000 & - \$ 72,000 \
\hline \text { Tirr's Auto } & 2015 & 31 & \$ 1,081,050 & \$ 101,000 \
\hline \text { Mecharic Zone } & 2015 & 27 & \$ 81,000 & \$ 28,000 \
\hline
\end{array}$$
-What is the unit of observation?

Accepted Answer

A)  Firm 
B)  Year 
C)  Year-Profits 
D)  Firm-Year

Question 6

Quantitative measures meant to summarize and interpret properties of a dataset are instances of:

Accepted Answer

A)  pivot tables. 
B)  descriptive statistics. 
C)  linear regressions. 
D)  outliers.

Question 7

Suppose you want to answer the following question: "How will Sales of our product at our outdoor location change if it rains above average next week?" What type of data analysis is crucial toward answering this question?

Accepted Answer

A)  Active prediction 
B)  Passive prediction 
C)  Dashboard 
D)  Pivot table

Question 8

Determining the average propensity of customers to purchase a warranty plan, if the plan is under a promotional offer during the time of product purchase, would be an example of what type of information?

Accepted Answer

A)  Passive prediction 
B)  Lag information 
C)  Indirect causal effect 
D)  Lead information

Question 9

Providing a graphical presentation of past trends of a set of critical indicators for a company is an example of what data presentation format?

Accepted Answer

A)  Query 
B)  Report 
C)  KPIs (key performance indicators) 
D)  Dashboard

Question 10

Use the following dataset to answer the following question. $$\begin{array} { | l | c | c | } 
\hline \text { Stock } & \text { Day } & \text { Stack Price } \
\hline \text { Apple } & 5 - 13 - 18 & \$ 189 \
\hline \text { Apple } & 5 - 14 - 18 & \$ 187 \
\hline \text { Apple } & 5 - 15 - 18 & \$ 185 \
\hline \text { Apple } & 5 - 16 - 18 & \$ 188 \
\hline
\end{array}$$ 
-What is the unit of observation?

Accepted Answer

A)  Apple-stock price 
B)  Day-price 
C)  Day 
D)  Stock price

Question 11

Using employment growth in the leisure and hospitality sector for the entire city of Indianapolis to predict yearly sales for your restaurant (in Indianapolis) is an example of:

Accepted Answer

A)  passive prediction. 
B)  active prediction. 
C)  outlier detection. 
D)  scorecard.

Question 12

Common criteria to judge competing models to be used in passive prediction include:

Accepted Answer

A)  degree of exogenous variation. 
B)  model fit. 
C)  data mining. 
D)  pattern discovery.

Question 13

Which of the following is an example of lead information?

Accepted Answer

A)  Measurement of number of employees enrolled in new HR workshop 
B)  Measurement of employee complaints following an employee training program 
C)  Measurement of wage sensitivity of employee retention in a given department 
D)  Measurement of number of employees hired since opening of new store location

Question 14

Use the following dataset to answer the following question. $$\begin{array} { | l | c | c | } 
\hline \text { Stock } & \text { Day } & \text { Stack Price } \
\hline \text { Apple } & 5 - 13 - 18 & \$ 189 \
\hline \text { Apple } & 5 - 14 - 18 & \$ 187 \
\hline \text { Apple } & 5 - 15 - 18 & \$ 185 \
\hline \text { Apple } & 5 - 16 - 18 & \$ 188 \
\hline
\end{array}$$
- What type of dataset is this?

Accepted Answer

A)  Panel 
B)  Unstructured 
C)  Pooled cross-section 
D)  Time series

Question 15

The process of identifying distinctive relationships between observations in a data set, or pattern discovery, within a very large dataset is typically known as?

Accepted Answer

A)  Data mining 
B)  Outlier detection 
C)  Query 
D)  Pattern discovery

Exam 1: The Roles of Data and Predictive Analytics in Business

Which of the following is an example of lead information?

Any request for information from a database is an example of:

For a health care management company, indicators such as bed utilization, overtime wages, and patients served would represent what sort of information?

Quantitative measures meant to summarize and interpret properties of a dataset are instances of:

Suppose you want to answer the following question: "How will Sales of our product at our outdoor location change if it rains above average next week?" What type of data analysis is crucial toward answering this question?

Determining the average propensity of customers to purchase a warranty plan, if the plan is under a promotional offer during the time of product purchase, would be an example of what type of information?

Providing a graphical presentation of past trends of a set of critical indicators for a company is an example of what data presentation format?

Using employment growth in the leisure and hospitality sector for the entire city of Indianapolis to predict yearly sales for your restaurant (in Indianapolis) is an example of:

Common criteria to judge competing models to be used in passive prediction include:

Which of the following is an example of lead information?

The process of identifying distinctive relationships between observations in a data set, or pattern discovery, within a very large dataset is typically known as?