Question 1

The CFO of a mid-level investment firm reports that the company has lost thousands of dollars through its data mining process due to poor data accuracy and quality.She is addressing an issue related to:

Accepted Answer

A) veracity 
B) volume 
C) business intelligence 
D) descriptive analytics 
E) sampling distribution

Question 2

Big data can be seen as a large amount of either organized or unorganized data that is analyzed to _________________:

Accepted Answer

A) confirm and justify a decision. 
B) disprove and refute an assumption. 
C) make an informed decision or evaluation. 
D) structure and design a methodology. 
E) process and eliminate.

Question 3

Big data refers to a standard set of variables collected from customers, suppliers, and staff.

Accepted Answer

A) True 
 B)False

Question 4

A database management software system is needed for big data to enable users to __________________.

Accepted Answer

A) define, create, maintain, and control access to the database 
B) identify, communicate, and compete with the competition 
C) redefine, test, and retool products 
D) maintain, define, and extract data on the competition 
E) transform, load, and manage changes in regulations

Question 5

Volume, variety, velocity and veracity are four important characteristics associated with _____________.

Accepted Answer

A) big data 
B) descriptive analytics 
C) predictive analytics 
D) metric analytics 
E) business analytics

Question 6

Prescriptive analytics is optimal for taking risk and uncertainty into account by looking at the effects of future actions.

Accepted Answer

A) True 
 B)False

Question 7

Variables and measurement data are interchangeable terms.

Accepted Answer

A) True 
 B)False

Question 8

Statistics can generally be divided into the two branches of _______ and _________.

Accepted Answer

A) variety, velocity 
B) nominal, ordinal 
C) SAS, SPSS 
D) descriptive, inferential 
E) volume, veracity

Question 9

A variable can take on different values.

Accepted Answer

A) True 
 B)False

Question 10

A new sales person is paid a commission on each sale.This person made $2,000 in commission his first month on the job.From this he concludes that he will make $24,000 during his first year.This is an example of _______.

Accepted Answer

A) inferential statistics 
B) nominal data 
C) descriptive statistics 
D) deferential statistics 
E) nonparametric statistics

Question 11

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 _______.

Accepted Answer

A) parameter 
B) sample 
C) population 
D) statistic 
E) frame

Question 12

Data visualization is most commonly used in which category of business analytics?

Accepted Answer

A) Descriptive 
B) Predictive 
C) Metric 
D) Prescriptive 
E) Mining

Question 13

You are the owner of a camping site and want to estimate the average age of your customers.For this purpose, you select a representative sample of your clients and offer them a discount on their next visit as compensation for filling out a short questionnaire that includes relevant age intervals.The average age of your customers being estimated through these responses is:

Accepted Answer

A) a measurement 
B) data 
C) a statistic 
D) a parameter 
E) a census

Question 14

The large growth in the numbers and types of data available to researchers, data scientists, and business decision makers is most commonly referred to as ______________.

Accepted Answer

A) business mining 
B) plethora business 
C) complex datasets 
D) big data 
E) operations research

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

Sue Taylor, Director of Global Industrial Sales, is concerned by a deteriorating sales trend. Specifically, the number of customers is stable at 1,500, but they are purchasing less each year.
She orders her staff to search for causes of the downward trend by surveying all 1,500 industrial customers.Sue is ordering a __________.

Accepted Answer

A) statistic from the industrial customers 
B) census of the industrial customers 
C) sample of the industrial customers 
D) sorting of the industrial customers 
E) parameter of the industrial customers

Question 17

Which of the following statements is correct?

Accepted Answer

A) Business researchers rarely give attention to collecting meaningful data. 
B) Variables are data that can be directly used for decision making. 
C) Valid data are the lifeblood of business statistics. 
D) Measurements never need to be defined by the business researcher. 
E) Business statistics are extremely complex and hard to use for decision making.

Question 18

Jessica Salas, President of Salas Products, is reviewing the warranty policy for her company's new model of automobile batteries.Life tests performed on a sample of 100 batteries indicated an average life of seven years under normal usage.Jessica recommended a six-year warranty period for the new model.This is an example of _____________.

Accepted Answer

A) descriptive statistics 
B) executive forecasting 
C) population derivation 
D) sample persuasion 
E) inferential statistics

Question 19

Interval and Ratio data are sometimes referred to as quantitative data.

Accepted Answer

A) True 
 B)False

Question 20

A company uses business analytics to focus on the best course of action within specific circumstances.This would fit within which category of business analytics?

Accepted Answer

A) Descriptive 
B) Predictive 
C) Metric 
D) Prescriptive 
E) Mining

Exam 1: Introduction to Statistics and Business Analytics

The CFO of a mid-level investment firm reports that the company has lost thousands of dollars through its data mining process due to poor data accuracy and quality.She is addressing an issue related to:

Big data can be seen as a large amount of either organized or unorganized data that is analyzed to _________________:

Big data refers to a standard set of variables collected from customers, suppliers, and staff.

A database management software system is needed for big data to enable users to __________________.

Volume, variety, velocity and veracity are four important characteristics associated with _____________.

Prescriptive analytics is optimal for taking risk and uncertainty into account by looking at the effects of future actions.

Variables and measurement data are interchangeable terms.

Statistics can generally be divided into the two branches of _ and ___.

A variable can take on different values.

A new sales person is paid a commission on each sale.This person made $2,000 in commission his first month on the job.From this he concludes that he will make $24,000 during his first year.This is an example of _______.

Data visualization is most commonly used in which category of business analytics?

The large growth in the numbers and types of data available to researchers, data scientists, and business decision makers is most commonly referred to as ______________.

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

Which of the following statements is correct?

Interval and Ratio data are sometimes referred to as quantitative data.

A company uses business analytics to focus on the best course of action within specific circumstances.This would fit within which category of business analytics?