Business Statistics

Question 1

The number above and below which 50% of scores fall

Answer 1

Median

Question 2

The arithmetic average of all scores

Answer 2

Mean

Question 3

The most common or frequent score or number

Answer 3

Mode

Question 4

Statistical analysis provides these tools to make sound decisions the most basic of these are measures of central tendency the median and mean

Answer 4

Empirical tools

Question 5

The distribution of scores is commonly called

Answer 5

Variability

Question 6

Variability of scores is best represented by what around the mean

Answer 6

Standard deviation

Question 7

Shows the distance between the highest and lowest score in the group

Answer 7

Range

Question 8

Allows one to monitor control and improve process performance by examining variation over time

Answer 8

Control chart

Question 9

These controls are set to indicate statistical control we’re in normal variation is expected

Answer 9

Upper and lower control limits

Question 10

 This technique uses a mathematical equation to show the relationship between sets of data or variables

Answer 10

Regression analysis

Question 11

Anticipating the future assessing present conditions and making decisions concerning organizational direction programs and resource deployment

Answer 11

Planning

Question 12

What are the four steps of the strategic planning process

Answer 12

Assessment, planning, implementation, evaluation and improvement

Question 13

Includes review or establishment of vision mission values and guiding principles also includes external assessment an internal assessment

Answer 13

Assessment

Question 14

Development of a plan based on the assessment it includes goals specific objectives metrics to assess success and reaching goals and objectives and a delineation of resources needed to accomplish goals and objectives

Answer 14

Planning

Question 15

Leaders establish the organizational culture communication reward system support structures and policies to ensure the plan is effectively implemented departments develop their own plans cross functional team’s are established individuals are held accountable for implementation of the plan

Answer 15

Implementation

Question 16

Measurement of results of plan against goals and objectives evaluation or analysis of results change modification of the plan based on the analysis of results

Answer 16

Evaluation a continuous improvement

Question 17

What is the business planning process

Answer 17

Assess current situation, decide what you want to accomplish, have all input into process, discuss whether business planning process is meeting objectives

Question 18

Description of the project situation target marketing objectives specific steps needed to accomplish the project or program along with the timetable for implementation

Answer 18

Business planning document

Question 19

Four elements of a valid contract

Answer 19

Agreement is reached after an offer is accepted, consideration or something of value in the agreement, agreement is reached by parties who have the legal capacity to contract, the contracts objective purpose is lawful

Question 20

These policies applied to the entire organization

Answer 20

General policies

Question 21

These policies pertain to a specific unit department or service

Answer 21

operational policies

Question 22

Define specific actions for organizational members

Answer 22

Procedures