Exam 1 Prep

Question 1

In the spectrum of business analytics, which is the most complex?
A) descriptive
B) operational
C) predictive
D) prescriptive

Answer 1

D) prescriptive

Question 2

Which of the following is not an approach to making decisions?
A) rules of thumb
B) tradition
C) intuition
D) guess and check

Answer 2

D) guess and check

Question 3

Data driven decision making tends to decrease a firm’s
A) risk
B) profit
C) productivity
D) market value

Answer 3

A) risk

Question 4

_____ refers to the tech that allows data, collected from sensors in all types of machines, to be sent over the Internet to repositories where it can be stored and analyzed
A) mapreduce
B) Hadoop
C) advanced analytics
D) internet of things (IoT)

Answer 4

D) internet of things (IoT)

Question 5

Which of the following best exemplifies big data?
A) a pharmacy keeps track of customer purchases to send its customers coupons
B) five hundred Facebook users upload one thousand pictures per day
C) cellphone owners around the world generate vast amounts of data calling, texting, tweeting, and browsing the web on a daily basis
D) a local grocery store collects data from those that scan their loyalty card

Answer 5

C) cellphone owners around the world generate vast amounts of data calling, texting, tweeting, and browsing the web on a daily basis

Question 6

_____ is the most critical step of the decision- making process
A) identifying and defining the problem
B) determining the set of alternatives
C) choosing an alternative
D) evaluating alternatives

Answer 6

A) identifying and defining the problem

Question 7

A_____ decision involves higher-level issues and is concerned with the overall direction of the organization, defining the overarching goals and aspirations for the organization’s future
A) tactical
B) operational
C) strategic
D) intuitive

Answer 7

C) strategic

Question 8

Tactical decisions are concerned with
A) how the organization should achieve the goals and objectives set by its strategy
B) the day to day activities for the organization
C) the goals and plans of the organization
D) the domain of operations managers who are close to the customer

Answer 8

A) how the organization should achieve the goals and objectives set by its strategy

Question 9

A light bulb manufacturer uses descriptive analytics
A) to present supply chain to managers visually
B) to schedule staff and vehicle for delivery
C) to plan capacity utilization by incorporating the inherent uncertainty in commodities pricing
D) to achieve efficiency in delivery of goods

Answer 9

A) to present supply chain to managers visually

Question 10

A forecast that helps direct police officers to areas where crimes are likely to occur based on past data is an example of
A) descriptive analytics
B) predictive analytics
C) prescriptive analytics
D) decision analysis

Answer 10

B) predictive analytics

Question 11

____ acts as a representative of the problem
A) variable
B) sample
C) variance
D) random variable

Answer 11

B) sample

Question 12

_____ are collected from several entities at the same point in time
A) random data
B) categorical and quantitative data
C) cross-sectional data
D) time series data

Answer 12

C) cross-sectional data

Question 13

The letter grades (A,B,C,D, F) of business analysis of students are recorded by a prof. This variables classification is
A) a time series data
B) quantitative data
C) categorical data
D) cannot be determined

Answer 13

C) categorical data

Question 14

The ______ is a point estimate of the population mean for the variable of interest
A) median
B) geometric mean
C) sample mean
D) sample

Answer 14

C) sample mean

Question 15

Data collected from several entities over a period of time (minutes, hours, days,etc) are called
A) source data
B) time series data
C) cross sectional
D) categorical and quantitative data

Answer 15

B) time series data

Question 16

Categorical or quantitative?
What is your age?

Answer 16

Quantitative

Question 17

Categorical or quantitative?
Are you male or female ?

Answer 17

Categorical

Question 18

Categorical or quantitative?
When did you first start reading the WSJ? High school, college, early career, mid career, retirement

Answer 18

Categorical

Question 19

Categorical or quantitative?
How long have you been in your present job or position?

Answer 19

Quantitative

Question 20

Categorical or quantitative?
What type of vehicle are you considering for your next purchase? Nine response categories include sedan, sports car, SUV, minivan, and so on

Answer 20

Categorical

Question 21

A _____ determines how far a particular value is from the mean relative to the data set’s standard deviation
A) coefficient of variation
B) percentile
C) z-score
D) variance

Answer 21

C) z-score

Question 22

For data having a bell-shaped distribution, approximately _____ percent of the data values will be within one standard deviation of the mean

Answer 22

68%

Question 23

The College Board originally scaled SAT scores so that the scores for each section were approximately normally distributed with a mean of 500 and a standard deviation of 100. Assuming SAT scores follow a bell-shaped distribution use the empirical rule to find the percent of students who scored more than 600.
A) 2.5 %
B) 16%
C) 50%
D) 68%

Answer 23

B) 16%

(600-500)/ 100= 1
1 stdev = 68%
Score above so 100-68= 32
32/ 2 = 16% higher and 16% lower

Question 24

Data was collected on a particular stock every month for a period of 12 months. This is an example of
A) categorical data
B) quantitative data
C) time series data
D) cross-sectional data.

Answer 24

C) time series data

Question 25

Does talking on cell phones while driving affect reaction time? Researchers measured the reaction times of 162 study participants as they talked on cell phones and found that the average level of distraction from their driving was rated 2.2 out of 5, while those not talking on cell phones rated an average level of distraction from their driving at 3.9 out of 5. The population being studied in this case is all drivers.
A) True
B) False

Answer 25

A) True

Question 26

A Forbes subscriber survey asked 52 questions about subscriber characteristics and interests. The following question was one of the 52 questions asked Did you start reading Forbes before, during, or after your first job? What kind of data does this question provide?
A) categorical
B) quantitative
C) time series
D) cross-sectional data

Answer 26

A) categorical

Question 27

A PivotChart
A) updates in realtime and aves mutipe dupus.
B) is a metric that is crucial for understanding the current performance of an organization
C) is a graphical presentation created in Excel that functions similar to a PivotTable
D) merges maps and statistics to present data collected over different geographies

Answer 27

C) is a graphical presentation created in Excel that functions similar to a PivotTable

Question 28

A bubble chart is a graphical presentation that
A) uses horizontal bars to display the magnitude of quantitative data.
B) has two axes that represent two variables, and the magnitude of the third variable is given by the size of the bubble
C) updates in real time and gives multiple outputs.
D) indicates the trend of data but not magnitude.

Answer 28

B) has two axes that represent two variables, and the magnitude of the third variable is given by the size of the bubble