Module 3 More Statistical Tools

Question 1

A technique for minimize total cost or maximize profit based on constraints

Answer 1

Linear programming

Question 2

A technique using a single independent variable to predict a single dependent variable

Answer 2

Linear regression

Question 3

A technique using more than one independent variable to predict a single dependent variable

Answer 3

Multiple regression

Question 4

Measures the strength of a linear relationship

Answer 4

Correlation coefficient

Question 5

Measures the goodness of fit in a regression analysis

Answer 5

R2 (R-Square)

Question 6

A simple regression using time as the independent variable

Answer 6

Time series

Question 7

A general slope upward or downward over a period of time

Answer 7

Trend

Question 8

Unforeseen circumstances causing random deviations

Answer 8

Irregularity

Question 9

Repetition in up and down patterns

Answer 9

Cyclicality

Question 10

Regular pattern within a single year

Answer 10

Seasonality

Question 11

Used to compare the mean of three or more groups

Answer 11

ANOVA

Question 12

ANOVA uses this test statistics

Answer 12

F-value (must be higher than critical value to reject the null)

Question 13

T-test uses this test statistic

Answer 13

T-value (must be higher than critical value to reject the null)

Question 14

A correlation is weak if the coefficient is close to ____

Answer 14

Zero

Question 15

A correlation is strong if the coefficient is close to ____

Answer 15

1 or -1