Business Analytics: Data Analysis notes

1. An observational study: a. analyzes data already available b. makes it possible to rule out factors over which the researcher has no control for the observed effects c. examines individuals that have been selected by the researchers d. allows researchers to control for all extraneous factors 2. Priti is wondering whether time of day impacts worker productivity. She randomly chooses 25 workers from each of the three shifts her company runs. The design of this study is a. even b. balanced c. u...

1. Which methodology is used to group products that customers purchase together? a. Market basket analysis b. Prediction c. Classification analysis d. Forecasting 2. Mya is investigating the factors that impact soda consumption. She examines a host of variables that help explain the amount consumed. Which type of data mining methodology is she most likely to use? a. Market basket analysis b. Prediction c. Classification analysis d. Forecasting 3. A facts table has: a. few rows and many columns...

1. A sample of a population taken at one particular point in time is categorized as: a. categorical b. discrete c. cross-sectional d. time-series c 2. Excel stores dates as a. numbers b. variables c. records d. text a 3. Researchers may gain insight into the characteristics of a population by examining a a. mathematical model describing the population b. sample of the population c. description of the population d. replica b 4. In order for the characteristics of a sample to be generalized to ...

A popular retail store knows that the distribution of purchase amounts by its customers is approximately normal with a mean of $30 and a standard deviation of $9. Below you will find normal probability and percentile calculations related to the customer purchase amounts. Probability Calculations P(Sales < $ 15.00) = 0.048, P(Sales < $ 20.00) = 0.133, P(Sales < $ 25.00) = 0.289, P(Sales < $ 35.00) = 0.711 Percentiles Calculations 1st Percentile = $9.06, 5th Percentile = $15.20, 95th P...

1. Probabilities that cannot be estimated from long-run relative frequencies of events are a. objective probabilities b. subjective probabilities c. complementary probabilities d. joint probabilities 2. The probability of an event and the probability of its complement always sum to a. 1 b. 0 c. any value between 0 and 1 d. any positive value 3. If events A and B are mutually exclusive, then the probability of both events occurring simultaneously is equal to a. 0.0 b. 0.5 c. 1.0 d. any value be...

1. The decision-making concepts covered in Data Analysis & Decision Making book include which of the following? a. Optimization techniques b. Decision analysis with uncertainty c. Structured sensitivity analysis d. All of these options 2. Which of the following statements is not true? a. Dealing with uncertainty includes measuring uncertainty. b. Dealing with uncertainty includes modeling uncertainty explicitly into the analysis. c. Dealing with uncertainty includes eliminating uncertainty by u...

1. Text files are also known as: a. Excel spreadsheets b. Excel workbooks c. ASCII files d. Notepad files 2. Anna is getting ready to insert a blank column, paste information from a previous spreadsheet into the first four rows of this column, and bold the heading. And she needs to do this for all 150 product lines in her area. How is this task best handled? a. Using the insert, copy, paste commands in Excel. b. Writing a macro to handle this repetitive task. c. Writing instructions that incorp...

1. Which of the following is not one of Deming’s 14 Points? a. Use Lowest-Tender Contracts. b. Have Constancy of Purpose. c. Institute Leadership of People. d. Break Down Barriers. 2. Michael has incorporated a vigorous cross-training program within his department. This is an example of which of Deming’s 14 points? a. Improve Every Process. b. Institute Training. c. Drive Out Fear. d. Encourage Education. 3. Jada has decided to implement weekly meetings between departments to discuss issue...