Business Data Analysis
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Course Introduction
Business Data Analysis introduces students to the fundamental concepts, techniques, and tools required to analyze and interpret data for informed decision-making in a business context. The course emphasizes the practical application of statistical methods, data visualization, and analytical software to solve real-world business problems. Students will learn how to gather, organize, and evaluate data, draw meaningful insights, and effectively communicate analytical findings. Topics include descriptive and inferential statistics, data cleaning, hypothesis testing, correlation and regression analysis, and the basics of predictive analytics, preparing students to support evidence-based managerial decisions.
Recommended Textbook
Business Statistics For Contemporary Decision Making 9th Edition by Ken Black
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Chapter 1: Introduction to Statistics
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Sample Questions
Q1) Gathering data from a sample to reach conclusions about the population from which the sample was drawn is called descriptive statistics.
A)True
B)False
Answer: False
Q2) A question in a survey of microcomputer users asked: "Which operating system do you use most often: a.Apple OS 7,b.MS DOS,c.MS Windows 95,d.UNIX." The measurement level for this question is _________________.
A) nominal level
B) ordinal level
C) interval level
D) ratio level
E) relative level
Answer: A
Q3) Interval- and Ratio-level data are sometimes referred to as quantitative data.
A)True
B)False
Answer: True
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3
Chapter 2: Charts and Graphs
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Sample Questions
Q1) In a frequency distribution,the first class interval begins at 18.The midpoint of the first class interval is 19.5,and the midpoint of the last class interval is 49.5.How many class intervals are there?
A) 11
B) 17
C) 22
D) 33
E) 34
Answer: A
Q2) A cumulative frequency distribution provides a running total of the frequencies in the classes.
A)True
B)False
Answer: True
Q3) If the individual class frequency is divided by the total frequency,the result is the median frequency.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Descriptive Statistics
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Sample Questions
Q1) An electrical component for one of the main products your company produces is specified to have an electrical impedance of 2.15 ohms.However,the manufacturing process is not perfect and there is some variation on the actual impedance of these components.A recent statistical study indicated that in fact,the impedances are normally distributed with a mean impedance of 2.15 ohms and a standard deviation of 0.05 ohms.When the impedance exceeds 2.25 ohms,the product malfunctions so that component must be rejected and replaced by one whose impedance is within the acceptable limit.If you need 1350 usable components,how many components should you order?
A) 1608
B) 1422
C) 1421
D) 1385
E) 1384
Answer: D
Q2) The median for ungrouped raw data is more complicated to compute then the median for grouped data.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Probability
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Sample Questions
Q1) If two events are mutually exclusive,then the two events are also independent.
A)True
B)False
Q2) Which of the following is not a legitimate probability value?
A) 0.87
B) 12/13
C) 0.05
D) 5/4
E) 0.93
Q3) Given that two events,A and B,are independent,if the marginal probability of A is 0.6,the conditional probability of A given B will be 0.4.
A)True
B)False
Q4) Probability is used to develop knowledge of the fundamental mathematical tools for quantitatively assessing risk.
A)True
B)False
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Chapter 5: Discrete Distributions
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Sample Questions
Q1) Suppose an interdisciplinary committee of 3 faculty members is to be selected from a group consisting of 4 men and 5 women. The probability that all three faculty selected are men is approximately _______
A) 0.05
B) 0.33
C) 0.11
D) 0.80
E) 0.90
Q2) The number of visitors to a website each day is an example of a discrete random variable
A)True
B)False
Q3) If x has a binomial distribution with p = .5,then the distribution of x is ________.
A) skewed to the right
B) skewed to the left
C) symmetric
D) a Poisson distribution
E) a hypergeometric distribution
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7
Chapter 6: Continuous Distributions
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Sample Questions
Q1) If x,the time (in minutes)to complete an change job at certain auto service station,is uniformly distributed over the interval 20 to 30,inclusively (20 \(\le\) x \(\le\) 30),then the probability that an oil change job will be completed 24 minutes or more,i.e.,P(x \(\ge\) 24)is __________________.
A) 0.100
B) 0.000
C) 0.333
D) 0.600
E) 1.000
Q2) The area under the standard normal distribution between -1 and 1 is twice the area between 0 and 1.
A)True
B)False
Q3) The area to the left of the mean in any normal distribution is equal to _______.
A) the mean
B) 1
C) the variance
D) 0.5
E) -0.5
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Page 8
Chapter 7: Sampling and Sampling Distributions
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Sample Questions
Q1) The standard deviation of a sampling distribution of the sample means is commonly called the standard error of the mean.
A)True
B)False
Q2) If random variable X is distributed according to a uniform distribution between 0 and 1 (X ~ U[0,1]),and 100 random samples of sizes 35-40 were taken,the standard deviation of the sample means would be ______.
A) undetermined; there is not enough information to answer
B) between 0.0142 and 0.0151
C) between 0.0132 and 0.0141
D) between 0.0122 and 0.0131
E) between 0.0112 and 0.0121
Q3) A population list,map,directory,or other source used to represent the population from which a sample is taken is called a frame.
A)True
B)False
Q4) With cluster sampling,there is homogeneity within a subgroup or stratum.
A)True
B)False
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Chapter 8: Statistical Inference: Estimation for Single Populations
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Sample Questions
Q1) Suppose a researcher is interested in understanding the variation in the price of store brand milk.A random sample of 36 grocery stores selected from a population and the mean price of store brand milk is calculated.The sample mean is $3.13 with a standard deviation of $0.23.Construct a 99% confidence interval to estimate the population mean.
A) $3.03 to $3.23
B) $3.12 to $3.14
C) $3.05 to $3.21
D) $2.90 to $3.36
E) $3.06 to $3.20
Q2) Suppose a researcher is interested in understanding the variation in the price of store brand milk.A random sample of 36 grocery stores selected from a population and the mean price of store brand milk is calculated.The sample mean is $3.13 with a standard deviation of $0.23.Construct a 95% confidence interval to estimate the population mean.
A) $3.03 to $3.23
B) $3.12 to $3.14
C) $3.05 to $3.21
D) $2.90 to $3.36
E) $3.06 to $3.20
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Chapter 9: Statistical Inference: Hypothesis Testing for
Single Populations
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Sample Questions
Q1) Discrete Components,Inc.manufactures a line of electrical resistors. Presently,the carbon composition line is producing 100 ohm resistors. The population variance of these resistors "must not exceed 4" to conform to industry standards. Periodically,the quality control inspectors check for conformity by randomly select 10 resistors from the line,and calculating the sample variance. The last sample had a variance of 4.36. Assume that the population is normally distributed. Using \(\alpha\) = 0.05,the critical value of chi-square is _________________.
A) 18.31
B) 16.92
C) 3.94
D) 3.33
E) 19.82
Q2) A statistically significant result is _______________.
A) a result that is likely due to chance.
B) a result that is unlikely due to chance.
C) the same as a substantive result.
D) a result that is important for decision makers.
E) a result that leads to the rejection of the alternative hypothesis.
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Chapter 10: Statistical Inferences About Two Populations
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Sample Questions
Q1) Maxwell Cantor,VP of human resources of Asimov Aerospace Industries Inc.,is reviewing the technical certifications of employees in different divisions of the company.His goal is having 90% of technical employees with up-to-date certifications.The north-east division typically has maintained higher rates of up-to-date certifications than the southern division.He selects a random sample of 250 employees from the north-east division and 300 from the southern division and finds out that the number of employees with up-to-date certifications are 230 in the north-east division and 265 in the southern division.Maxwell's alternative hypothesis is ______.
A) \(\mu\)<sub>1</sub> \(\mu\)<sub>2</sub> = 0
B) p<sub>1</sub> p<sub>2</sub> > 0
C) \(\mu\)<sub>1</sub> \(\mu\)<sub>2</sub> < 0
D) \(\mu\)<sub>1</sub> \(\mu\)<sub>2</sub> 0
E) p<sub>1</sub> p<sub>2</sub> = 0
Q2) If the populations are normally distributed and the variances of the two populations are not equal,it is appropriate to use the "unpooled" formula to determine the t-statistic for the hypothesis test of the difference in the two population means.
A)True
B)False
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Chapter 11: A Nalysis of Variance and Design of Experiments
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Sample Questions
Q1) A medical researcher is interested in how weight gain in children from third-world countries is affected by the source of protein (fish,roots and tubers,or nuts and oilseeds)and by level of protein intake (low,defined as less than 0.56 grams per kilogram of weight,or high).The researcher wants to test the relative efficacy of each protein source,controlling for the level of protein intake but not testing it as the main variable of interest.For this purpose,she classifies a group of children in an impoverished village in a third-world country into either high or low protein intake.Then,the researcher randomly assigns 50 children from each category to a group where the children will receive food once a day that will emphasize one of the three protein sources.You can assume that the total level of protein intake is not affected (it's effects take a longer time to show and depend largely on the other meals the children have at home).In this experiment,the source of protein intake is ______.
A) a surrogate variable
B) the dependent variable
C) a blocking variable
D) a treatment variable
E) a constant
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Page 13
Chapter 12: Simple Regression Analysis and Correlation
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Sample Questions
Q1) A researcher has developed the regression equation y = 2.164 + 1.3657x,where n = 6,the mean of x is 8.667,S<sub>xx </sub>= 89.333,and S<sub>e </sub>= 3.44.The 90% confidence prediction interval for y when x = 1 is ______.
A) ( 2.14, 9.2)
B) ( 2.54, 10.6)
C) ( 3.04, 9.92)
D) ( 3.14, 10.2)
E) ( 3.24, 10.4)
Q2) A simple regression model developed for ten pairs of data resulted in a sum of squares of error,SSE = 125.The standard error of the estimate is _______.
A) 12.5
B) 3.5
C) 15.6
D) 3.95
E) 25
Q3) Correlation is a measure of the degree of linear relationship between two variables. A)True
B)False
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Chapter 13: Multiple Regression Analysis
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Sample Questions
Q1) A market analyst is developing a regression model to predict monthly household expenditures on groceries as a function of family size,household income,and household neighborhood (urban,suburban,and rural).The "income" variable in this model is ____.
A) an indicator variable
B) a response variable
C) a qualitative variable
D) a dependent variable
E) an independent variable
Q2) A market analyst is developing a regression model to predict monthly household expenditures on groceries as a function of family size,household income,and household neighborhood (urban,suburban,and rural).The response variable in this model is _____.
A) family size
B) expenditures on groceries
C) household income
D) suburban
E) household neighborhood
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15
Chapter 14: Building Multiple Regression Models
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Sample Questions
Q1) An appropriate method to identify multicollinearity in a regression model is to ____.
A) examine a residual plot
B) examine the ANOVA table
C) examine a correlation matrix
D) examine the partial regression coefficients
E) examine the R<sup>2</sup> of the regression model
Q2) Yvonne Yang,VP of Finance at Discrete Components,Inc.(DCI),wants a regression model which predicts the average collection period on credit sales. Her data set includes two qualitative variables: sales discount rates (0%,2%,4%,and 6%),and total assets of credit customers (small,medium,and large).The number of dummy variables needed for "sales discount rate" in Yvonne's regression model is ________.
A) 1
B) 2
C) 3
D) 4
E) 7
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16
Chapter 15: Time-Series Forecasting and Index Numbers
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Sample Questions
Q1) When forecasting with exponential smoothing,data from previous periods is
A) given equal importance
B) given exponentially increasing importance
C) ignored
D) given exponentially decreasing importance
E) linearly decreasing importance
Q2) The motivation for using an index number is to ________________.
A) transform the data to a standard normal distribution
B) transform the data for a linear model
C) eliminate bias from the sample
D) reduce data to an easier-to-use, more convenient form
E) reduce the variance in the data
Q3) In statistics,the Winters' Three Parameter statistic is a test statistic used to detect the presence of autocorrelation in the residuals from a regression analysis.
A)True
B)False
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Chapter 16: Analysis of Categorical Data
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Sample Questions
Q1) A travel agent believes that vacation destinations are independent of the region of the country that the vacationer resides.She has compiled a table with six vacation destinations and five regions throughout the United States.When applying a chi-square test of independence to this table,the number of degrees of freedom is _____.
A) 9
B) 20
C) 30
D) 11
E) 12
Q2) A variable contains five categories. It is expected that data are uniformly distributed across these five categories.To test this,a sample of observed data is gathered on this variable resulting in frequencies of 27,30,29,21,and 24. Using \(\alpha\) = .01,the observed value of chi-square is _______.
A) 12.09
B) 9.82
C) 13.28
D) 17.81
E) 2.09
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18
Chapter 17: Nonparametric Statistics
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Sample Questions
Q1) No assumptions on the distribution of the difference are needed for the use of the Wilcoxon matched-pairs signed rank.
A)True
B)False
Q2) Charles Clayton monitors the daily performance of his investment portfolio by recording a "+" or a "-" sign to indicate whether the portfolio's value increased or decreased from the previous day. His record for the last eighteen business days is "- + + - - - + - - + + + - + + + + -". The number of runs in this sample is _________.
A) uncertain
B) four
C) five
D) nine
E) one
Q3) Nonparametric statistical techniques are based on fewer assumptions about the population and the parameters compared to parametric statistical techniques.
A)True
B)False
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Page 19
Chapter 18: Statistical Quality Control
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Sample Questions
Q1) The term Total Quality Management (TQM)was coined by the well-known quality guru,Edward Deming.
A)True
B)False
Q2) Measuring product attributes at regular intervals throughout the manufacturing process in an effort to pinpoint problem areas is called in-process quality control.
A)True B)False
Q3) Six Sigma is a methodology for quality and does not relate to a measurement value of the process.
A)True
B)False
Q4) If no variation occurred between manufactured items,the resulting points on a control chart would form a horizontal line.
A)True B)False
Q5) A quality circle is a round-table of top-level quality managers. A)True B)False
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Chapter 19: Decision Analysis
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Sample Questions
Q1) Frank Forgione has the right to enter a contest where he has a 50% chance of winning $50,000 and a 50% chance of losing $0. It costs Frank nothing to enter the contest.If he is willing to give up his right to enter the contest for a sure payment of $10,000,he is ___.
A) a risk avoider
B) an optimist
C) a risk taker
D) risk neutral (an EMV'er)
E) a gambler
Q2) A risk-taker decision maker will bail out of risky scenario only if the compensation to bail out is more than the expected monetary payoff from the risky scenario.
A)True
B)False
Q3) In a decision-making under uncertainty scenario,the decision maker attempts to develop a strategy based on payoffs since virtually no information is available about which state of nature will occur.
A)True
B)False
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