Data Analysis for Business Mock Exam
Course Introduction
Data Analysis for Business introduces students to the fundamental concepts and techniques used to collect, analyze, and interpret data to support business decision-making. The course covers data visualization, descriptive statistics, hypothesis testing, regression analysis, and the use of spreadsheets and specialized software for analyzing real-world business problems. Emphasis is placed on translating data insights into actionable strategies, allowing students to solve complex business challenges and make evidence-based decisions. Through case studies and hands-on exercises, students develop practical skills to apply data-driven approaches in various business contexts.
Recommended Textbook
Business Statistics in Practice 7th Edition by
Bruce Bowerman
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9 Chapters
1039 Verified Questions
1039 Flashcards
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Page 2
Chapter 11: Statistical Inferences for Population Variances
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43 Verified Questions
43 Flashcards
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Sample Questions
Q1) The F statistic can assume either a positive or a negative value.
A)True
B)False
Q2) <sup>2</sup><sub> </sub> is the point on the vertical axis under the curve of the chi-square distribution that gives a righthand tail area equal to . A)True
B)False
Q3) A manufacturer of an automobile part has a process that is designed to produce the part with a target of 2.5 inches in length.In the past,the standard deviation of the length has been 0.035 inches.In an effort to reduce the variation in the process,the manufacturer has redesigned the process.A sample of 25 parts produced under the new process shows a sample standard deviation of 0.025 inches.Calculate the test statistic for testing whether the new process standard deviation has improved from the current process.
Q4) In a sample of n = 25 selected from a normally distributed population,we find a population variance of s<sup>2</sup> = 150.What is the value of <sup>2</sup> if we are testing H<sub>0</sub>: <sup>2</sup> = 100?
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Chapter 12: Experimental Design and Analysis of Variance
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114 Verified Questions
114 Flashcards
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Sample Questions
Q1) Consider the following partial analysis of variance table from a randomized block design with 10 blocks and 6 treatments.
Q2) Consider the following calculations for a one-way analysis of variance from a completely randomized design with 20 total observations. MSE = 101.25
Q3) Consider the following partial analysis of variance table from a randomized block design with 6 blocks and 4 treatments.
Q4) What is the degrees of freedom treatment (between-group variation)of a completely randomized design (one-way)ANOVA test with 4 groups and 15 observations per each group?
Q5) Consider a two-way analysis of variance experiment with treatment factors A and B,with factor A having four levels and factor B having three levels.The results are summarized below.
Q6) A one-way analysis of variance is a method that allows us to estimate and compare the effects of several treatments on a response variable. A)True B)False
Q7) Consider the one-way ANOVA table.
Page 4
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Chapter 13: Chi-Square Tests
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120 Verified Questions
120 Flashcards
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Sample Questions
Q1) On the most recent tax cut proposal,a random sample of Democrats and Republicans in the Congress cast their votes as follows:
Q2) Consider a set of 50 measurements with mean 50.2 and standard deviation 18.7 and with the following observed frequencies.
Q3) In performing a chi-square goodness of fit test with multinomial probabilities,the ___________ the difference between observed and expected frequencies,the higher the probability of concluding that the probabilities specified in the null hypothesis are correct.
A)larger
B)smaller
Q4) While a binomial distribution describes count data that can be classified into one of two mutually exclusive categories,a __________________ distribution describes count data that are classified into more than two mutually exclusive categories.
A)normal
B)skewed
C)uniform
D)multinomial
Q5) Consider the 3 × 2 contingency table below.
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Chapter 14: Simple Linear Regression Analysis
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147 Verified Questions
147 Flashcards
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Sample Questions
Q1) If r = -1,then we can conclude that there is a perfect relationship between X and Y. A)True
B)False
Q2) Consider the following partial computer output from a simple linear regression analysis.
Q3) An experiment was performed on a certain metal to determine if the strength is a function of heating time.Results based on 10 metal sheets are given below.Use the simple linear regression model.
Q4) Consider the following partial computer output from a simple linear regression analysis.
Q5) The _____ distribution is used for testing the significance of the slope term. A)t B)z
C)r D)r<sup>2</sup>
Q6) An experiment was performed on a certain metal to determine if the strength is a function of heating time.Results based on 10 metal sheets are given below.Use the simple linear regression model.
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Chapter 15: Multiple Regression and Model Building
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154 Verified Questions
154 Flashcards
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Sample Questions
Q1) Multicollinearity between independent variables is serious if the mean variance inflation factor is:
A)Substantially less than 1.
B)Substantially greater than 1.
C)Between -1 and +1.
D)Less than .5.
E)Substantially less than zero.
Q2) Calculate the odds ratio for an event when its probability is 0.75.
Q3) Which of the following residual plots is not used in regression analysis?
A)Residuals vs.parameter estimates
B)Residuals vs.values of an independent variable
C)Residuals vs.time order
D)Residuals vs.predicted values of the dependent variable
E)Standardized residuals vs.predicted values of the dependent variable
Q4) Regression models that employ more than one independent variable are referred to as multiple regression models.
A)True
B)False
Q5) Below is a partial multiple regression computer output based on a quadratic regression model.
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Chapter 16: Time Series Forecasting and Index Numbers
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157 Verified Questions
157 Flashcards
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Sample Questions
Q1) The Laspeyres index and the Paasche index are both examples of ____________ aggregate price indexes.
A)Irregular
B)Cyclical
C)Trend
D)Weighted
Q2) The linear regression trend model was applied to a time series sales data set based on the last 24 months' sales.The following partial computer output was obtained.
Q3) Based on the following data,a forecaster used simple exponential smoothing and determined the following: S<sub>0</sub> = 19,S<sub>1</sub> = 18.6,S<sub>2</sub> = 19.08,S<sub>3</sub> = 19.064,S<sub>4</sub> = 19.851,and S<sub>5</sub> = 19.481.
Q4) Consider the quarterly production data (in thousands of units)for the XYZ manufacturing company below.
Q5) Exponential smoothing is a forecasting method that applies equal weights to the time series observations.
A)True
B)False
Q6) Use the following price information for three grains.
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Chapter 17: Process Improvement Using Control Charts
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115 Verified Questions
115 Flashcards
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Sample Questions
Q1) If 20 samples of size 7 are drawn,with \(\overline { \overline X }\)
= 33.33 and \(\bar { R }\) = 5)65,what is the A-B upper boundary for the \(\bar { X }\) Chart?
A)35.697
B)34.908
C)34.347
D)34.008
Q2) Rational subgrouping allows us to detect changes ____________ subgroups. A)Within B)Between C)In the sizes of D)None of these
Q3) Common causes of variation represent the inherent variability of a given process. A)True B)False
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Chapter 18: Nonparametric Methods
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99 Verified Questions
99 Flashcards
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Sample Questions
Q1) Five years ago,the average starting salary of a new college graduate with a major in marketing was $34,000.A random sample of 10 graduates from this year's graduating class of a local university yielded the following starting salaries in thousands of dollars: 38,36,25,37,35,24,38,45,39,36.The local university wants to determine if the starting salaries have increased in the last five years.Assume that the population of starting salaries in marketing is not normally distributed.Which one of the following tests is appropriate for this problem?
A)Wilcoxon signed ranks test
B)Wilcoxon rank sum test
C)Sign test
D)Kruskal-Wallis test
E)Mann-Whitney test
Q2) An assumption of the Wilcoxon rank sum test is that the variances of the two populations are equal.
A)True
B)False
Q3) A sign test is a test of hypothesis about the population mean.
A)True
B)False
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Page 10
Chapter 19: Decision Theory
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90 Verified Questions
90 Flashcards
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Sample Questions
Q1) Alternatives 1 and 2 in the following payoff table represent the two possible manufacturing strategies that the EKA manufacturing company can adopt.The level of demand affects the success of both strategies.The states of nature (S<sub>I</sub>)represent the levels of demand for the company products.S<sub>1</sub>,S<sub>2</sub>,and S<sub>3</sub> characterize high,medium,and low demand,respectively.The payoff values are in thousands of dollars.
Q2) Alternatives 1 and 2 in the following payoff table represent the two possible manufacturing strategies that the EKA manufacturing company can adopt.The level of demand affects the success of both strategies.The states of nature (S<sub>I</sub>)represent the levels of demand for the company products.s<sub>1</sub>,s<sub>2</sub>,and s<sub>3</sub> characterize high,medium,and low demand,respectively.The payoff values are in thousands of dollars.
Q3) A decision maker's expected _____________ is based upon his/her attitude toward risk.
A)Maximax
B)Maximin
C)Utility
D)Risk theory
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