Data Analysis for Business Test Preparation
Course Introduction
Data Analysis for Business introduces students to the fundamental concepts and techniques used to analyze data and make data-driven decisions in a business context. The course covers descriptive statistics, data visualization, and exploratory data analysis, along with essential inferential statistics and predictive modeling methods. Students will learn how to collect, clean, interpret, and present data using tools such as Excel, SQL, and introductory statistical software. Real-world business scenarios and case studies are employed to demonstrate how data analysis can improve decision-making, drive strategic planning, and create competitive advantages across various industries.
Recommended Textbook
Business Statistics 9th Edition by David F. Groebner
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18 Chapters
2372 Verified Questions
2372 Flashcards
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Chapter 1: The Where,Why,and How of Data Collection
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167 Verified Questions
167 Flashcards
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Sample Questions
Q1) The First National Bank mailed out a survey to all 3,456 savings account customers.A total of 568 surveys were returned.Values computed from the returned surveys would constitute parameters since all 568 customers were surveyed.
A)True
B)False
Answer: False
Q2) Which of the following statements is true?
A)Random samples are easier to select than nonstatistical samples.
B)Nonstatistical samples can provide useful data.
C)Stratified random sampling involves breaking the population down into geographic subgroups.
D)Systematic sampling is an example of nonstatistical sampling.
Answer: B
Q3) A light bulb manufacturer wants to advertise the average life of its light bulbs so it tests a subset of light bulbs.This is an example of inferential statistics.
A)True
B)False
Answer: True
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3
Chapter 2: Graphs,Charts and Tablesdescribing Your Data
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139 Verified Questions
139 Flashcards
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Sample Questions
Q1) The managers at Harris Pizza in Boston have tracked the tips received by their drivers along with the total bill to the customer.An appropriate graph for analyzing the relationship between these two variables is:
A)a scatter diagram.
B)a line chart.
C)a histogram.
D)a pie chart.
Answer: A
Q2) Which of the following is a key difference between a bar chart and a histogram?
A)A bar chart typically has gaps between the bars while a histogram has no gaps.
B)A bar chart is developed to analyze a continuous variable,while a histogram is used to analyze discrete variables.
C)Both A and B are correct.
D)There is actually no real difference between a bar chart and a histogram.
Answer: A
Q3) A scatter diagram is a line graph without the points connected by a line.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Describing Data Using Numerical Measures
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138 Verified Questions
138 Flashcards
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Sample Questions
Q1) Which of the following statements is true?
A)The mean of a population will always be larger than the population standard deviation.
B)The mean of the population will generally be larger than the mean of the sample selected from that population.
C)The population mean and a sample mean for a sample selected from that population will usually be different values.
D)The population mean and sample mean will always be identical.
Answer: C
Q2) The credit card balances for customers at State Bank and Trust has a mean equal to $800 and a standard deviation equal to $60.00.Kevin Smith's balance is $1,352.Based on this,his standardized value is 9.20.
A)True
B)False
Answer: True
Q3) The interquartile range is the difference between the mean and the median. A)True
B)False
Answer: False
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Page 5
Chapter 4: Introduction to Probability
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125 Verified Questions
125 Flashcards
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Sample Questions
Q1) Students who live on campus and purchase a meal plan are randomly assigned to one of three dining halls: the Commons,Northeast,and Frazier.What is the probability that the next student to purchase a meal plan will be assigned to the Commons?
A)0.66
B)0.5
C)0.25
D)0.33
Q2) The URS construction company has submitted two bids,one to build a large hotel in London and the other to build a commercial office building in New York City.The company believes it has a 40% chance of winning the hotel bid and a 25% chance of winning the office building bid.The company also believes that winning the hotel bid is independent of winning the office building bid. What is the probability the company will win both contracts?
A)0.55
B)0.44
C)0.10
D)0.75
Q3) Explain what is meant by the term mutually exclusive events.Cite an example.
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Chapter 5: Discrete Probability Distributions
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161 Verified Questions
161 Flashcards
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Sample Questions
Q1) A package delivery service claims that no more than 5 percent of all packages arrive at the address late.Assuming that the conditions for the binomial hold,if a sample of size 10 packages is randomly selected,and the 5 percent rate holds,what is the probability that exactly 2 packages in the sample arrive late?
A)0.0746
B)0.9884
C)0.2347
D)0.0439
Q2) The number of customers who arrive at a fast food business during a one-hour period is known to be Poisson distributed with a mean equal to 8.60.The probability that between 2 and 3 customers inclusively will arrive in one hour is 0.0263.
A)True
B)False
Q3) When using the binomial distribution,the maximum possible number of success is the number of trials.
A)True
B)False
Q4) Under what conditions is the binomial distribution symmetric?
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Chapter 6: Introduction to Continuous Probability
Distributions
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122 Verified Questions
122 Flashcards
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Sample Questions
Q1) Typically,a continuous random variable is one whose value is determined by measurement instead of counting.
A)True
B)False
Q2) A randomly selected value from a normal distribution is found to be 2.1 standard deviations above its mean.What is the probability that a randomly selected value from the distribution will be greater than 2.1 standard deviations above the mean?
A)0.0179
B)0.0512
C)0.0231
D)0.0024
Q3) When a single die is rolled,each of the six sides are equally likely.This is an example of a uniform distribution.
A)True
B)False
Q4) A continuous random variable approaches normality as the level of skewness increases.
A)True
B)False
8
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Chapter 7: Introduction to Sampling Distributions
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136 Verified Questions
136 Flashcards
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Sample Questions
Q1) A golf course in California has determined that the mean time it takes for a foursome to complete an 18 hole round of golf is 4 hours 35 minutes (275 minutes)with a standard deviation of 14 minutes.The time distribution is also thought to be approximately normal.Every month,the head pro at the course randomly selects a sample of 8 foursomes and monitors the time it takes them to play.Suppose the mean time that was observed for the sample last month was 4 hours 44 minutes (284 minutes).What is the probability of seeing a sample mean this high or higher?
A)Approximately 0.4649
B)About 0.9649
C)Approximately 0.0351
D)About 0.9298
Q2) If a population is not normally distributed,then the sampling distribution for the mean also cannot be normally distributed.
A)True
B)False
Q3) A larger sample size reduces the potential for large sampling error.
A)True
B)False
Q4) Explain what is meant by the concept of sampling distribution.
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Chapter 8: Estimating Single Population Parameters
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174 Verified Questions
174 Flashcards
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Sample Questions
Q1) If the population is not normally distributed,the t-distribution cannot be used.
A)True
B)False
Q2) A random sample of 121 automobiles traveling on an interstate showed an average speed of 65 mph.From past information,it is known that the standard deviation of the population is 22 mph.The 95 percent confidence interval for is determined as (61.08,68.92).If we are to reduce the sample size to 100 (other factors remain unchanged),the 95 percent confidence interval for would:
A)become wider.
B)become narrower.
C)be the same.
D)be impossible to determine.
Q3) Which of the following will result in a larger margin of error in an application involving the estimation of a population mean?
A)Increasing the sample size
B)Decreasing the confidence level
C)Increasing the sample standard deviation
D)All of the above
Q4) Under what circumstances would you wish to select a pilot sample?
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Chapter 9: Introduction to Hypothesis Testing
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183 Verified Questions
183 Flashcards
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Sample Questions
Q1) A large tire manufacturing company has claimed that its top line tire will average more than 80,000 miles.If a consumer group wished to test this claim,they would formulate the following null and alternative hypotheses:
H<sub>0</sub> : 80,000
H<sub> </sub> : 80,000
A)True
B)False
Q2) According to data from the Environmental Protection Agency,the average daily water consumption for a household of four people in the United States is approximately at least 243 gallons.(Source: http://www.catskillcenter.org/programs/csp/H20/Lesson3/house3.htm)Suppose a state agency plans to test this claim using an alpha level equal to 0.05 and a random sample of 100 households with four people. Calculate the probability of committing a Type II error if the true population mean is 230 gallons.Assume that the population standard deviation is known to be 40 gallons.
A)0.0331
B)0.0712
C)0.0537
D)0.1412
Q3) What is meant by the terms Type I and Type II statistical error?
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Chapter 10: Estimation and Hypothesis Testing for Two
Population Parameters
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121 Verified Questions
121 Flashcards
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Sample Questions
Q1) Under what conditions can the t-distribution be correctly employed to test the difference between two population means?
A)When the samples from the two populations are small and the population variances are unknown
B)When the two populations of interest are assumed to be normally distributed
C)When the population variances are assumed to be equal
D)All of the above
Q2) The Sergio Lumber Company manufactures plywood.One step in the process is the one where the veneer is dried by passing through a huge dryer (similar to an oven)where much of the moisture in the veneer is extracted.At the end of this step,samples of veneer are tested for moisture content.It is believed that pine veneer will be less moist on average than will fir veneer.The hypothesis test that will be conducted using an alpha = 0.05 level will be a two-tailed test.
A)True
B)False
Q3) When estimating the difference between two population means,when should the normal distribution be used and when should the t-distribution be used?
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Page 12
Chapter 11: Hypothesis Tests and Estimation for Population
Variances
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69 Flashcards
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Sample Questions
Q1) In a hypothesis test involving two population variances,if the null hypothesis states that the two variances are strictly equal,then the test statistic is a chi-square statistic.
A)True
B)False
Q2) A consulting report that was recently submitted to a company indicated that a hypothesis test for a single population variance was conducted.The report indicated that the test statistic was 34.79,the hypothesized variance was 345 and the sample variance 600.However,the report did not indicate what the sample size was.What was it?
A)n = 100
B)Approximately n = 18
C)Approximately 21
D)Can't be determined without knowing what alpha is.
Q3) In a hypothesis test for the equality of two variances,the lower-tail critical value does not need to be found as long as the larger sample variance is placed in the denominator of the test statistic.
A)True
B)False
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Chapter 12: Analysis of Variance
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162 Verified Questions
162 Flashcards
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Sample Questions
Q1) In a two-factor ANOVA,the total sum of squares can be partitioned into four parts;the variation due to factor A,the variation due to factor B,the variation due to blocking,and the error variation.
A)True
B)False
Q2) A study was recently conducted to see whether the mean starting salaries for graduates of engineering,business,healthcare,and computer information systems majors differ.A random sample of 8 graduates was selected from each major.Based upon this information,the appropriate null hypothesis to be tested is H<sub>0</sub> : <sub>1</sub> - <sub>2</sub> - <sub>3</sub> - <sub>4</sub> = 0
A)True
B)False
Q3) Explain what is meant by partitioning the sum of squares in a one-way analysis of variance application.
Q4) In order to analyze any potential interactions between factors in an analysis of variance study,it is necessary to have at least two measurements at each level of each factor.
A)True B)False
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Chapter 13: Goodness-Of-Fit Tests and Contingency Analysis
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105 Flashcards
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Sample Questions
Q1) If the calculated chi-square statistic is large,this is evidence to suggest the fit of the actual data to the hypothesized distribution is not good,and H<sub>0</sub> should be rejected.
A)True B)False
Q2) When the expected cell frequencies are smaller than 5,the cells should be combined in a meaningful way such that the expected cell frequencies do exceed 5.
A)True B)False
Q3) Contingency analysis helps to make decisions when multiple proportions are involved.
A)True B)False
Q4) To employ contingency analysis,we set up a 2-dimensional table called a contingency table.
A)True B)False
Q5) Explain the basic logic behind the chi-square goodness-of-fit test.
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Chapter 14: Introduction to Linear Regression and Correlation Analysis
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139 Verified Questions
139 Flashcards
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Sample Questions
Q1) If two variables are highly correlated,it not only means that they are linearly related,it also means that a change in one variable will cause a change in the other variable.
A)True
B)False
Q2) If a set of data contains no values of x that are equal to zero,then the regression coefficient,b<sub>0</sub>,has no particular meaning.
A)True
B)False
Q3) Which of the following statements is correct?
A)A scatter plot showing two variables with a positive linear relationship will have all points on a straight line.
B)The stronger the linear relationship between two variables,the closer the correlation coefficient will be to 1.0.
C)Two variables that are uncorrelated with one another may still be related in a nonlinear manner.
D)All of the above are correct.
Q4) Explain what is meant by the term least squares regression model.
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Chapter 15: Multiple Regression Analysis and Model Building
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152 Verified Questions
152 Flashcards
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Sample Questions
Q1) You should not include more than one categorical variable in a multiple regression because the use of two or more will cause misleading results.
A)True
B)False
Q2) Where there are two independent variables in a multiple regression,the regression equation forms a plane.
A)True
B)False
Q3) The multiple coefficient of determination measures the percentage of variation in the dependent variable that is explained by the independent variables in the model.
A)True
B)False
Q4) The standard error of the estimate is a term that is used for the standard deviation of the residuals in a multiple regression model.
A)True
B)False
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Page 17
Chapter 16: Analyzing and Forecasting Time-Series Data
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133 Flashcards
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Sample Questions
Q1) In comparing two or more forecasting models,the MAD value is useful in determining how successful the models were in fitting historical data.
A)True
B)False
Q2) In a recent meeting,the marketing manager for a large hardware company stated that he needed to have a forecast prepared for the next three months.The three-month period is called:
A)the forecasting horizon.
B)the forecasting period.
C)the planning time.
D)a business cycle.
Q3) A stockbroker at a large brokerage firm recently analyzed the combined annual profits for all firms in the airline industry.One time-series component that may have been present in these annual data was a seasonal component.
A)True
B)False
Q4) The forecasting interval is the unit of time for which forecasts are made.
A)True
B)False
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Chapter 17: Introduction to Nonparametric Statistics
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Sample Questions
Q1) In conducting a Kruskal-Wallis one-way analysis of variance,the test statistic is assumed to have approximately which distribution when the null hypothesis is true?
A)A t-distribution
B)An F-distribution
C)A normal distribution
D)A chi-square distribution
Q2) The procedure of the Wilcoxon signed rank test is the same for either small or large sample sizes.
A)True
B)False
Q3) In a Mann-Whitney U test,the test statistic will be equal to the sum of the ranks from sample one,or sample two,whichever is larger.
A)True
B)False
Q4) The Mann-Whitney U test can be used to test whether two independent populations have the same median so long as the data are measured on at least an ordinal scale.
A)True
B)False
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19
Chapter 18: Introduction to Quality and Statistical Process
Control
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Sample Questions
Q1) Because variations are unavoidable in a system,the output of the system is always unpredictable.
A)True
B)False
Q2) Which one of the following is not a source of variation?
A)People
B)Measurement
C)Materials
D)Control
Q3) The control limits in a control chart can be interpreted to mean:
A)any value falling outside the limits is a defect and the product should be discarded.
B)the range of virtually all special cause variation.
C)any value falling within the limits means the product is high quality.
D)the range of virtually all common cause variation.
Q4) Explain the relationship between control limits and specification limits.
Q5) One of the most common sources of common cause variation is the people who are working in the process.
A)True
B)False
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