Decision Making with Data Exam Questions
Course Introduction
This course explores the principles and practices of effective decision making using data. Students will learn to collect, analyze, and interpret data to inform business and organizational decisions. The curriculum covers essential statistical methods, data visualization techniques, and the use of data analytics tools to solve real-world problems. Emphasis is placed on understanding data-driven decision models, recognizing biases, and communicating findings to stakeholders. Through case studies and hands-on projects, students will develop the analytical skills needed to make sound decisions in complex and uncertain environments.
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) A short survey with closed-end questions is likely to have a better response rate than a long survey with open-ended questions.
A)True
B)False
Answer: True
Q2) An Internet service provider wants to determine its level of customer satisfaction.The best data collection method to obtain the results most quickly is:
A)experiment.
B)telephone survey.
C)mailed survey.
D)personal interview.
Answer: B
Q3) 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
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3
Chapter 2: Graphs,Charts and Tablesdescribing Your Data
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139 Verified Questions
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Sample Questions
Q1) Recently a study of fans attending the New York Mets baseball games was conducted and 500 fans were surveyed.In forming a frequency distribution of the number of miles fans traveled from home to the stadium,it was found that 247 fans traveled between 0 and 5 miles.Based on this information what was the relative frequency for this class?
A)0.247
B)0.30
C)0.494
D)Can't be determined without more information.
Answer: C
Q2) Frequency distributions can be formed from which of the following types of data?
A)Both discrete and continuous
B)Discrete only
C)Continuous only
D)Only qualitative data
Answer: A
Q3) There is no difference between cumulative frequency and relative frequency.
A)True
B)False
Answer: False
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Chapter 3: Describing Data Using Numerical Measures
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Sample Questions
Q1) A set of data is considered to be symmetric if the 3<sup>rd</sup> quartile is three times larger than the 1<sup>st</sup> quartile.
A)True
B)False
Answer: False
Q2) The distribution of dollars paid for car insurance by car owners in a major east coast city is bell-shaped with a mean equal to $750 every six months and a standard deviation equal to $100.Based on this information we should use Tchebysheff's theorem to determine the conservative percentage of car owners that will pay between $550 and $950 for car insurance.
A)True
B)False
Answer: False
Q3) Based on the empirical rule we can expect about 95 percent of the values in bell-shaped distributions to be within ± one standard deviation of the mean.
A)True
B)False
Answer: False
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Chapter 4: Introduction to Probability
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Sample Questions
Q1) Hubble Construction Company has submitted a bid on a state government project that is to be funded by the federal government's stimulus money in Arizona.The price of the bid was predetermined in the bid specifications.The contract is to be awarded on the basis of a blind drawing from those who have bid.Five other companies have also submitted bids. Suppose that there are two contracts to be awarded by a blind draw.What is the probability of Hubble winning both contracts? Assume sampling with replacement.
A)0.2778
B)0.1667
C)0.6944
D)0.0278
Q2) In most situations,there is no difference between the events and the elementary events.
A)True
B)False
Q3) If a single die is rolled (a cube where the sides are numbered 1 through 6),the probability of rolling at least a 3 is 0.33.
A)True
B)False
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Chapter 5: Discrete Probability Distributions
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Sample Questions
Q1) Bill Price is a sales rep in northern California representing a line of athletic socks.Each day,he makes 10 sales calls.The chance of making a sale on each call is thought to be 0.30.The probability that he will make exactly two sales is approximately 0.2335.
A)True
B)False
Q2) If a binomial distribution applies with a sample size of n = 20,find the expected value,n = 20,p = 0.20.
A)2
B)3
C)4
D)5
Q3) The number of calls to an Internet service provider during the hour between 6:00 and 7:00 p.m.is described by a Poisson distribution with mean equal to 15.Given this information,the expected number of calls in the first 30 minutes is 7.5 calls.
A)True
B)False
Q4) Explain how to determine whether the binomial distribution can be used in a particular application.
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Chapter 6: Introduction to Continuous Probability
Distributions
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Sample Questions
Q1) Consider a random variable,z,that has a standardized normal distribution.Determine P(0 < z < 1.96).
A)0.1250
B)0.5250
C)0.3250
D)0.4750
Q2) A seafood shop sells salmon fillets where the weight of each fillet is normally distributed with a mean of 1.6 pounds and a standard deviation of 0.3 pounds.Based on this information we can conclude that 90 percent of the fillets weight more than 1.0 pound.
A)True B)False
Q3) It has been determined the weight of bricks made by the Dillenger Stone Company is uniformly distributed between 1 and 1.5 pounds.Based on this information,the probability that two randomly selected bricks will each weigh more than 1.3 pounds is 0.16.
A)True B)False
Q4) What is the difference between a normal distribution and the standard normal distribution?
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Chapter 7: Introduction to Sampling Distributions
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Sample Questions
Q1) The makers of a particular type of candy have stated that 75 percent of their sacks of candy will contain 6 ounces or more of candy.A consumer group that studies such claims recently selected a random sample of 100 sacks of this candy.Of these,70 sacks actually contained 6 ounces or more.The probability that 70 or fewer sacks would contain 6 ounces or less is approximately 0.1251.
A)True
B)False
Q2) The population of soft drink cans filled by a particular machine is known to be normally distributed with a mean equal to 12 ounces and a standard deviation equal to .25 ounce.Given this information,the sampling distribution for a random sample of n = 25 cans will also be normally distributed with a mean equal to 12 ounces and a standard deviation equal to .05 ounce.
A)True
B)False
Q3) The mean of a sampling distribution would be equal to the mean of the population from which the sampling distribution is constructed.
A)True
B)False
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Chapter 8: Estimating Single Population Parameters
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Sample Questions
Q1) A random sample of 100 boxes of cereal had a sample mean weight of 396 grams.The standard deviation is known to be 5 grams.The upper end of the confidence interval for the mean is 405.8 grams.
A)True
B)False
Q2) A popular restaurant takes a random sample n = 25 customers and records how long each occupied a table.They found a sample mean of 1.2 hours and a sample standard deviation of 0.3 hour.Find the 95 percent confidence interval for the mean.
A)1.2 ± .118
B)1.2 ± .124
C)1.2 ± .588
D)1.2 ± .609
Q3) What are the disadvantages of using a small sample to estimate the population mean?
Q4) Under what circumstances would you wish to select a pilot sample?
Q5) In estimating a population mean,under what conditions would the t-distribution be used?
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Chapter 9: Introduction to Hypothesis Testing
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Sample Questions
Q1) A cell phone manufacturer claims that its phone will last for more than 8 hours of continuous talk time when the battery is fully charged.To test this claim a sample of n = 18 phones were tested.The results showed a sample mean of 8.2 hours and a sample standard deviation of 0.4 hour.Conduct the hypothesis test using a 0.5 level of significance and determine whether or not the company's claim is supported.
Q2) A recent report in which a major pharmaceutical company released the results of testing that had been done on the cholesterol reduction that people could expect if they use the company's new drug indicated that the Type II error probability for a given "true" mean was 0.1250 based on the sample size of n = 64 subjects.Given this,what was the power of the test under these same conditions? The alpha level used in the test was 0.05.
A)0.95
B)0.875
C)Essentially zero
D)Power would be undefined in this case since the hypothesis would be rejected.
Q3) In a two-tailed hypothesis test the area in each tail of the rejection region is equal to .
A)True
B)False
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Chapter 10: Estimation and Hypothesis Testing for Two Population Parameters
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Sample Questions
Q1) In an article entitled "Childhood Pastimes Are Increasingly Moving Indoors," Dennis Cauchon asserts that there have been huge declines in spontaneous outdoor activities such as bike riding,swimming,and touch football.In the article,he cites separate studies by the national Sporting Goods Association and American Sports Data that indicate bike riding alone is down 31% from 1995 to 2004.According to the surveys,68% of 7- to 11-year-olds rode a bike at least six times in 1995 and only 47% did in 2004.Assume the sample sizes were 1,500 and 2,000,respectively. Calculate a 95% confidence interval to estimate the proportion of 7- to 11-year-olds who rode their bike at least six times in 2004.
A)(0.4481,0.4919)
B)(0.4324,0.4676)
C)(0.4021,0.5179)
D)(0.4712,0.4888).
Q2) When performing a hypothesis test for the difference between the means of two independent populations,where the standard deviations are known,the variances must be assumed equal.
A)True
B)False
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Chapter 11: Hypothesis Tests and Estimation for Population
Variances
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Sample Questions
Q1) In a two-tailed hypothesis test for the difference between two population variances,if s<sub>1</sub> = 3 and s<sub>2</sub> = 5,then the test statistic is F = 1.6667.
A)True
B)False
Q2) The null hypothesis that two population variances are equal will tend to be rejected if the ratio of the sample variances from each population is substantially larger than 1.0.
A)True
B)False
Q3) In a two-tailed hypothesis test involving two population variances,if the null hypothesis is true then the F-test statistic should be approximately equal to 1.0.
A)True
B)False
Q4) For a given significance level,increasing the sample size will tend to increase the chi-square critical value used in testing the null hypothesis about a population variance. A)True
B)False
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Chapter 12: Analysis of Variance
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Sample Questions
Q1) What are the assumptions for a one-way analysis of variance design?
Q2) Which of the following is the minimum number of required replications per cell for a two-factor ANOVA design if you plan to test for interactive effects between factors A and B?
A)3
B)1
C)2
D)5
Q3) The general idea is that interaction between two factors means that the effect due to one of the factors is not uniform across all levels of the other factor.
A)True
B)False
Q4) In a one-way analysis of variance test,the following null and alternative hypotheses are appropriate:
H<sub>0</sub> : <sub>1</sub> = <sub>2</sub> = <sub>3</sub>
H<sub> </sub> : <sub>1</sub> <sub>2</sub> <sub>3</sub>
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) Contingency analysis can be used when the level of data measurement is nominal or ordinal.
A)True
B)False
Q2) The reason that a decision maker might want to combine groups before performing a goodness-of-fit test is to avoid accepting the null hypothesis due to an inflated value of the test statistic.
A)True
B)False
Q3) In a goodness-of-fit test about a population distribution,if one or more parameters are left unspecified in H<sub>0</sub>,they must be estimated from the sample data.This will reduce the degrees of freedom by ________ for each estimated parameter.
A)1
B)2
C)3
D)None of the above
Q4) Explain why,in performing a goodness-of-fit test,it is sometimes necessary to combine categories.
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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Sample Questions
Q1) Given a sample of data for use in simple linear regression,the values for the slope and the intercept are chosen to minimize the sum of squared errors.
A)True
B)False
Q2) Recently,an automobile insurance company performed a study of a random sample of 15 of its customers to determine if there is a positive relationship between the number of miles driven and the age of the driver.The sample correlation coefficient is r = .38.Given this information,and assuming that the test is to be performed at the .05 level of significance,which of the following is the correct test statistic?
A)t = 1.4812
B)t = 1.7709
C)z = 2.114
D)t = 1.74
Q3) The scatter plot is a two dimensional graph that is used to graphically represent the relationship between two variables.
A)True
B)False
Q4) Explain what is meant by the term least squares regression model.
Page 16
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Chapter 15: Multiple Regression Analysis and Model Building
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152 Flashcards
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Sample Questions
Q1) A correlation matrix shows the correlation between each independent variable and the dependent variable but gives no information about the potential for multicollinearity problems.
A)True
B)False
Q2) If a decision maker has several potential independent variables to select from in building a regression model,the variable that,by itself,will always be the most effective in explaining the variation in the dependent variable will be the variable that has a correlation closest to positive 1.00.
A)True
B)False
Q3) If one independent variable affects the relationship between a second independent variable and the dependent variable,it is said that there is interaction between the two independent variables.
A)True
B)False
Q4) Stepwise selection will always find the best regression model.
A)True
B)False
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Chapter 16: Analyzing and Forecasting Time-Series Data
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Sample Questions
Q1) While virtually all time series exhibit a random component,not all time series exhibit other components.
A)True
B)False
Q2) If the observed value in a time series for period 3 is y<sub>t</sub> = 128,and the seasonal index that applies to period 3 is 1.20,then the deseasonalized value for period 3 is 153.6
A)True
B)False
Q3) 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.
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) If a Mann-Whitney U test was performed and U<sub>1</sub> = 50 and U<sub>2</sub> = 40,if the sample from population 1 was 10,the sample size from population 2 was:
A)10
B)15
C)9
D)Can't be determined without more information.
Q2) In the finding the critical value for the Wilcoxon signed rank test,what does "n" represent?
A)The number of observations in the sample
B)The number of pairs
C)The number of nonzero deviations
D)The number of positive ranks
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) Under what conditions should a decision maker use a nonparametric statistical procedure?
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Chapter 18: Introduction to Quality and Statistical Process Control
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Sample Questions
Q1) A p-chart is useful for:
A)analyzing whether a process for a measurable variable is in or out of control.
B)analyzing processes which yield attribute data.
C)determining what the most likely cause of defects is.
D)All of the above
Q2) A stable process is one that has had all its variation removed through quality improvement efforts on the part of the organization.
A)True
B)False
Q3) When discussing variation in the output of a process,which of the following is not true?
A)Variation is natural.
B)No two products or services are exactly the same.
C)With a fine enough measurement gauge,all things can be seen to differ.
D)Common cause variation can be eliminated.
Q4) The x-bar chart is based on the principles of which distribution?
A)t-distribution
B)Chi square distribution
C)F distribution
D)Normal distribution
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