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Key Concepts:
Terms in this set (41)
When each data value in one sample is matched with a corresponding data value in another sample, the samples are known as
a. corresponding samples
b. matched samples
c. independent samples
d. None of these alternatives is correct.
b. matched samples
ANOVA is a statistical method for verifying the equality between
a. some sample means
b. some sample standard deviations
c. some population standard deviations
d. some population means
d. some population means
A random variable having a chi-square distribution may assume
a. any value between -1 to 1
b. any value between - infinity to +infinity
c. any negative value
d. any non-negative value
d. any non-negative value
The test statistic for testing independence between two categorical variables is assumed to have
a. the binomial distribution
b. the t distribution
c. the normal distribution
d. the chi-square distribution
d. the chi-square distribution
The test of independence is always conducted as a. lower-tail (left-tail) test
b. upper-tail (right-tail) test
c. middle test
d. none of these alternatives is correct.
b. upper-tail (right-tail) test
In order not to violate the requirements necessary to use the chi-square distribution in testing for independence, each expected frequency must be
a. at least 5
b. at least 10
c. no more than 5
d. less than 2
a. at least 5
The decisions concerning an organization's goals and future plans are called
a. financial decisions.
b. tactical decisions.
c. strategic decisions.
d. operational decisions.
c. strategic decisions.
Tactical decisions define:
a. the day-to-day activities of the organization.
b. the goals and plans of the organization.
c. the domain of operations managers, who are close to the customer.
d. the steps taken to achieve the goals and objectives.
d. the steps taken to achieve the goals and objectives.
Picks and Axes Inc. is an Internet-based retail seller of hiking boots and mountaineering gear. The company decides to open retail stores across the major areas of the city to help complement its Inter- net-based strategy. This activity would be categorized as a(n)
a. tacticaldecision.
b. operational decision.
c. strategic decision.
d. financial decision.
c. strategic decision.
4. _____ is the most critical step in a decision making process. a. Choosing an alternative
b. Identifying and defining the problem
c. Evaluating the alternatives
d. Determining the set of alternatives
b. Identifying and defining the problem
Firms guided by data-driven decision making have
a. higher market value.
b. lower productivity.
c. higher risk.
d. lower profit.
a. higher market value.
A manager wishes to know his company revenue and profit in its previous quarter. Which of the fol- lowing business analytics will help the manager?
a. Predictive analytics
b. Descriptive analytics
c. Prescriptive analytics
d. Decision analysis
b. Descriptive analytics
Information on the number of shipments, how much was included in each shipment, the date each shipment was sent, and so on extracted from the manufacturing plant's database refers to ______.
a. spreadsheetmodels
b. datadashboards
c. data mining
d. data query
d. data query
Corporate-level managers use ______ to summarize sales by region, current inventory levels, and other company-wide metrics all in a single screen.
a. simulation
b. crosstabulation
c. data dashboards
d. tables
c. data dashboards
The use of ______ helps in constructing a mathematical model to estimate the future sales, based on past data.
a. Predictive analytics
b. Decisionanalysis
c. Prescriptive analytics
d. Descriptive analytics
a. Predictive analytics
Which of the following techniques belongs to predictive analytics?
a. Decisionanalysis
b. Linear regression
c. Data visualization
d. Optimization models
b. Linear regression
Predictive analytics
a. summarizes data into meaningful charts and reports that can be standardized or customized
b. identifies the best alternatives to minimize or maximize some quantity of interest
c. uses data to determine the best course of action to be executed in a given situation
d. detects patterns in historical data and extrapolates them forward in time
d. detects patterns in historical data and extrapolates them forward in time
Which of the following analytical techniques helps us in arriving at the best decision?
a. Predictive analytics
b. Data mining
c. Prescriptive analytics
d. Descriptive analytics
c. Prescriptive analytics
Supply network design models provide the cost-minimizing plant and distribution center locations subject to meeting the customer service requirements. These models are referred as
a. Optimization models.
b. Forecastingmodels.
c. Data mining models.
d. Network models.
a. Optimization models.
Walmart handles over one million purchase transactions per hour. Although the data represents op-
portunities,
a. it also presents analytical challenges from a processing point of view.
b. it can be processed, or analyzed in a reasonable amount of time.
c. it has itself led to a decrease in the use of analytics.
d. it seldom has valuable applications of analytics.
a. it also presents analytical challenges from a processing point of view.
Which of the following examples best describes big data?
a. Facebook processes one thousand picture uploads per day.
b. Five hundred cell-phone owners around the world generate vast amounts of data by calling,
texting, tweeting and browsing the web on a daily basis.
c. The amount of data created every 48 hours is equivalent to the entire amount of data created
from the dawn of civilization until the year 2003.
d. Walmart handles hundreds purchase transactions per hour
c. The amount of data created every 48 hours is equivalent to the entire amount of data created
from the dawn of civilization until the year 2003.
The purpose of regression analysis is to
a. verify a statistical hypothesis concerning the unknown population parameter
b. check the correlation between the mean and the variance
c. prove that the mean depends on the standard deviation
d. identify the relationship between a dependent variable and one or more independent
variables
d. identify the relationship between a dependent variable and one or more independent
variables
In regression analysis, the variable that is being predicted is the
a. dependent variable
b. independent variable
c. intervening variable
d. is usually x
a. dependent variable
In regression analysis, independent variables are
a. used to predict other independent variables
b. used to predict the dependent variable
c. called the intervening variables
d. the variable that is being predicted
b. used to predict the dependent variable
In regression analysis, 𝑦 = 𝛽0 + 𝛽1𝑥1 + 𝛽2𝑥2 + ⋯ + 𝛽𝑞𝑥𝑞 + 𝜀 is called
a. covariance equation
b. correlation equation
c. estimated regression equation
d. linear regression model
d. linear regression model
In regression analysis, 𝑦̂ = 𝑏0 + 𝑏1𝑥1 + 𝑏2𝑥2 + ⋯ + 𝑏𝑞𝑥𝑞 developed from sample data is known as
a. covariance equation
b. correlation equation
c. estimated regression equation
d. sample equation
c. estimated regression equation
The procedure of using sample data to find the estimated regression equation is better known as _____.
a. point estimation
b. interval estimation
c. the least squares method
d. extrapolation
c. the least squares method
In multiple regression analysis,
a. there can be any number of dependent variables but only one independent variable
b. there must be only one independent variable
c. the coefficient of determination must be larger than 1
d. there can be several independent variables, but only one dependent variable
d. there can be several independent variables, but only one dependent variable
One of the measures of the accuracy (goodness of fit) of the regression model is called the coefficient of
a. regression
b. determination
c. statistical variability
d. statistical importance
b. determination
In regression analysis, if the coefficient of determination R2 = 1, then
a. SSE must also be equal to one
b. SSE must be equal to zero
c. SSE can be any positive value
d. SSE must be negative
b. SSE must be equal to zero
If the coefficient of determination R2 is 0.95, then
a. 95% of correlation between independent variables is explained
b. 95% of observed variations in y is explained by the estimated regression equation
c. one can be 95% confident that the predicted y is within 2s of the regression mean
d. z = 1.96 is used to find the 95% confidence interval for a population mean
b. 95% of observed variations in y is explained by the estimated regression equation
What would be the coefficient of determination R2 if the total sum of squares (SST) is 23.29 and the sum of squares due to error (SSE) is 13.26?
a. 2.32
b. 0.43
c. 13.26
d. 0.89
b. 0.43
In the regression model 𝑦 = 𝛽0 + 𝛽1𝑥1 + 𝛽2𝑥2 + ⋯ + 𝛽𝑞𝑥𝑞 + 𝜀, the standard deviation of the error term 𝜖 is estimated by
a. the mean square error (MSE)
b. the adjusted R2
c. the coefficient of determination R2
d. the standard error of the estimate s
d. the standard error of the estimate s
The standard error of the estimate s is the
a. square root of the sum of squares due to regression (SSR)
b. square root of sum of squares due to errors (SSE)
c. square root of total sum of squares (SST)
d. square root of mean square error (MSE)
d. square root of mean square error (MSE)
An estimated regression equation has the form: 𝑦̂ = 7 + 2𝑥1 + 9𝑥2. As x1 increases by 1 unit (holding x2 constant), then y is expected to
a. increase by 9 units
b. decrease by 9 units
c. increase by 2 units
d. decrease by 2 units
c. increase by 2 units
A regression analysis between sales (y in $1000) and advertising (x in $100) resulted in the following equation 𝑦̂ = 30 + 4𝑥. The above equation implies that an
a. increase of $4 in advertising leads to an increase of $4,000 in predicted sales
b. increase of $1 in advertising leads to an increase of $4 in predicted sales
c. increase of $100 in advertising leads to an increase of $34,000 in predicted sales
d. increase of $100 in advertising leads to an increase of $4,000 in predicted sales
d. increase of $100 in advertising leads to an increase of $4,000 in predicted sales
Regression analysis was applied between demand for a product (y) and the price of the product (x) that may vary between 1 and 5, and the following estimated regression equation was obtained: 𝑦̂ = 120 − 10𝑥. Based on the above equation, if price is 2 units, the predicted demand
a. increases by 120 units
b. decreases 100 units
c. is 120 units
d. is 100 units
d. is 100 units
In a regression model involving more than one independent variable, which of the following tests is used to examine the overall significance of the model?
a. t test
b. F test
c. Either a t test or a chi-square test can be used
d. z test
b. F test
In a regression model, which of the following tests is used in order to determine whether an individual independent variable is significant?
a. t test
b. z test
c. Either z test or F test can be used
d. chi-square test
a. t test
A variable that takes on the values of 0 or 1 and is used to incorporate the effect of categorical variables in a regression model is called
a. an interaction
b. a constant variable
c. a dummy variable
d. None of these alternatives is correct.
c. a dummy variable
In multiple regression analysis, the correlation among the independent variables is termed
a. homoscedasticity
b. linearity
c. multicollinearity
d. adjusted coefficient of determination
c. multicollinearity
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