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Business Analytics Final exam questions with correct answers.
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Business Analytics Final examquestions with correct answers.
Histogram ANS - a graph for a quantitative variable; we usually slice up all the possible values into bins
and then count the number of cases that fall in each bin
Relative frequency histograms ANS - percentages of each bin in the histogram
Stem-and-leaf displays ANS - are like histograms, but they also give the individual values
Quantitative Data Condition ANS - Before making a histogram or stem-and-leaf display; the data must
be values of a quantitative variable whose units are known
When describing a distribution, attention should be paid to ANS - its shape, center, spread
Shape ANS - a distribution in terms of its modes, its symmetry, and whether it has any gaps or outlying
values
Modes ANS - Peaks or humps seen in a histogram
Unimodal ANS - A distribution whose histogram has one main peak
Bimodal ANS - Two main peaks
Multimodal ANS - three or more peaks
Uniform ANS - A distribution whose histogram doesn't appear to have any mode and in which all the
bars are approximately the same height
,Symmetric ANS - the halves on either side of the center look, at least approximately, like mirror images
Tails ANS - The thinner ends of a distribution
Skewed ANS - If one tail stretches out farther than the other: skewed to side of where tail is
Judgment call ANS - Characterizing the shape of a distribution
The mean is a natural summary for ANS - unimodal, symmetric distributions
Mean ANS - sum of y values (or x values)/ number of variables
If a distribution is skewed, contains gaps, or contains outliers, then it is better to use ANS - the median
The median is ANS - resistant
Range ANS - max-min; not resistant to unusual observations
quartiles ANS - values that frame the middle 50% of the data. One quarter of the data lies below the
lower quartile, Q1, and one quarter lies above the upper quartile, Q3
The interquartile range (IQR) ANS - defined to be the difference between the two quartile values; Q3-
Q1
Standard deviation ANS - takes into account how far each value is from the mean; appropriate for
symmetric distributions; square root of the variance
Variance ANS - (s^2) average of the squared deviations; sum of (y value minus the mean)^2 / n-1
If the shape is skewed ANS - the median and IQR should be reported
, If the shape is unimodal and symmetric ANS - the mean and standard deviation and possibly the
median and IQR should be reported
Always pair the median with ANS - IQR
Always pair the mean with ANS - standard deviation
Z-score ANS - the standardized value tells how many standard deviations each value is above or below
the overall mean; x minus the mean/ standard deviation
The five-number summary of a distribution ANS - reports its median, quartiles, and extremes
(maximum and minimum)
Boxplot ANS - highlights several features of the distribution of the variable, including the quartiles, the
median, and any outlying values
Time series plot ANS - A display of values against time
Smooth trace ANS - To better understanding the trend of times series data
Stationary ANS - when a time series is without a strong trend or change in variability
Scatterplot ANS - plots one quantitative variable against another, is an effective display to look for
trends, patterns, and relationships between two quantitative variables
Negative pattern ANS - A pattern that runs from the upper left to the lower right
Positive pattern ANS - A pattern running from the lower left to the upper right
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