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HBS Core - Business Analytics Study Review Practice Exam.

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HBS Core - Business Analytics Study Review Practice Exam. Standard Deviation - Definition - CORRECT ANSWER A measure of the spread of a data set's values around its mean value. Standard Error - Definition - CORRECT ANSWER Estimates how close the mean of the sample is to the mean of the over...

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  • September 11, 2024
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HBS Core - Business Analytics Study
Review Practice Exam.

Standard Deviation - Definition - CORRECT ANSWER A measure of the spread of a data set's values
around its mean value.



Standard Error - Definition - CORRECT ANSWER Estimates how close the mean of the sample is to the
mean of the overall population



Standard Error - Formula - CORRECT ANSWER Standard Deviation / Sqrt(n)



Variance - CORRECT ANSWER A measure of the spread of a data set's values around its mean value.



Coefficient of Variation - Definition - CORRECT ANSWER Measure of a data set's variation relative to its
mean. Expressed as a % of mean



Coefficient of Variation - Formula - CORRECT ANSWER CV = STD/Mean



68-95-99.7 Rule - CORRECT ANSWER Normal Distribution

68% of values within 1 stdev

95% of values within 2 stdev

99.7% of value within 3 stdev



Adjusted R-Squared - CORRECT ANSWER Used to compare regression models against each other. Unique
property of decreasing when an independent variable that does not improve the model is added



Base Case - CORRECT ANSWER Element of a categorical variable that is not included in the regression
model

, Central Limit Theorem - CORRECT ANSWER If we take sufficiently large randomly selected samples from
a population, the means of these samples will be normally distributed regardless the underlying
population's distribution



Confidence Level - CORRECT ANSWER Percentage of all possible samples that can be expected to include
the true population parameter



correlation coefficient - CORRECT ANSWER Measure of the strength of a linear relationship between two
variables. Ranges from -1 to 1. Equals Multiple R in a regression model output



Error Term - CORRECT ANSWER Residual. Actual Value of Y - Expected Value of Y



Excel Function - Conditional Average - CORRECT ANSWER AVERAGEIF



Excel Function - Create Confidence Interval with n >= 30 - CORRECT ANSWER Population Mean +/-
CONFIDENCE.NORM



Excel Function - Cumulative Probability - CORRECT ANSWER NORM.DIST



Excel Function - Determine signficance of relationship. Find p-value - CORRECT ANSWER T.TEST



Excel Function - Find x-value on normal distribution - CORRECT ANSWER NORM.INV



Excel Function - Percentile - CORRECT ANSWER PERCENTILE.INC



Excel Function - Standard Normal Probability - CORRECT ANSWER NORM.S.DIST



Excel Syntax - AVERAGEIF - CORRECT ANSWER (criteria range, criteria, average range)



Excel Syntax - CONFIDENCE.NORM - CORRECT ANSWER (alpha, stdev, sample size)

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