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Business Analytics 1 Final Exam questions with right answers.
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Business Analytics 1 Final Examquestions with right answers.
T or F: A quantitative variable can also be referred to as a categorical variable. ANS - False
A(n) ________ variable is a qualitative variable such that there is no meaningful ordering or ranking of
the categories. ANS - nominal
Measurements from a population are called ANS - observations
Which of the following describes the steps of the Analytic Process after we know the business problem?
ANS - Choose DataSourcing Method-Collect Descriptives-Make Prediction-Ask Next Question
A doctor's office needs to know how many of their services are used by their patients during a one year
time period. Before a patient leaves their office, a summary report includes the date, the doctor they
saw, the services provided, and the total charge for each service. Which of the following datasourcing
methods best describes this data collection scenario? ANS - point of sale
A commercial shipping company operates a large fleet of trucks. The company needs to collect data on
vehicle usage including acceleration, braking, and vehicle maintenance such as fluid levels. The
datasourcing method needed to collect the data for this scenario is ANS - sensor
T or F: Business analytics is a new field that does not use traditional statistics to analyze big data ANS -
false
A person's telephone area code is an example of a(n) ________ variable. ANS - nominal
Which of the following is a quantitative variable? ANS - Mileage of a car
Possible qualitative data for Stitchfix to collect is a clothing size such as small, medium, and large. This is
an example of __________ (ordinal, nominal, discrete, or continuous) variable. ANS - ordinal
,A ________ variable takes on values that are numbers on the real number line. ANS - quantitative
T or F: An example of a qualitative variable is the mileage of a car. ANS - false
A(n) ________ variable can have values that indicate into which of several categories of a population it
belongs. ANS - qualitative
In the Analytic Process, the next step after the descriptives (descriptives is the data that has occurred up
to the current point in time) have been collected, is to use the data to: ANS - make predictions
An identification of police officers by rank would represent a(n) ________ level of measurement. ANS -
ordinal
T or F: In systematic sampling, the first element is randomly selected from the first (N/n) elements. ANS
- true
Nonoverlapping groups of similar elements in a population are called ANS - strata
Amazon collects random reviews from their customers on the West Coast as the data they use for their
nationwide marketing plan. This sample suffers from which sampling bias? ANS - undercoverage
When a person gives an answer that they think you want to hear or is politically correct, this is an
example of which bias: ANS - measurement error
T or F: It is possible to use a random sample from a population to make statistical inferences about the
entire population. ANS - true
In ________ we select elements because they are easy to sample. ANS - convenience sampling
T or F: A recording error is an error of observation. ANS - true
, T or F: Convenience sampling is a type of probability sampling in which we select elements to sample
because we believe they have the highest probability of responding. ANS - false
StitchFix wants to make sure different specific characteristics, such as all different age groups, are
represented in their sample. The appropriate sampling method they should use is: ANS - stratified
random sampling
Examining all population measurements is called ________. ANS - census
When a low response bias occurs, what should you do? ANS - Conduct another sample to increase the
response rate
T or F: A common practice in selecting a sample from a large geographic area is multistage cluster
sampling. ANS - true
T or F: Sampling error occurs because a characteristic of a random sample may not exactly equal the
population characteristic that we are attempting to estimate. ANS - true
A local store wants to find out if a new item is linked by their customers. They ask the first 10 customers
that enter the store and use only this data. This is an example of ______________ sampling. ANS -
convenient
T or F: In order to select a stratified random sample, we divide the population into overlapping groups of
similar elements. ANS - false
T or F: By taking a systematic sample in which we select every 100th shopper arriving at a specific store,
we are approximating a random sample of shoppers. ANS - true
T or F: A population is a set that includes all elements about which we wish to draw a conclusion. ANS -
true
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