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MSIS 3223 Exam 2 (Ch. 5, 8, 9) Questions With Complete Solutions
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MSIS 3223 Exam 2 (Ch. 5, 8, 9) Questions With Complete Solutions
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MSIS 3223 Exam 2 (Ch. 5, 8, 9) Questions With CompleteSolutions
_____ are residuals divided by their standard deviation and
describe how far each residual is from its mean in units of
standard deviations. Correct Answer standard residuals
_____ assumes that the errors for each individual value of X are
normally distributed, with a mean of 0. This can be verified by
examining a histogram of the standard residuals & inspecting for
a bell-shaped distribution or by using more formal goodness of
fit tests. *It is usually difficult to evaluate normality with small
sample sizes.* Correct Answer regression analysis
_____ describe ups and downs over a much longer time frame,
such as several years. Correct Answer cyclical effects
_____ in the excel output is the variability of the observed Y-
values from the predicted values. This is formally called the
_____ of the estimate. If the data are clustered close to the
regression line, then the _____ will be small; *the more
scattered the data, the larger it is.* Correct Answer standard
error
_____ is a tool for building mathematical and statistical models
that characterize relationships between a dependent variable and
one or more independent, or explanatory, variables, all of which
are numerical. Correct Answer Regression analysis
_____ is the average of the squared deviations of the
observations from the mean, a common measure of dispersion. It
, measures the uncertainty of the random variable; the higher it is,
the higher the uncertainty of the outcome. Correct Answer
variance
*If a new product is being introduced, the response of
consumers to marketing campaigns to similar, previous products
can be used as a basis to predict how the new marketing
campaign might fare.* A great deal of insight can often be
gained through an analysis of _____. Correct Answer past
experiences
*Qualitative and judgmental techniques rely on experience and
intuition,* they are necessary when historical data are not
available or when the decision maker needs to forecast far into
the future. _____ is one judgmental approach in which a forecast
is obtained through a comparative analysis with a previous
situation. Correct Answer Historical analogy
A _____ effect is one that repeats at fixed intervals of time,
typically a year, month, week, or day. Correct Answer seasonal
effect
A _____ is a numerical description of the outcome of an
experiment. They can be continuous or discrete. Correct
Answer Random variable
A _____ is a random variable for which the number of possible
outcomes can be counted. Correct Answer discrete random
variable
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