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BANA 2372 - Hollander - Final Exam - Chapters 1-9 UPDATED ACTUAL Exam Questions and CORRECT Answers

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bana 2372 hollander final exam chapters 1 9
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BANA 2372 - Hollander - Final Exam -
Chapters 1-9 UPDATED ACTUAL Exam
Questions and CORRECT Answers

____ analytics is the set of analytical techniques that yield a course of action. - CORRECT
ANSWER- ✔✔Prescriptive

_____ analytics consists of analytical techniques that use models constructed from past data
to predict the future or to assess the impact of one variable on another. - CORRECT
ANSWER- ✔✔predictive

_____ analytics encompasses the set of analytical techniques that describe what has happened
in the past. - CORRECT ANSWER- ✔✔descriptive

_____ can be used to determine the percentage of data values that must be within one, two,
and three standard deviations of the mean for data having a bell-shaped distribution. -
CORRECT ANSWER- ✔✔The empirical rule

_____ can be used to make statements about the proportion of data values that must be within
a specified number of standard deviations of the mean, regardless of the shape of the
distribution. - CORRECT ANSWER- ✔✔Chebyshev's theorem

_____ is the process of using procedures from statistics and computer science to extract
useful information from extremely large databases. - CORRECT ANSWER- ✔✔data mining

A __________ can be used to graphically present quantitative data. - CORRECT ANSWER-
✔✔histogram and a stem-and-leaf display

A __________ is a graphical representation in which the sample space is represented by a
rectangle and events are represented as circles. - CORRECT ANSWER- ✔✔Venn diagram

,A (discrete) sample space, denoted S, is a list of all possible outcomes Oi of an experiment. It
is denoted as - CORRECT ANSWER- ✔✔S = {𝑶𝟏, 𝑶𝟐, ... , 𝑶𝒌}

A board of directors consists of eight men and four women. A four-member search committee
is to be chosen at random to recommend a new company president. What is the probability
that all four members of the search committee will be women? - CORRECT ANSWER-
✔✔1/495 or 0.002

A box plot is a graphical representation of data that is based on _____. - CORRECT
ANSWER- ✔✔a five-number summary

A characteristic of interest for the elements is called a(n) _____. - CORRECT ANSWER-
✔✔variable

A committee of four is to be selected from a group of 12 people. How many possible
committees can be selected? - CORRECT ANSWER- ✔✔495

A common graphical presentation of quantitative data is a _____. - CORRECT ANSWER-
✔✔histogram

A company created a side-by-side bar graph to display their projected financing for the next
three years. The display is shown below. Which of the following statements is correct? -
CORRECT ANSWER- ✔✔The company projects to increase income, while decreasing loans
and expenses.

A company plans to interview 10 recent graduates for possible employment. The company
has three positions open. How many groups of three can the company select? - CORRECT
ANSWER- ✔✔120

A company studied the number of lost-time accidents occurring at its Brownsville, Texas,
plant. Historical records show that 8% of the employees suffered lost-time accidents last year.
Management believes that a special safety program will reduce such accidents to 7% during
the current year. In addition, it estimates that 15% of employees who had lost-time accidents
last year will experience a lost-time accident during the current year.
a. What percentage of the employee will experience a lost-time accident in both years?

,b. What percentage of the employee will experience a lost-time accident over the two-year
period (to 1 decimal)? - CORRECT ANSWER- ✔✔01.2% Explanation (0.08*0.15) = 0.012 ~
1.2%
13.8% Explanation 0.08 + 0.07 - 0.012 = 0.138 or 13.8%

A conditional probability is computed as - CORRECT ANSWER- ✔✔𝑃 (𝐴|𝐵) =𝑃(𝐴 ∩
𝐵)/𝑃(𝐵)

A consulting firm submitted a bid for a large research project. The firm's management
initially felt they had a 50-50 chance of getting the project. However, the agency to which the
bid was submitted subsequently requested additional information on the bid. Past experience
indicates that for 72% of the successful bids and 44% of the unsuccessful bids the agency
requested additional information.
a. What is the prior probability of the bid being successful (that is, prior to the request for
additional information) (to 1 decimal)?
b. What is the conditional probability of a request for additional information given that the
bid will ultimately be successful (to 2 decimals)?
c. Compute the posterior probability that the bid will be successful given a request for
additional information (to 2 decimals). - CORRECT ANSWER- ✔✔0.5
0.72
0.62

A counseling agency has the following data on the gender and marital status of 200 clients:
a. If the client was a male, what is the probability that he is single?
b. Calculate the probability that a client is female. Calculate the probability that the client is
female given that she is married. Are the two events (being a female and being married)
dependent or independent? Explain. - CORRECT ANSWER- ✔✔.17
The events are dependent because the calculated probabilities differ.

A couple has three children. Assuming each child has an equal chance of being a boy or a
girl, what is the probability that they have at least one girl? - CORRECT ANSWER- ✔✔.875

A cumulative relative frequency distribution shows - CORRECT ANSWER- ✔✔the
proportion of data items with values less than or equal to the upper limit of each class.

, A data set has the following five-number summary: {31, 50, 58, 62, and 87}. Which of the
following pairs of values in this data set would be considered outliers? - CORRECT
ANSWER- ✔✔31 and 81

A department store has determined in connection with its inventory control that the demand
for a certain CD player averages 4 per day. If the store stocks 5 of these items on a particular
day, what is the probability that demand will exceed supply? - CORRECT ANSWER-
✔✔.2150

A disadvantage of using an arithmetic mean to summarize a set of data is that __________. -
CORRECT ANSWER- ✔✔It can be biased by one or two extremely small or large values

A display used to compare the frequency, relative frequency, or percent frequency of two
categorical variables is a: - CORRECT ANSWER- ✔✔stacked bar chart.

A doctor records a pair of information (temperature when admitted, temperature 24 hours
later) for 400 hospital patients selected at random. He finds that the average patients'
temperature upon admission is 101 degrees and 99 degrees 24 hours later. The standard
deviation is 1.5 degrees for temperatures when admitted and .5 degrees 24 hours later. The
correlation between the two temperatures is .8. What is the covariance between the variables?
- CORRECT ANSWER- ✔✔.60

A dot plot can be used to display _____. - CORRECT ANSWER- ✔✔the distribution of one
quantitative variable

A dot plot of the ages of 10 employees of a company is shown below.Ages are rounded to the
tens place prior to constructing the graph. What is the shape of the distribution? Explain. -
CORRECT ANSWER- ✔✔The distribution of employee ages is skewed to the right because
the tail of the distribution extends further toward higher numbers.

A frequency distribution is a _____. - CORRECT ANSWER- ✔✔a tabular summary of a set
of data showing the number of items in each of several nonoverlapping classes

A frequency distribution is a tabular summary of data showing the - CORRECT ANSWER-
✔✔number of items in several classes.

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Exam (elaborations)

BANA 2372 - Hollander - Final Exam - Chapters 1-9 UPDATED ACTUAL Exam Questions and CORRECT Answers

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