MSIT 3000 Exam 1Self Test Exam Questions & Answers.
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MSIT 3000 Exam 1Self Test Exam Questions & Answers.
A company was concerned with the low participation rate in its 401(k) plan. It sampled 48 similar companies and obtained data on their 401(k) participation rates, typical employee salary and number of employees.
(a) Identify the cases (to b...
MSIT 3000 Exam 1Self Test Exam
Questions & Answers.
A company was concerned with the low participation rate in its 401(k) plan. It sampled 48 similar
companies and obtained data on their 401(k) participation rates, typical employee salary and number of
employees.
(a) Identify the cases (to be put in the rows of the data table):
A. typical employee salary
B. number of employees
C. 401(k) participation rate
D. 48 companies - CORRECT ANSWER D. 48 companies
[ There are multiple measurements for each company, so each company should have its own row. The
columns would contain the company name (identifier), 401(k) participation rate, typical employee
salary, and number of employees.]
A company was concerned with the low participation rate in its 401(k) plan. It sampled 48 similar
companies and obtained data on their 401(k) participation rates, typical employee salary and number of
employees.
(b) Identify the response variable:
A. typical employee salary
B. 401(k) participation rate
C. 48 companies
D. number of employees - CORRECT ANSWER B. 401(k) participation rate
,[The company is concerned with its low 401(k) participation rate, so it would like to determine if or how
this is related to the other variables. This would then be the response variable since they would like to
predict it based on the other variables.]
A large company is interested in seeing how various promotional activities are related to sales. For every
month over the past three years (2015-2018), they add up the total amount spent on various forms of
advertising ($ thousands) as well as the monthly sales ($ millions).
(a) Identify the cases (to be put in the rows of the data table):
A. the 36 months
B. monthly sales
C. amount spent on advertising - CORRECT ANSWER A. the 36 months
[Since they have data for each month, the months would go in separate rows (Jan. 2015, Feb. 2015,
March 2015, etc.) The columns would contain the month+year (identifier), the total amount spent on
advertising for each month, and the sales for each month. This would enable them to easily compute the
correlation and see how closely they were related. ]
A large company is interested in seeing how various promotional activities are related to sales. For every
month over the past three years (2015-2018), they add up the total amount spent on various forms of
advertising ($ thousands) as well as the monthly sales ($ millions).
(b) Identify the response variable: - CORRECT ANSWER sales
[Since the company would be mostly interested in predicting their monthly sales, this should be the
response variable. ]
A large company is interested in seeing how various promotional activities are related to sales. For every
month over the past three years (2015-2018), they add up the total amount spent on various forms of
advertising ($ thousands) as well as the monthly sales ($ millions).
, (c) Identify the explanatory variable: - CORRECT ANSWER amount spent on advertising
[ In this study, the company would use amount spent on advertising to predict monthly sales, so this is
the explanatory variable.]
To help investigate discrepancies between how men and women are treated in the workforce, an
economist collects data on the average annual salaries of men vs. women at the Fortune 100 companies
for 2018.
Since this data was collected during 2018, this data is:
A. cross-sectional
B. time series - CORRECT ANSWER A. cross-sectional
An MBA program wants to see how the graduating GPA of MBA students is related to their GMAT scores
over the period 2013-2018.
(a) Identify the cases:
A. graduating GPA
B. university name
C. GMAT scores
D. MBA students - CORRECT ANSWER D. MBA students
[ Since there are multiple measurements on each student, each student should have its own row. The
columns would contain the student name or ID number (identifier), their GMAT score and their
graduating GPA.]
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