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Analytics is a broad term that refers to a variety of tools that inform managerial
decisions.
Which term can be used to describe managerial decisions?
a. Prescriptive
b. Predictive
c. Pareto chart
d. Biased -ANSWERS-a. Prescriptive
This statistical procedure is used to help understand effective marketing and to spend
advertising dollars efficiently
a. Anova
b. Correlation
c. Control Charts -ANSWERS-b. Correlation
This statistical procedure monitors production process
a. Anova
b. Correlation
c. Control Charts -ANSWERS-c Control Charts
,A researcher concludes that bananas create healthy children because the researcher's
notes indicate that children who eat a banana every day are healthy.
Which misuse of statistics would this study be an example of if these children also eat a
balanced diet and exercise daily?
a. Unfounded assumptions
b. Lack of blinding
c. Faulty operationalization
d. Confusion of association and causality -ANSWERS-d. Confusion of association and
causality
In the month of December, there is a strong positive correlation between airline ticket
sales and retail sales.
Which question should the researcher consider before concluding that the correlation
statistic implies that airline sales drive retail sales?
a. Does a causal relationship truly exist?
b. Are the data biased?
c. Is the sample size large enough?
d. Does the sample accurately reflect the population? -ANSWERS-a. Does a causal
relationship truly exist?
A medical care provider determines the probability that a patient needs treatment for a
broken bone, the probability that a patient needs treatment for a concussion, and the
probability that a patient needs treatment for both a broken bone and a concussion.
Which two techniques apply in finding the probability that a patient needs treatment for
a broken bone and a concussion?
a. Intersection
b. Union
c. Multiplication principle
d. Mutually exclusive -ANSWERS-a, c. Intersection. . Multiplication principle
, A hardware store has found that there is a 0.25 probability that a customer buys an
electrical product, a 0.45 probability that a customer buys a plumbing product, and a
0.10 probability that a customer buys an electrical part if they purchase a plumbing part.
Given this information, which statistical rule can be used to determine the probability
that a customer buys a plumbing product given that this customer has purchased an
electrical product?
a. Bayes' Theorem
b. Multiplication
c. Combination
d. Conditional probability -ANSWERS-a Bayes' Theorem
Given the following data set:
9 12 14 10 8 11 12
What is the mode?
a. 8
b. 9
c. 11
d. 12 -ANSWERS-d. 12
Which graphical tool is used to illustrate a possible relationship or correlation between
two variables?
a. Run chart
b. Scatterplot
c. Box plot
d. Histogram -ANSWERS-b. Scatterplot
What does it mean when an individual data point has a z-score of -2?