AN 300 FINAL EXAM WITH 85 COMPLETE QUESTIONS AND 100%
CORRECT ANSWERS ALREADY GRADED A+
Which of the following statements about linear regression is TRUE? Check all that
apply.
-It answers what should happen questions.
-Multiple regression has two or more independent variables.
-It is a predictive analytics technique.
-The relationship between the outcome and input variables is linear.
-The variable of interest being predicted is called an independent variable.
-It has only one dependent variable. - ANS... --Multiple regression has two or more
independent variables.
-It is a predictive analytics technique.
-The relationship between the outcome and input variables is linear.
-It has only one dependent variable.
Match the description on the left with the regression process it illustrates on the
right.
Use an equation to describe the relationship between dependent and independent
variable(s). - ANS... -modeling
Use the ordinary least squares method to produce an equation that is closest to the
data. - ANS... -Estimating
Examine several goodness of fit measures to select the best equation. - ANS... -
Evaluating
Use a dummy variable to describe a categorical independent variable. - ANS... -
Modeling
You want to capture the seasonal variations of spring, summer, fall, and winter on
sales of swimsuits using a regression model. Which of the following statements is
TRUE? Check all that apply.
-Three dummy variables should be used in the model.
-A simple regression model should be used.
,-Four dummy variables should be used in the model.
-A multiple regression model should be used. - ANS... --Three dummy variables
should be used in the model.
-A multiple regression model should be used.
Which of the following statements about time-series forecasting is TRUE? Check
all that apply.
-It only works with trend data patterns.
-It is a predictive analytics method.
-It is a predictive analytics technique.
-It applies to strategic planning by predicting market growth rate.
-It needs data on observations of an item of interest over time.
-It answers what should happen questions.
-It predicts the future outcome of the item of interest. - ANS... --It is a predictive
analytics technique.
-It applies to strategic planning by predicting market growth rate.
-It needs data on observations of an item of interest over time.
-It predicts the future outcome of the item of interest.
What kind of data pattern is depicted in the following line graph? Check all that
apply.
Its a graph with a straight red line angled positively. There is a Blue line that
begins below the red line and then had alternating periods above and below the
line.
-Trend
-Random
-Level
-Seasonality
-Cycle - ANS... --Trend
-Seasonality
A recurring pattern that occurs at set periods within a larger time frame. - ANS... -
Seasonality
A gradual increase in values over time. - ANS... -Upward Trend
A gradual decrease in values over time. - ANS... -Downward Trend
A constant average value over time. - ANS... -Level
, Which of the following is a business application of time series forecasting?
-Sales forecast of swimsuits from advertising expenditure.
-Sales forecast of swimsuits from a survey of vacationers.
-Sales forecasts of swimsuits from past records.
-Sales forecast of swimsuits from demand of sunglasses. - ANS... --Sales forecasts
of swimsuits from past records.
Match the characteristics on the left with the most appropriate forecasting methods
to which it applies on the right.
It requires only one historical data value. - ANS... -Naive
It adapts readily to sudden shifts in data pattern. - ANS... -Naive
It requires the data points in the time series as well as the number of periods used
in forecasting. - ANS... -Simple moving average
It is a weighted average of all prior historical actual vales. - ANS... -Exponential
smoothing average
It uses the "best fit" linear trend line to make predictions. - ANS... -Linear
Regression
It uses indicator variables to capture variations. - ANS... -Linear regression for
seasonality
Which of the following statements about time-series forecasting methods is
TRUE? Check all that apply.
-Linear Regression is the method of choice for data with a trend pattern.
-You choose a large value for alpha when using the Exponential Smoothing
method to give less weight to the most recent data.
-Linear Regression for Seasonality without Trend method is appropriate for data
with a seasonal pattern only.
-There is no time-series forecasting method for data with both seasonal and trend
patterns.
-You choose a small value for "k" when using the Simple Moving Average method
of order "k" to track movement in the most recent data.
CORRECT ANSWERS ALREADY GRADED A+
Which of the following statements about linear regression is TRUE? Check all that
apply.
-It answers what should happen questions.
-Multiple regression has two or more independent variables.
-It is a predictive analytics technique.
-The relationship between the outcome and input variables is linear.
-The variable of interest being predicted is called an independent variable.
-It has only one dependent variable. - ANS... --Multiple regression has two or more
independent variables.
-It is a predictive analytics technique.
-The relationship between the outcome and input variables is linear.
-It has only one dependent variable.
Match the description on the left with the regression process it illustrates on the
right.
Use an equation to describe the relationship between dependent and independent
variable(s). - ANS... -modeling
Use the ordinary least squares method to produce an equation that is closest to the
data. - ANS... -Estimating
Examine several goodness of fit measures to select the best equation. - ANS... -
Evaluating
Use a dummy variable to describe a categorical independent variable. - ANS... -
Modeling
You want to capture the seasonal variations of spring, summer, fall, and winter on
sales of swimsuits using a regression model. Which of the following statements is
TRUE? Check all that apply.
-Three dummy variables should be used in the model.
-A simple regression model should be used.
,-Four dummy variables should be used in the model.
-A multiple regression model should be used. - ANS... --Three dummy variables
should be used in the model.
-A multiple regression model should be used.
Which of the following statements about time-series forecasting is TRUE? Check
all that apply.
-It only works with trend data patterns.
-It is a predictive analytics method.
-It is a predictive analytics technique.
-It applies to strategic planning by predicting market growth rate.
-It needs data on observations of an item of interest over time.
-It answers what should happen questions.
-It predicts the future outcome of the item of interest. - ANS... --It is a predictive
analytics technique.
-It applies to strategic planning by predicting market growth rate.
-It needs data on observations of an item of interest over time.
-It predicts the future outcome of the item of interest.
What kind of data pattern is depicted in the following line graph? Check all that
apply.
Its a graph with a straight red line angled positively. There is a Blue line that
begins below the red line and then had alternating periods above and below the
line.
-Trend
-Random
-Level
-Seasonality
-Cycle - ANS... --Trend
-Seasonality
A recurring pattern that occurs at set periods within a larger time frame. - ANS... -
Seasonality
A gradual increase in values over time. - ANS... -Upward Trend
A gradual decrease in values over time. - ANS... -Downward Trend
A constant average value over time. - ANS... -Level
, Which of the following is a business application of time series forecasting?
-Sales forecast of swimsuits from advertising expenditure.
-Sales forecast of swimsuits from a survey of vacationers.
-Sales forecasts of swimsuits from past records.
-Sales forecast of swimsuits from demand of sunglasses. - ANS... --Sales forecasts
of swimsuits from past records.
Match the characteristics on the left with the most appropriate forecasting methods
to which it applies on the right.
It requires only one historical data value. - ANS... -Naive
It adapts readily to sudden shifts in data pattern. - ANS... -Naive
It requires the data points in the time series as well as the number of periods used
in forecasting. - ANS... -Simple moving average
It is a weighted average of all prior historical actual vales. - ANS... -Exponential
smoothing average
It uses the "best fit" linear trend line to make predictions. - ANS... -Linear
Regression
It uses indicator variables to capture variations. - ANS... -Linear regression for
seasonality
Which of the following statements about time-series forecasting methods is
TRUE? Check all that apply.
-Linear Regression is the method of choice for data with a trend pattern.
-You choose a large value for alpha when using the Exponential Smoothing
method to give less weight to the most recent data.
-Linear Regression for Seasonality without Trend method is appropriate for data
with a seasonal pattern only.
-There is no time-series forecasting method for data with both seasonal and trend
patterns.
-You choose a small value for "k" when using the Simple Moving Average method
of order "k" to track movement in the most recent data.
