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| Section | Objectives |
|---|---|
| Regression and Correlation Analysis | - Interpreting correlation and causation - Linear regression modeling |
| Hypothesis Testing | - Null and alternative hypotheses - t-tests, chi-square tests, and significance testing |
| Data Fundamentals and Business Analytics | - Data types and data collection methods - Descriptive statistics (mean, median, variance, standard deviation) |
| Probability and Statistical Inference | - Sampling methods and sampling error - Probability concepts and distributions |
| Decision Making Models | - Decision trees and expected value analysis - Risk and uncertainty in decision-making |
1. A company runs a regression analysis to determine sales based on advertising expenditures, which can be shown in a linear equation as y = 2x + 25,000. The company plans to spend $20,000 on advertising.
Which sales figure should the company expect to generate based on the given equation?
A) $50,000
B) $75,000
C) $40,000
D) $65,000
2. Amusement Park W is in California. Amusement Park X is in Texas. A survey asks 1,000 people living in California if they prefer Amusement Park W or X.
Which problem exists with this survey?
A) Information bias
B) Systematic error
C) Measurement bias
D) Random error
3. What is a disadvantage of a key performance indicator (KPI)?
A) It focuses on long-term goals rather than short-term gains.
B) It only indicates what changes are statistically significant.
C) It only accounts for quantitative measures.
D) It makes it difficult to use data-driven results to quantify performance.
4. A student with a degree is presumed to already have a bachelor's degree. Which type of data does this represent?
A) Interval data
B) Ratio data
C) Nominal data
D) Ordinal data
5. Which process is designed to proactively prevent a problem?
A) Quality assurance
B) Plan-do-check-act activity
C) Quality control
D) Common cause variation activity
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: B | Question # 3 Answer: C | Question # 4 Answer: C | Question # 5 Answer: A |
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