BANA 2081 - WEB Assign EXAM 1 PDF

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BANA 2081 - WEB Assign EXAM 1...

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1.) The company identified in Chapter 8, Analytics in Action, is

Answer: ACCO Brands

2.) The Analytics in Action example in Chapter 8 concerned

Answer: sales forecasting.

3.) Chapter 8 focuses on

Answer: forecasting

4.) A forecast is defined as a(n)

Answer: prediction of future values of a time series.

5.) A set of observations on a variable measured at successive points in time or over successive periods of time constitute a

Answer: time series.

6.) Which of the following is not present in a time series?

Answer: operational variations

7.) _____________ refers to the scenario in which the relationship between the dependent variable and one independent variable is different at different values of a second independent variable.

Answer: Interaction

8.) Fitting a model too closely to sample data, resulting in a model that does not accurately reflect the population is termed as

Answer: overfitting.

9.) Assessing the regression model on data other than the sample data that was used to generate the model is known as

Answer: cross-validation.

10.) __________ is the data set used to build the candidate models.

Answer: Training set

11.) _____________ refers to the data set used to compare model forecasts and ultimately pick a model for predicting values of the dependent variable.

Answer: Validation set

12.) A variable used to model the effect of categorical independent variables in a regression model which generally takes only the value zero or one is called

Answer: a dummy variable.

13.) Which of the following regression models is used to model a nonlinear relationship between the independent and dependent variables by including the independent variable and the square of the independent variable in the model?

Answer: quadratic regression model

14.) In a linear regression model, the variable (or variables) used for predicting or explaining values of the response variable are known as the ________________. It(they) is(are) denoted by x.

Answer: independent variable

15.) The difference between the observed value of the dependent variable and the value predicted using the estimated regression equation is known as the

Answer: residual.

16.) What would be the value of the sum of squares due to regression (SSR) if the total sum of squares (SST) is 25.32 and the sum of squares due to error (SSE) is 6.89?

Answer: 18.43 because SST = SSR + SSE. Substituting the values

17.) The ___________ is a measure of the goodness of fit of the estimated regression equation. It can be interpreted as the proportion of the variability in the dependent variable y that is explained by the estimated regression equation.

Answer: coefficient of determination

18.) What would be the coefficient of determination if the total sum of squares (SST) is 23.29 and the sum of squares due to regression (SSR) is 10.03?

Answer: The coefficient of determination r2 = SSR/SST. Substituting the given values we get r2 = 0.43.

19.) Regression analysis involving one dependent variable and more than one independent variable is known as

Answer: multiple regression.

20.) ________________ is used to test the hypothesis that the values of the regression parameters B1, B2, ... Bq are all zero.

Answer: An F test

21.) The company identified in Chapter 7, Analytics in Action, is

Answer: Alliance Data Systems

22.) The Analytics in Action example in Chapter 7 concerned

Answer: predicting the effect of advertising.

23.) Chapter 7 focuses on

Answer: linear regression

24.) A regression analysis involving one independent variable and one dependent variable is referred to as a

Answer: simple linear regression.

25.) The graph of the simple linear regression equation is a(n)

Answer: straight line.

26.) DJ needs to display data over time. Which of the following charts should he use?

Answer: Line chart

27.) A _____________ is a graphical presentation of the relationship between two quantitative variables.

Answer: scatter chart

28.) A line chart that has no axes but is used to provide information on overall trends for time series data is called a

Answer: sparkline.

29.) A graphical presentation that uses vertical bars to display the magnitude of quantitative data is known as a

Answer: column chart.

30.) The charts that are helpful in making comparisons between categorical variables are

Answer: bar charts and column charts.

31.) Making visual comparisons between different values of a categorical variable is difficult in a

Answer: pie chart.

32.) A chart that is recommended as an alternative to a pie chart is a

Answer: bar chart.

33.) A disadvantage of stacked-column charts and stacked-bar charts is that

Answer: it can be difficult to perceive small differences in areas.

34.) A two-dimensional graph representing the data using different shades of color to indicate magnitude is called a

Answer: heat map.

35.) An alternative for a stacked column chart when comparing more than a couple of quantitative variables in each category is a

Answer: clustered column chart.

36.) An effective display of trend and magnitude is achieved by using a combination of a

Answer: heat map and sparklines.

37.) A _____________ is a graphical presentation of the relationship between two quantitative variables.

Answer: scatter chart

38.) A _____________ is a line that provides an approximation of the relationship between the variables.

Answer: trendline

39.) In order to visualize three variables in a two-dimensional graph, we use a

Answer: bubble chart.

40.) Data-ink is the ink used in a table or chart that

Answer: is necessary to convey the meaning of the data to the audience.

41.) The ratio of the amount of ink used in a table or chart that is necessary to convey information to the total amount of ink used in the table and chart is known as data-ink ratio. Using additional ink that is not necessary to convey information has what effect on the data-ink ratio?

Answer: reduces

42.) Deleting the grid lines in a table and the horizontal lines in a chart

Answer: increases the data-ink ratio.

43.) In many cases, white space in a chart can improve

Answer: readability.

44.) Tables should be used instead of charts when

Answer: the values being displayed have different units or very different magnitudes.

45.) Which one of the following statements is not true concerning PivotTables in Excel?

Answer: PivotTables can only be used if one variable is categorical and the other is quantitative data.

46.) Fields may be chosen to represent all of the following except ____________ in the body of a PivotTable.

Answer: filters

47.) The software package most commonly used for creating simple charts is

Answer: Excel

48.) Corporate-level managers use ______ to summarize sales by region, current inventory levels, and other company-wide metrics all in a single screen.

Answer: data dashboards

49.) A forecast that helps direct police officers to areas where crimes are likely to occur based on past data is an example of

Answer: predictive analytics.

50.) The company identified in Chapter 3, Analytics in Action, is

Answer: Cincinnati Zoo & Botanical Garden

51.) The Analytics in Action example in Chapter 3 concerned

Answer: a data dashboard.

52.) Chapter 3 focuses on

Answer: data visualization

53.) Data dashboards are a type of _________ analytics.

Answer: descriptive

54.) _______________ analytics are techniques that use models, constructed from past data, to predict the future or to ascertain the impact of one variable on another.

Answer: Predictive

55.) _______________ analytics use techniques that take input data and yield a best course of action.

Answer: Prescriptive...