BANA 2082 - Exam 1 Questions & Answers PDF

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BANA 2082 - Exam 1 Questions & Answers...

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

Answer: desciptive

2.) _______________ 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

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

Answer: prescriptive

4.) 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

5.) 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.

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

Answer: Cincinnati Zoo & Botanical Garden

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

Answer: a data dashboard

8.) Chapter 3 focuses on

Answer: data visualization

9.) 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.

10.) 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

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

Answer: increases the data-ink ratio

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

Answer: readability

13.) Tables should be used instead of charts when

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

14.) 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

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

Answer: filters

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

Answer: Excel

17.) In the file, MajorSalary, data have been collected from 111 College of Business graduates on their monthly starting salaries. Create a PivotTable. Which major has the greatest number of graduates?

Answer: Accounting

18.) Using a PivotTable and the MajorSalary data, determine the average starting salary of management majors. Round your answer to two decimal places and do not include a dollar sign.

Answer: 3180

19.) Using a PivotTable and the MajorSalary data, determine the highest starting salary for Info Systems majors. Round your answer to two decimal places and do not include a dollar sign.

Answer: 5030

20.) The attached file shows the number of U.S. locations for the top 20 U.S. franchises. Create a PivotTable and group the number of locations starting at zero, ending at 39,999 by 10,000. How many franchises are in the 0 to 9999 category?

Answer: 13

21.) Based on the assigned web article, in the Dodgers Front Office how many people have the term analyst or research in their titles?

Answer: 21

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

Answer: scatter chart

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

Answer: trendline

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

Answer: bubble chart

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

Answer: Line chart

26.) 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

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

Answer: bar charts and column charts

28.) Making visual comparisons between categorical variables is difficult in a

Answer: pie chart

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

Answer: heat map and sparklines.

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

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

31.) 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

32.) _____ merges maps and statistics to present data collected over different geographies.

Answer: The geographic information system

33.) A data visualization tool that updates in real time and gives multiple outputs is called

Answer: a data dashboard

34.) In a business, the values indicating the business's current operating characteristics, such as its financial position, the inventory on hand, and customer service metrics, are typically known as

Answer: key performance indicators

35.) Never use a ________ chart when a __________ chart will suffice.

Answer: 3-D; 2-D

36.) Use the attached data to create a scatter diagram to show the relationship between Market Capitalization and Profit. Add a trendline. The trendline generally indicates that there is

Answer: a positive relationship

37.) Use the attached data to create a stacked-column chart and a clustered column chart. Age category is on the horizontal axis for both charts. What can you say about the relationship of age and cell phone ownership, and which graph displays this better?

Answer: Older respondents are more likely to not own a cell phone. Clustered column chart.

38.) Use the attached data and Excel to create sparklines for revenue for each company and a heat map for revenue of the six companies. Which company exhibited the most consistent growth over the six months? For discussion, which tool helped you the most in answering this question and why?

Answer: Allen and Davis, LLC

39.) Use the attached data to create a bubble chart. Expected rate of return is the horizontal axis, risk estimate is the vertical axis and size of the bubble is the capital investment. Identify whether each investment is on the efficient frontier. Any investment that has a smaller rate of return for the equivalent or higher risk than another project cannot be on the efficient frontier.

Answer: Question Correct Match Selected Match Investment 1

Correct A. No

Correct A. No

Investment 2

Correct B. Yes

Correct B. Yes

Investment 3

Correct B. Yes

Correct B. Yes

Investment 4

Correct A. No

Correct A. No

Investment 5

Correct B. Yes

Correct B. Yes

Investment 6

Correct B. Yes

Correct B. Yes

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

Answer: Alliance Data Systems

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

Answer: predicting the effect of advertising

42.) Chapter 7 focuses on

Answer: linear regression

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

Answer: simple linear regression

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

Answer: straight line.

45.) 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

46.) 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

47.) 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

48.) 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: 0.43

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

Answer: multiple regression

50.) ________________ is used to test the hypothesis that the values of the regression parameters B0, B1, B2, ... Bq are all zero.

Answer: An F test

51.) 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

52.) 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

53.) A study investigated the relationship between audit delay (the length of time from a company's fiscal year-end to the date of the auditor's report) and variables that describe the client and the auditor. Some of the independent variables that were included in this study follow:

Industry

A dummy variable coded 1 if the firm was an industrial company or 0 if the firm was a bank, savings and loan, or insurance company.

Public

A dummy variable coded 1 if the company was traded on an organized exchange or over the counter; otherwise coded 0.

Quality

A measure of overall quality of internal controls, as judged by the auditor, on a 5-point scale ranging from "virtually none" (1) to "excellent" (5).

Finished

A measure ranging from 1 to 4, as judged by the auditor, where 1 indicates "all work performed subsequent to year-end" and 4 indicates "most work performed prior to year-end."

A sample of 40 companies provided the following data:

Develop the estimated regression equation using all of the independent variables included in the data. Enter the value of the intercept rounded to three decimal places.

Answer: 80.429

54.) Rerun the the analysis done in Question 3 without the independent variable identified in Question 4. Which independent variable is significant at the 1% level of significance?

Answer: Industry

55.) Consider the result in Question 3. At a 5% level of significance, which variable is not significant?

Answer: Public

56.) 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

57.) Using the attached LineSpeed data, develop an estimated regression equation to predict the number of defective parts found given the line speed. How much of the variation in defective parts is explained by your model? Enter your answer as a decimal rounded to three decimal places.

Answer: 0.739

58.) Considering the results in Question 2, what is the estimated coefficient for Line Speed? Round your answer to three decimal places.

Answer: -0.148

59.) Considering the results from Question 2, the coefficient for Line Speed is significant at a 5% level.

Answer: True

60.) Considering the results from Question 2, the coefficient for Line Speed is significant at a 1% level.

Answer: False

61.) Using the attached data, develop an estimated regression equation to predict the Total Points Earned based on the Hours Spent Studying. How much of the variation in Total Points Earned is explained by your model? Enter your answer as a decimal rounded to three decimal places.

Answer: 0.828

62.) Considering the results from Question 6, what is the test statistic associated with the coefficient for Hours Spent Studying? Round your answer to three decimal places.

Answer: 27.2

63.) Considering the results from Question 6, the coefficient for Hours Spent Studying is significant at a 1% level.

Answer: True

64.) Considering the results from Question 6, use the model to predict the number of points a student would earn if the student studied 95 hours. Round your answer to one decimal place.

Answer: 84.8

65.) The attached data are the results of a survey on upscale accommodations. The data show the percentages of respondents who rated the locations as excellent or very good on Comfort, Amenities, InHouse Dining and Overall. Develop an estimated regression equation to predict the Overall rating using Comfort, Amenities and In-House Dining. How much of the variation in the Overall rating is explained by your model? Enter your answer as a decimal rounded to three decimal places.

Answer: 0.750

66.) Considering the results from Question 10, we can conclude that the model is significant.

Answer: True

67.) Considering the results from Question 10, which if any of the independent variables are not significant?

Answer: Comfort

68.) Recreate the analysis of Question 10 dropping the independent variable Comfort. Compare the results. Did R Square increase, decrease or remain the same?

Answer: Decreased

69.) Compare the results from Questions 10 and 13. Did Adjusted R Square increase, decrease or remain the same in Question 13?

Answer: Increased

70.) Compare the results from Questions 10 and 13. Did the Standard Error increase, decrease or remain the same in Question 13?

Answer: Decreased

71.) Quiz 7C question 2

Answer: - variation = r square

72.) Quiz 7C question 3 and 4

Answer: If the P-value is greater than the given alpha, it is insignificant

73.) Quiz 7C question 3

Answer: estimated coefficient = x variable coefficient

74.) Quiz 7C question 7

Answer: test statistic coefficient = t stat x variable

75.) Quiz 7C question 9

Answer: highlight all data

make a scatterchart

click on plus sign

add trend line

<3

click arrow next to trend line

click more options

click display equation on chart

plug in the 95 given in problem to equation

76.) Quiz 7C question 10

Answer: variation in = y value

highlight overall for y and the rest of the columns for x

77.) Quiz 7C question 11

Answer: if you want labels, both HIGHLIGHT labels into regression data AND click label button

significance F less than .05 means model is significant

works for models with multiple x variables

78.) Quiz 7C question 12

Answer: comfort is not significant bc it is greater than 0.05

79.) 7C Q1 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: c. independent variable

80.) 7C Q2 Using the attached LineSpeed data, develop an estimated regression equation to predict the number of defective parts found given the line speed. How much of the variation in defective parts is explained by your model? Enter your answer as a decimal rounded to three decimal places. (Line Speed Excel)

Answer: 0.739

81.) 7C Q3 Considering the results in Question 2, what is the estimated coefficient for Line Speed? Round your answer to three decimal places.

Answer: -0.148

82.) 7C Q4 Considering the results from Question 2, the coefficient for Line Speed is significant at a 5% level.

Answer: True

83.) 7C Q5 Considering the results from Question 2, the coefficient for Line Speed is significant at a 1% level.

Answer: False

84.) 7C Q6 Using the attached data, develop an estimated regression equation to predict the Total Points Earned based on the Hours Spent Studying. How much of the variation in Total Points Earned is explained by your model? Enter your answer as a decimal rounded to three decimal places. (Class Points Excel)

Answer: 0.828

85.) 7C Q7

Considering the results from Question 6, what is the test statistic associated with the coefficient for Hours Spent Studying? Round your answer to three decimal places.

Answer: 27.2

86.) 7C Q8 Considering the results from Question 6, the coefficient for Hours Spent Studying is significant at a 1% level.

Answer: True

87.) 7C Q9

Considering the results from Question 6, use the model to predict the number of points a student would earn if the student studied 95 hours. Round your answer to one decimal place.

Answer: 84.8

88.) 7C Q10

The attached data are the results of a survey on upscale accommodations. The data show the percentages of respondents who rated the locations as excellent or very good on Comfort, Amenities, InHouse Dining and Overall. Develop an estimated regression equation to predict the Overall rating using Comfort, Amenities and In-House Dining. How much of the variation in the Overall rating is explained by your model? Enter your answer as a decimal rounded to three decimal places. (Hotel)

Answer: 0.75

89.) 7C Q11 Considering the results from Question 10, we can conclude that the model is significant.

Answer: True

90.) 7C Q12 Considering the results from Question 10, which if any of the independent variables are not significant?

Answer: Comfort

91.) 7C Q13 Recreate the analysis of Question 10 dropping the independent variable Comfort. Compare the results. Did R Square increase, decrease or remain the same?

Answer: Decreased

92.) 7C Q14Compare the results from Questions 10 and 13. Did Adjusted R Square increase, decrease or remain the same in Question 13?

Answer: Increased

93.) Linear Regression

Answer: Regression analysis in which relationships between the independent variables and the dependent variable are approximated by a straight line

94.) p value

Answer: The probability that a random sample of the same size collected from the same population using the same procedure will yield stronger evidence against a hypothesis than the evidence in the sample data given that the hypothesis is actually true.

95.) Parameter

Answer: a measurable factor that defines a characteristic of a population, process, or system

96.) Random Variable

Answer: The outcome of a random experiment (such as the drawing of a ran...