C207 module quizzes - quizlet PDF

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Module 1 For companies to attract and retain their best customers they need a complete portrait of who they are. To develop this portrait companies turn to… Analytics A manufacturer wants to maximize their factory output while specifically minimizing labor costs. What type of analytics might they employ to achieve this goal? Prescriptive analytics What type of data error that occurs in measurement is constant within a data set and is sometimes caused by faulty equipment or bias? Systematic An Educator develops a new standardized test to measure math skills of ninth graders. She has students in her home state of Ohio take the test. If the test is to be used on a national level, what type of error might be found in her data? Measurement Bias A city government is trying to determine the national origins of its recent immigrant population. If a survey of the immigrant population is conducted in English what type of error might be present in the data? Omission The use of Big Data is increasingly important to businesses in competitive markets. Which of the following characteristics is are true of big data? Requires the use of analytics, contains structured data, & contains unstructured data The Davenport-Kim three-stage model consists of framing the problem, solving the problem, and communicating results. Which two of the following are part of framing the problem stage? Determine the scope of the problem & review of previous findings A healthcare provider is researching blood glucose levels before and after exercising. What two elements should be part of any experimental study such as this? Treatment procedures & experimental response Runners cover 26.2 miles in the Olympics marathon. What level of measurement is this? Ratio What level of measurement is the type of cars produced in Ford factory? Nominal What level of measurement is this the 10 best cities in the U.S. to retire in? Ordinal What level of measurement are women’s dress sizes (2,4,6, etc.)? Interval

A local school board is studying the impact of a proposed change in testing on math scores. Bias can be introduced into the study by both students and teachers. Which research technique would eliminate this type of bias? Double blind study A Company’s product development team test 3 new car waxes by waxing 5 cars with each wax and then running them through a car wash. They then record number of washes it takes before the wax begins to deteriorate. What is the term for the five cars? The experimental unit Module 2 An online retailer selling workout apparel has a large increase in sales during December and declares that their weekly newspaper ad resulted in higher sales. What misuse of statistics may the retailer have used in making this decision? Associate and causation An educator collects eighth grade math scores from a local school and used this data to recommend curriculum changes for grades 8 – 12. What misuse of statistics may the educator have used in making this recommendation? Not a representative sample An economist wishes to study the distribution of household income in a Midwestern city. He randomly selects a sample from 12 households. He notices two large incomes in his sample. Which measure best represents the middle of the incomes? Median A cable company offers its customers both cable television and internet. What statistical rule should be used to determine the probability that customers will have both cable television and internet? Multiplication A department store is considering a new credit policy to reduce defaults on payments. Its records show that 95% of defaults have at least 2 late payments. Also, 3% of all customers default and 30% of those customers who have not defaulted have a least 2 late payments. What statistical rule should be used to find the probability that a customer will default given that at least 2 payments were late? Bayes Theorem Based on quality checks at plastic bags manufacturer, the breaking strength of their bags has a mean of 50.5 and a standard deviation of 1.6. A customer’s test of the bags finds bag strength of 54.2 or less. Which statistical measure should be used to help determine the probability of the customer’s test occurring? z-score The mean of 100 bank customers’ waiting times for teller service is 5.8 minutes with a standard deviation of 1.5. What time range would represent a 95.4% probability customer waiting time?

2.8-8.8 (use the empirical rule) 5.8+1.5+1.5=8.8 5.8-1.5-1.5=2.8 you take mean and add or subtract the standard deviation to get the answer The revenue of NBA teams ranges from $226 million for the New York Knicks to $92 million for the Milwaukee Bucks. Which statistic would measure how far each team’s revenue is from the NBA revenue mean? Variance A local plumbing company is analyzing to see how the number weeks taken for their payment receipts is distributed. Which graphical analysis technique should they use? Histogram Given the following data set:60, 41, 30, 15, 34, 30 What is the Median? 32 Put set in order, look for middle, then add the two numbers and divide for average A loan officer compares the interest rates for 48 month fixed-rate loans and 48 month variablerate auto loans. Two independent, random samples of auto loans are selected. Which two results happen when the null hypothesis is rejected using a t-test? (Pick 2) The null hypothesis is rejected given a probability of being wrong & the test statistic is greater than the critical value An online marketing organization designed a social media that wants to earn at least $250,000 in revenue. The campaign will reach 10,000 viewers and receive orders with a mean of $50 and standard deviation $10. Which measure should be used to determine the probability of the campaign receiving at least $250,000? z-score What does it mean when an individual data point has a z-score of +1? The data point is one standard deviation greater than the mean of the data set A descriptive graph depicting whether there is a correlation or relationship between two variables, such as car mileage and resale price would be: scatterplot A food chain finds that there is a strong positive correlation between average daily sales for their pizza store and the number of daily visits to their website. What should be considered before the pizza chain can conclude that the daily sales are driving the number of visits to their website (or vice versa)? Is there a casual relationship between sales and site visits? We examine a population with normal distribution having mean of 1000 and standard deviation 50. What percentage of the population lies between 850 and 1150? 99.7% it will be a normal curve, so mean is 1000 so do 1000+50=1050 and 1000-50=950. So then subtract 50 for another deviation so between 900-1100, then you add in another 50 is 850-1150. Think about the curve and the empirical rule

We examine a population with normal distribution having mean 1000 and standard deviation 50. What percentage of the population lies between 900 and 1100? 95% use the bell curve again so add in 50 950-1050, then add another 50 is 900-1100 using the empirical rule again. How are z-scores from a population with normal distribution distributed? Normal distribution with mean 0 standard deviation 1 What z-score should be used to find the 99% confidence interval? 2.575 it’s from the z table A stock broker offers two portfolios for his clients. There are various risks with each portfolio and his is trying to minimize the risk of loss. Both portfolios have the same mean return. Which measure should the employee use to decide between these alternatives? Variance A comparison between the effectiveness of online vs. newspaper coupons was conducted over a 3 month period to see which method brought in greater average revenue per customer. Which statistic should the pizza manager recommend use to determine promotional method to use? T-test You are on soccer league with a total of 10 opposing teams, the pairings in the first round are at random. There are 4 out of state and 6 in-state opposing teams. What is the probability of playing against an in-state team? 60% 6/10 Which type of distribution would you expect to see if mean=mode=median? Normal distribution Two variables are plotted on a scatterplot and the points on the plot closely follow an upward, straight line. What is the likely correlation between the two variables? Close to 1.0 Which of the following statistics are robust to minimize the effect of a single large outlier? (More than one answer) Median, interquartile range, mode Module 3 A craftsman builds two kinds of birdhouses. One for bluebirds and one for cardinals. He knows the amount of labor and the units of lumber that are needed for each birdhouse. The craftsman has available 60 hours of labor and 120 units of lumber. Which technique should the craftsman use to minimize cost? Linear Programming

Ski Boards, Inc. wants to enter the market quickly with a new finish on its ski boards. It has three choices: refurbish the old equipment, make major modifications or purchase new equipment. The company has estimated the fixed and variable cost for each option. Which technique should they use to select the least costly option? Cross Over Which analysis technique can be used with hypothesis testing when nominal or categorical data is gathered? Chi-square United Motors indicates that gas mileage tests of one of their cars, the Starbird 300, under city driving conditions has a mean of 30 mph and a median of 29.9 mph. Which type of distribution would this testing represent? Normal distribution North American Oil Company is attempting to develop a reasonably priced gasoline that will deliver improved gasoline mileage. As part of its development process, the company would like to compare the effects of three types of gasoline. Which analysis technique should the company use to compare the performances of each gasoline type? ANOVA Enterprise Industries produces Fresh, a brand of liquid laundry detergent. In order to study the relationship between price and demand for the large bottle of Fresh, the company develops the following relationship: Demand = 600 + 50X. What price is needed to produce a demand of 1000? 8 A large manufacturer wants to forecast demand for a piece of pollution-control equipment. A review of the past 12 months of sales indicates that sales are increasing. What time series pattern does the sales likely exhibit? Trend A car dealership wishes to forecast car sales based upon price discounts and television ads. What forecasting technique should the dealership use? Multiple regression analysis A city hospital wishes to evaluate the labor hours it needs based upon monthly occupied bed days and average length of patients’ stay. The estimated regression is: y = 2000 + 75X1 + 65X2 What scenario would be predicted if X1 = 500 and X2 = 1000? 104,500 A company uses time series analysis to develop its product forecast. The forecaster uses simple linear regression but notices that the past data trend is aligned with advertising expenditures. What issue might exist with this regression analysis? Autocorrelation

A business entrepreneur wishes to predict yearly revenue for potential Sub Restaurant sites. He performs a regression analysis based upon the area’s population and business rating. What statistic indicates the strength of the relationship of population and rating to revenue? R-Square A researcher is evaluating voter turnout based upon age and location of voting precincts. Which analysis technique should she use? Cluster Analysis An entrepreneur is thinking about starting an independent gasoline station and considering how large the station should be. The annual return will depend upon the size of station and a number of marketing factors related to the oil industry and demand for gasoline. What analysis technique should be used to evaluate station size given the uncertainty of oil industry and demand factors? Decision analysis After traveling down the Mississippi River, barges randomly arrive in New Orleans and are unloaded on a first-in, first-out basis. Any barges not unloaded on the day of arrival must wait until the following day incurring additional cost and negatively affecting customer service. The dock superintendent wants to use analytics to support a request for additional unloading crews. What analysis technique should he use? simulation A Boston Hallmark store is preparing a budget for the next year and needs to forecast sales. The store notices variation in sales around holidays. What pattern describes the data to be forecasted? Seasonality Module 3 Jeopardy Three teachers have a bet as to whether any of the teacher’s students scored higher than the other two classes. Which tool should they used? ANOVA. T-test, chi square, regression ANOVA Which tool? Minimize production costs of two products sharing an assembly line while meeting marketing targets. Decision analysis, linear programming, forecasting, ANOVA Linear programming Linear regression can help us discover which? Causation, correlation, variation, probability Correlation Which tool? Do ice cream sales go up when the temperature is higher? Linear programming, linear regression, crossover analysis, cluster analysis Linear regression Cluster analysis helps a marketing department do which? Group customers, forecast sales, choose new product, schedule production. Group customers

Which distribution has a media and mean that are nearly equal? Multimodal, pareto, normal, binary Normal Which tool? Launching a new product, a CEO wants to know how much money they will spend before gross income is positive. Linear programming, forecasting, breakeven analysis, decision analysis Breakeven analysis Which tool? A manager wants to analyze a new type of factory setup without building the factory. Logistic regression, chi square, trend, simulation Simulation The temperature in our sample remains within a consistent range between high and low. Heteroscedasticity, homoscedasticity, autocorrelations, collinearity Homoscedasticity (uniform scattering) If store sales are $100,000 per month with a standard deviation of $10,000 what is the probability that sales will be less than $70,000. 0.5%, 2.5%, 17%, 33% .5% Which tool? Customer wants to choose one of the three vendors based upon their forecasted demand for next year. Cluster analysis, decision analysis, crossover analysis, ANOVA Crossover analysis Which tool? Housing prices are forecast by size of the home and lot and numbers of bedrooms and bathrooms which are related to each other. Multiple regression, time series, chi-square, breakeven Multiple regression The manager is concerned the sales forecast is too high because the economy is slowing down. Cyclicality, trend, random variation, seasonality Cyclicality -the business cycle Which describes the level of variation in a set of data? Z-score, median, mode, standard deviation Standard deviation Which reveals the probability of being wrong if we reject the null hypothesis? F-test, r-squared, pvalue, t-test p-value Chi-square helps understand which questions? Next quarters sales, police interaction deaths, production mix, quality control Police interaction deaths Which describes the fact that today’s weather is related to yesterday’s weather? Heteroscedasticity, homoscedasticity, autocorrelation, collinearity

Autocorrelation Z=-1 what is the probability sales will be at or below this level? .05, .025, .17, .5 .17 At a confidence level of 95%, which p value would cause us to reject the null hypothesis? 1.0, 0.5, . 01, .01 .01 Which part of a linear regression is the independent variable? Y, X, F, P-Value The X Variable Housing prices are forecast by size of the home and lot and number of bedrooms and bathrooms. Which are related to each other. Heteroscedasticity, homoscedasticity, autocorrelation, collinearity Collinearity variables are related and lines are collinear Which of these uses the normal distribution to watch for unusual occurrences? Forecasting, quality control, segmentation, decision analysis Quality control-looking for things that happen at least 3SD from the norm F-Critical=3. For which calculate F should we not reject the null hypothesis? 50, 10, 4, 2 2 Demand=400+ 50X, where X is the price. If the company wants to sell 1000 units, what should the price be? 5, 8, 12, 20 12-linear regression equation 1000=400+50(12) If the upper tail of bell curve only happens 2.5% of the time, which value of Z would we used? 1.00, -1.65, 1.96, -2.13 Middle strike is 95% so about 2 SD of mean so closer to 2 is 1.96 Which value of R would tell us that our model is complete enough to be accurate? .4, .2, 0, -.8 Closer to 1 or -1 the strong the relationship so -.8 Startup costs=$5000, Per unit Costs=$1, Revenues per unit=$2. What is the breakeven volume, 1000, 5000, 10,000, 50,000 5,000 Which of these is a possible value of r-squared? 2.0, 1.5, .07, -0.4 .7 r-squared can only be from 0-1 Mechanic averages 10 oil changes a day with a standard deviation of 5. How probable is it to have more than 15 oil changes in a day? .17, .05, .025, .01 One SD above the mean, .17 Regression equations: Y=20+100x1. If the independent variable equals 5, what is the forecast? 500, 520, 120, 100

520=20+100*5 Module 4 What result do business quality teams expect when using quality tools? Minimize errors through collection and analysis of data A local restaurant is attempting to reduce the time from taking a customer’s order to delivery of the order. Which quality tool should the restaurant use to study their order process? Flow chart Which type of quality activity would assess capabilities and recommend process design changes as preventive action? Quality assurance activity Which of the Seven Basic Quality Tools is used to exhibit the relationship between two variables? Scatter diagram Which quality tool is an organized method for collecting data? Check sheet After collecting data and performing statistical analysis in a company’s assembly department, a quality team recommends processing changes to reduce defects. The team proposes a pilot program to evaluate the effectiveness of their recommendations. Which step of the Plan-DoCheck-Act model does the pilot program represent? Do Which two statements describe how a process approach and a commitment to continuous improvement enhance quality? Efficiently achieving results & creates the best possible product Which statement is not true of the Seven Basic Tools of Quality? The tools are based on statistics A maker of computer chips develops a new training program to assure that quality standards are met. Which of the following activities is the training program an example of? Quality assurance activity A recent poll of 519 adults who flew in the past year found they ranked the following as their number 1 complaint: cramped seats (45), cost (16), fear of flying (57), security measures (119), poor service (12), connecting flight problems (8), overcrowded planes (42), late planes (57), food (7), and other (51). Which technique would be used display a ranking of the complaints? Pareto Chart

Module 5

A Charity is evaluating the effectiveness of its annual walk promotional campaign, in increasing walk participants and donations.What is the appropriate tool for evaluating performance? Results-based management An online Active Wear retailer wants to use their last year’s sales to evaluate consumer trends before ordering merchandise for fall season. What process should they use to discover consumer purchasing patterns? Data mining City Line Transport wants to look at its fuel costs for 2013, 2014 and 2015 against the start-up base period of 2012. What analytic method should the company use? Simple index An International Health Organization is concerned about the spread of the Zika virus in South America as mosquito season approaches. It proposes measuring the growth of new cases for the total population over the next six months. What type of analytics would this represent? Cumulative incidence Which measurement may be used by potential home buyers to evaluate the price of homes on the market? Price per square foot At WGU, students take objective assessments to evaluate a student’s knowledge of predetermined course competencies in relation to a cut score. What...