Business Analytics Exam Questions with Verified Answers Latest Update 2024 (Already Passed)
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Business Analytics
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Business Analytics
Business Analytics Exam Questions with Verified Answers Latest Update 2024 (Already Passed)
Histogram - Answers A histogram's x-axis represents bins corresponding to ranges of data; its y-axis indicates the frequency of observations falling into each bin.
Outlier - Answers A value that falls far ...
Business Analytics Exam Questions with Verified Answers Latest Update 2024 (Already Passed)
Histogram - Answers A histogram's x-axis represents bins corresponding to ranges of data; its y-axis
indicates the frequency of observations falling into each bin.
Outlier - Answers A value that falls far from the rest of the data
Skewness - Answers Measures the degree of a graph's asymmetry.
Mean - Answers Equal to sum of all data points in the set divided by the number of data points
Median - Answers middle value of the data set. 50th percentile of the data set.
Mode - Answers Value that occurs most frequently in the data set. A data set may have multiple of these
Conditional Mean - Answers The mean of a subset of the data. We apply a condition and calculate the
mean for values that meet that condition.
Percentile - Answers another value of interest
Standard Deviation - Answers Equal to the square root of the variance. Te same units as the data itself
Variance - Answers Measures the size of the standard deviation relative to the size of the mean
Scatter Plot - Answers Reveals the relationships between two variables, or data sets.
Correlation Coefficient - Answers We can quantify the strength of a linear relationship between two
variables by calculating the ....
Time Series - Answers When one of the variables is time, the relationship is known as a....
Cross sectional data - Answers Provides a snapshot of data across multiple groups at a given point in
time
Calculate the Mean on Excel - Answers =AVERAGE(B2:B193) and =SUM(B2:B193)/192 (Numbers are
random)
Standard Deviation Calculation on Excel - Answers =STDEV.S(number 1, [number 2], ...)
By removing outliers from the data set, the standard deviation.... - Answers The standard deviation
decrease. The standard deviation gives more weight to observations that are further from the mean.
Therefore, removing the outliers would decrease the standard deviation.
If outliers exist in a data set, one should... - Answers Research the data points and then make a decision
based on the findings. National Musuem of America Question Example Quiz 1: Q6: The consultant
should delete or change data points only if careful examination of the data and the data sources
indicates that the data points are incorrect or irrelevant to the research at hand. The consultant must
use his or her experience and knowledge of the research question to make decisions on a case-by-case
, basis. Doing business analytics effectively requires judgment. In this case, the National Museum of
American History underwent renovations which reduced significantly the number of visits to the
museum in 2007 and 2008. The data points for 2007 and 2008 are correct and should not be changed.
However, the fact that the museum was closed during most of that two year period should be
considered when drawing conclusions from this data set.
Conditional Mean Excel - Answers =AVERAGEIF(range, criteria, [average_range])
Which of the following formulas would calculate the statistic that is MOST APPROPRIATE for comparing
the variability of two data sets with different distributions? - Answers Standard Deviation/Mean.
Explanation: This is the formula for the coefficient of variation, the best statistic to compute to compare
the variability of two data sets with different distributions. Dividing by the mean provides a measure of
the distribution's variation relative to the mean.
Coefficient Formula Excel - Answers Standard Deviation/ Mean
Percentile Formula Excel - Answers =PERCENTILE.INC(array, k)
skewed right - Answers When the distribution of data is skewed to the right, the mean is most likely
greater than the median. The extreme values in the right tail pull the mean towards them.
Skewed Left - Answers When the distribution of data is skewed to the left, the mean is most likely less
than the median. The extreme values in the left tail pull the mean towards them.
Data Symmetric - Answers When the distribution of data is symmetric, the mean and median are equal.
Bimodal - Answers When the distribution of data is bimodal, the mean may be less than, equal to, or
greater than the median.
What happens to the sample mean and standard deviation as you take new samples of equal size? -
Answers The sample mean and standard deviation vary but remain fairly close to the population mean
and standard deviation. EXPLANATION :Since each sample is randomly selected, the mean and standard
deviation vary from one sample to the next. However, since the sample size is fairly large, each sample's
mean and standard deviation are fairly close to the population mean and standard deviation. We'll learn
more about how to select a good sample later.
How do you make sound inferences ? - Answers Make sure the sample is representative of the
population by choosing members randomly to ensure that each member of the population is equally
likely to be included in the sample.
How to avoid bias results? - Answers - phrasing questions neutrally;
- ensuring that the sampling method is appropriate for the demographic of the target population; and
pursuing high response rates.
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