BUSINESS STATISTICS FOR
CONTEMPORARY DECISION MAKING
CERTIFICATION EVALUATION VERIFIED
QUESTIONS WITH COMPLETE SOLUTIONS
●● What are two reasons for the increasing use of analytics in
organizational decision making?
Answer: Relatively lower cost of computer storage
Higher computer processing power
●● In what way does probability theory inform decision-making for
managers?
Answer: quantifying risk
●● Which type of data are the Olympic medals of gold, silver and
bronze examples of?
Answer: Ordinal data
●● What are some aspects of data quality management?
Choose 2 answers
Answer: it cleans data
it reduces the amount of incomplete data
,●● which two attributes indicate potential data quality issues when
evaluating a set of nominal data?
Answer: missing data
misspelled data
●● When conducting a study that measures an individuals weight, all
scales are calibrated prior to use in measurement. Which type of error
should this procedure significantly reduce?
Answer: Systematic Error
●● An advertising manager creates a research study by presenting low,
medium, or high frequency of the same ad in matched markets. The
manager then reports on sales in each market location.
What is the term for the different sales in this study?
Answer: The response variable
●● A healthcare study follows a particular sample over time to identify
how the health habits of teenagers impact their likelihood of acquiring
various diseases later in their life in the hope that the healthcare
organization will be able to create early prevention programs.
Which type of research design does this study describe
Answer: cohort study
, ●● Several missing values in a particular field in a dataset were
observed. The likelihood of a record having a missing value is correlated
to another variable in the dataset.
Which two types of error might be introduced into the dataset if the
removed record included missing values?
Choose 2 answers.
Answer: Omission error
typographical error
●● A company is trying to increase its online sales revenue by
improving its e-mail campaign for repeat customers as well as new
customers.
Which two variables would be used in determining a campaign to
maximize revenue gain?
Choose 2 answers
Answer: spending per purchase
number of purchases per email
●● A company that raises turkeys is hoping to increase the rate of
growth of the birds while controlling the cost of feeding the birds. It has
been determined that feeds containing both nutrients and protein can be
used.
What decision making technique is most appropriate for this company to
minimize the cost of feeding the birds.
Answer: Linear programming
CONTEMPORARY DECISION MAKING
CERTIFICATION EVALUATION VERIFIED
QUESTIONS WITH COMPLETE SOLUTIONS
●● What are two reasons for the increasing use of analytics in
organizational decision making?
Answer: Relatively lower cost of computer storage
Higher computer processing power
●● In what way does probability theory inform decision-making for
managers?
Answer: quantifying risk
●● Which type of data are the Olympic medals of gold, silver and
bronze examples of?
Answer: Ordinal data
●● What are some aspects of data quality management?
Choose 2 answers
Answer: it cleans data
it reduces the amount of incomplete data
,●● which two attributes indicate potential data quality issues when
evaluating a set of nominal data?
Answer: missing data
misspelled data
●● When conducting a study that measures an individuals weight, all
scales are calibrated prior to use in measurement. Which type of error
should this procedure significantly reduce?
Answer: Systematic Error
●● An advertising manager creates a research study by presenting low,
medium, or high frequency of the same ad in matched markets. The
manager then reports on sales in each market location.
What is the term for the different sales in this study?
Answer: The response variable
●● A healthcare study follows a particular sample over time to identify
how the health habits of teenagers impact their likelihood of acquiring
various diseases later in their life in the hope that the healthcare
organization will be able to create early prevention programs.
Which type of research design does this study describe
Answer: cohort study
, ●● Several missing values in a particular field in a dataset were
observed. The likelihood of a record having a missing value is correlated
to another variable in the dataset.
Which two types of error might be introduced into the dataset if the
removed record included missing values?
Choose 2 answers.
Answer: Omission error
typographical error
●● A company is trying to increase its online sales revenue by
improving its e-mail campaign for repeat customers as well as new
customers.
Which two variables would be used in determining a campaign to
maximize revenue gain?
Choose 2 answers
Answer: spending per purchase
number of purchases per email
●● A company that raises turkeys is hoping to increase the rate of
growth of the birds while controlling the cost of feeding the birds. It has
been determined that feeds containing both nutrients and protein can be
used.
What decision making technique is most appropriate for this company to
minimize the cost of feeding the birds.
Answer: Linear programming
