BANA 2372 - FINAL EXAM - CHAPTERS 1-9 -
QUESTIONS AND CORRECT ANSWERS, Final Exam
Part 3 2024-2025 UPDATE
____ analytics is the set of analytical techniques that yield a course of action.
- Correct answer- Prescriptive
_____ analytics consists of analytical techniques that use models constructed from
past data to predict the future or to assess the impact of one variable on another.
- Correct answer- predictive
_____ analytics encompasses the set of analytical techniques that describe what
has happened in the past.
- Correct answer- descriptive
_____ can be used to determine the percentage of data values that must be within
one, two, and three standard deviations of the mean for data having a bell-shaped
distribution.
- Correct answer- The empirical rule
_____ can be used to make statements about the proportion of data values that
must be within a specified number of standard deviations of the mean, regardless
of the shape of the distribution.
- Correct answer- Chebyshev's theorem
_____ is the process of using procedures from statistics and computer science to
extract useful information from extremely large databases.
- Correct answer- data mining
,A __________ can be used to graphically present quantitative data.
- Correct answer- histogram and a stem-and-leaf display
A __________ is a graphical representation in which the sample space is
represented by a rectangle and events are represented as circles.
- Correct answer- Venn diagram
A (discrete) sample space, denoted S, is a list of all possible outcomes Oi of an
experiment. It is denoted as
- Correct answer- S = {𝑶𝟏, 𝑶𝟐, ... , 𝑶𝒌}
A board of directors consists of eight men and four women. A four-member search
committee is to be chosen at random to recommend a new company president.
What is the probability that all four members of the search committee will be
women?
- Correct answer- 1/495 or 0.002
A box plot is a graphical representation of data that is based on _____.
- Correct answer- a five-number summary
A characteristic of interest for the elements is called a(n) _____.
- Correct answer- variable
A committee of four is to be selected from a group of 12 people. How many
possible committees can be selected?
- Correct answer- 495
,A common graphical presentation of quantitative data is a _____.
- Correct answer- histogram
A company created a side-by-side bar graph to display their projected financing for
the next three years. The display is shown below. Which of the following
statements is correct?
- Correct answer- The company projects to increase income, while decreasing
loans and expenses.
A company plans to interview 10 recent graduates for possible employment. The
company has three positions open. How many groups of three can the company
select?
- Correct answer- 120
A company studied the number of lost-time accidents occurring at its Brownsville,
Texas, plant. Historical records show that 8% of the employees suffered lost-time
accidents last year. Management believes that a special safety program will reduce
such accidents to 7% during the current year. In addition, it estimates that 15% of
employees who had lost-time accidents last year will experience a lost-time
accident during the current year.
a. What percentage of the employee will experience a lost-time accident in both
years?
b. What percentage of the employee will experience a lost-time accident over the
two-year period (to 1 decimal)?
- Correct answer- 01.2% Explanation (0.08*0.15) = 0.012 ~ 1.2%
13.8% Explanation 0.08 + 0.07 - 0.012 = 0.138 or 13.8%
A conditional probability is computed as
, - Correct answer- 𝑃 (𝐴|𝐵) =𝑃(𝐴 ∩ 𝐵)/𝑃(𝐵)
A consulting firm submitted a bid for a large research project. The firm's
management initially felt they had a 50-50 chance of getting the project. However,
the agency to which the bid was submitted subsequently requested additional
information on the bid. Past experience indicates that for 72% of the successful
bids and 44% of the unsuccessful bids the agency requested additional information.
a. What is the prior probability of the bid being successful (that is, prior to the
request for additional information) (to 1 decimal)?
b. What is the conditional probability of a request for additional information given
that the bid will ultimately be successful (to 2 decimals)?
c. Compute the posterior probability that the bid will be successful given a request
for additional information (to 2 decimals).
- Correct answer-
0.5
0.72
0.62
A counseling agency has the following data on the gender and marital status of 200
clients:
a. If the client was a male, what is the probability that he is single?
b. Calculate the probability that a client is female. Calculate the probability that the
client is female given that she is married. Are the two events (being a female and
being married) dependent or independent? Explain.
- Correct answer- .17
The events are dependent because the calculated probabilities differ.
A couple has three children. Assuming each child has an equal chance of being a
boy or a girl, what is the probability that they have at least one girl?
QUESTIONS AND CORRECT ANSWERS, Final Exam
Part 3 2024-2025 UPDATE
____ analytics is the set of analytical techniques that yield a course of action.
- Correct answer- Prescriptive
_____ analytics consists of analytical techniques that use models constructed from
past data to predict the future or to assess the impact of one variable on another.
- Correct answer- predictive
_____ analytics encompasses the set of analytical techniques that describe what
has happened in the past.
- Correct answer- descriptive
_____ can be used to determine the percentage of data values that must be within
one, two, and three standard deviations of the mean for data having a bell-shaped
distribution.
- Correct answer- The empirical rule
_____ can be used to make statements about the proportion of data values that
must be within a specified number of standard deviations of the mean, regardless
of the shape of the distribution.
- Correct answer- Chebyshev's theorem
_____ is the process of using procedures from statistics and computer science to
extract useful information from extremely large databases.
- Correct answer- data mining
,A __________ can be used to graphically present quantitative data.
- Correct answer- histogram and a stem-and-leaf display
A __________ is a graphical representation in which the sample space is
represented by a rectangle and events are represented as circles.
- Correct answer- Venn diagram
A (discrete) sample space, denoted S, is a list of all possible outcomes Oi of an
experiment. It is denoted as
- Correct answer- S = {𝑶𝟏, 𝑶𝟐, ... , 𝑶𝒌}
A board of directors consists of eight men and four women. A four-member search
committee is to be chosen at random to recommend a new company president.
What is the probability that all four members of the search committee will be
women?
- Correct answer- 1/495 or 0.002
A box plot is a graphical representation of data that is based on _____.
- Correct answer- a five-number summary
A characteristic of interest for the elements is called a(n) _____.
- Correct answer- variable
A committee of four is to be selected from a group of 12 people. How many
possible committees can be selected?
- Correct answer- 495
,A common graphical presentation of quantitative data is a _____.
- Correct answer- histogram
A company created a side-by-side bar graph to display their projected financing for
the next three years. The display is shown below. Which of the following
statements is correct?
- Correct answer- The company projects to increase income, while decreasing
loans and expenses.
A company plans to interview 10 recent graduates for possible employment. The
company has three positions open. How many groups of three can the company
select?
- Correct answer- 120
A company studied the number of lost-time accidents occurring at its Brownsville,
Texas, plant. Historical records show that 8% of the employees suffered lost-time
accidents last year. Management believes that a special safety program will reduce
such accidents to 7% during the current year. In addition, it estimates that 15% of
employees who had lost-time accidents last year will experience a lost-time
accident during the current year.
a. What percentage of the employee will experience a lost-time accident in both
years?
b. What percentage of the employee will experience a lost-time accident over the
two-year period (to 1 decimal)?
- Correct answer- 01.2% Explanation (0.08*0.15) = 0.012 ~ 1.2%
13.8% Explanation 0.08 + 0.07 - 0.012 = 0.138 or 13.8%
A conditional probability is computed as
, - Correct answer- 𝑃 (𝐴|𝐵) =𝑃(𝐴 ∩ 𝐵)/𝑃(𝐵)
A consulting firm submitted a bid for a large research project. The firm's
management initially felt they had a 50-50 chance of getting the project. However,
the agency to which the bid was submitted subsequently requested additional
information on the bid. Past experience indicates that for 72% of the successful
bids and 44% of the unsuccessful bids the agency requested additional information.
a. What is the prior probability of the bid being successful (that is, prior to the
request for additional information) (to 1 decimal)?
b. What is the conditional probability of a request for additional information given
that the bid will ultimately be successful (to 2 decimals)?
c. Compute the posterior probability that the bid will be successful given a request
for additional information (to 2 decimals).
- Correct answer-
0.5
0.72
0.62
A counseling agency has the following data on the gender and marital status of 200
clients:
a. If the client was a male, what is the probability that he is single?
b. Calculate the probability that a client is female. Calculate the probability that the
client is female given that she is married. Are the two events (being a female and
being married) dependent or independent? Explain.
- Correct answer- .17
The events are dependent because the calculated probabilities differ.
A couple has three children. Assuming each child has an equal chance of being a
boy or a girl, what is the probability that they have at least one girl?
