QUESTIONS WITH SOLUTION GRADED A+
✔✔Interquartile range - ✔✔The difference, in value, between the bottom and top 25
percent of the sample or population
✔✔Interval Data - ✔✔Data that is ordered within a range and with each data point being
an equal interval apart
✔✔Irregularity - ✔✔One-time deviations from expectations caused by unforeseen
circumstances such as war, natural disasters, poor weather, labor strikes, single-
occurrence company- specific surprises or macroeconomic shocks
✔✔Item Response Theory (IRT) - ✔✔model of designing, analyzing and scoring tests
✔✔Key Performance Indicator (KPI) - ✔✔A performance measurement that
organizations use to quantify their level of success.
✔✔Laspeyres Index - ✔✔a comparison of the same quantity of goods with the same
weight over a period of time
✔✔Line graph - ✔✔A graph that illustrates relationships between two changing
variables with a line or curve that connects a series of successive data points
✔✔Lower limit control - ✔✔The minimum value on a control chart that a process should
not exceed
✔✔Mean - ✔✔An average, calculated by adding a series of elements in a data set
together and dividing by the total number in the series
✔✔Measurement Bias - ✔✔A prejudice in the data that results when the sample is not
representative of the population being tested
✔✔Median - ✔✔The value or quantity lying at the midpoint of a frequency distribution
✔✔Multicollinearity - ✔✔A multiple regression equation is flawed because two variables
thought to be independent are actually correlated to be independent
✔✔Multiple Linear Regression - ✔✔A statistical method used to model the relationship
between one dependent (or response) variable and two or more independent (or
explanatory) variables by fitting a linear equation to observed data
✔✔Multiplication Principle - ✔✔When the probabilities of multiple events are multiplied
together to determine the likelihood of all of those events occurring
, ✔✔Mutually exclusive events - ✔✔When two or more events are not able to occur at the
same time
✔✔Net Promoter Score - ✔✔A management tool designed to collect data indicating the
relative loyalty of customers and their willingness to recommend a company's products
or services.
✔✔Nominal Data - ✔✔Sometimes called categorical data or qualitative data, this data
type is used to label subjects or data by name
✔✔Non parametric test - ✔✔A test that does not assume there to be a structure (may
be a normal distribution) to the population.
✔✔Norm-referenced test - ✔✔compare an individual to other individuals
✔✔Normal distribution - ✔✔data tending to occur around a central value with no bias
right or left
✔✔Null hypothesis - ✔✔The argument that there is no difference between two samples
or that a sample has not changed over time
✔✔Omission Error - ✔✔An error because something (for example, data or survey
response) is missing.
✔✔Operating Income - ✔✔Earnings before Interest and Taxes.
✔✔Ordinal Data - ✔✔Data that places data objects into an order according to some
quality with higher order indicating more of that quality
✔✔Outcome (RBM stage) - ✔✔the short-term effect that the outputs will have (greater
efficiency, more viability, better decision making, social action, or changed public
opinion)
✔✔Outlier - ✔✔An observation point that is significantly distant from the other
observations in the dataset
✔✔Output (RBM stage) - ✔✔third step when the outputs have been created by the
RBM activities (goods and services, publications, systems, evaluations, skills changes)
✔✔Paasche Index - ✔✔calculates the difference over time between the weighted totals
of the qualities purchased at each time