Test Bank For Basic Business Statistics, 15th Edition by Mark L. Berenson David M. Levine David F. Stephan

Test Bank For Basic Business Statistics, 15th Edition by Mark L. Berenson David M. Levine David F. Stephan-1) The process of using data collected from a small group to reach conclusions about a large group is called A) DCOVA framework. B) descriptive statistics. C) statistical inference. D) operational definition. 2) Those methods involving the collection, presentation, and characterization of a set of data in order to properly describe the various features of that set of data are called A) DCOVA framework. B) statistical inference. C) descriptive statistics. D) operational definition. 3) The collection and summarization of the socioeconomic and physical characteristics of the employees of a particular firm is an example of A) inferential statistics. B) DCOVA framework. C) operational definition. D) descriptive statistics. 4) The estimation of the population average family expenditure on food based on the sample average expenditure of 1,000 families is an example of A) inferential statistics. B) DCOVA framework. C) operational definition. D) descriptive statistics. 5) Which of the following is not an element of descriptive statistical problems? A) Tables, graphs, or numerical summary tools. B) An inference made about the population based on the sample. C) Identification of patterns in the data. D) The population or sample of interest. 6) True or False: Problems may arise when statistically unsophisticated users who do not understand the assumptions behind the statistical procedures or their limitations are misled by results obtained from computer software. A) True B) False 7) True or False: Managers need an understanding of statistics to be able to present and describe information accurately, draw conclusions about large populations based on small samples, improve processes, and make reliable forecasts. A) True B) False 2 Objective: Objective: Objective: Objective: Objective: 8) True or False: A professor computed the sample average exam score of 20 students and used it to estimate the average exam score of the 1,500 students taking the exam. This is an example of inferential statistics. A) True B) False 9) True or False: Using the number ofregistered voters who turned out to vote for the primary in Iowa to predict the number ofregistered voters who will turn out to vote in Vermont's primary is an example of descriptive statistics. A) True B) False 10) True or False: Compiling the number of registered voters who turned out to vote for the primary in Iowa is an example of descriptive statistics. A) True B) False SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 11) The Human Resources Director of a large corporation wishes to develop an employee benefits package and decides to select 500 employees from a list of all (N = 40,000) workers in order to study their preferences for the various components of a potential package. In this study, methods involving the collection, presentation, and characterization of the data are called _ _. 12) The Human Resources Director of a large corporation wishes to develop an employee benefits package and decides to select 500 employees from a list of all (N = 40,000) workers in order to study their preferences for the various components of a potential package. In this study, methods that result in decisions concerning population characteristics based only on the sample results are called _ . 13) The oranges grown in corporate farms in an agricultural state were damaged by some unknown fungi a few years ago. Suppose the manager of a large farm wanted to study the impact of the fungi on the orange crops on a daily basis over a 6-week period. On each day a random sample of orange trees was selected from within a random sample of acres. The daily average number of damaged oranges per tree and the proportion of trees having damaged oranges were calculated. In this study, drawing conclusions on any one day about the true population characteristics based on information obtained from the sample is called . 14) The oranges grown in corporate farms in an agricultural state were damaged by some unknown fungi a few years ago. Suppose the manager of a large farm wanted to study the impact of the fungi on the orange crops on a daily basis over a 6-week period. On each day a random sample of orange trees was selected from within a random sample of acres. The daily average number of damaged oranges per tree and the proportion of trees having damaged oranges were calculated. In this study, the presentation and characterization of the two main measures calculated each day (i.e., average number of damaged oranges per tree and proportion of trees having damaged oranges) is called _ . Objective: Objective: 3 Objective: Objective: Objective: Objective: Objective: Objective: Objective: 15) The Commissioner of Health in New York State wanted to study malpractice litigation in New York. A sample of 31 thousand medical records was drawn from a population of 2.7 million patients who were discharged during 2010. Using the information obtained from the sample to predict population characteristics with respect to malpractice litigation is an example of . 16) The Commissioner of Health in New York State wanted to study malpractice litigation in New York. A sample of 31 thousand medical records was drawn from a population of 2.7 million patients who were discharged during 2010. The collection, presentation, and characterization of the data from patient medical records are examples of . MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 17) True or False: Business analytics combine "traditional" statistical methods with methods and techniques from management science and information systems to form an interdisciplinary tool that supports fact-based management decision making. A) True B) False 18) Which of the following is not true about business analytics? A) It enables you to use statistical methods to analyze and explore data to uncover unforeseen relationships. B) It enables you to use information systems methods to collect and process data sets of all sizes. C) It enables you to use management science methods to develop optimization models that impact an organization's strategy, planning, and operations. D) It enables you to use complex mathematics to replace the need for organizational decision making and problem solving. 19) True or False: In the current data-driven environment of business, the decisions you make will be increasingly based on gut or intuition supported by personal experience. A) True B) False 20) Which of the following is not an attribute of big data? A) Variety B) Volume C) Velocity D) Varieg