Business Analytics Exam queries
and answers graded A+
Descriptive Analytics - ANS✅✅uses data to understand past and present
Predictive Analytics - ANS✅✅analyzes past performance to forecast future outcomes
Prescriptive Analytics - ANS✅✅uses optimization techniques to design processes
Estimation - ANS✅✅calculating the expected value (number, size, value) of something
Hypothesis testing - ANS✅✅Examining the accuracy of a claim about the population
Parameter - ANS✅✅a numerical measure that describes a characteristic of a population
variable - ANS✅✅characteristic of an item or individual
data - ANS✅✅the different values associated with the variable
operational definitions - ANS✅✅universally accepted meanings that are clear to all associated
with an analysis
Discrete variables - ANS✅✅assume only a finite set of values ex: outcome of a coin flip, number of
employees late to work on a given day (cant have partial employees)
Continuous variables - ANS✅✅assume any of an infinite set of values ex: how much snow will fall
in Madison, WI tonight
Histogram - ANS✅✅data's observed range and frequency
, Bin sizes - ANS✅✅should be of equal size, all the data should be included, outliers can be lumped
into last bins, size should be small enough to convey patterns in data BUT large enough to avoid
reflecting any noise
Probability mass - ANS✅✅discrete, helps describe data's range and probability, histogram graph
probability density - ANS✅✅continuous, helps describe data's range and probability, the curved
graph
have area equal to 1
Normal Distribution - ANS✅✅bell shaped, symmetrical
mean median and mode are all equal
spread is determined by the standard deviation
The range of the distribution is (theoretically) infinite
A large number of small contributions to the variation in observations yields an approximately
normal distribution
why sample? - ANS✅✅-less time consuming and less costly
-more practical and more accurate than trying to counter measure variables for entire population
-can be more insightful when it allows depth of coverage and key perspectives
sampling frame - ANS✅✅-listing items that are in population
-using different frames to generate data can lead to dissimilar solutions
sampling distributions - ANS✅✅distribution of all of the possible values of a sample statistic
Hypothesis testing - ANS✅✅analyzing difference between the observed results and what you
would expect if null was true
Testing a hypothesis - ANS✅✅-state the null (H0) and the alternative (H1)
-choose the level of significance (a) and the sample size (n)
and answers graded A+
Descriptive Analytics - ANS✅✅uses data to understand past and present
Predictive Analytics - ANS✅✅analyzes past performance to forecast future outcomes
Prescriptive Analytics - ANS✅✅uses optimization techniques to design processes
Estimation - ANS✅✅calculating the expected value (number, size, value) of something
Hypothesis testing - ANS✅✅Examining the accuracy of a claim about the population
Parameter - ANS✅✅a numerical measure that describes a characteristic of a population
variable - ANS✅✅characteristic of an item or individual
data - ANS✅✅the different values associated with the variable
operational definitions - ANS✅✅universally accepted meanings that are clear to all associated
with an analysis
Discrete variables - ANS✅✅assume only a finite set of values ex: outcome of a coin flip, number of
employees late to work on a given day (cant have partial employees)
Continuous variables - ANS✅✅assume any of an infinite set of values ex: how much snow will fall
in Madison, WI tonight
Histogram - ANS✅✅data's observed range and frequency
, Bin sizes - ANS✅✅should be of equal size, all the data should be included, outliers can be lumped
into last bins, size should be small enough to convey patterns in data BUT large enough to avoid
reflecting any noise
Probability mass - ANS✅✅discrete, helps describe data's range and probability, histogram graph
probability density - ANS✅✅continuous, helps describe data's range and probability, the curved
graph
have area equal to 1
Normal Distribution - ANS✅✅bell shaped, symmetrical
mean median and mode are all equal
spread is determined by the standard deviation
The range of the distribution is (theoretically) infinite
A large number of small contributions to the variation in observations yields an approximately
normal distribution
why sample? - ANS✅✅-less time consuming and less costly
-more practical and more accurate than trying to counter measure variables for entire population
-can be more insightful when it allows depth of coverage and key perspectives
sampling frame - ANS✅✅-listing items that are in population
-using different frames to generate data can lead to dissimilar solutions
sampling distributions - ANS✅✅distribution of all of the possible values of a sample statistic
Hypothesis testing - ANS✅✅analyzing difference between the observed results and what you
would expect if null was true
Testing a hypothesis - ANS✅✅-state the null (H0) and the alternative (H1)
-choose the level of significance (a) and the sample size (n)
