Business Study guides, Class notes & Summaries

1 Copyright © 2017 Pearson Education, Inc. Business Essentials, 11e (Ebert/Griffin) Chapter 5 Managing the Business 1) Which business constituents analyze their competitive environments and plan, organize, direct, and control the operations of their organizations? A) Stockholders B) Managers C) Regulators D) Agents E) Customers AACSB: Application of knowledge Objective: 5.1: Describe the nature of management and identify the four basic functions that constitute the management process. 2) Which...

1. Many organizations must determine how to schedule employees to provide adequate service. If we assume that an organization faces the same situation each week, this is referred to as a. static scheduling problem b. dynamic scheduling problem c. transportation scheduling problem d. All of these options A meat market manager for a large grocery store is preparing a processing plan to stock the shelves with sausage, ground meat, and jerky, which he can prepare from beef, pork and venison. Sausag...

1. An observational study: a. analyzes data already available b. makes it possible to rule out factors over which the researcher has no control for the observed effects c. examines individuals that have been selected by the researchers d. allows researchers to control for all extraneous factors 2. Priti is wondering whether time of day impacts worker productivity. She randomly chooses 25 workers from each of the three shifts her company runs. The design of this study is a. even b. balanced c. u...

1. The standard error of sample mean is large when the observations in the population are spread out (large ), but that the standard error can be reduced by taking a smaller sample. a. True b. False 2. A sample in which the sampling units are chosen from the population by means of a random mechanism is a a. probability sample b. judgmental sample c. stratified sample d. systematic sample 3. A judgmental sample is a sample in which the a. sampling units are chosen using a random number table b....

1. To examine relationships between two categorical variables, we can use a. counts and corresponding charts of the counts b. scatterplots c. histograms d. none of these options 2. Tables used to display counts of a categorical variable are called a. crosstabs b. contingency tables c. both of these options d. neither of these options 3. The Excel function that allows you to count using more than one criterion is a. COUNTIF b. COUNTIFS c. SUMPRODUCT d. VLOOKUP e. HLOOKUP 4. Example of comparis...

1. A sample of a population taken at one particular point in time is categorized as: a. categorical b. discrete c. cross-sectional d. time-series c 2. Excel stores dates as a. numbers b. variables c. records d. text a 3. Researchers may gain insight into the characteristics of a population by examining a a. mathematical model describing the population b. sample of the population c. description of the population d. replica b 4. In order for the characteristics of a sample to be generalized to ...

1. Which methodology is used to group products that customers purchase together? a. Market basket analysis b. Prediction c. Classification analysis d. Forecasting 2. Mya is investigating the factors that impact soda consumption. She examines a host of variables that help explain the amount consumed. Which type of data mining methodology is she most likely to use? a. Market basket analysis b. Prediction c. Classification analysis d. Forecasting 3. A facts table has: a. few rows and many columns...

A popular retail store knows that the distribution of purchase amounts by its customers is approximately normal with a mean of $30 and a standard deviation of $9. Below you will find normal probability and percentile calculations related to the customer purchase amounts. Probability Calculations P(Sales < $ 15.00) = 0.048, P(Sales < $ 20.00) = 0.133, P(Sales < $ 25.00) = 0.289, P(Sales < $ 35.00) = 0.711 Percentiles Calculations 1st Percentile = $9.06, 5th Percentile = $15.20, 95th P...

1. A sample of a population taken at one particular point in time is categorized as: a. categorical b. discrete c. cross-sectional d. time-series 2. Excel stores dates as a. numbers b. variables c. records d. text 3. Researchers may gain insight into the characteristics of a population by examining a a. mathematical model describing the population b. sample of the population c. description of the population d. replica 4. In order for the characteristics of a sample to be generalized to the en...

1. Probabilities that cannot be estimated from long-run relative frequencies of events are a. objective probabilities b. subjective probabilities c. complementary probabilities d. joint probabilities 2. The probability of an event and the probability of its complement always sum to a. 1 b. 0 c. any value between 0 and 1 d. any positive value 3. If events A and B are mutually exclusive, then the probability of both events occurring simultaneously is equal to a. 0.0 b. 0.5 c. 1.0 d. any value be...