Chapter 01 The process of using data collected from a small group to reach

Document Type
Test Prep
Book Title
Basic Business Statistics 13th Edition
Authors
David M. Levine, Kathryn A. Szabat, Mark L. Berenson
Important Things to Learn First GS-1
GETTING STARTED: IMPORTANT THINGS TO LEARN
FIRST
1. The process of using data collected from a small group to reach conclusions about a large group
is called
a) statistical inference.
b) DCOVA framework.
c) operational definition.
d) descriptive statistics.
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) statistical inference.
b) DCOVA framework.
c) operational definition.
d) descriptive statistics.
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) descriptive statistics.
c) operational definition.
d) DCOVA framework.
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) descriptive statistics.
c) DCOVA framework.
d) operational definition.
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5. Which of the following is not an element of descriptive statistical problems?
a) An inference made about the population based on the sample.
b) The population or sample of interest.
c) Tables, graphs, or numerical summary tools.
d) Identification of patterns in the data.
6. A study is under way in Yosemite National Forest to determine the adult height of American pine
trees. Specifically, the study is attempting to determine what factors aid a tree in reaching heights
greater than 60 feet tall. It is estimated that the forest contains 25,000 adult American pines. The
study involves collecting heights from 250 randomly selected adult American pine trees and
analyzing the results. Identify the variable of interest in the study.
a) The age of an American pine tree in Yosemite National Forest.
b) The height of an American pine tree in Yosemite National Forest.
c) The number of American pine trees in Yosemite National Forest.
d) The species of trees in Yosemite National Forest.
7. Most analysts focus on the cost of tuition as the way to measure the cost of a college education.
But incidentals, such as textbook costs, are rarely considered. A researcher at Drummand
University wishes to estimate the textbook costs of first-year students at Drummand. To do so,
she monitored the textbook cost of 250 first-year students and found that their average textbook
cost was $600 per semester. Identify the variable of interest to the researcher.
a) The textbook cost of first-year Drummand University students.
b) The year in school of Drummand University students.
c) The age of Drummand University students.
d) The cost of incidental expenses of Drummand University students.
8. 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.
Important Things to Learn First GS-3
9. 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.
10. 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.
11. True or False: Using the number of registered voters who turned out to vote for the primary in
Iowa to predict the number of registered voters who will turn out to vote in Vermont’s primary is
an example of descriptive statistics.
12. 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.
13. 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 _______.
GS-4 Important Things to Learn First
14. 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 _______.
15. 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 _______.
16. 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 _______ .
17. 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 _______.
Important Things to Learn First GS-5
18. 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 _______.
19. 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.
20. 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 management science methods to develop optimization models that
impact an organization’s strategy, planning, and operations.
c) It enables you to use complex mathematics to replace the need for organizational decision
making and problem solving.
d) It enables you to use information systems methods to collect and process data sets of all
sizes.
21. True or False: “Big data” is a concrete concept with a precise operational definition.
22. True or False: “Big data” are data being collected in huge volumes and at very fast rates, and
they typically arrive in a variety of forms, organized and unorganized.
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23. 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.
24. True or False: The D in the DCOVA framework stands for “data”.
25. True or False: The D in the DCOVA framework stands for “define”.
26. True or False: The C in the DCOVA framework stands for “categorize”.
27. True or False: The C in the DCOVA framework stands for “collect”.
28. True or False: The O in the DCOVA framework stands for “operationalize”.
29. True or False: The O in the DCOVA framework stands for “organize”.
Important Things to Learn First GS-7
30. True or False: The V in the DCOVA framework stands for “verify”.
31. True or False: The V in the DCOVA framework stands for “visualize”.
32. True or False: The A in the DCOVA framework stands for “apply”.
33. True or False: The V in the DCOVA framework stands for “analyze”.

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