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Question
In comparing two or more forecasting models, the MAD value is useful in determining how successful the models were in fitting historical data.
Answer
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Related questions
Q:
Data gathered from a structured interview is generally easier to analyze than data collected from an unstructured interview.
Q:
Data collected using open-end questions is generally easier to analyze than data collected from closed-end questions.
Q:
When an interviewer asks a specified series of questions in the course of a personal interview, he/she is conducting an unstructured interview.
Q:
One way to improve the response rate for a survey is to administer the surveys directly to the respondents.
Q:
Typically, it is possible to include a larger number of questions in a phone survey than in a mail survey since it takes less time to complete the survey over the phone.
Q:
Statistical inference would be used as the primary statistical tool by a quality control manager who wishes to estimate the average weight of her company's products.
Q:
Hypothesis testing and estimation are two statistical tools that are used to draw inferences about a large data set based on a subset of the data.
Q:
A manufacturing manager has developed a table that shows the average production volume each day for the past three weeks. The average production level is an example of a numerical measure.
Q:
Descriptive statistical tools include graphs, charts, and numerical measures.
Q:
An accountant has recently prepared a report for a client that contains a variety of graphs and charts. In doing so, she has used descriptive statistical methods.
Q:
Descriptive statistics allow a decision maker to reach a conclusion about a population based on a subset from the population.
Q:
A stem and leaf diagram is an alternative to using:
A) a pie chart.
B) a bar chart.
C) a histogram.
D) an ogive.
Q:
Which of the following is true about the difference between stem and leaf diagrams and histograms?
A) There is no difference.
B) The stem and leaf diagram shows more information by showing the individual values.
C) The histogram shows the shape center and spread of the distribution while the stem and leaf does not.
D) The stem and leaf diagram shows less information than a histogram.
Q:
Which of the following is a false statement?
A) A bar chart is usually constructed so that gaps exist between the bars.
B) The bars on a bar chart can be different colors.
C) A histogram is usually constructed without gaps between the bars.
D) A bar chart and histogram can typically be used interchangeably.
Q:
A frequency histogram should be computed from which type of data?
A) Quantitative data
B) Categorical data
C) Nominal level data
D) Ordinal data
Q:
In forming the classes for a frequency distribution and histogram, suppose there were a number of empty classes. You should:
A) increase the class width.
B) decrease the class width.
C) keep the current class width.
D) use an ogive instead.
Q:
A histogram is used to display which of the following characteristics for a quantitative variable?
A) The approximate center of the data
B) The spread in the data
C) The shape of the distribution
D) All of the above.
Q:
As a member of the student council at your university, you have been assigned the task of conducting a phone survey of undergraduate students to determine satisfaction with the campus food service. Explain how you would go about selecting a simple random sample.
Q:
What are the major categories of statistical tools that will be covered in this course?
Q:
Is there ever a reason why we might prefer to work with a sample rather than with an entire population? Discuss.
Q:
Discuss the two major types of descriptive statistics.
Q:
Which of the following statements is true?
A) Random samples are easier to select than nonstatistical samples.
B) Nonstatistical samples can provide useful data.
C) Stratified random sampling involves breaking the population down into geographic subgroups.
D) Systematic sampling is an example of nonstatistical sampling.
Q:
The human resources department at a major high tech company plans to conduct an employee satisfaction study by sampling 100 employees from the 3,000 total employees. They plan to use systematic random sampling since the employee file is in alphabetic order. The first employee selected in the study should be:
A) the 30th employee.
B) employee 1 to 30 randomly selected.
C) employee 1 to 100 randomly selected.
D) the first employee.
Q:
A food warehouse manager plans to conduct a check on damaged packages. The warehouse covers a large area and products are spread out over the entire building. Assuming that no products are more likely to have damaged packages than any other, what statistical sampling method would be used to reduce the time and effort required to do the study?
A) Convenience sampling
B) Stratified random sampling
C) Cluster random sampling
D) Systematic random sampling
Q:
One of the major challenges for developing a good written questionnaire or telephone survey instrument is that:
A) nonresponses are too high.
B) there will always be missed data.
C) bias cannot be controlled.
D) wording can influence responses.
Q:
A consumer products company wants to interview customers regarding a new product. If it wishes to adhere to a predetermined pattern of questions in the interview, which of the following would likely be used?
A) Structured interview
B) Open-end questioning
C) Unstructured interview
D) Written questionnaire
Q:
Which of the following types of questions provide the respondent with the greatest choice in responding to a question?A) Open-end questionsB) Close-end questionsC) Multiple choice questionsD) True/false questions
Q:
The most frequently used measure of central tendency is:
A) median.
B) mean.
C) mode.
D) middle value.
Q:
Based on the empirical rule we can assume that all bell-shaped distributions have approximately 95 percent of the values within 2 standard deviations of the mean.
Q:
Suppose the standard deviation for a given sample is known to be 20. If the data in the sample are doubled, the standard deviation will be 40.