Q&A Hero

Q: Which of the following statements is true for the following data values: 7, 5, 6, 4, 7, 8, and 12? a. The mean, median and mode are all equal b. Only the mean and median are equal c. Only the mean and mode are equal d. Only the median and mode are equal

Q: For a boxplot, the box itself represents what percent of the observations? a. lower 25% b. middle 50% c. upper 75% d. upper 90% e. 100%

Q: The mode is best described as the a. middle observation b. same as the average c. 50th percentile d. most frequently occurring value e. third quartile

Q: Suppose that a histogram of a data set is approximately symmetric and "bell shaped". Approximately what percent of the observations are within two standard deviations of the mean? a. 50% b. 68% c. 95% d. 99.7% e. 100%

Q: The length of the box in the boxplot portrays the a. mean b. median c. range d. interquartile range e. third quartile

Q: Which of the following are the three most common measures of central location? a. Mean, median, and mode b. Mean, variance, and standard deviation c. Mean, median, and variance d. Mean, median, and standard deviation e. First quartile, second quartile, and third quartile

Q: For a boxplot, the vertical line inside the box indicates the location of the a. mean b. median c. mode d. minimum value e. maximum value

Q: For a boxplot, the point inside the box indicates the location of the a. mean b. median c. minimum value d. maximum value

Q: If a value represents the 95th percentile, this means that a. 95% of all values are below this value b. 95% of all values are above this value c. 95% of the time you will observe this value d. there is a 5% chance that this value is incorrect e. there is a 95% chance that this value is correct

Q: The difference between the first and third quartile is called the a. interquartile range b. interdependent range c. unimodal range d. bimodal range e. mid range

Q: The median can also be described as: a. the middle observation when the data values are arranged in ascending order b. the second quartile c. the 50th percentile d. All of these options

Q: Which of the following are the two most commonly used measures of variability? a. Variance and median b. Variance and standard deviation c. Mean and variance d. Mean and range e. First quartile and third quartile

Q: Which of the following are possible categorizations of data type? a. Numerical versus categorical (with subcategories nominal, ordinal) b. Discrete versus continuous c. Cross-sectional versus time series d. All of these options e. Two of these options

Q: When we look at a time series plot, we usually look for which two things? a. "Is there an observable trend?" and "Is there a seasonal pattern?" b. "Is there an observable trend" and "Can we make predictions?" c. "Is the sample representative?" and "Is there a seasonal pattern?" d. "Is there an observable trend?" and "Is the trend symmetric?"

Q: In order for the characteristics of a sample to be generalized to the entire population, it should be: a. symbolic of the population b. typical of the population c. representative of the population d. illustrative of the population

Q: A variable is classified as ordinal if: a. there is a natural ordering of categories b. there is no natural ordering of categories c. the data arise from continuous measurements d. we track the variable through a period of time

Q: A histogram that has a single peak and looks approximately the same to the left and right of the peak is called: a. bimodal b. symmetric c. balanced d. proportional

Q: A histogram that has exactly two peaks is called a a. unimodal distribution b. bimodal distribution c. skewed distribution d. scatterplot

Q: A histogram that is positively skewed is also called a. skewed to the right b. skewed to the left c. balanced d. symmetric

Q: Data that arise from counts are called: a. continuous data b. nominal data c. counted data d. discrete data

Q: Which of the following indicates how many observations fall into various categories? a. The Likert scale b. The frequency table c. The sample table d. The tabulation scale

Q: Gender and State are examples of which type of data? a. Discrete data b. Continuous data c. Categorical data d. Ordinal data

Q: Numerical variables can be subdivided into which two types? a. Diverse and categorical b. Discrete and continuous c. Nominal and progressive d. Cross-sectional and discrete

Q: 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

Q: If data is stored in a database package, which of the following terms are typically used? a. Fields and records b. Cases and columns c. Variables and samples d. Variables and observations

Q: 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

Q: Graphical models are probably the least intuitive and most quantitative type of model.

Q: The @Risk is Excel add-in that can be used to run replications of a simulation, keep track of outputs, create useful charts, and perform sensitivity analyses.

Q: When we make inferences from data and search for relationships in data, or when we use decision trees to help make decisions, we must deal with uncertainty.

Q: When we use simulation models to help make decisions, we do not deal with uncertainty at all, since we often must make inferences from the simulated data.

Q: A fairly recent alternative to algebraic modeling is spreadsheet modeling. Instead of relating various quantities with algebraic equations and inequalities, we relate them in a spreadsheet with cell formulas.

Q: Data are usually meaningless until they are analyzed for trends, patterns, relationships, and other useful information.

Q: Algebraic models, by means of algebraic equations and inequalities, specify a set of relationships in a very precise way. Their main drawback is that they require an ability to work with abstract mathematical symbols.

Q: The overall modeling process typically done in the business world always require seven steps: define the problem, collect and summarize data, formulate a model, verify the model, select one or more suitable decisions, present the results to the organization, and finally implement the model and update it through time.

Q: Graphical models can be very helpful for simple problems. For complex problems, however, graphical models usually fail to show the important elements of a problem and how they are related.

Q: Three important themes run through this book: data analysis, decision-making, and dealing with uncertainty.

Q: Graphical models are the least intuitive type of model. Its purpose is simply to provide enough quantitative details to enable us solve the problem of interest.

Q: The authors of Data Analysis & Decision Making book described three types of models: graphical models, algebraic models, and spreadsheet models.

Q: Dealing with uncertainty includes measuring uncertainty and modeling uncertainty explicitly into the analysis.

Q: Decision-making includes optimization techniques for problems with certainty, decision analysis for problems with certainty, and structured sensitivity analysis.

Q: Data analysis includes data description, data inference, and the search for relationships in data.

Q: Which of the following is an Excel add-in for simulation? a. PrecisionTree b. TopRank c. Solver d. @Risk e. StatTools

Q: Which of the following statements are true? a. Three important themes run through the book. Two of them are in the title: data analysis and decision making. The third is dealing with uncertainty. b. Data analysis includes data description, data inference, and the search for relationships in data c. Decision making includes optimization techniques for problems with no uncertainty, decision analysis for problems with uncertainty, and structured sensitivity analysis. d. Dealing with uncertainty includes measuring uncertainty and modeling uncertainty explicitly into the analysis. e. All of these options

Q: Which of the following statements are true: a. A fairly recent alternative to algebraic modeling is spreadsheet modeling. Instead of relating various quantities with algebraic equations and inequalities, we relate them in a spreadsheet with cell formulas. b. Data are usually meaningless until they are analyzed for trends, patterns, relationships, and other useful information c. Algebraic models, by means of algebraic equations and inequalities, specify a set of relationships in a very precise way. Their main drawback is that they require an ability to work with abstract mathematical symbols. d. When we make inferences from data and search for relationships in data, or when we use decision trees to help make decisions, we must deal with uncertainty. e. All of these options

Q: Which of the following statements are false? a. Decision-making includes optimization techniques for problems with certainty, decision analysis for problems with certainty, and structured sensitivity analysis. b. Graphical models can be very helpful for simple problems. For complex problems, however, graphical models usually fail to show the important elements of a problem and how they are related. c. Dealing with uncertainty includes measuring uncertainty and modeling uncertainty explicitly into the analysis. d. All of these options

Q: Which of the following statements are false? a. The modeling process discussed in Data Analysis & Decision Making book is five- step process b. Dealing with uncertainty requires a basic understanding of probability c. Uncertainty is a key aspect of most business problems d. Data description and data inference are included under data analysis

Q: Which of the following is Excel add-in for performing what-if analyses? a. PrecisionTree b. TopRank c. Solver d. @Risk e. StatTools

Q: The modeling process discussed in Data Analysis & Decision Making book is a a. seven-step process b. six-step process c. five-step process d. four-step process e. three-step process

Q: Which of the following is not one of the types of models described in Data Analysis & Decision Making book? a. Algebraic model b. Spreadsheet model c. Scale model d. Graphical model

Q: The decision making process includes a. optimization techniques for problems with no uncertainty b. decision analysis for problems with uncertainty c. sensitivity analysis d. All of the above

Q: Which of the following would notbe included under data analysis? a. Measuring uncertainty b. Data description c. Data inference d. Search for relationships

Q: Which of the following is not one of the steps in the modeling process? a. Select scale for model b. Collect and summarize data c. Verify the model d. Present the results e. Implement the model and update it through time

Q: Data analysis includes a. data description b. data inference c. the search for relationships in data d. All of these options

Q: Which of the following is not one of the important themes of your Data Analysis & Decision Making book? a. Data analysis b. Dealing with uncertainty c. Decision making d. Data mining

Q: Which of the following statements is not true? a. Dealing with uncertainty includes measuring uncertainty b. Dealing with uncertainty includes modeling uncertainty explicitly into the analysis. c. Dealing with uncertainty includes eliminating uncertainty by using the normal probability distribution d. Uncertainty is a key aspect of most business problems, and dealing with uncertainty requires a basic understanding of probability

Q: The decision-making concepts covered in Data Analysis & Decision Making book include which of the following? a. Optimization techniques b. Decision analysis with uncertainty c. Structured sensitivity analysis d. All of these options