Essentials of Business Analytics 2nd Edition By Camm - Test Bank

a. 

variable.

b. 

parameter.

c. 

sample.

d. 

observation.

ANSWER:  

a

RATIONALE:  

A characteristic or a quantity of interest that can take on different values is known as a variable.

POINTS:  

1

DIFFICULTY:  

Easy

REFERENCES:  

OVERVIEW OF USING DATA: DEFINITIONS AND GOALS, Page 18

NATIONAL STANDARDS:  

United States - BUSPROG: Analytic skills - and DISC: Descriptive Statistics

KEYWORDS:  

Bloom’s: Knowledge

a. 

quantity.

b. 

event.

c. 

factor.

d. 

observation.

ANSWER:  

d

RATIONALE:  

An observation is a set of values corresponding to a set of variables.

POINTS:  

1

DIFFICULTY:  

Easy

REFERENCES:  

OVERVIEW OF USING DATA: DEFINITIONS AND GOALS, Page 18

NATIONAL STANDARDS:  

United States - BUSPROG: Analytic skills - and DISC: Descriptive Statistics

KEYWORDS:  

Bloom’s: Knowledge

a. 

observed differences.

b. 

variation.

c. 

variable change.

d. 

descriptive analytics.

ANSWER:  

b

RATIONALE:  

Variation is the difference in a variable measured over observations (time, customers, items, etc.).

POINTS:  

1

DIFFICULTY:  

Moderate

REFERENCES:  

OVERVIEW OF USING DATA: DEFINITIONS AND GOALS, Page 18

NATIONAL STANDARDS:  

United States - BUSPROG: Analytic skills - and DISC: Descriptive Statistics

KEYWORDS:  

Bloom’s: Knowledge

a. 

The analytics

b. 

The variance

c. 

A sample

d. 

The random variables

ANSWER:  

c

RATIONALE:  

A subset of the population is known as a sample, and it acts as a representative of the population.

POINTS:  

1

DIFFICULTY:  

Easy

REFERENCES:  

TYPES OF DATA, Page 20

NATIONAL STANDARDS:  

United States - BUSPROG: Analytic skills - and DISC: Descriptive Statistics

KEYWORDS:  

Bloom’s: Knowledge

a. 

random sampling.

b. 

sample data.

c. 

population sampling.

d. 

applications of business analytics.

ANSWER:  

a

RATIONALE:  

A representative sample can be gathered by random sampling of the population data.

POINTS:  

1

DIFFICULTY:  

Easy

REFERENCES:  

TYPES OF DATA, Page 20

NATIONAL STANDARDS:  

United States - BUSPROG: Analytic skills - and DISC: Descriptive Statistics

KEYWORDS:  

Bloom’s: Knowledge

a. 

is quantitative data.

b. 

cannot be determined.

c. 

is categorical data.

d. 

is nominal data.

ANSWER:  

c

RATIONALE:  

If arithmetic operations cannot be performed on the data, they are considered categorical data.

POINTS:  

1

DIFFICULTY:  

Easy

REFERENCES:  

TYPES OF DATA, Page 20

NATIONAL STANDARDS:  

United States - BUSPROG: Analytic skills - and DISC: Descriptive Statistics

KEYWORDS:  

Bloom’s: Application

a. 

Cannot be determined

b. 

Categorical data

c. 

Time series data

d. 

Quantitative data

ANSWER:  

d

RATIONALE:  

Data are considered quantitative data if numeric and arithmetic operations, such as addition, subtraction, multiplication, and division, can be performed on them.

POINTS:  

1

DIFFICULTY:  

Easy

REFERENCES:  

TYPES OF DATA, Page 20

NATIONAL STANDARDS:  

United States - BUSPROG: Analytic skills - and DISC: Descriptive Statistics

KEYWORDS:  

Bloom’s: Knowledge

a. 

Time series data

b. 

Categorical and quantitative data

c. 

Cross-sectional data

d. 

Random data

ANSWER:  

c

RATIONALE:  

Cross-sectional data are collected from several entities at the same, or approximately the same, point in time.

POINTS:  

1

DIFFICULTY:  

Moderate

REFERENCES:  

TYPES OF DATA, Page 20

NATIONAL STANDARDS:  

United States - BUSPROG: Analytic skills - and DISC: Descriptive Statistics

KEYWORDS:  

Bloom’s: Knowledge