Business Statistics: For Contemporary Decision Making 3rd Canadian Edition by Ken Black Test bank

d) velocity, volume
e) variety, veracity
Ans: d
Difficulty: Medium
Learning Objective: Explain the differences between the four dimensions of big data.
Section Reference: 1.3 Big Data
Bloom’s level: Knowledge
AACSB: Analytic
1 - 39  test bank for Business Statistics, Third Canadian Edition

108. A company has collected data that they believe will help them identify the characteristics of
their top customers. After some analysis, it is discovered that they need data on the age and
income of these customers. Therefore, the company needs data that has more ____________
a) variety
b) velocity
c) customers
d) veracity
e) purchases
Ans: a
Response: See section 1.3 Introduction to Business Analytics
Difficulty: Medium
Learning Objective: Explain the differences between the four dimensions of big data.
Section Reference: 1.3 Big Data
Bloom’s level: Knowledge
AACSB: Analytic
109. A business manager is looking to hire someone who can use large data sets to create
business models that can then be used to help the manager make better decisions. The
manager is looking to hire someone with _____________.
a) mathematics skills
b) science skills
c) business analytics skills
d) qualitative analysis skills
e) business decision skills
Ans: c
Difficulty: Easy
Learning Objective: Compare and contrast the three categories of business analytics.
Section Reference: 1.4 Business Analytics
Bloom’s level: Comprehension
AACSB: Analytic
110. The CIO for a large hospitality business has been inundated with information and data
regarding customer needs and spending preferences. However, her in-house data analytics
team has advised her that what she really needs is to develop an understanding of
relationships. With this knowledge she should will be able to recognize new patterns and
undiscovered trends. This category of analytics is called ___________.
a) predictive
b) prescriptive
c) descriptive
d) statistical inference
e) production
Ans: a
Difficulty: Medium
Learning Objective: Compare and contrast the three categories of business analytics.
Introduction to Statistics  1 - 40

Section Reference: 1.4 Business Analytics
Bloom’s level: Comprehension
AACSB: Analytic
111. Online retailers are consistently pursuing new ways to improve market share and establish
better relations with customers. One of the most common methods is to provide
recommendations when customers place an order based upon similar or complementary items.
These most likely patterns in purchases would most be an example of what type of analytics?
a) predictive
b) data mining
c) financial
d) descriptive
e) time sensitive
Ans: a
Difficulty: Medium
Learning Objective: Compare and contrast the three categories of business analytics.
Section Reference: 1.4 Business Analytics
Bloom’s level: Comprehension
AACSB: Analytic
112. Future Video, a gaming company, is awaiting a marketing survey that will tell them how
well and in what markets their latest game console is selling. The VP of Marketing has to
develop contingency plans for the investors based upon this information. What type of analytics
would the VP most likely be using?
a) descriptive
b) visual
c) prescriptive
d) time-series
e) volume
Ans: c
Difficulty: Medium
Learning Objective: Compare and contrast the three categories of business analytics.
Section Reference: 1.4 Business Analytics
Bloom’s level: Comprehension
AACSB: Analytic
113. A company wishes to establish a system that can continually and automatically process
new data to improve recommendations and provide better decision options, you are likely
dealing in the area of ______________.
a) prescriptive analytics
b) extracting analytics
c) visualization
d) tableau-produced bar analytics
e) descriptive analytics
Ans: a
1 - 41  test bank for Business Statistics, Third Canadian Edition

Difficulty: Medium
Learning Objective: Compare and contrast the three categories of business analytics.
Section Reference: 1.4 Business Analytics
Bloom’s level: Comprehension
AACSB: Analytic
114. The potential misuse of statistical data relates to the area of:
a) statistical inference
b) computer interpretation
c) descriptive analytics
d) business ethics
e) nonparametric behavior
Ans: d
Difficulty: Medium
Learning Objective: Compare and contrast the three categories of business analytics.
Section Reference: 1.4 Business Analytics
Bloom’s level: Knowledge
AACSB: Analytic