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

describe what has or is happening relative to the data collected. On the other hand, predictive
analytics which look to find relationships in the data. Tools in this category include regression
analysis, time-series and forecasting; all of which are designed to allow management to
estimate what might happen based on a given set of criteria or circumstance. The last category
is prescriptive analytics which take risk into account when analyzing data and making decisions
based on that data. Examples of where prescriptive analytics may be used include performance
management or network analysis.
5. Describe the data mining and data visualization processes. Data mining is the process
of collecting, exploring and analyzing large volumes of data in an effort to uncover hidden
patterns and/or relationships that can be used to enhance business decision-making. Data
mining allows businesses to take large amounts of data, pull out what they need to facilitate
decision making. Data visualization is the study of visual representation of data and is
employed to convey data or information by imparting it as visual objects displayed in graphics.
By presenting the information or data visually can make the data and data results more
understandable and thereby more useable.
Introduction to Statistics  1 - 4
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TRUE-FALSE STATEMENTS
1. Virtually all areas of business use statistics in decision making.
Answer: True
Difficulty: Easy
Learning Objective: Define important statistical terms, including population, sample, and
parameter, as they relate to descriptive and inferential statistics.
Section Reference: 1.1 Basic Statistical Concepts
Blooms: Knowledge
AACSB: Analytic
2. The complete collection of all entities under study is called the sample.
Answer: False
Difficulty: Easy
Learning Objective: Define important statistical terms, including population, sample, and
parameter, as they relate to descriptive and inferential statistics.
Section Reference: 1.1 Basic Statistical Concepts
Blooms: Knowledge
AACSB: Analytic
3. A portion or subset of the entities under study is called the statistic.
Answer: False
Difficulty: Easy
Learning Objective: Define important statistical terms, including population, sample, and
parameter, as they relate to descriptive and inferential statistics.
Section Reference: 1.1 Basic Statistical Concepts
Blooms: Knowledge
AACSB: Analytic
4. A descriptive measure of the population is called a parameter.
Answer: True
Difficulty: Easy
Learning Objective: Define important statistical terms, including population, sample, and
parameter, as they relate to descriptive and inferential statistics.
Section Reference: 1.1 Basic Statistical Concepts
Blooms: Knowledge
AACSB: Analytic
1 - 5  test bank for Business Statistics, Third Canadian Edition
Copyright © 2020 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited
5. A census is the process of gathering data on all the entities in the population.
Answer: True
Difficulty: Easy
Learning Objective: Define important statistical terms, including population, sample, and
parameter, as they relate to descriptive and inferential statistics.
Section Reference: 1.1 Basic Statistical Concepts
Blooms: Knowledge
AACSB: Analytic
6. Statistics is commonly divided into two branches called descriptive statistics and summary
statistics.
Answer: False
Difficulty: Easy
Learning Objective: Define important statistical terms, including population, sample, and
parameter, as they relate to descriptive and inferential statistics.
Section Reference: 1.1 Basic Statistical Concepts
Blooms: Knowledge
AACSB: Analytic
7. Statistics is commonly divided into two branches called descriptive statistics and inferential
statistics.
Answer: True
Difficulty: Easy
Learning Objective: Define important statistical terms, including population, sample, and
parameter, as they relate to descriptive and inferential statistics.
Section Reference: 1.1 Basic Statistical Concepts
Blooms: Knowledge
AACSB: Analytic
8. A descriptive measure of the sample is called a statistic.
Answer: True
Difficulty: Easy
Learning Objective: Define important statistical terms, including population, sample, and
parameter, as they relate to descriptive and inferential statistics.
Section Reference: 1.1 Basic Statistical Concepts
Blooms: Knowledge
AACSB: Analytic
Introduction to Statistics  1 - 6
Copyright © 20120 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited