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

effects of future actions.
Ans: True
Difficulty: Easy
Learning Objective: Compare and contrast the three categories of business analytics.
Section Reference: 1.4 Business Analytics
Blooms: Knowledge
AACSB: Analytic
33. Simulation is a mathematical strategy one would expect to find within both predictive and
prescriptive analytics.
Ans: True
Difficulty: Easy
Learning Objective: Compare and contrast the three categories of business analytics.
Section Reference: 1.4 Business Analytics
Blooms: Knowledge
AACSB: Analytic
34. If a manager relies on his/her gut instinct to make critical business decisions, this is an
example of business analytics in action.
Ans: False
Difficulty: Easy
Introduction to Statistics  1 - 12
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Learning Objective: Compare and contrast the three categories of business analytics.
Section Reference: 1.4 Business Analytics
Blooms: Knowledge
AACSB: Analytic
35. The three categories of business analytics could be described as describing what has
happened, predicting potential relationships among data, and prescribing future decisions under
uncertainty.
Ans: True
Difficulty: Easy
Learning Objective: Compare and contrast the three categories of business analytics.
Section Reference: 1.4 Business Analytics
Blooms: Knowledge
AACSB: Analytic
36. The main objective of business analytics is to transform data into meaningful information for
business managers.
Ans: True
Difficulty: Easy
Learning Objective: Compare and contrast the three categories of business analytics.
Section Reference: 1.4 Business Analytics
Blooms: Knowledge
AACSB: Analytic
37. One goal of data visualization is to make complex data easier to understand.
Ans: True
Difficulty: Easy
Learning Objective: Describe the data mining and data visualization processes.
Section Reference: 1.5 Data Mining and Data Visualization
Blooms: Knowledge
AACSB: Analytic
38. The process of turning large amounts of raw data into information that may lead to business
advantages is data mining.
Ans: True
Difficulty: Easy
Learning Objective: Describe the data mining and data visualization processes.
Section Reference: 1.5 Data Mining and Data Visualization
Blooms: Knowledge
AACSB: Analytic
1 - 13  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
39. Data mining involves finding data, converting that data into useful forms, storing and
managing the data and making the data available to all employees of the organization.
Ans: False
Difficulty: Medium
Learning Objective: Describe the data mining and data visualization processes.
Section Reference: 1.5 Data Mining and Data Visualization
Blooms: Knowledge
AACSB: Analytic
40. Using a bubble chart to display production levels for an organization’s various product line
is an example of data visualization.
Ans: True
Difficulty: Easy
Learning Objective: Describe the data mining and data visualization processes.
Section Reference: 1.5 Data Mining and Data Visualization
Blooms: Knowledge
AACSB: Analytic
Introduction to Statistics  1 - 14
Copyright © 20120 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is prohibited
MULTIPLE CHOICE QUESTIONS
41. Manuel Banales, Marketing Director of Plano Power Plants, Inc.'s Electrical Division, is
directing a study to identify and assess the relative importance of product features. Manuel
directs his staff to design a survey questionnaire for distribution to all of Plano’s 954 customers.
For this study, the set of 954 customers is ___.
a) a parameter
b) a sample
c) the population
d) a statistic
e) the frame
Answer: c
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
42. Manuel Banales, Marketing Director of Plano Power Plants, Inc.'s Electrical Division, is
directing a study to identify and assess the relative importance of product features. Manuel
directs his staff to design a survey questionnaire for distribution to 100 of Plano’s 954
customers. For this study, the set of 100 customers is ___.
a) a parameter
b) a sample