PRELIMS Q1 AND Q2

Decision analysis

when a decision maker is faced with several alternatives and an uncertain set of future events, this is used

Cellphone owners around the world generate vast amounts of data by calling, texting, tweeting, and browsing the Web on a daily basis.

Which of the following best exemplifies big data?

Descriptive

Data dashboards are a type of ______ analytics.

Strategic decisions

The decisions concerning an organization’s goals and future plans are called ______.

Strategic

A ______ decision involves higher-level issues and is concerned with the overall direction of the organization

Data mining

A retail store owner offers a discount on product A and predicts that the customers would purchase products B and C

How the organization should achieve the goals and objectives set by its strategy

Tactical decisions are concerned with ______.

Predictive and prescriptive analytics

Advanced analytics generally refers to

Identifying the problem

____ is the most critical step of decision-making process

the standard deviation

The descriptive measure of dispersion that is based on the concept of a deviation about the mean is

line chart

Karen needs to display data over time. Which of the following charts should he use?

can never be negative

The variance of the sample

Supply and demand

Which of the following relationships would have a negative correlation coefficient?

the variables are not linearly related

If covariance between two variables is near 0, it implies that

variation

The difference in a variable measured over observations (time, customers, items, etc.) is known as

time series data

Data collected from several entities over a period of time (minutes, hours, days, etc.) are called

variable

A quantity of interest that can take on different values is known as a(n)

variance

The descriptive measure that is not measured in the same units as the original data is the

clustered-column chart

Karen needs to compare the number of employees by job title for the last five years. Which of the following charts should Natalie use?

decision analysis

When a decision maker is faced with several alternatives and an uncertain set of future events, s/he uses __________ to develop an optimal strategy.

covariance

A numerical measure of linear association between two variables is the

-1 and +1

The correlation coefficient ranges between

trendline

A __________ is a line that provides an approximation of the relationship between the variables.

Cross-sectional data

__________ are collected from several entities at the same point in time

the standard deviation

The descriptive measure of dispersion that is based on the concept of a deviation about the mean is

line chart

Karen needs to display data over time. Which of the following charts should he use?

predictive and prescriptive analytics

Advanced analytics generally refers to

data mining

A retail store owner offers a discount on product A and predicts that the customers would purchase products B and C in addition to product A. Identify the technique used to make such a prediction.

Cellphone owners around the world generate vast amounts of data by calling, texting, tweeting, and browsing the Web on a daily basis

Which of the following best exemplifies big data?

scatter chart

The charts that are helpful in making comparisons between categorical variables are