Chapter 5 Quiz

What is the final step in the AMPS model?

Share the Story.

Which type of analytics will provide insight on whether the company should rent or own its headquarters?

Prescriptive analytics

Descriptive analytics would be more likely to use these tools in its analysis than other types of analytics?

Totals, sums, averages, and subtotals

What type of analytics would encompass creating Key Performance Indicators (KPI’s) from the information reported in financial statements?

Diagnostic analytics

What type of analytics would primarily use analytics to separate, or classify, a sample into two or more groups or classes?

Predictive analytics

Prescriptive analytics would be more likely to use these tools in its analysis than other types of analytics?

• Goal-seek analysis, what-if analysis

  Correct

A z-score tells us how many of these, a data point (or observation), x_i, is from its population mean, μ.

standard deviations

Albert Einstein’s intelligence quotient (IQ) was reported to be 160. If the population mean IQ is 100 and the standard deviation is 15, what is the z-score associated with Albert Einstein’s IQ?

4

A sample is a subset of members selected to represent the:

population

To run descriptive statistics in Excel, you must use

the Data Analysis Toolpak

In the AMPS model, what step immediately precedes Performing the Analysis?

Master the Data

Which type of analytics would encompass compiling the financial statements?

Descriptive analytics

Based on Lab 5-2 Excel Using Conditional Formatting to Perform Bank Reconciliations and the figure below highlighting items that were different in the two lists of cash expenditures, why is Check 1767 flagged in both lists?

Error in recording

If an accounts payable transaction has a z-score of 3, with a mean of $20,000 and a standard deviation of $5,000, what is the amount of the transaction?

$35,000

If p-value of a statistical test is 0.09 and a 95% confidence interval, you

should fail to reject the null hypothesis (i.e., not significant result).

A statistic is a characteristic of a:

sample.

What type of analytics would investigate performance different than was expected, such anomalies/outliers?

Diagnostic analytics

According to the normal distribution, what percentage of the data would fit within 1 standard deviations of the mean.

68

Which distribution is a probability distribution with a low mean and highly skewed to the right?

Poisson distribution