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| Section | Objectives |
|---|---|
| Topic 1: Probability and Statistical Inference | - Sampling methods and sampling error - Probability concepts and distributions |
| Topic 2: Hypothesis Testing | - Null and alternative hypotheses - t-tests, chi-square tests, and significance testing |
| Topic 3: Data Fundamentals and Business Analytics | - Descriptive statistics (mean, median, variance, standard deviation) - Data types and data collection methods |
| Topic 4: Decision Making Models | - Decision trees and expected value analysis - Risk and uncertainty in decision-making |
| Topic 5: Regression and Correlation Analysis | - Linear regression modeling - Interpreting correlation and causation |
1. A clothing company wants to predict sales figures based on the amount spent on advertising.
Which type of regression analysis should this company use?
A) Time series regression
B) Multiple linear regression
C) Logistic regression
D) Linear regression
2. What are two benefits of good data quality management in improving business decision-making?
Choose 2 answers.
A) It begins the statistical process faster.
B) It ensures there are no missing data points.
C) It mitigates undetected errors from the data-entry process.
D) It guarantees that a sample will be statistically significant.
3. Research data indicate 95% confidence in a study in which subjects who were shown a product advertisement exhibited brand awareness compared to a control group who did not see the advertisement.
What can be concluded from this study?
A) Ninety-five percent of the subjects liked the brand.
B) Five percent of the subjects did not like the advertisement.
C) The advertisement was effective in increasing sales.
D) The advertisement was effective in building brand awareness.
4. Which tool sorts data into categories to help teams identify the most significant factors that contribute the most to problems?
A) Flowchart
B) Pareto chart
C) Run chart
D) Cause chart
5. A spa wants to determine which duration of its massage packages is the most popular. The spa has 30-minute,
50-minute, and 75-minute sessions. Which statistical measure should be used and is less affected by outliers and skewed data?
A) Median
B) Mode
C) Mean
D) Standard deviation
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: B,C | Question # 3 Answer: D | Question # 4 Answer: B | Question # 5 Answer: B |
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