# Managing Customer Value

Pages: 16 (3222 words) Published: May 25, 2013
Decision Sciences and Management Information Systems

MBA 608 Statistical Models for Business Decisions
Review for Class test #1

1. A summary measure that is computed to describe a characteristic from only a sample of the population is called

a) a parameter.
b) a census.
c) a statistic.
d) the scientific method.

2. The British Airways Internet site provides a questionnaire instrument that can be answered electronically. Which of the 4 methods of data collection is involved when people complete the questionnaire? a) published sources

b) experimentation
c) surveying
d) observation

3. Which of the following is a continuous quantitative variable? a) the hair color of a student
b) the number of students in a class
c) the amount of milk produced by a cow in one 24-hour period d) the number of gallons of milk sold at the local grocery store yesterday

4. The width of each bar in a histogram corresponds to the a) differences between the boundaries of the class.
b) number of observations in each class.
c) midpoint of each class.
d) percentage of observations in each class.

5. Which of the following statement is false
a) The stem-and-leaf display is often superior to the frequency distribution in that it maintains the original values for further analysis.
b) The main principle behind the Pareto diagram is the ability to track the "vital few" from the "trivial many."
c) When the mean is greater than the median, we say the distribution is skewed to the left. d) The range is a measure of dispersion

6. In perfectly symmetrical distributions, which of the following is NOT a correct statement? a) The distance from Q1 to Q2 equals to the distance from Q2 to Q3. b) The distance from the smallest observation to Q1 is the same as the distance from Q3 to the largest observation.

c) The distance from the smallest observation to Q2 is the same as the distance from Q2 to the largest observation.
d) The distance from Q1 to Q3 is half of the distance from the smallest to the largest observation.

7. If two events are collectively exhaustive, what is the probability that one or the other occurs? a) 0
b) 0.50
c) 1.00
d) Cannot be determined from the information given.

8. If either event A or event B must occur, then events A and B are said to be a) mutually exclusive.
b) statistically independent.
c) collectively exhaustive.
d) None of the above.

9. A probability distribution is an equation that
a) associates a particular probability of occurrence with each outcome in the sample space. b) measures outcomes and assigns values of X to the simple events. c) assigns a value to the variability in the sample space. d) assigns a value to the center of the sample space.

10. The estimation of the population average family expenditure on food based on the sample average expenditure of 1,000 families is an example of a) inferential statistics.
b) descriptive statistics.
c) a parameter.
d) a statistic.

11. Which of the following is most likely a population as opposed to a sample? a) respondents to a newspaper survey
b) the first 5 students completing an assignment
c) every third person to arrive at the bank
d) registered voters in a county

12. Which of the 4 methods of data collection is involved when a person counts the number of cars passing designated locations on the highway 15? a) published sources
b) experimentation
c) surveying
d) observation

13. Researchers are concerned that the weight of the average American...