Statistics for Business Analytics

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1. Which of the following is the primary purpose of descriptive statistics?
A. To predict future values
B. To summarize and describe the main features of a data set
C. To establish causal relationships
D. To infer population parameters from sample data
Answer: B

2. What is the mode in a data set?
A. The value that appears most frequently
B. The average of all values
C. The middle value when data is ordered
D. The difference between the highest and lowest values
Answer: A

3. In business analytics, what is a KPI?
A. Key Performance Indicator
B. Knowledge Process Information
C. Key Process Integration
D. Knowledge Performance Index
Answer: A

4. Which measure of central tendency is most affected by outliers?
A. Median
B. Mode
C. Mean
D. Range
Answer: C

5. What is the main advantage of using a box plot in data analysis?
A. It shows the exact values of all data points
B. It highlights the central value and spread of the data
C. It indicates the frequency distribution of data
D. It displays the correlation between variables
Answer: B

6. Which of the following is an example of a continuous variable?
A. Number of employees in a company
B. Daily sales revenue
C. Type of product sold
D. Customer satisfaction rating (1-5)
Answer: B

7. What is the purpose of a scatter plot in business analytics?
A. To summarize data using measures of central tendency
B. To display the relationship between two quantitative variables
C. To show the distribution of a single variable
D. To compare categorical data
Answer: B

8. In the context of hypothesis testing, what does a p-value represent?
A. The probability that the null hypothesis is true
B. The probability of obtaining the observed results, assuming the null hypothesis is true
C. The significance level of the test
D. The power of the test
Answer: B

9. Which statistical test is used to compare the means of two independent groups?
A. Paired samples t-test
B. Independent samples t-test
C. ANOVA
D. Chi-square test
Answer: B

10. What does the term “correlation” refer to in statistics?
A. The difference between the highest and lowest values
B. The central value of a data set
C. The strength and direction of a linear relationship between two variables
D. The spread of data around the mean
Answer: C

11. What is the main purpose of regression analysis in business analytics?
A. To summarize data using descriptive statistics
B. To predict the value of a dependent variable based on one or more independent variables
C. To test for differences between groups
D. To display the frequency distribution of data
Answer: B

12. In a normal distribution, what percentage of data falls within one standard deviation of the mean?
A. 50%
B. 68%
C. 95%
D. 99.7%
Answer: B

13. What is the purpose of a control chart in quality control?
A. To display the relationship between two variables
B. To monitor process variability and detect unusual variations
C. To compare the means of different groups
D. To show the frequency distribution of data
Answer: B

14. What is the median in a data set?
A. The value that appears most frequently
B. The average of all values
C. The middle value when data is ordered
D. The difference between the highest and lowest values
Answer: C

15. Which of the following best describes a nominal variable?
A. A variable that has a natural order
B. A variable that represents categories without a natural order
C. A variable that represents continuous data
D. A variable that is measured on a ratio scale
Answer: B

  1. Probability theory, Mcqs
  2. descriptive statistics, Mcqs
  3. inferential statistics, Mcqs
  4. regression analysis, Mcqs

 

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