Question 1

Which of the following best describes the main objective of inferential statistics?

Accepted Answer

To make inferences about a population or process based on information contained in a sample.

Question 2

A company wants to estimate the average number of defective products in a shipment of 1,000 units. They randomly select 50 units and find 2 defective items. What statistical concept are they applying?

Accepted Answer

Sampling and inference

Question 3

Which of the following is NOT a step in the scientific method as outlined in the course materials?

Accepted Answer

Guarantee the outcome

Question 4

In the context of business analytics, which type of analytics answers the question 'What will happen?'

Accepted Answer

Predictive analytics

Question 5

A time series plot of paint can fills shows no discernible pattern over time. According to the course materials, this process is said to be:

Accepted Answer

In statistical control

Question 6

Which of the following best describes 'Big Data' as discussed in the course?

Accepted Answer

Data sets that are so large and/or complex that traditional data processing tools and methods are inadequate.

Question 7

Which of the following is a correct formula for the sample proportion $$\hat{p}$$?

Accepted Answer

$$\hat{p} = \frac{x}{n}$$

Question 8

According to Deming's Chain Reaction, what is the first step to improving productivity and increasing market share?

Accepted Answer

Reduce variation

Question 9

Which of the following is an example of a 'process' as defined in the course materials?

Accepted Answer

A manufacturing operation converting raw materials into finished goods

Question 10

A business wants to know if the average daily production of vacuum cleaners is below the target of 460 units. Which statistical approach should they use?

Accepted Answer

Inferential statistics using hypothesis testing

Question 11

Which of the following is NOT a challenge associated with Big Data?

Accepted Answer

Data certainty

Question 12

Which of the following best describes the role of statistics in the scientific method?

Accepted Answer

Statistics provides the methodology and tools for collecting, analyzing, and interpreting data.

Question 13

Which of the following is a key difference between a population and a sample?

Accepted Answer

A sample is a subset of the population.

Question 14

Which of the following is an example of process variation?

Accepted Answer

The time it takes to serve a customer at a fast-food restaurant

Question 15

Which of the following is NOT one of the four elements common to all statistical problems?

Accepted Answer

Optimization

Question 16

A time series plot of a process shows a clear upward trend over time. What does this indicate?

Accepted Answer

There is a pattern of increasing mean in the process.

Question 17

Which of the following best describes the 'Plan-Do-Check-Act' cycle?

Accepted Answer

A continuous improvement process for managing and improving processes

Question 18

Which of the following is a prescriptive analytics question?

Accepted Answer

What should I do?

Question 19

If a process remains in statistical control, what can be said about its future?

Accepted Answer

Its future will be like its past.

Question 20

Which of the following is a correct statement about the relationship between business intelligence, data analytics, and data science?

Accepted Answer

Business intelligence = Data analytics = Data science

Foundations of Business Statistics: Concepts, Methods, and Applications

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