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Updated: Aug 13, 2026
Q & A: 125 Questions and Answers
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| Section | Objectives |
|---|---|
| Hypothesis Testing | - Null and alternative hypotheses - t-tests, chi-square tests, and significance testing |
| Decision Making Models | - Risk and uncertainty in decision-making - Decision trees and expected value analysis |
| Regression and Correlation Analysis | - Interpreting correlation and causation - Linear regression modeling |
| Data Fundamentals and Business Analytics | - Data types and data collection methods - Descriptive statistics (mean, median, variance, standard deviation) |
| Probability and Statistical Inference | - Sampling methods and sampling error - Probability concepts and distributions |
1. Why are sample sizes important for ensuring statistical significance?
A) So that the possibility of researcher bias is eliminated
B) So that no additional analysis is required
C) So that accurate conclusions can be confidently applied to larger populations
D) So that a hypothesis cannot be misinterpreted
2. 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) The advertisement was effective in increasing sales.
C) The advertisement was effective in building brand awareness.
D) Five percent of the subjects did not like the advertisement.
3. What describes fact-based decision-making according to quality management principles?
Choose 2 answers.
A) Decisions reduce external bias.
B) Decisions are based on the instincts of experienced leaders.
C) Decisions foster trust in plans.
D) Decisions have a marginal effect on relationships with suppliers.
4. A student with a degree is presumed to already have a bachelor's degree. Which type of data does this represent?
A) Nominal data
B) Interval data
C) Ordinal data
D) Ratio data
5. For which situation could a scatter diagram be used?
A) Demonstrating a significant difference between the means of two groups of data
B) Demonstrating a relationship between variables
C) Demonstrating a visual precedence of a prioritization matrix
D) Demonstrating a significant difference between the frequencies of two groups of data
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: C | Question # 3 Answer: A,C | Question # 4 Answer: A | Question # 5 Answer: B |
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