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| Section | Objectives |
|---|---|
| Topic 1: Hypothesis Testing | - Null and alternative hypotheses - t-tests, chi-square tests, and significance testing |
| Topic 2: Data Fundamentals and Business Analytics | - Data types and data collection methods - Descriptive statistics (mean, median, variance, standard deviation) |
| Topic 3: Regression and Correlation Analysis | - Linear regression modeling - Interpreting correlation and causation |
| Topic 4: Probability and Statistical Inference | - Sampling methods and sampling error - Probability concepts and distributions |
| Topic 5: Decision Making Models | - Decision trees and expected value analysis - Risk and uncertainty in decision-making |
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NEW QUESTION # 105
A digital marketing manager wants to determine whether conversion rates from the company's latest email campaign are about the same as the industry average or significantly different. Which statistical concept should be used to measure the data set?
Answer: C
Explanation:
To determine whether the campaign's conversion rates are about the same as the industry average or significantly different, the manager must consider not only the average value but also how much variation exists in the data. Standard deviation is the measure that captures the spread or variability of the data around the mean. This makes it essential when evaluating whether an observed conversion rate is unusually high, unusually low, or within a normal expected range compared with the industry. The mean gives the central average, but by itself it does not show whether a result is significantly different. The median identifies the middle value, which is useful in skewed data but not sufficient for judging statistical difference in this context. A bell curve describes the shape of a normal distribution rather than serving as the core numerical measure needed here. Since the question is about determining whether results differ meaningfully from an average benchmark, standard deviation is the most appropriate concept among the options provided.
NEW QUESTION # 106
A county government must increase trust among voters that their tallying machines are accurately calibrated to count their votes. Each department is tasked with creating an online marketing campaign; however, the budget for these campaigns is limited.
How can the county apply data analytic approaches to allocate funds to each department?
Answer: B
Explanation:
Allocating limited resources effectively requires identifying where needs and risks are greatest. In data-driven decision making,measuring voter complaints per departmentprovides a direct, objective indicator of trust issues and communication gaps.
Departments with higher complaint volumes may require greater outreach to restore voter confidence. Using this metric allows funds to be allocated where they will have the greatest impact. Benchmarking turnout rates does not isolate departmental needs, and surveys of controllers or employees introduce subjectivity rather than evidence-based prioritization.
Therefore, the correct answer isA.
NEW QUESTION # 107
A car dealership sells both new and used cars. The number of new cars sold on a given day ranges from 5 to
30 while the number of used cars sold ranges from 5 to 40. The number of used cars sold is mutually exclusive to the number of new cars sold.
Which statistic would be used to compare the number of new and used car sales on any given day?
Answer: A
Explanation:
Thechi-square statisticis used to compare frequencies of categorical, mutually exclusive outcomes. In data- driven decision making, it is appropriate for analyzing differences between observed counts.
New and used car sales represent mutually exclusive categories, making chi-square the correct choice.
Therefore, the correct answer isB.
NEW QUESTION # 108
A firm seeks to sharply reduce sales lead times to enhance sales effectiveness and productivity. Which action should the firm take to accomplish this?
Answer: D
Explanation:
To sharply reduce sales lead times, the firm should deploy a customer relationship management tool. A CRM system helps organize customer information, automate follow-up processes, track sales opportunities, streamline communication, and improve coordination across the sales cycle. By reducing manual delays and improving access to customer data, a CRM can make the sales process faster and more efficient, directly supporting stronger sales effectiveness and productivity. Increasing the research and development budget would not address sales-cycle speed. Preparing a media campaign may generate interest or leads, but it does not necessarily reduce the time required to move prospects through the sales process. Additional quality assurance measures are more relevant to process quality and defect prevention than to reducing lead times in sales operations. Because the objective is to improve the speed and efficiency of handling prospects and customers, the most targeted and practical solution is the deployment of a CRM tool. Therefore, the correct answer is to deploy a customer relationship management tool.
NEW QUESTION # 109
For which situation could a scatter diagram be used?
Answer: C
Explanation:
Ascatter diagramis used to visually examine therelationship between two quantitative variables. In data- driven decision making, scatter diagrams help analysts assess whether variables move together, whether the relationship is positive, negative, or nonexistent, and whether the relationship appears linear or nonlinear.
Each point on a scatter diagram represents a paired observation of two variables, such as advertising spend and sales revenue or hours studied and test scores. Patterns in the plotted points can suggest correlation, which may later be explored using regression analysis. Scatter diagrams are exploratory tools and do not, by themselves, establish causation.
A prioritization matrix ranks options, frequency differences are examined using bar or Pareto charts, and differences in means are evaluated using hypothesis tests such as t-tests or ANOVA. Therefore, the correct application of a scatter diagram is to demonstraterelationships between variables, making optionBcorrect.
NEW QUESTION # 110
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