Last Updated: Aug 19, 2026
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| Section | Objectives |
|---|---|
| Data Fundamentals and Business Analytics | - Data types and data collection methods - Descriptive statistics (mean, median, variance, standard deviation) |
| Probability and Statistical Inference | - Probability concepts and distributions - Sampling methods and sampling error |
| Regression and Correlation Analysis | - Linear regression modeling - Interpreting correlation and causation |
| Decision Making Models | - Risk and uncertainty in decision-making - Decision trees and expected value analysis |
| Hypothesis Testing | - Null and alternative hypotheses - t-tests, chi-square tests, and significance testing |
1. A researcher wants to estimate the average wholesale price of a gallon of gas in the United States. Several gas station owners along the East Coast are asked what price they pay wholesale for a gallon of gas. The researcher then averages these values for the sample mean price of a gallon of gas. Which problem would be discovered if this researcher's work were evaluated?
A) There is response bias in the data.
B) There is faulty calibration in the data collection.
C) There is conscious bias in the data.
D) The sample data are not representative of the population.
2. How does Six Sigma relate to a firm's application of a control chart?
A) It is equivalent to linear programming.
B) It measures supplier and input reliability.
C) It continually measures processes and outputs.
D) It produces a balanced scorecard.
3. A normally distributed data index of vehicle safety ratings has a mean of 100 and a standard deviation of 15.
What is the probability that a randomly selected vehicle safety score from the data set will be between 85 and
115?
A) 95.4%
B) 99.7%
C) 100%
D) 68.8%
4. 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?
A) By benchmarking the voter turnout rates in each county
B) By surveying the county controllers
C) By measuring the number of voter complaints per department
D) By surveying employees on polling strategies
5. What is a disadvantage of a key performance indicator (KPI)?
A) It only indicates what changes are statistically significant.
B) It focuses on long-term goals rather than short-term gains.
C) It only accounts for quantitative measures.
D) It makes it difficult to use data-driven results to quantify performance.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: C | Question # 3 Answer: D | Question # 4 Answer: C | Question # 5 Answer: C |
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