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Questions and Answers
Which of the following best describes a statistic?
Which of the following best describes a statistic?
Metrics are subjective and cannot be quantified.
Metrics are subjective and cannot be quantified.
False
What is the act of obtaining data associated with a metric called?
What is the act of obtaining data associated with a metric called?
Measurement
Data obtained from surveys and focus groups is considered ______.
Data obtained from surveys and focus groups is considered ______.
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Which of the following is NOT a Malcolm Baldrige Criteria Measurement Category?
Which of the following is NOT a Malcolm Baldrige Criteria Measurement Category?
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Internal data is obtained from external sources like the internet.
Internal data is obtained from external sources like the internet.
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What are numerical values associated with a metric called?
What are numerical values associated with a metric called?
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Match the following data sources with their description:
Match the following data sources with their description:
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Which type of data is sorted into mutually exclusive categories?
Which type of data is sorted into mutually exclusive categories?
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Averages are usually meaningful for categorical data.
Averages are usually meaningful for categorical data.
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What is a key characteristic of ordinal data, differentiating it from categorical data?
What is a key characteristic of ordinal data, differentiating it from categorical data?
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With interval data, ______ are meaningful, but ratios are not.
With interval data, ______ are meaningful, but ratios are not.
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Match the data type with its property:
Match the data type with its property:
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Which of the following is an example of ordinal data?
Which of the following is an example of ordinal data?
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50 degrees is twice as hot as 25 degrees using interval data.
50 degrees is twice as hot as 25 degrees using interval data.
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Why are statistics such as averages usually considered meaningless for ordinal data?
Why are statistics such as averages usually considered meaningless for ordinal data?
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Which of the following is an example of a discrete metric?
Which of the following is an example of a discrete metric?
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Monthly revenues are considered a discrete metric.
Monthly revenues are considered a discrete metric.
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What type of data is collected over a single time period?
What type of data is collected over a single time period?
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Data consisting of a single variable is called ______ data.
Data consisting of a single variable is called ______ data.
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Which of the following is a continuous metric?
Which of the following is a continuous metric?
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Time series data is collected over one time period.
Time series data is collected over one time period.
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What type of data consists of multiple related variables?
What type of data consists of multiple related variables?
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Match the data type to its description:
Match the data type to its description:
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Which of these is an example of a population?
Which of these is an example of a population?
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Samples are used when a full census can always be taken.
Samples are used when a full census can always be taken.
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What are summary measures of population characteristics computed from samples called?
What are summary measures of population characteristics computed from samples called?
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____ statistics involves drawing conclusions about unknown population characteristics based on samples.
____ statistics involves drawing conclusions about unknown population characteristics based on samples.
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Which of the following is NOT a basic Excel skill?
Which of the following is NOT a basic Excel skill?
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Descriptive statistics are used to predict future values based on historical data.
Descriptive statistics are used to predict future values based on historical data.
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The process of collecting, organizing, and describing data is called _____ statistics.
The process of collecting, organizing, and describing data is called _____ statistics.
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Match the statistical function with its description:
Match the statistical function with its description:
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Which keyboard shortcut is used to copy content in Excel?
Which keyboard shortcut is used to copy content in Excel?
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The fill handle can copy formulas both down a column and across a row.
The fill handle can copy formulas both down a column and across a row.
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What does the F4 key do in Excel when working with cell references?
What does the F4 key do in Excel when working with cell references?
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The function ______ finds the number of cells within a range that meet specific criteria.
The function ______ finds the number of cells within a range that meet specific criteria.
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Which of the following describes an absolute cell reference?
Which of the following describes an absolute cell reference?
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The MIN() function finds the largest value within a range of cells.
The MIN() function finds the largest value within a range of cells.
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What is the purpose of the SUM() function in Excel?
What is the purpose of the SUM() function in Excel?
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Match the following Excel functions with their descriptions:
Match the following Excel functions with their descriptions:
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Which function returns TRUE only if all conditions are true?
Which function returns TRUE only if all conditions are true?
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The VLOOKUP function looks up a value in a table and requires a column number to be specified.
The VLOOKUP function looks up a value in a table and requires a column number to be specified.
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What is the primary purpose of the 'Insert Function' feature in Excel?
What is the primary purpose of the 'Insert Function' feature in Excel?
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The _______ function returns TRUE if any condition is true.
The _______ function returns TRUE if any condition is true.
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Match the following Excel add-ins with their description:
Match the following Excel add-ins with their description:
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Which of these is NOT a standard Excel feature listed?
Which of these is NOT a standard Excel feature listed?
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The IF function only returns a value if the condition is true, otherwise it returns nothing.
The IF function only returns a value if the condition is true, otherwise it returns nothing.
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List two uses of the series fill feature of Excel.
List two uses of the series fill feature of Excel.
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Study Notes
Chapter 1: Data and Business Decisions
- This chapter covers data analysis and decision modeling
- Data are numerical facts and figures collected through measurement
- Information comes from analyzing data
- Modern organizations use data to evaluate daily performance and make crucial decisions
- Data is important for various business functions like:
- Annual reports
- Audits
- Financial analysis
- Market research
- Operations management
- Human resource management
- Economic analysis
- Regulatory compliance
- Budget allocation
- A decision model is a logical or mathematical representation of a problem or business situation
- Data is key input to decision models
- Statistics is the science of uncertainty and extracting information from data
- Statistics involves collecting, organizing, analyzing, interpreting, and presenting data
- A statistic is a summary measure of data
- The Malcolm Baldrige Criteria Measurement Categories include:
- Product and process outcomes
- Customer-focused outcomes
- Workforce-focused outcomes
- Leadership outcomes
- Financial and market outcomes
- Understanding relationships among metrics leads to better decisions
Sources of Data
- Internal data comes from company records, databases
- External data comes from published sources, external databases, the Internet
- Generated data comes from surveys, focus groups
Metrics and Measurement
- A metric is a measurement unit for objectively quantifying performance
- Measurement is the act of obtaining data associated with a metric
- Measures are numerical values of a metric
Discrete and Continuous Metrics
- Discrete metrics are derived from counts (e.g., defects, on-time arrivals, complaints)
- Continuous metrics are based on a continuous scale of measurement (e.g., delivery time, quantity in a bottle, revenues)
Data Classification
- Cross-sectional data is collected over one time period
- Time series data is collected over time
- Univariate data consists of one variable
- Multivariate data consists of two or more variables (often related)
Basic Excel Skills
- Includes opening, saving, and printing files
- Spreadsheet navigation and range selection
- Entering/editing text, data, and formulas
- Data formatting (numbers, currency, decimal)
- Text string handling
- Arithmetic calculations
- Formatting text
- Spreadsheet appearance modifications
- Data sorting
Excel 2010 Ribbon
- The ribbon structure with tabs and groups (Home, Insert, Data, etc.) for functions and tools
Copying Formulas
- Using the clipboard and fill handle for efficient copying of formulas across a range
Cell References
- Relative addressing (B5, G13)
- Absolute addressing ($B$5, $G13, K$11)
- Using F4 key to change references
Basic Excel Functions
- MIN(range) - Smallest value
- MAX(range) - Largest value
- SUM(range) - Sum of values
- AVERAGE(range) - Average of values
- COUNT(range) - Number of cells in range containing numbers
- COUNTIF(range, criteria) - Number of cells within a range that meet conditions
More Advanced Excel Functions
- AND() -Logical Function (All conditions are TRUE)
- OR() - Logical Function (Any condition is TRUE)
- IF() - Logical Function (Returns different values based on condition)
- VLOOKUP() -Lookup a value
Insert Function
- Method to find and use Excel functions
Other Useful Excel Tips
- Split screen
- Paste special
- Column and row width adjustments
- Displaying Formulas
- Displaying grid lines for printing
- Generating number series in ranges
Excel Add-Ins
- Analysis Toolpak
- Prentice-Hall PHStat2
- Crystal Ball
- TreePlan
- Premium Solver for Education
- SimQuick
PHStat Tool: Stack and Unstack Data
- Used for data preparation within the PHStat tool
Creating Charts: Excel Insert Tab and Chart Tools Group
- Charts are used for effective data visualization
Column and Bar Charts
- These types of charts can be used for any measurement scale
Line Charts
- Show variable data over time
Pie Charts
- Useful to show relative proportions
Area Charts
- Combines the features of pie and line charts
Scatter Diagrams
- Visualize the relationships between two variables
Other Excel Charts
- Stock, Surface, Doughnut, Bubble, and Radar Charts are additional types of charts
Ethics and Data Presentation
- Importance of ethical considerations when presenting data
Studying That Suits You
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Description
Chapter 1 explores the critical role of data analysis in business decision-making. It covers how modern organizations utilize data across various functions, including financial analysis, market research, and operations management. The chapter also emphasizes the significance of statistics in interpreting and presenting data for informed decisions.
