Advanced Biz Analytics Exam 2 PDF

Advanced Biz Analytics Exam 2 Study online at https://quizlet.com/_fy61kv 1. two sample t test analysis used to determine whether or not means on two independent samples from a nor-...

Advanced Biz Analytics Exam 2 Study online at https://quizlet.com/_fy61kv 1. two sample t test analysis used to determine whether or not means on two independent samples from a nor- mal distribution are equal or whether they differ Ho = mean 1 = mean 2 Ha = mean 1 /= mean 2 2. sensitivity analysis to see whether the best decision changes as one or more inputs change 3. what is the concept of 2 sample *see notes* t test 4. what does the two sample t test the variances of the two groups are equal assume -this can be tested using Levene's test 5. observational study we analyze data already available to us 6. designed experiment we control for various factors such as age, gender, or socioeconomic status so that we can learn more precisely what is re- sponsible for the effects we observe 7. null hypothesis for one way H0: ¼1 = ¼2= ¼3=j (there... = ¼ are no differ- ANOVA ences in population means across treatment levels) 8. alternative hypothesis for one H1: At least one of pair of population way ANOVA means are not equal 9. analysis of variance (ANOVA) the procedure for analyzing difference be- tween than two populations means 10. in ANOVA, what is the variable dependent variable (response or criterion of primary interest that we wish variable) to measure 11. experimental units entities measured at each treatment level (or combination of levels) 1/4  Advanced Biz Analytics Exam 2 Study online at https://quizlet.com/_fy61kv 12. post hoc test are run to confirm where the differences occur between groups, they should be only run when you have an overall statistically significant difference in group means 13. when the p value is >.05 what fail to reject the null hypothesis do we do 14. when the p value is <.05 what reject the null hypothesis do we do 15. decision tree enables a decision maker to view all im- portant aspects of the problem at once graphical way to represent decision prob- lems 16. expected monetary value a weighted average of the possible payoffs for this decision, weighted by the probabil- ities of the outcomes 17. what does a decision tree con- nodes and branches sist of 18. nodes circles, squares, and triangles 19. branches lines 20. decision node square; represents a time when the deci- sion maker makes a decision 21. probability node circle; represents a time when the result of an uncertain outcome becomes known 22. end node triangle; indicates that the problem is com- pleted - all decisions have been made, all uncertainty has been resolved, and all payoffs and costs have been incurred 23. dependant variable 2/4  Advanced Biz Analytics Exam 2 Study online at https://quizlet.com/_fy61kv in every regression study a sin- gle variable, that we are trying to explain or predict is ________ 24. simple linear regression quantifies the relationship where there is a single explanatory variable 25. simple linear regression equa- y = a + bx tion 26. what is the purpose of simple evaluate the significance of independent linear regression equation variable in explaining the behavior of de- pendent variable predict the values of dependent variable based on the values of independent vari- able 27. regression analysis the study of relationships between vari- ables 28. objectives of regression analy- 1. explain the cause-effect relationships sis 2. to make predictions 29. r-squared the percentage of variation of the depen- dent variable explained by the regression 30. what is the rule of thumb about <.10: trivial r-squared.10 -.30: small to medium.30 -.50: medium to large >.50: large to very large 31. given y = 10 + 8x and x = 3 34 what is the answer to the simple linear question 32. what is the interpretation of the If Y is dependent variable, and X1 through regression coefficients for sim- Xk are explanatory variables, then a multi- ple linear regression ple regression equation has the form: ²0is the Y-intercept, ²1through ²k are the slopes 3/4  Advanced Biz Analytics Exam 2 Study online at https://quizlet.com/_fy61kv General Multiple Regression Equation: Y = ²_0 + ²1 X1i + ²2X2i +... + ²kXki ²_0and ²s in the equation are regression coefficients Each slope coefficient is the expected change in Y when this particular X increas- es by one unit and the other Xs in the equation remain constant 33. cross sectional data are usually data gathered from approxi- mately the same period of time from a population 34. time series data involve one or more variables that are ob- served at several, usually equally spaced points in time 35. correlation numerical summary measures that indi- cate the strength of linear relationships between pairs of variables 36. how do we test the assumption Levenes Test of Equality of Variances of homogeneity of variance 37. outlier observations that fall outside of the gener- al patterns of the rest of the observations 4/4