Business Statistics for Decision Making

Which of the following best describes descriptive statistics?

• Summarizing and organizing data

• Making predictions based on data

• Testing hypotheses

• Comparing multiple datasets

Inferential statistics is used to make predictions about a population based on a sample.

• True
• False

In marketing, statistics is primarily used to ________.

• Avoid collecting data

• Analyze customer behavior

• Disregard trends

• Increase randomness in advertising

What are the two main types of data in statistics?

• Continuous and Discrete

• Primary and Secondary

• Descriptive and Predictive

• Quantitative and Qualitative

Data collected directly from respondents through questionnaires is called ________ data.

• Secondary

• Primary

• Qualitative

• Quantitative

What does the mode represent in a dataset?

• The difference between highest and lowest values

• The most frequently occurring value

• The middle value

• The average of all values

Which of the following is a disadvantage of the arithmetic mean?

• Does not follow mathematical properties

• Difficult to compute

• Does not consider all data points

• Affected by extreme values

Which of the following is needed to calculate the combined mean?

• Standard deviation

• Mean and size of individual groups

• Median and mode

• Highest and lowest values

In which scenario is the weighted mean more useful than the arithmetic mean?

• When different values have different levels of importance

• When the dataset has no missing values

• When all values contribute equally

• When data is symmetrical

In an even-numbered dataset, how is the median determined?

• By averaging the two middle values

• By selecting the higher middle value

• By selecting the lower middle value

• By taking the most frequent value