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Business English Exercises
 

Statistical modeling for decision-making

Answers to test questions and links to explanations

Home > Teaching Business English > Business English Lessons, Advanced Level # 225
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statistical modeling for decision-making answer 1
Dr. Hossein Arsham of the University of Baltimore explains that in this diverse world of ours, no two things are exactly the same, and a statistician is interested in both the differences and the similarities; i.e., both departures and patterns.

Correct answer: (a) departures

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statistical modeling for decision-making answer 2
The actuarial tables published by insurance companies reflect their statistical analysis of the average life expectancy of men and women at any given age.

Correct answer: (a) actuarial

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statistical modeling for decision-making answer 3
From these numbers, the insurance companies then calculate the appropriate premiums for a particular individual to purchase a given amount of insurance.

Correct answer: (d) premiums

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statistical modeling for decision-making answer 4
The more widely used descriptive statistical techniques are: Frequency Distribution, Histograms, Boxplot, Scattergrams and Error Bar plots, and diagnostic plots.

Correct answer: (a) Histograms

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statistical modeling for decision-making answer 5
In examining distribution of data, you should be able to detect important characteristics, such as shape, location, variability, and unusual values, and from careful observations of patterns in data, you can generate conjectures about relationships among variables.

Correct answer: (a) conjectures

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statistical modeling for decision-making answer 6
The notion of how one variable may be associated with another permeates almost all of statistics, from simple comparisons of proportions through linear regression.

Correct answer: (c) permeates

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statistical modeling for decision-making answer 7
From the data collection plan, a statistical model can be formulated from which inferences can be drawn.

Correct answer: (a) drawn

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statistical modeling for decision-making answer 8
As an example of statistical modeling with managerial implications, such as 'what-if' analysis, consider regression analysis.

Correct answer: (b) consider

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statistical modeling for decision-making answer 9
Frequently, for example, the marketing managers are faced with the question, 'What sample size do I need?' — this is an important and common statistical decision, which should be given due attention, since an inadequate sample size invariably leads to wasted resources.

Correct answer: (c) due

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statistical modeling for decision-making answer 10
Your organization database contains a wealth of information, yet the decision technology group members can usually tap only a fraction of it.

Correct answer: (a) tap

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Business English Practice Exercises Business English Tests — several topics are covered: office matters, job applications, computer English, money expressions, business law, operations management, retail marketing, e-commerce, accounting terms, contracts and agreements, commercial correspondence, etc.
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