Statistical Analysis & Methods Flashcards
6 cards from real CBDA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Statistical Analysis & Methods flashcards as text
In hypothesis testing, what does a p-value of 0.03 indicate when using a significance level of 0.05?
Answer: Reject the null hypothesis; the result is statistically significant
A p-value of 0.03 is less than α = 0.05, so you reject the null hypothesis, meaning the result is statistically significant.
Which measure of central tendency is MOST resistant to extreme outliers in a business dataset?
Answer: Median
The median is the middle value and is not affected by extreme values, making it robust to outliers.
A CBDA analyst runs a chi-square test. What type of data relationship is this test designed to evaluate?
Answer: Association between two categorical variables
The chi-square test of independence evaluates whether two categorical variables are statistically associated.
Standard deviation measures which characteristic of a dataset?
Answer: The spread or dispersion of values around the mean
Standard deviation quantifies how much individual data points deviate from the mean on average.
In a simple linear regression model, the R-squared value represents:
Answer: The proportion of variance in the dependent variable explained by the independent variable
R-squared (coefficient of determination) indicates how much of the variability in Y is explained by X, ranging from 0 to 1.
What is a Type I error in the context of business hypothesis testing?
Answer: Concluding an effect exists when it does not (false positive)
A Type I error (false positive) occurs when you reject a true null hypothesis, concluding an effect exists when it does not.