CBDA Statistical Analysis & Methods

Question 1

In hypothesis testing, what does a p-value of 0.03 indicate when using a significance level of 0.05?

Accepted Answer

Reject the null hypothesis; the result is statistically significant

Answer

Fail to reject the null hypothesis

Answer

The effect size is practically significant

Answer

The sample size was too small

Question 2

Which measure of central tendency is MOST resistant to extreme outliers in a business dataset?

Accepted Answer

Median

Answer

Mean

Answer

Mode

Answer

Range

Question 3

A CBDA analyst runs a chi-square test. What type of data relationship is this test designed to evaluate?

Accepted Answer

Association between two categorical variables

Answer

Linear relationship between two continuous variables

Answer

Difference in means between two groups

Answer

Correlation between a continuous and a binary variable

Question 4

Standard deviation measures which characteristic of a dataset?

Accepted Answer

The spread or dispersion of values around the mean

Answer

The average value of the dataset

Answer

The most frequently occurring value

Answer

The difference between the maximum and minimum values

Question 5

In a simple linear regression model, the R-squared value represents:

Accepted Answer

The proportion of variance in the dependent variable explained by the independent variable

Answer

The slope of the regression line

Answer

The statistical significance of the model

Answer

The number of outliers in the dataset

Question 6

What is a Type I error in the context of business hypothesis testing?

Accepted Answer

Concluding an effect exists when it does not (false positive)

Answer

Failing to detect a real effect that exists

Answer

Using the wrong statistical test for the data type

Answer

Having an insufficient sample size