Business Statistics - Chapter #1
A characteristic of interest that differs among various observations is referred to as a ______. -coefficient -parameter -constant -variable
variable
The branch of statistics that draws conclusions about a large set of data based on a smaller set of data is often referred to as ______ statistics.
inferential
Rating products from one to five stars generates ______ data.
ordinal
A ______ includes all items of interest in a statistical problem.
population
A sales invoice is what type of data? -Unstructured -Structured -Time series -Cross-sectional
Structured
Sampling is necessary when it is either impractical or impossible to survey the entire population. In which situation does surveying the entire population INSTEAD OF sampling just a part of the population make the most sense? -A teacher who has 30 students in her class wants to determine the average of the most recent test scores. -An owner of a chain of restaurants wants to determine whether customers prefer seafood or meat entrees. -A manufacturer of automobile tires wants to determine how long the tread of its tires will last.
-A teacher who has 30 students in her class wants to determine the average of the most recent test scores.
All of the following are examples of cross-sectional data EXCEPT: -Quarterly sales for a computer company for the last five years. -Last year's starting salary for 100 recent business graduates at Penn State University. -Last month's unemployment rate for various cities in Ohio. -The hours worked last week by 50 employees at a factory.
-Quarterly sales for a computer company for the last five years. (This is time series data)
Which of the following is an example of cross-sectional data? -Daily price of DuPont stock during the first quarter -GDP of the United States from 1990-2010 -Results of market research testing current consumer preferences for soda drinks -Quarterly housing starts collected over the last 60 years
-Results of market research testing current consumer preferences for soda drinks
Which of the following is an example of inferential statistics? -Summarize the variability of the exam scores of 40 students based on all 40 exam scores. -Find the average height of 50 female students at State University. -Test the longevity of all light bulbs based on a sample of 100 light bulbs. -Calculate a mutual fund's average return for the last five years.
-Test the longevity of all light bulbs based on a sample of 100 light bulbs.
Which of the following characteristics of interest is a variable? -The number of pizzas ordered from Pizza Hut per day -The number of letters in the alphabet -The number of degrees in a circle -The number of months in a year
-The number of pizzas ordered from Pizza Hut per day (this number varies from day to day!)
Which characteristic of big data does the following describe? Organizations must develop a methodical plan for formulating business questions, curating the right data, and unlocking the hidden potential in big data. -Velocity -Veracity -Value -Variety -Volume
-Value
The ratio scale is: -more sophisticated than the nominal scale. -less sophisticated than the interval scale. -less sophisticated than the ordinal scale.
-more sophisticated than the nominal scale.
In general, we use sample data because: -sample data has more variability than population data. -sample data is more precise than population data. -obtaining data from the population is often an expensive process. -population data are inadequate.
-obtaining data from the population is often an expensive process.
Many experts believe that _____ of the data in the world today were created in the last two years alone. -75% -80% -90% -95% -ALL
90%
For missing ______ variables, it is common to impute the most predominant category.
Categorical
A _____ variable is characterized by uncountable values within an interval. -nominal -qualitative -discrete -continuous
Continuous
______ and ______ are among the very first tasks most data analysts perform to gain a better understanding and insights into the data.
Counting Sorting
These days, it has become easy to access data by simply using a search engine like ______
Choice, Observations can be categorized and ranked, and differences between observations are meaningful. Observations can be categorized and ranked, and differences between observations are meaningful. -Nominal -Ordinal -Interval -Ratio
Interval
Which measurement scales are associated with quantitative data? -Nominal and Ordinal -Ordinal and Interval -Nominal and Ratio -Interval and Ratio
Interval and Ratio
Observations differ merely by name or label. -Nominal -Ordinal -Interval -Ratio
Nominal
This scale represents the least sophisticated level of measurement. -Nominal scale -Interval scale -Ordinal scale -Ratio scale
Nominal
Rank order these measurement scales from weakest to strongest. -Nominal -Interval -Ordinal -Ratio
Nominal Ordinal Interval Ratio
The ______ strategy recommends that observations with missing values be excluded from subsequent analysis.
Omission
Observations can be categorized and ranked; however, differences between the ranked observations are meaningless. -Nominal -Ordinal -Interval -Ratio
Ordinal
With this data, we are only able to both categorize and rank the data with respect to some characteristic or trait. -Nominal scale -Interval scale -Ordinal scale -Ratio scale
Ordinal
A variable that is described with labels or names rather than numerically is called a(n) ______ variable. -Qualitative -Exact -Quantitative -Interval
Qualitative
A research analyst collects data on the weekly closing price of gold throughout the year. The scale for these data is ______. -Nominal scale -Interval scale -Ordinal scale -Ratio scale
Ratio
Choice, Observations have all the characteristics of interval-scaled data as well as a true zero point. Observations have all the characteristics of interval-scaled data as well as a true zero point. -Nominal -Ordinal -Interval -Ratio
Ratio
The interval scale is less sophisticated than the ______ scale.
Ratio
This scale has all the characteristics of the interval scale as well as a true zero point, which allows us to interpret the ratios between observations. -Nominal scale -Interval scale -Ordinal scale -Ratio scale
Ratio scale
______ data allows us to review the range of values for each variable.
Sorting
Which of the following statements is LEAST accurate? -Ratio-scaled data have all the characteristics of interval-scaled data as well as a true zero point as the origin. -The ratio scale is the most sophisticated of the measurement scales. -The ratio scale is used for a qualitative variable.
The ratio scale is used for a qualitative variable.
______ ______ data can include hourly, daily, weekly, monthly, quarterly, or annual observations.
Time series
Which characteristic of big data does the following describe? Data from a variety of sources get generated at a rapid speed. -Velocity -Veracity -Value -Variety -Volume
Velocity
Which characteristic of big data does the following describe? An immense amount of data is compiled from a single source or a wide range of sources, including business transactions, household and personal devices, manufacturing equipment, social media, and other online portals. -Velocity -Veracity -Value -Variety -Volume
Volume
The main drawback of interval-scaled data is that the value of zero is ______ chosen.
arbitrarily
For numerical variables, it is common to replace the missing values with the ______ values across relevant observations.
average
A qualitative variable is also known as a ______ variable.
categorical
With nominal data, you can: -categorize the data. -categorize and rank the data. -perform meaningful arithmetical operations, like adding.
categorize the data.
Data that are collected about many subjects at the same point in time or without regard to differences in time are known as ______ data.
cross-sectional
Every day, consumers and businesses use data from various sources to help make
decisions.
The branch of statistics that summarizes important aspects of a data set is often referred to as ______ statistics.
descriptive
We generally divide the study of statistics into two branches: ________ and ________ statistics.
descriptive, inferential
A ______ is a (measured) subset of a population.
sample
________________is the science that deals with the collection, preparation, analysis, interpretation, and presentation of data.
statistics
_____ data often consist of numerical information that is objective and is not open to interpretation. -Time series -Structured -Unstructured -Cross-sectional
structured
______ is the process of extracting a portion of a data set when the objective of the analysis is to compare two subsets of the data.
subsetting
Data that are collected by recording a characteristic of a subject over several time periods are referred to as ______ data. -nonparametric -correlated -cross-sectional -time series
time series
