ISDS

The measure of central location that can BEST be labeled as the midpoint of the data set is the _______.

Median

This is the symbol for the population size.

N

This scale represents the least sophisticated level of measurement

Nominal

Chebyshev's theorem results in _____ bounds for the percentage of observations falling in a particular interval

conservative

A _____ variable is characterized by uncountable values within an interval.

continuous

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

Consider the following variable: the number of people in a household. This variable is best categorized as a ______ variable.

discrete

Chebyshev's theorem provides the proportion of observations that lie within k standard deviations of the mean. The value k must be ______

greater than 1

The ______ strategy recommends that the missing values be replaced with some reasonable imputed values

imputation

Samples are primarily used to make _________ about population parameters

inferences

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

The average of the absolute differences between the values of the data set and the mean is the Multiple choice question.

mean absolute deviation

The _____ and the _____ are the most extensively used measures of central location and dispersion, respectively

mean standard deviation

_____ data allows us to review the range of values for each variable.

sorting

The square root of the average of the sum of squared deviations from the mean is known as the

standard deviation

______ is the process of extracting a portion of a data set that is relevant for subsequent statistical analysis.

subsetting

A distribution is ____ if one side of the histogram is a mirror image of the other side.

symmetric

The empirical rule is appropriate when the distribution of a variable is ___ and ____ shaped.

symmetric bell

The function to find the mean of a subset in R is ____

tapply

A company wants to estimate the mean price of oil over the past 10 years. What type of data does the company need?

time series

Data that are collected by recording a characteristic of a subject over several time periods are referred to as ______ data.

time series

________ data can include hourly, daily, weekly, monthly, quarterly, or annual observations.

time series

This type of data does not conform to a predefined, row-column format.

unstructured

A characteristic of interest that differs among various observations is referred to as a ______.

variable

Which of the following is not a measure of central location?

variance

Two widely used measures of dispersion are

variance standard deviation

A _____ mean is used to calculate the mean of a frequency distribution.

weighted

The term ________ relates to the way data tend to cluster around some middle or central value

central location

The weakness with this scale of data is that we cannot interpret the difference between the ranked values because the actual numbers used are arbitrary.

ordinal

With this data, we are only able to both categorize and rank the data with respect to some characteristic or trait.

ordinal

The ______ measures the difference between the largest and smallest values in a data set.

range

A ______ includes all items of interest in a statistical problem.

population

The empirical rule states that approximately ____ % of observations will fall within three standard deviations of the mean.

100

The mode's usefulness as a measure of central location tends to diminish with variables that have more than ___ modes

3

This is the symbol for the sample mean.

-x

Many experts believe that _____% of the data in the world today were created in the last two years alone.

90

The empirical rule states that approximately ___% of observations will fall within two standard deviations of the mean

95

If Fund A has a coefficient of variation of 1.1, and Fund B has a coefficient of variation of 0.9, Fund ______ has the greater relative dispersion.

A

This is a catch-phrase, meaning a massive amount of both structured and unstructured data.

Big Data

What is the most widely-used measure of central location?

Mean

_________ is the science that deals with the collection, preparation, analysis, interpretation, and presentation of data

Statistics

The formula for the weighted mean is xx=Σwixi. Using this formula, what is the restrictions on the weights.

They must sum to one

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.

Value

Chebyshev's theorem is applicable for ____ shape

any

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

The function to find the mean of a subset in Excel is

averageif

Generally, the _____ is the best measure of central location when outliers are present.

median

An owner of a grocery store wants to determine the brands of soda that customers purchase at the store. When summarizing the data about soda brand purchases, the meaningful measure of central location is the ______.

mode

This is the symbol for the sample size

n