Business Analytics/Statistics

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Ch 1 Which of the variables is recorded at the interval level of measurment?

-a mans shoe size

Ch 1 Which of the following are methods/techniques used in descriptive statistics?

-constructing charts and graphs -constructing a frequency distribution -calculating summary measures like the average

Ch 1 Which of the following are reasons to study statistics?

-data are everywhere and statistics is needed to understand data -statistical knowledge is needed to understand the world and be conversant in your career -statistics is used to make personal and professional decisions

Ch 1 Which are true with regard to the importance of studying statistics?

-data is everywhere, and statistics is needed to understand it -statistics is used to make personal and professional decisions -statistical knowledge is needed to understand the world and be conversant in your career

Ch 1 Which are true regarding the level of measurment?

-determines how data should be summarized and presented -indicates the type of statistical analysis that can be performed

Ch 1 Which are properties of ratio level data?

-it has all the properties of interval level data -ratio of two values is meaningful -there is a true zero point

Ch 1 Which are attributes of a continuous quantitative variable?

-it is typically the result of measuring something -it can take on any value within a range of values -there are no required gaps between values

Ch 1 Which of the following are examples of statistics?

-median price of a house in Detroit -number of home runs in last years world series -yesterdays share price for proctor and gamble stock

Ch 1 Which of the following are samples in the statistical sense?

-six randomly chosen books from the library -GPA of every eighth person on the class roster -ten apples selected from a grocery store bin containing 100 apples

Ch 1 Which of the following are attributes of a discrete quantitative variable?

-there are gaps between the values of this variable -it can assume only certain values within a range -it can be used to count items, in which case it can only have integral values

Ch 2 Three charts that help portray a frequency distribution

1. histogram 2. frequency polygon 3. cumulative frequency polygon

Ch 1 How does statistics help us understand large amounts of numerical info?

a good working knowledge of statistics is useful to organize and summarize info

Ch 1 ratio level if measurement

based on a scale with interpretation of zero (wages, stock price changes, height)

Ch 1 interval level of measurement

based on a scale with known unit of measurement (dress sizes, temperature)

Ch 1 ordinal level of measurement

based on relative ranking, only ranked and counted (best tv show ranked)

Ch 1 Which represents data recorded at nominal level?

brand of newly purchased TV

Ch 2 pie chart

chart that shows the proportion or percentage that each class represents of the total number of frequencies

Ch 1 Two categories of statistical study are?

descriptive and inferential statistics

Ch 1 Two types of quantitative variables?

discrete and continuous

Ch 1 population

entire set on individuals or objects of interest or the measurements obtained form all individuals

Ch 2 bar chart

graph that shows qualitative classes on the horizontal axis and the class frequencies are proportional to the heights of the bars

Ch 2 frequency table

grouping of qualitative data into mutually exclusive and collectively exhaustive classes showing the number of observations in each class

Ch 2 frquency distribution

grouping of quantitative data into mutually exclusive and collectively exhaustive classes showing the number of observations in each class

Ch 1 What is inferential statistics?

methods of estimating a property of a population based on a sample

CH 1 descriptive statistics

methods of organizing, summarizing, and presenting data in an informative way

Ch 1 Match the following levels of data to the description of the observations

nominal- types of fruit in grocery store ordinal- movie ratings interval- shoe size ratio- stock prices

Ch 1 qualitative variable

object or individual is observed and recorded as a non-numeric characteristic or attribute (eye color, gender, preferences)

Ch 1 sample

portion, or part of population of interest

CH 1 nominal level of measurement

represented as labels or names, have no order. can only be classified and counted (candy by color, team by gender)

Ch 1 which variables is recorded at the ratio level of measurment?

salaries of business school graduates

CH 1 statistics

science of collecting, organizing, presenting, analyzing, and interpreting data to assist in making more effective decisions

Ch 1 Which best describes role of a statistician in working with data?

she should strive to present her analysis with clarity, honesty, and integrity

Ch 1 Which of the following is example of a ordinal level data?

the data can be ranked or ordered

Ch 1 Which best describes interval level data?

the distance between values is a known unit of measure

Ch 1 quantitative variable

variable that is reported numerically (balance in bank account, number of people employed)


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