Business Analytics/Statistics
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)
