Business Analytics Chapter 1- Exam-

Data Set - Answer-A collection of data. Marketing survey responses, a table of historical stock prices, and a collection of measurements of dimensions of a manufactured item are examples of data sets. Database - Answer-A collection of related files containing records on people, places, or things. Entities - Answer-The people, places, or things for which we store and maintain information. Fields or Attributes - Answer-A database file that is usually organized in a two-dimensional table, where columns correspond to each individual element of data. Measurement - Answer-the act of obtaining data associated with a metric. Measures - Answer-numerical values associated with a metric. Discrete metric - Answer-one that is derived from counting something. Continuous metrics - Answer-based on a continuous scale of measurement. Any metrics involving dollars, length, time, volume, or weight, for example, are continuous. Categorical (nominal) data - Answer-sorted into categories according to specified characteristics. Ordinal data - Answer-ordered or ranked according to some relationship to one another. Interval data - Answer-ordinal but have constant differences between observations and have no natural zero. Ratio data - Answer-continuous and have a natural zero. Model - Answer-an abstraction or representation of a real system, idea, or object. They capture the most important features of a problem and present them in a form that is easy to interpret Decision Model - Answer-a logical or mathematical representation of a problem or business situation that can be used to understand, analyze, or facilitate making a decision. They are usually developed from theory or observation and establish relationships between actions that decision makers might take and results that they might expect, thereby allowing the decision makers to predict what might happen based on the model. contains three types of input (Data, uncontrollable variables, decision variables)