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QMB 3200 Exam 1 Terms.
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QMB 3200 Exam 1 Terms.
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QMB 3200 Exam 1 TermsWhat is data? - ANS-The facts and figures collected, analyzed, and summarized for
presentation.
What is a data set? - ANS-All the data collected in a particular study.
What are elements? - ANS-The entities on which data are collected on.
What is a variable? - ANS-A characteristic of interest for the element.
What is an observation? - ANS-The set of measurements obtained for a particular
element.
What are the four scales of measurement for data? - ANS-Nominal, Ordinal, Interval,
Ratio
What is the nominal scale? - ANS-The scale of measurement for a variable when the
data are labels or names used to identify an attribute of an element.
Numeric or non-numeric
What is the ordinal scale? - ANS-The scale of measurement for a variable if the data
exhibit the properties of nominal data and the order or rank of the data is meaningful.
Numeric or non-numeric.
Fitch Ranking - AAA to F
What is the interval scale? - ANS-The scale of measurement for a variable if the data
demonstrate the properties of ordinal data and the interval between values is expressed
in terms of a fixed unit of measure.
What is the ratio scale? - ANS-The scale of measurement for a variable if the data
demonstrate all the properties of interval data and the ratio of two values are
meaningful.
Numeric
, Distance, height, weight
What is categorical data? - ANS-Labels or names used to identify an attribute of each
element
Use the nominal or ordinal scale.
What is quantitative data? - ANS-Numeric values that indicate how much or how many
of something.
Use interval or ratio scale.
What is a categorical variable? - ANS-A variable with categorical data.
What is a quantitative variable? - ANS-A variable with quantitative data.
What is cross sectional data? - ANS-Data collected at the same or approximately the
same point in time.
What is a time series? - ANS-Data collected over several time periods.
What is discrete data? - ANS-Numbers that can only take certain exact value e.g
number of people can't be a decimal
What is continuous data? - ANS-Numbers that can take any value in a range e.g height
or weight
What is an observational study? - ANS-Observe what is happening in a particular
situation, record data on one or more variables of interest, and conduct statistical
analysis.
What is an experiment? - ANS-Study conducted under a controlled environment.
When does an error occur in data acquisition? - ANS-Occurs whenever the data value
obtained is not equal to the true or actual value.
What are descriptive statistics? - ANS-Tabular, graphical, and numerical summaries of
data.
What is a population? - ANS-The set of all elements of interest in a particular study.
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