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ISDS (Statistics) Exam 1 questions and answers

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ISDS (Statistics) Exam 1

Statistics Avoidance and Misconception: - correct answer ✔✔Statistics deals with outrageous formulae
and tedious calculations that have no use in real life



Statistics - correct answer ✔✔provides a means of using numbers to analyze the world we live in



The manager of a company notices that potential buyers on their website drop off during checkout. After
consulting with the web master, the site is redesigned so that the 'Checkout' process is reduced to one,
manageable web page. Q: Has the change been effective and how? (Note: this process uses data to
monitor the web traffic, then uses data to assess any changes) - correct answer ✔✔This data that is
given, shows that the change was ineffective due to the major drop-off in numbers. It is important to
determine if the change is necessary to make before you make it. And also how you make the change.



What is Statistics? - correct answer ✔✔Statistics is the branch of mathematics

that uncovers patterns in data and

transforms that into useful information

for decision making.



TWO branches of Statistics: - correct answer ✔✔Descriptive & Inferential



Descriptive Statistics - correct answer ✔✔those

methods involved in the collection,

summarizing (numerically or

graphically), presenting, and

analyzing a set of data in order to

describe the various features of that

data set. (creating pie charts)



Inferential Statistics - correct answer ✔✔those

,methods that use data from a smaller group (sample) to make conclusions/decisions about the
characteristic of a larger group (population).



Population - correct answer ✔✔the entire set of

observations for which conclusions

are to be made. (Ex: all registered voters.)



Sample - correct answer ✔✔a subset of the population

selected for analysis



Parameter - correct answer ✔✔a summary measure

that describes a characteristic of an

entire population. (µ or π)

(number that can represent an entire group/number that describes a population)



Statistic - correct answer ✔✔a summary measure that

describes a characteristic of a

sample.

(number that describes a sample)



The Need for Sampling - correct answer ✔✔Reasons:



(1) Studying the population is

expensive.

(2) It is impossible to examine every member of the population.



Types of Data - correct answer ✔✔Cross-sectional

Time Series Data

, Cross-Sectional - correct answer ✔✔data collected at one point in time



Time Series Data - correct answer ✔✔data collected over several periods of time



Variable - correct answer ✔✔the characteristic of an observation or individual



Data - correct answer ✔✔the values associated with a variable



Types of Variables - correct answer ✔✔in order to address

statistical questions, one must FIRST be

able to identify types of variables



The TWO types of variables are: - correct answer ✔✔Categorical variables

Quantitative variables



Categorical Variables - correct answer ✔✔(also known as Qualitative) - have values that can be placed
into categories (Yes/ No)



Quantitative Variables - correct answer ✔✔(also known

as Numeric) - yields values that

represent quantities (weight, salary, etc.)



Two types of quantitative variables: - correct answer ✔✔Discrete

Continuous



Discrete - correct answer ✔✔result of counting



Continuous - correct answer ✔✔measurements

can take on infinitely many

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