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Business Analytics Camm Midterm (Ch. 2, 3, 6, & 7) Study Guide. $10.49   Add to cart

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Business Analytics Camm Midterm (Ch. 2, 3, 6, & 7) Study Guide.

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©SIRJOEL EXAM SOLUTIONS 10/3/2024 9:54 PM Business Analytics Camm Midterm (Ch. 2, 3, 6, & 7) Study Guide. Data - answerThe facts and figures collected, analyzed, summarized for presentation and interpretation Variable - answerA characteristic of quantity of interest that can take on differen...

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  • October 15, 2024
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©SIRJOEL EXAM SOLUTIONS
10/3/2024 9:54 PM



Business Analytics Camm Midterm (Ch. 2, 3,
6, & 7) Study Guide.




Data - answer✔The facts and figures collected, analyzed, summarized for presentation and

interpretation


Variable - answer✔A characteristic of quantity of interest that can take on different values


Observation - answer✔A set of values corresponding to a set of variables


Variation - answer✔Differences in values of a variable over observations


Random (uncertain) variable - answer✔A quantity whose values are not known with certainty


Population - answer✔The set of all elements of interest in a particular study


Sample - answer✔A subset of the population


Random sampling - answer✔The act of collecting a sample that ensures that (1) each element

selected comes from the same population and (2) each element is selected independently

, ©SIRJOEL EXAM SOLUTIONS
10/3/2024 9:54 PM


Quantitative data - answer✔Data where numerical values are used to indicate magnitude, such as

how many or how much. Arithmetic operations such as addition, subtraction, and multiplication

can be performed on quantitative data


Categorical data - answer✔Data where categories of like items are identified by labels or names.

Arithmetic operations cannot be performed on categorical data


Cross-sectional data - answer✔Data collected at the same or approximately the same point in

time


Time-series data - answer✔Data that are collected over a period of time (minutes, hours, days,

months, years, etc)


Frequency distribution - answer✔A tabular summary of data showing the number (frequency) of

data values in each of several non-overlapping bins


Bins - answer✔The non-overlapping groupings of data used to create a frequency distribution.

Bins for categorical data are also known as classes


Relative frequency distribution - answer✔A tabular summary of data showing the fraction or

proportion of data values in each of several non-overlapping bins


Percent frequency distribution - answer✔A tabular summary of data showing the percentage of

data values in each of several non-overlapping bins

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