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BUAL 2600 Exam 2 || Already Graded A+.
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Parts of a good graph correct answers title x and y axis scale key data values Summarizing Qualitative (categorical) Data correct answers tables: frequency relative frequency percent frequency contingency graph: bar chart pie chart Summarizing Quantitative Data correct answers ...

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  • November 2, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • BUAL 2600
  • BUAL 2600

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BUAL 2600 Exam 2 || Already Graded A+.
Parts of a good graph correct answers title
x and y axis
scale
key
data values

Summarizing Qualitative (categorical) Data correct answers tables:
frequency
relative frequency
percent frequency
contingency

graph:
bar chart
pie chart

Summarizing Quantitative Data correct answers histogram
time series
scatter plot

Ownership correct answers individuals own their own data
confidential and anonymity

Consent correct answers individuals providing data provide expressed content of what personal
data they provide and how the data will be collected, used, and reported

Privacy correct answers measures to ensure a persons data is being protected and kept private
(HIPPA, FERPA)

Currency correct answers how much is data worth to an individuals privacy? should be aware
when data is being sold for monetary gain by others

Openness correct answers aggregate data sets should be freely available to the public (how many
people have or die from a sickness)

Data Dashboard correct answers a visual representation of a set of key business measures (most
important data is provided)

Where should the most important information on a data dashboard be positioned? correct
answers top left

Population correct answers all items at interest for a particular decision or investigations

Sample correct answers a subset of the population

, Purpose of Sampling correct answers to obtain sufficient information to draw a valid inference
about a population

Mean correct answers average; most commonly used
sensitive to extreme values

Median correct answers the value in the middle when the data is arranged in ascending order (not
sensitive to extreme values)
-whenever the data set has extreme values, the median is the preferred measure of the central
location

Left Skewed correct answers mean < median

Right Skewed correct answers mean > median

Mode correct answers the most common value in a data set; unimofal, bimodal, multimodal

If we have extreme values in a data set we prefer to use _____ to find the central location
because it can overcome extreme values correct answers median

Variance correct answers commonly used to measure variability (dispersion)
-the average of the squared differences between each data value and the mean

Standard Deviation correct answers the square root of the variance
-a measure of how far, on average, each value in the data set is to the mean
-measured in the same units as the data, making it more easily interpreted than variance

Population Variance correct answers σ²

Sample Variance correct answers s²

Population Standard Deviation correct answers σ

Sample Standard Deviation correct answers S

The larger the variance..... correct answers the more spread out the data is from the mean and the
more variability one can expect in the observations

The smaller the standard deviation.... correct answers the less risky the investment

The larger the standard deviation.... correct answers the more risky the investment is
the flatter the curve is

The Normal Curve correct answers symmetric
bell-shaped

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