QMB 3200 Exam 1 Questions and Answers 100% Correct
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QMB 3200
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QMB 3200
QMB 3200 Exam 1 Questions and Answers 100% CorrectQMB 3200 Exam 1 Questions and Answers 100% CorrectQMB 3200 Exam 1 Questions and Answers 100% Correct
statistics - ANSWER-the mathematical science that deals with the collection, analysis, and presentation of data, which can then be used as a basis ...
QMB 3200 Exam 1 Questions and
Answers 100% Correct
statistics - ANSWER-the mathematical science that deals with the collection, analysis,
and presentation of data, which can then be used as a basis for inference and induction.
Logical and intuitive.
data - ANSWER-the foundation for statistics
Values assigned to observations or measurements.
Raw facts and figures that pertain to a measurement of interest.
information - ANSWER-data that are transformed into useful facts that can be used for a
specific purpose, such as making a decision, making a sale, predicting patterns, etc
can be done by observing patterns or trends in data
direct observation or focus group - ANSWER-1 of 3 types of primary data collection
direct observation: Observing subjects in their natural environment
Focus group: asking a group to do something
Example: Watching to see if drivers stop at a stop sign
experiments - ANSWER-2 of 3 types of primary data collection
Treatments are applied in controlled conditions
Example: Crop growth from different plots using different fertilizers
surveys/questionnaires - ANSWER-3 of 3 types of primary data collection
Subjects are asked to respond to questions or discuss attitudes
Subject to much bias
Example: E-mail surveys to customers to assess service quality
qualitative (categorical) data - ANSWER-classified by descriptive terms
broken down into nominal and ordinal
, nominal: arbitrary labels. no ranking. Ex. zip codes
ordinal: ranking allowed but no measurable meaning to the number differences. Ex.
education levels (masters, doctorate); good, better, best; freshman, sophomore, junior
quantitative data - ANSWER-described by numerical values. must be counted or
measured.
broken down into interval and ratio
interval: meaningful differences. no true zero point. ex. calendar year
ratio: meaningful differences. true zero point. ex. income; percentage comparisons
time series data - ANSWER-values that correspond to specific measurements taken
over a range of time periods ex. 2000-2016 DJIA; unemployment from 2008-2017
cross section data - ANSWER-values collected from a number of subjects during a
single time period. ex. unemployment rates in 2012 across states
descriptive statistics - ANSWER-Collecting, summarizing, and displaying data
The majority of statistics you encounter in your day to day life are descriptive statistics
inferential statistics - ANSWER-making claims or conclusions about the population
based on a sample
Using samples to make predictions (inferences) about populations.
parameter vs statistic - ANSWER-parameter- describes characteristic of a population
statistic- describes characteristic of a sample
biased samples - ANSWER-non-representative sample
-can lead to distorted findings
-can occur intentionally or unintentionally
-results can be manipulated by how we ask questions and who is responding to them
frequency distribution - ANSWER-shows the number of data observations that fall into
specific intervals
Graphically summarize information not readily observable by merely looking at data in a
table
discrete data - ANSWER-values based on observations that can be counted and are
typically represented by whole numbers
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