Exam (elaborations)
QMB 3200 Exam 1 (2).
- Institution
- Exam 1 Qmb 3200 - Gary Bliss/ Ansel Diama
QMB 3200 Exam 1 (2).
[Show more]
Seller
Follow
Content preview
QMB 3200 Exam 1the mathematical science that deals with the collection, analysis, and presentation of
data, which can then be used as a basis for inference and induction - ANS-statistics
2 Examples of how business use statistics: - ANS-Marketing Research
Advertising
Operations
Finance and Economics
Foundation of statistics - ANS-data
the numbers--- the facts and figures that are collected, analyzed and summarized for
presentation and interpretation
raw facts or measurements of interest - ANS-data
data that are transformed into useful facts that can be used for a specific purpose, such
as making a decision - ANS-information
data that you have collected for your own use - ANS-primary data
data collected by someone else - ANS-secondary data
Advantages of Primary data - ANS-collected by the person or organization who uses the
data
Disadvantages of Primary Data - ANS-can be expensive and time consuming to gather
Advantages of secondary data - ANS-readily available
less expensive to collect
Disadvantages of Secondary data - ANS-no control over how the data was collected
less reliable unless collected and recorded accurately
Primary data collection methods - ANS-Direct Observation or Focus Group
Experiments
Surveys or Questionnaires
, can occur when a question is stated in a way that encourages or leads a respondent to
a particular answer
ex. "do you agree that apartment rents are too high in college towns?" - ANS-Bias
Data that are grouped by categories - ANS-categorical data
sometimes referred to as qualitative data
data with numerical values - ANS-quantitative data
Examples of Qualitative Data - ANS-Marital Status
Political Party
Eye color
Examples of Counted Quantitative Data - ANS-number of children
defects per hour
Examples of Measured Quantitative Data - ANS-weight
voltage
Arbitrary labels for data
no ranking allowed
ex. zip codes - ANS-nominal
Ranking allowed
no measurable meaning to the number differences
ex. education level - ANS-ordinal
meaningful differences
no true zero
ex. calendar year - ANS-interval
meaningful differences
true zero point - ANS-ratio
values that correspond to specific measurements taken over a range of time periods -
ANS-time series data
values collected from a number of subjects during a single time period - ANS-cross
section data
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller denicetho. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £7.16. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76710 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now