ISDS 361A Exam 1 Sample Questions And Well Elaborated Solutions
4 views 0 purchase
Module
ISDS 361A
Institution
ISDS 361A
ISDS 361A Exam 1 Sample Questions And
Well Elaborated Solutions
Business Analytics - answers the scientific process of transforming data into insight for
making better business decisions.
Data science - answers Managing and analyzing massive sets of data for purposes
such ...
ISDS 361A Exam 1 Sample Questions And
Well Elaborated Solutions
Business Analytics - answers the scientific process of transforming data into insight for
making better business decisions.
Data science - answers Managing and analyzing massive sets of data for purposes
such as target marketing, trend analysis, and the creation of individually tailored
products and services.
Descriptive statistics - answers Data that is summarized and presented in a form that
is easy for the reader to understand.
-statistical information in newspapers, magazines, company reports, and other
publications
--summaries of data which may be tabular, graphical, or numerical.
inferential statistics - answers statistics using data from a sample to make estimates
and test hypotheses about the characteristics of a population.
-goes beyond the data at our disposal.
-drawing conclusions. large set of data: population, which is based on smaller set of
sample data.
Statistics - answers a way of getting information
-helps make valid decisions.
Data - answers the facts and figures collected, analyzed, and summarized for
presentation and interpretation
information - answers Data converted into a meaningful and useful context
business decisions - answers these include strategic decisions (very important ones
which can affect the overall success of the business)
population - answers the set of all elements of interest in a particular study.
sample - answers a subset of the population
Parameter - answers a descriptive measure of the population that is of interest.
, - EX: the mean, mu
statistic - answers a descriptive measure that is calculated from the sample.
EX: the sample mean
purpose of inferential statistics - answers -make inferences about a parameter if a
population
-based on information obtained from a statistic of a sample ( with a certain degree of
confidence)
Data collection - answers -to obtain a "representative sample" that exhibits the
characteristics of the entire population.
Sources of Data - answers a) Primary = the CLIENT
b) Secondary = all other sources which does NOT COME FROM THE client
Why random sampling? - answers targets population and eliminates bias, but
extremely difficult to achieve.
Non-random sampling error - answers the result of using a sampling method that is not
random, such as using a convenience sample or a voluntary response sample
selection bias - answers A polling error in which the sample is not representative of the
population being studied, so that some opinions are over- or underrepresented
non-response bias - answers Bias introduced into survey results because individuals
refuse to participate.
statistical ethics - answers important to give the right direction to research so that it is
objective and reflects the truth
Histogram - answers a bar graph depicting a frequency distribution
symmetry - answers having the same shape, size, and position on both sides of a
dividing line
Skewness - answers The extent to which cases are clustered more at one or the other
end of the distribution of a quantitative variable rather than in a symmetric pattern
around its center
negatively skewed: left side is higher
positively skewed: right side is higher.
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 TheExamMaestro. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £6.52. You're not tied to anything after your purchase.
