QMB3302 UF Final Guaranteed Success
NLP ️️natural language processing
Tokenization ️️a computer turning letters and/or words into something it can read and
understand, like numbers
What is the main objective of using statistical analysis in business?
️️ The main objective of s...
Tokenization ✔️✔️a computer turning letters and/or words into something it can read and
understand, like numbers
What is the main objective of using statistical analysis in business?
✔️✔️ The main objective of statistical analysis in business is to make informed decisions based on
data insights, improving operational efficiency and strategy.
Explain the concept of "random sampling" and its significance.
✔️✔️ Random sampling ensures that every member of a population has an equal chance of being
selected, reducing bias and improving the representativeness of results.
How do inferential statistics differ from descriptive statistics?
✔️✔️ Inferential statistics draw conclusions about a population based on sample data, while
descriptive statistics summarize and describe the data itself.
What is the meaning of "outliers" in a data set?
✔️✔️ Outliers are data points that differ significantly from other observations, potentially indicating
variability or errors in data collection.
Describe the role of a control chart in quality management.
, ✔️✔️ A control chart monitors process variation over time, helping businesses identify trends and
maintain quality standards.
What is a "type I error" in hypothesis testing?
✔️✔️ A type I error occurs when the null hypothesis is incorrectly rejected, indicating a false positive
result in the hypothesis testing process.
Why is it important to assess the reliability of a survey instrument?
✔️✔️ Assessing reliability ensures that the survey produces consistent and accurate results, leading to
trustworthy insights for decision-making.
What does it mean to have a normal distribution in a data set?
✔️✔️ A normal distribution indicates that data is symmetrically distributed around the mean, with
most observations clustering around the center.
Explain the significance of the Central Limit Theorem in statistics.
✔️✔️ The Central Limit Theorem states that the distribution of sample means approaches a normal
distribution as sample size increases, aiding in inferential statistics.
What is "data mining," and how is it used in business?
✔️✔️ Data mining involves analyzing large data sets to discover patterns and relationships, helping
businesses make strategic decisions based on insights.
How do businesses utilize regression analysis?
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 CertifiedGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.53. You're not tied to anything after your purchase.
