QMB 3200 CHP 1 QUESTIONS AND ANSWERS 100% CORRECTQMB 3200 CHP 1 QUESTIONS AND ANSWERS 100% CORRECTQMB 3200 CHP 1 QUESTIONS AND ANSWERS 100% CORRECT
Statistics - ANSWER-Mathematical science that deals with the collection, analysis, and presentation of data, which can then be used as a basis for inf...
QMB 3200 CHP 1 QUESTIONS AND
ANSWERS 100% CORRECT
Statistics - ANSWER-Mathematical science that deals with the collection, analysis, and
presentation of data, which can then be used as a basis for inference and induction.
How businesses use statistics - ANSWER-Marketing Research
Advertising
Operations
Finance and Economics
Data is.. - ANSWER-Values assigned to observations or measurements.
Raw facts and figures that pertain to a measurement or interest.
Data - ANSWER-The numbers—the facts and figures that are collected, analyzed and
summarized for presentation and interpretation. Not all data start out as numbers, but
they can be converted to numbers.
Information - ANSWER-Data that are transformed into useful facts that can be used for
a specific purpose, such as making a decision.
Data Point - ANSWER-Refers to each individual value
Primary Data - ANSWER-Data that you have collected for your own use
advantages: collected by person who's using it
disadvantage: can be expensive and time consuming to collect
Secondary Data - ANSWER-Data collected by someone else
advantages: readily available, less expensive
disadvantages: no control over how the data was collected, less reliable unless
collected and recorded accurately
Qualitative (categorical) data - ANSWER-Data that are grouped by categories
qualified by descriptive terms
Quantative Data - ANSWER-Data with numbers
Described by numerical values
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