QMB 3200 EXAM 1 TERMSQMB 3200 EXAM 1 TERMSQMB 3200 EXAM 1 TERMSWhat is data? - ANSWER-The facts and figures collected, analyzed, and summarized for presentation.
What is a data set? - ANSWER-All the data collected in a particular study.
What are elements? - ANSWER-The entities on which data a...
What is data? - ANSWER-The facts and figures collected, analyzed, and summarized
for presentation.
What is a data set? - ANSWER-All the data collected in a particular study.
What are elements? - ANSWER-The entities on which data are collected on.
What is a variable? - ANSWER-A characteristic of interest for the element.
What is an observation? - ANSWER-The set of measurements obtained for a particular
element.
What are the four scales of measurement for data? - ANSWER-Nominal, Ordinal,
Interval, Ratio
What is the nominal scale? - ANSWER-The scale of measurement for a variable when
the data are labels or names used to identify an attribute of an element.
Numeric or non-numeric
What is the ordinal scale? - ANSWER-The scale of measurement for a variable if the
data exhibit the properties of nominal data and the order or rank of the data is
meaningful.
Numeric or non-numeric.
Fitch Ranking - AAA to F
What is the interval scale? - ANSWER-The scale of measurement for a variable if the
data demonstrate the properties of ordinal data and the interval between values is
expressed in terms of a fixed unit of measure.
What is the ratio scale? - ANSWER-The scale of measurement for a variable if the data
demonstrate all the properties of interval data and the ratio of two values are
meaningful.
Numeric
Distance, height, weight
, What is categorical data? - ANSWER-Labels or names used to identify an attribute of
each element
Use the nominal or ordinal scale.
What is quantitative data? - ANSWER-Numeric values that indicate how much or how
many of something.
Use interval or ratio scale.
What is a categorical variable? - ANSWER-A variable with categorical data.
What is a quantitative variable? - ANSWER-A variable with quantitative data.
What are sample statistics? - ANSWER-A numerical value used as a summary measure
for a sample.
Sample mean, variance, standard deviation
What is the normal probability distribution? - ANSWER-A continuous probability
distribution
Its probability density function is bell-shaped and determined by its mean and standard
deviation.
What happens are standard deviations get larger? - ANSWER-Normal probability
distribution curve gets flatter/wider.
What are population parameters? - ANSWER-A numerical value used a summary
measure for a population.
Pop. mean, variance, standard deviation
What is a point estimator? - ANSWER-A sample statistic, such as mean, variance, or
SD, used to estimate the corresponding population parameter.
What is cross sectional data? - ANSWER-Data collected at the same or approximately
the same point in time.
What is a time series? - ANSWER-Data collected over several time periods.
What is discrete data? - ANSWER-Numbers that can only take certain exact value e.g
number of people can't be a decimal
What is continuous data? - ANSWER-Numbers that can take any value in a range e.g
height or weight
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