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QMB 3200 Exam 1 (2).
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QMB 3200 Exam 1 (2).
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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
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