BSTAT 3321-009 EXAM 1 QUESTIONS WITH100%
EXACT ANSWERS 2024 LATEST UPDATE
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Data - Answcompilations of facts, figures, or other contents, both
numerical and non-numerical
Statistics - Answthe science that deals with the collection, preparation,
analysis, interpretation, and presentation of data
Descriptive Statistics - Answ- summary of important aspects of a data set
- collecting, organizing, and presenting the data in the form of charts and
tables
Inferential statistics - Answdrawing conclusions about a larger set of data
(population) based on a smaller set of data (sample).
Cross-Sectional Data - Answrefers to data collected by recording a
characteristic of many subjects at the same point in time, or without regard
to differences in time.
Time Series Data - Answ- refers to data collected over several time
periods focusing on certain groups of people, specific events, or objects
- can include hourly, daily, weekly, monthly, quarterly, or annual
observations
Structured Data - Answ- Reside in a pre-defined, row-column format
- Spreadsheet or database applications
- Enter, store, query, and analyze
- Numerical information
- only about 20% of all data used in business decisions
Unstructured Data - Answ- Do not conform to a pre-defined, row-column
format
- Textual and multi-media content
- Example: social media data such as Twitter, YouTube, Facebook, and
blogs
,Categorical Variable/Categorical Data - Answ- represents categories
- labels or names to identify distinguishing characteristics
- can be defined by 2 or more categories
- ex: marital status, grade in a course
Numeric Variable/Numeric Data - Answ- represent meaningful numbers
- either discrete or continuous
Numerical Data: Discrete Variable - Answ- assumes a countable number
of values
- ex: number of children in a family
Numerical Data: Continuous Variable - Answ- assumes an uncountable
number of values within an interval
- ex: weight of a newborn baby
4 Major Measurement Scales (and which are categorical or numerical) -
Answ- Nominal (Categorical)
- Ordinal (Categorical)
- Interval (Numerical)
- Ratio (Numerical)
Nominal Scale - Answ- least sophisticated
- represent categories or groups
- values differ by label or name
- ex: marital status
Ordinal Scale - Answ- categorize and rank data with respect to some
characteristic
- CANNOT interpret the difference between the ranked value (can't subtract
them)
- ex: reviews from 1 star (poor) to 5 stars (outstanding)
Interval Scale - Answ- categorize and rank, differences are meaningful
- zero value is arbitrary and does NOT reflect absence of characteristic
- ratios are not meaningful
- ex: temperature
Ratio Scale - Answ- strongest level of measurement
- true zero point, reflects absence of characteristic
, - ratios are meaningful
- ex: profits
Frequency Distribution - Answ- data is grouped into categories and the
number of observations that fall in each category is recorded
- ex: categories A, B, and C. Total observations is 10. A happens 4 times,
so its frequency is 4; B happens 5 times, so its frequency is 5; and C
happens 1 time, so its frequency is 1.
How to find Relative Frequency for each category. - Answ- take the
frequency of that category and divide it by the total number of observations
- frequency/total number of observations
How to find the percentage in a frequency distribution. - Answmultiply the
relative frequency by 100
You roll a 6-sided die 10 times. These are the results.
1: three times
2: one time
3: one time
4: two times
5: two times
6: one time
What is the frequency for each side of the die? Relative frequency?
Percentage? - Answ- Frequency: for the "1" side, frequency is 3; for the "2"
side, frequency is 1; for the "3" side, frequency is 1; for the "4" side,
frequency is 2; for the "5" side, frequency is 2; for the "6" side, frequency is
1
- Relative Frequency: Divide each frequency above by 10. The relative
frequencies are 0.30, 0.10, 0.10, 0.20, 0.20, and 0.10, respectively.
- Percentage: Multiply each relative frequency by 100. The percentages are
30%, 10%, 10%, 20%, 20%, and 10%, respectively.
What 2 methods are used to visualize ONE categorical variables? - Answ-
bar chart
- pie chart
What 2 methods are used to visualize TWO categorical variables? - Answ-
contingency table
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