Exam (elaborations)
QMB 3200 Exam 1 Questions And Answers Latest Update
- Course
- QMB 3200
- Institution
- University Of Central Florida
QMB 3200 Exam 1 Questions And Answers Latest Update
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Solution 2024/2025Pepper
QMB 3200 Exam 1 Questions And Answers Latest Update
statistics ANS✔✔ the mathematical science that deals with the collection, analysis, and presentation of data, which can
then be used as a basis for inference and induction. Logical and intuitive.
data ANS✔✔ the foundation for statistics
Values assigned to observations or measurements.
Raw facts and figures that pertain to a measurement of interest.
information ANS✔✔ data that are transformed into useful facts that can be used for a specific purpose, such as making
a decision, making a sale, predicting patterns, etc
can be done by observing patterns or trends in data
direct observation or focus group ANS✔✔ 1 of 3 types of primary data collection
direct observation: Observing subjects in their natural environment
Focus group: asking a group to do something
Example: Watching to see if drivers stop at a stop sign
experiments ANS✔✔ 2 of 3 types of primary data collection
, Solution 2024/2025
Pepper
Treatments are applied in controlled conditions
Example: Crop growth from different plots using different fertilizers
surveys/questionnaires ANS✔✔ 3 of 3 types of primary data collection
Subjects are asked to respond to questions or discuss attitudes
Subject to much bias
Example: E-mail surveys to customers to assess service quality
qualitative (categorical) data ANS✔✔ classified by descriptive terms
broken down into nominal and ordinal
nominal: arbitrary labels. no ranking. Ex. zip codes
ordinal: ranking allowed but no measurable meaning to the number differences. Ex. education levels (masters,
doctorate); good, better, best; freshman, sophomore, junior
quantitative data ANS✔✔ described by numerical values. must be counted or measured.
broken down into interval and ratio
interval: meaningful differences. no true zero point. ex. calendar year
ratio: meaningful differences. true zero point. ex. income; percentage comparisons
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