Exam (elaborations)
MAT 133 Module One Chapters 1-2
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MAT 133 Module One Chapters 1-2
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MAT 133 Module One Chapters 1-2is the science of collecting, organizing, interpreting, and presenting data. - ANS-Statistics
a trilogy of tasks involving data modeling, analysis, and decision making. - ANS-Data Science
is a single measure, reported as number, used to summarize a sample data set. - ANS-Statistic
refers to the collection, organization, presentation , and summary of data (either using charts
and graphs or using a numerical summary) - ANS-Descriptive Statistics
Refers to the generalizing from a sample to a population, estimating unknown population
parameters, drawing conclusions, and making decisions. - ANS-Inferential Statistics
Many companies use CRM to analyze customer data from multiple sources. With statistical and
analytics tools such as correlation and data mining, they identify needs of different customer
groups and this helps them market their products and services more effectively. -
ANS-Customer Relationship Management (CRM)
If each observation in the sample represents a different equally spaced point in time (years,
months, days). we have time series data - ANS-Time Series Data
is a single member of a collection of items that we want to study, such as a person, firm or
region. An example of an observation is an employee or an invoice mailed last month. -
ANS-Observation
is a characteristic of the subject or individual, such as an employee's income or an invoice
amount. - ANS-Variable
have values that are described by words rather than numbers. Example: structural lumber can
be classified by the lumber type(fir, hemlock, pine). - ANS-Categorical Data (qualitative data)
on occasion the values of the categorical variable might be represented using numbers.
Example: a database might code payment methods using numbers, 1=Cash 2= Check 3=
Credit/Debit Card 4= Gift Card - ANS-Coding
When some categorical data only has two values. Example: employment status (employed or
unemployed). mutual fund type (load or no-load), marital status (currently married or not
currently married).
Often coded using 1 or 0. 0-1 coding is arbitrary so the choice is equivalent. - ANS-Binary
Variables
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