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C207 Study Session Guide 2024/25 EDITION GUARANTEED GRADE A+

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C207 Stdy Session Gide

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Analytics is the discovery, analysis and communication of meaningful patterns in data Information Bias A prejudice in the data that results when either the respondent or the interviewer has an agenda that affects responses Ordinal Data places data into categories that are ordered by a predeter...

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Publié le 23 septembre 2024
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Écrit en 2024/2025
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c207 study session guide
analytics
information bias
ordinal data
omission error
interval data
reliable data
random error

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C207 Study Session Guide 2024/25
EDITION GUARANTEED GRADE A+
Analytics
is the discovery, analysis and communication of meaningful patterns
in data
Information Bias
A prejudice in the data that results when either the respondent or
the interviewer has an agenda that affects responses
Ordinal Data
places data into categories that are ordered by a predetermined
criteria
Omission Error
occurs when something (for example data or survey response) is
missing
Interval Data
is numerical data that is ordered, is equal distance apart and does
not have a natural zero
Reliable Data
is consistent and repeatable.
Random Error
represents errors in data caused by unpredictable statistical
fluctuations
Nominal Data
places data into "either or" categories or identifies by name or
characteristic
Data Management
includes cleaning and storage of collected data.
Big Data
is a massive amount of data that is difficult to process using
traditional database and software techniques
Ratio Data
is numerical data that has a natural zero allowing this data to be
added, subtracted, multiplied and divided.
Measurement Bias
is a prejudice in data that results when the sample is not
representative of the population be tested
Why is quantitative analysis and analytics important in decision
making? (Choose 3)
Decisions are less subjective, Analytics can be explanatory and
Managers can build predictive models

,determine whether it's an example of Descriptive, Predictive, or
Prescriptive Analysis: Sales for the Northern Region are expected to
decrease 2% in the next fiscal year
Predictive Analysis
determine whether it's an example of Descriptive, Predictive, or
Prescriptive Analysis: The median household income for New York City
from 2009 - 2013 is $58,003
Descriptive Analysis
determine whether it's an example of Descriptive, Predictive, or
Prescriptive Analysis: Alternating two trains between 5:00 p.m. and
7:00 p.m. will increase on time arrivals.
Prescriptive Analysis
determine whether it's an example of Descriptive, Predictive, or
Prescriptive Analysis: The largest consumer group of the product is
female
Descriptive Analysis
determine whether it's an example of Descriptive, Predictive, or
Prescriptive Analysis: Employee turnover for the organization will be
more than 5%
Predictive Analysis
determine whether it's an example of Descriptive, Predictive, or
Prescriptive Analysis:. Increasing the ratio of ingredient A to
ingredient B to 1:1.5 will yield more product
Prescriptive Analysis
Stage 1 of the Davenport-Kim Three-stage Model includes which two of
the following steps
Review of previous findings and Problem recognition
Stage 2 of the Davenport-Kim Three-stage Model includes which two of
the following steps?
Solve the problem and Data collection
Which data type is types of cars produced in a factory?
Nominal
Which data type is distance between each process step measured in
inches?
Ratio
Which data type is the age group of survey participants?
Ordinal
What type of data is a pain scale (example: 1 - 10)?
Interval
What type of data is the age of each participant in a survey?
Ratio
Select the elements of an Experimental Study: (Choose 3)
Responses, Treatments, Experimental Units
This bias occurs if the sample is not randomized.

, Measurement
. When an instrument produces a consistent output it is
Reliable
This type of error will cancel itself out over a large number of
measurements
Random
A study in which the use of a placebo is known by the treatment
allocator or researcher but not by the participant is considered a(n):
Blind Study
Cleaning and storing collected data is:
Data Management
Which of the following statistics are unaffected by a single large
outlier? (More than one)
Median, Interquartile range (IQR) and Mode
Which of the following is most suitable for policy making based on
income distribution? Mean, Median or Standard deviation
Median Because of assumed skewed distribution
If we study data from a population whose mean is 200 and standard
deviation is 30, which of the following data points has a z-score of
-3?
110 (200-30-30-30 =110)
Which of the following statistics measures the spread of the dataset
away from mean? (More than 1) Interquartile Range(IQR), z-score,
range, variance
Interquartile Range(IQR), range and variance
An experiment consists of rolling a die and flipping a coin. Which
two choices below best apply for computing the probability of rolling
a 6 on a die AND flipping head on a coin?
Multiplication and Intersection (Keyword = AND)
An experiment consists of rolling a die and flipping a coin. Which
two choices below best apply for computing the probability of rolling
a 6 on a die OR flipping head on a coin?
Addition and Union (keyword = OR)
The probability that a baby is a girl, given that the baby is wearing
pink is 0.8. The probability that a baby is a girl is 0.5. Which of
the choices below best applies for determining the probability that a
baby is wearing pink GIVEN THAT the baby is a girl?
Bayes (Keyword = GIVEN THAT)
A government official noticed that the Total US Highway Fatality Rate
was strongly correlated to the tons of lemons imported. Before
concluding that the more lemons we import the lower the fatality rate,
what is the main issue should the official think about here? Is there
a causal relationship? Is the correlation strong enough? What is the
slope of the regression line?

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