Bual 2600 - Study guides, Class notes & Summaries

BUAL 2600 Business Analytics Exam 1 (Ch 1-2, 8) || Complete Questions & 100% Correct Answers BUAL 2600 Business Analytics Exam 1 (Ch 1-2, 8) || Complete Questions & 100% Correct Answers QUIZ 1 (Question #1) A _____ is used to visualize sample data graphically and to draw preliminary conclusions about the possible relationship between the variables. a. pie chart b. contingency table c. Gantt chart d. scatter chart - ANSWER - d. scatter chart QUIZ 1 (Question #2) In a linear regre...

Systematic sampling - ️️list population, select random starting point w no pattern, sample each nth element disadvantages= lose precision of characteristics Stratified random sample - ️️divide population into non-overlapping groups (strata) then select a random sample from each strata •if one characteristic is important disadvantages= if more than one group then not possible Analyticsis - ️️a PROCESS that examines data using a variety of statistical tools and involves Qual...

Which of the following is a type of question used in survey research? A. Dichotomous B. Open-Ended C. Multiple Choice D. All of the Above - ️️All of the Above Which of the following is a quantitative variable? A. The manufacturer of a cell phone B. A person's gender C. Mileage of a car D. Whether a person is a college graduate E. Whether a person has a charge account - ️️Mileage of a Car In ________ we select elements because they are easy to sample A. Random Sampling B. Co...

Probability sampling - ️️Sampling where we know the chance that each element in the population will be included in the sample Judgement sampling - ️️Samples in which a person who is extremely knowledgeable about the population selects population elements he or she feels are most representative Data - ️️Facts and figures from which conclusions can be drawn Data set - ️️The data that are collected for a particular study Elements - ️️May be people, objects, events, or oth...

The hotel chain has five different categories of quality (one star, two stars, three stars, four stars, and five stars) by which the chain's hotels are categorized. The consultant randomly selects 50 guests from each of the five categories. Each of these guests is given a survey to complete. - ️️Stratified Sample After a guest has checked out of the hotel, the hotel sends the guest an email with a copy of their receipt and a link to a satisfaction survey. The guest is asked to complete...

If Amazon wanted to ensure a customers' response to an online survey was confidential and the sampling method was unbiased, which of the following should be implemented? - ️️Identify each randomly selected customer by a random identification number Which of the following describes the steps of the Analytic Process after we know the business problem? - ️️Choose DataSourcing Method-Collect Descriptives-Make Prediction-Ask Next Question Which of the following is a quantitative variab...

dichotomous questions - ️️-clearly stated -easy to answer -easy to analyze -limited information voluntary response sampling - ️️samples in which participants self-select -frequently used by radio and television -over represent people with strong opinions Data - ️️Facts and figures from which conclusions can be drawn Data Set - ️️The data that are collected for a particular study Variable - ️️any characteristic of an element Quantitative Variables - ️️The possibl...

Amazon collects random reviews from their customers on the west coast as the data they use for their nationwide marketing plan, this sample suffers from which sampling bias - ️️Undercoverage A doctors office needs to know how many of their services are used by patients during a one year time period. Before a patient leaves, a summary report includes the date, doctor they saw, the services provided, and the total charge. Which of the following datasourcing methods best describes this da...

The mode measures what type of data? - ️️-Qualitative data -It is the ONLY Central tendency measure for qualitative data What type of outliers cause the data to be RIGHT SKEWED? - ️️Outliers that are much larger than majority of the other data points Population Parameter - ️️a number calculated from all the population measurements that describes some aspect of the population Measures Central Tendency - ️️Mean, Median, Mode Measures of Variation - ️️STD Deviation & Vari...

A(n) ________ probability is a probability assessment that is based on experience, intuitive judgment, or expertise. - ️️subjective A discrete variable that can often be used to describe the number of occurrences of an event over a specified interval of time or space is a ________ random variable. - ️️Poisson A ________ is a measure of the chance that an uncertain event will occur. - ️️probability The ________ of two events X and Y is another event that consists of the sample ...