Ch1 - Data and Statistics

Question 1

Numerical facts such as averages, medians, percentages, and maximums that help us understand a variety of business and economic situations

Answer 1

Statistic

Question 2

Art and science of collecting, analyzing, presenting, and interpreting data

Answer 2

Statistics - broad definition

Question 3

All data collected in a particular study

Answer 3

Data Set

Question 4

Entities on which data are collected

Answer 4

Elements

Question 5

Characteristic of interest for elements

Answer 5

Variable

Question 6

Set of measurements obtained for a particular element

Answer 6

Observation

Question 7

Labels or names used to identify an attribute of the element are use in what type of measurement?

Answer 7

Nominal Scale

Question 8

This type of measurement exhibits the properties of nominal data and in addition, the order or rank of the data is meaningful

Answer 8

Ordinal Scale

Question 9

The scale of measurement for a variable if the data demonstrate the properties of ordinal data and the interval between values is expressed in terms of a fixed unit of measure. Always numeric

Answer 9

Interval Scale

Question 10

All properties of interval data and the ratio of two values is meaningful. Always numeric

Answer 10

Ratio Scale

Question 11

Labels or names used to identify an attribute of each element. Uses either nominal or ordinal scale of measurement and may be non numeric or numerical

Answer 11

Categorical Data

Question 12

Numeric values that indicate how much or how many of something Obtained using either interval or ratio scale of measurement

Answer 12

Quantitative Data

Question 13

Data collected at the same or approximately the same point in time

Answer 13

Cross-sectional data

Question 14

Data collected over several time periods

Answer 14

Time series data

Question 15

Tabular, graphical, and numerical summaries of data

Answer 15

Descriptive statistics

Question 16

Set of all elements of interest in a particular study

Answer 16

Population

Question 17

Subset of a population

Answer 17

Sample

Question 18

Survey to collect data on a sample

Answer 18

Sample Survey

Question 19

Survey to collect data on the entire population

Answer 19

Census

Question 20

Process of using data obtained from a sample to make estimates or test hypotheses about the characteristics of a population

Answer 20

Statistical inference

Question 21

Process of using procedures from statistics and computer science to extract useful information from extremely large databases

Answer 21

Data Mining