Statistics introduction

Question 1

The term_ can refer to numerical facts such as averages,
medians, percentages, and maximums that help us understand a
variety of business and economic situations.

Answer 1

statistics

Question 2

is the use of:
data,
information technology,
statistical analysis,
quantitative methods, and
mathematical or computer-based models
to help managers gain improved insight about their business
operations and make better, fact-based decisions.

Answer 2

Analytics

Question 3

Scientific process of transforming data into insight for making better
decisions.

Answer 3

Analytics

Question 4

Analytical techniques that describe what happened
in the past.

Answer 4

Descriptive analysis

Question 5

Analytical techniques that use models constructed from past data to
predict future.

Answer 5

Predictive analysis

Question 6

Analytical techniques that yield a best course of
action to take.

Answer 6

Prescriptive analysis

Question 7

Public accounting firms use statistical sampling procedures when
conducting audits for their clients.

Answer 7

Accounting

Question 8

Economists use statistical information in making forecasts about the
future of the economy or some aspect of it.

Answer 8

Economics

Question 9

Financial advisors use price-earnings ratios and dividend yields to
guide their investment advice.

Answer 9

Finance

Question 10

Electronic point-of-sale scanners at retail checkout counters are
used to collect data for a variety of marketing research
applications.

Answer 10

Marketing

Question 11

A variety of statistical quality control charts are used to monitor
the output of a production process.

Answer 11

Production

Question 12

A variety of statistical information helps administrators assess
the performance of computer networks.

Answer 12

Information Systems

Question 13

are the facts and figures collected, analyzed, and summarized for
presentation and interpretation.

Answer 13

Data

Question 14

All the data collected in a particular study are referred to as the ____ for the study

Answer 14

Data set

Question 15

are the entities on which data are collected.

Answer 15

Elements

Question 16

is a characteristic of interest for the elements

Answer 16

Variable

Question 17

The set of measurements obtained for a particular element is
called an

Answer 17

observation

Question 18

Nominal
* Ordinal
* Interval
* Ratio

Answer 18

Scales of measurement include

Question 19

The ____ determines the amount of information contained in
the data.

Answer 19

scale

Question 20

Data are labels or names used to identify an attribute of the
element

Answer 20

Nominal

Question 21

The data have the properties of nominal data and the order or
rank of the data is meaningful

Answer 21

ordinal

Question 22

The data have the properties of ordinal data, and the interval
between observations is expressed in terms of a fixed unit of
measure.

Answer 22

Interval

Question 23

The data have all the properties of interval data and the ratio of
two values is meaningful

Answer 23

Ratio

Question 24

Data can be further classified as being

Answer 24

categorical or quantitative

Question 25

Labels or names used to identify an attribute of each element ▪ Often referred to as qualitative data ▪ Use either the nominal or ordinal scale of measurement ▪ Can be either numeric or nonnumeric ▪ Appropriate statistical analysis is rather limited

Answer 25

Categorical Data

Question 26

ndicate how many or how much: * discrete, if measuring how many * continuous, if measuring how much

Answer 26

Quantitative Data

Question 27

are collected at the same or approximately the same point in time.

Answer 27

Cross-Sectional Data

Question 28

are collected over several time periods.

Answer 28

Times series Data

Question 29

Time Requirement * Searching for information can be time consuming. * Information may no longer be useful by the time it is available. ➢ Cost of Acquisition * Organizations often charge for information even when it is not their primary business activity. ➢ Data Errors * Using any data that happen to be available or were acquired with little care can lead to misleading information.

Answer 29

Data Acquisition Considerations

Question 30

Searching for information can be time consuming. * Information may no longer be useful by the time it is available

Answer 30

Time requirement

Question 31

Organizations often charge for information even when it is not their primary business activity.

Answer 31

Cost of Acquisition

Question 32

Using any data that happen to be available or were acquired with little care can lead to misleading information.

Answer 32

Data Errors

Question 33

Most of the statistical information in newspapers, magazines, company reports, and other publications consists of data that are summarized and presented in a form that is easy to understand

Answer 33

Descriptive Statistics

Question 34

The set of all elements of interest in a particular study

Answer 34

Population

Question 35

A subset of the population

Answer 35

Sample

Question 36

The process of using data obtained from a sample to make estimates and test hypotheses about the characteristics of a population.A subset of the population

Answer 36

Statistical inference

Question 37

Collecting data for the entire population.

Answer 37

Census

Question 38

Collecting data for a sample.

Answer 38

Sample survey