IS 310 BUSINESS STATISTICS
(PRESENTATIONS) EXAM QUESTIONS
AND ANSWERS. VERIFIED 2026.
Data - ANS facts and figures collected, analyzed, and summarized for presentation and
interpretation
Elements - ANS entities on which data are collected
variable - ANS any characteristic or property recorded for each element
data set - ANS consists of all the data collected for a particular study
total number of date values = number of elements X number of variables
observation - ANS complete set of information obtained for a particular element
Categorical Data - ANS Data that consists of names, labels, or other nonnumerical values
nominal and ordinal
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
,Nominal Data - ANS categorical data; cannot be ranked
Ordinal Data - ANS categorical data; order is meaningful
Quantitative Data - ANS numerical data
interval and ratio
Interval Data - ANS quantitative data
no true zero point (ex. temperature)
Ratio scale - ANS quantitative data
true zero point (ex. income)
Cross-sectional data - ANS collected at the same or approximately the same point in time
Time series data - ANS collected over several time periods
Observational Study - ANS no attempt is made to control or influence the variables of interest
experiment - ANS conducted under controlled conditions
Descriptive statistics - ANS tools used to organize , summarize and simplify large sets of raw
data, providing meaningful insights at a glance
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
, Statistical inference - ANS process of using data obtained from a sample to make estimates
and test hypotheses about the characteristics of a population
Population - ANS the set of all elements of interest in a particular study. For example - "every
voter in a country"
Sample - ANS a smaller, manageable subset of the population used for data collection
Analytics - ANS scientific process of transforming data into insight for making better decisions
(descriptive, predictive, prescriptive)
Big data - ANS refers to vastly large and rapidly growing datasets collected from diverse
sources such as social media, sensors, and online transactions
Three Vs of Big Data - ANS Volume: the extremely large amount of available data
(millions/billions of records)
velocity: the speed at which data is collected and processed
variety: different data types - numerical, text, images, and more.
Data warehousing - ANS process of capturing, storing, and maintaining data
Data mining - ANS help develop useful decision-making information from large databases
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
3
(PRESENTATIONS) EXAM QUESTIONS
AND ANSWERS. VERIFIED 2026.
Data - ANS facts and figures collected, analyzed, and summarized for presentation and
interpretation
Elements - ANS entities on which data are collected
variable - ANS any characteristic or property recorded for each element
data set - ANS consists of all the data collected for a particular study
total number of date values = number of elements X number of variables
observation - ANS complete set of information obtained for a particular element
Categorical Data - ANS Data that consists of names, labels, or other nonnumerical values
nominal and ordinal
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
1
,Nominal Data - ANS categorical data; cannot be ranked
Ordinal Data - ANS categorical data; order is meaningful
Quantitative Data - ANS numerical data
interval and ratio
Interval Data - ANS quantitative data
no true zero point (ex. temperature)
Ratio scale - ANS quantitative data
true zero point (ex. income)
Cross-sectional data - ANS collected at the same or approximately the same point in time
Time series data - ANS collected over several time periods
Observational Study - ANS no attempt is made to control or influence the variables of interest
experiment - ANS conducted under controlled conditions
Descriptive statistics - ANS tools used to organize , summarize and simplify large sets of raw
data, providing meaningful insights at a glance
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
2
, Statistical inference - ANS process of using data obtained from a sample to make estimates
and test hypotheses about the characteristics of a population
Population - ANS the set of all elements of interest in a particular study. For example - "every
voter in a country"
Sample - ANS a smaller, manageable subset of the population used for data collection
Analytics - ANS scientific process of transforming data into insight for making better decisions
(descriptive, predictive, prescriptive)
Big data - ANS refers to vastly large and rapidly growing datasets collected from diverse
sources such as social media, sensors, and online transactions
Three Vs of Big Data - ANS Volume: the extremely large amount of available data
(millions/billions of records)
velocity: the speed at which data is collected and processed
variety: different data types - numerical, text, images, and more.
Data warehousing - ANS process of capturing, storing, and maintaining data
Data mining - ANS help develop useful decision-making information from large databases
@COPYRIGHT 2026/2027 ALL RIGHTS RESERVED
3
