STAT 226 FINAL EXAM WITH COMPLETE SOLUTIONS 100%
VERIFIED!!!! ALREADY GRADED A+
statistics - (answer)• virtually all business decisions are based on information gathered from data
• it is about extracting helpful information from data
• data are objective
inferential statistics - (answer)deals with interpretation of data as well as drawing conclusions and
making generalizations to a larger group of subjects
descriptive statistics - (answer)the collection, presentation, and description of data in the form of graphs,
tables, and numerical summaries that provide meaningful information about the data
variation - (answer)"at the heart of statistics"
refers to differences in a characteristics among individuals or items; can also refer to fluctuation over
time
individuals - (answer)the subjects/objects of the population of interest; can be people, but also business
firms, common stocks, or any other object we want to study
observation - (answer)in a data set that refers to the observed value of a variable on a specific individual
random variable - (answer)XYZ
describes the probabilities for an uncertain, future outcome of a random process
observed value - (answer)xyz
nominal - (answer)categorical variable that has no meaningful order
ordinal - (answer)categorical variable that may have meaningful order
numerical/quantitative variable - (answer)values for which arithmetic operations make sense
, STAT 226 FINAL EXAM WITH COMPLETE SOLUTIONS 100%
VERIFIED!!!! ALREADY GRADED A+
population - (answer)entire group of individuals or objects about which we want to gain information
• target group of interest and the purpose of the study
parameter - (answer)any numerical summary describing the population
sample - (answer)part of the population (usually chosen randomly)
sample statistics - (answer)any numerical summary describing the sample
process - (answer)from which we want to obtain information from in order to draw conclusions about
the entire population
describing categorical/quantitative data (graphical) - (answer)• pie chart
• pareto chart
• bar chart
describing categorical/quantitative data (numerical) - (answer)• mode
• median
histogram - (answer)• modality
• symmetry
• outliers
describing numerical/quantitative data (graphical) - (answer)• histogram
• box-plot
VERIFIED!!!! ALREADY GRADED A+
statistics - (answer)• virtually all business decisions are based on information gathered from data
• it is about extracting helpful information from data
• data are objective
inferential statistics - (answer)deals with interpretation of data as well as drawing conclusions and
making generalizations to a larger group of subjects
descriptive statistics - (answer)the collection, presentation, and description of data in the form of graphs,
tables, and numerical summaries that provide meaningful information about the data
variation - (answer)"at the heart of statistics"
refers to differences in a characteristics among individuals or items; can also refer to fluctuation over
time
individuals - (answer)the subjects/objects of the population of interest; can be people, but also business
firms, common stocks, or any other object we want to study
observation - (answer)in a data set that refers to the observed value of a variable on a specific individual
random variable - (answer)XYZ
describes the probabilities for an uncertain, future outcome of a random process
observed value - (answer)xyz
nominal - (answer)categorical variable that has no meaningful order
ordinal - (answer)categorical variable that may have meaningful order
numerical/quantitative variable - (answer)values for which arithmetic operations make sense
, STAT 226 FINAL EXAM WITH COMPLETE SOLUTIONS 100%
VERIFIED!!!! ALREADY GRADED A+
population - (answer)entire group of individuals or objects about which we want to gain information
• target group of interest and the purpose of the study
parameter - (answer)any numerical summary describing the population
sample - (answer)part of the population (usually chosen randomly)
sample statistics - (answer)any numerical summary describing the sample
process - (answer)from which we want to obtain information from in order to draw conclusions about
the entire population
describing categorical/quantitative data (graphical) - (answer)• pie chart
• pareto chart
• bar chart
describing categorical/quantitative data (numerical) - (answer)• mode
• median
histogram - (answer)• modality
• symmetry
• outliers
describing numerical/quantitative data (graphical) - (answer)• histogram
• box-plot
